UWM Holdings (UWMC) CEO-linked entity converts 6.6M units, sells stock

Rhea-AI Filing Summary

UWM Holdings Corp reported multiple insider transactions involving President and CEO Mat Ishbia and affiliated entity SFS Holding Corp. On March 2, 2026, SFS Holding Corp converted 6,600,000 UWM Paired Interests into an equal number of Class A Common shares at a conversion price of $0.00 per share, and then sold three separate blocks of 632,874 Class A shares each in open-market transactions under a pre-established Rule 10b5-1 trading plan, at weighted-average prices within ranges from $4.15 to $4.57 per share. Following these sales, SFS Holding Corp remained an indirect holder of UWM Class A stock. Separately, on February 27, 2026, 180,737 Restricted Stock Units held directly by Mat Ishbia vested and were settled into the same number of Class A shares, with 52,595 shares mandatorily withheld by the company to cover tax obligations, a transaction the filing specifies is not a discretionary sale.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mat Ishbia

(Last) (First) (Middle)

C/O UWM HOLDINGS CORPORATION

585 SOUTH BLVD E

(Street)

PONTIAC MI 48341

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UWM Holdings Corp [ UWMC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	02/26/2026		S		632,874(1)	D	$4.4(2)	2,697,785	I	See Footnote(3)
Class A Common Stock	02/27/2026		M		180,737(4)	A	$4.41	460,726	D(5)
Class A Common Stock	02/27/2026		F		52,595(6)	D	$4.41	408,131	D(5)
Class A Common Stock	02/27/2026		S		632,874(1)	D	$4.44(7)	2,064,911	I	See Footnote(3)
Class A Common Stock	03/02/2026		C		6,600,000	A	(8)	8,664,911	I	See Footnote(3)
Class A Common Stock	03/02/2026		S		632,874(1)	D	$4.35(9)	8,032,037	I	See Footnote(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(10)	02/27/2026		M			180,737	(4)	(4)	Class A Common Stock	180,737	$0	0	D
UWM Paired Interests	(8)	03/02/2026		C			6,600,000	01/21/2021	(11)	Class A Common Stock	6,600,000	$0	1,298,482,620	I	See Footnote(3)

1. Name and Address of Reporting Person^*

Mat Ishbia

(Last) (First) (Middle)

C/O UWM HOLDINGS CORPORATION

585 SOUTH BLVD E

(Street)

PONTIAC MI 48341

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

1. Name and Address of Reporting Person^*

SFS HOLDING CORP

(Last) (First) (Middle)

C/O UWM HOLDINGS CORPORATION

585 SOUTH BLVD E

(Street)

PONTIAC MI 48341

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on September 16, 2025.

2. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.15 to $4.55 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price.

3. These securities are held directly by SFS Corp, a 10% holder of the Issuer, and indirectly by Mat Ishbia. Mat Ishbia is the Chief Executive Officer and sole director of SFS Corp and serves as the investment advisor to the trust that owns the voting securities of SFS Corp, and therefore exercises all voting and dispositive power of the securities held by SFS Corp. In addition, trusts for the benefit of Mat Ishbia and his immediate family are shareholders of SFS Corp. By virtue of its relationship with Mat Ishbia, a director and the CEO of the Issuer, SFS Corp may be deemed to be a director by deputization.

4. On February 27, 2026, 180,737 of the Reporting Person's Restricted Stock Units ("RSUs") vested and were settled for an equal number of Class A Common Stock.

5. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.

6. This transaction is not a sale of shares by the Reporting Person. Instead this reflects shares mandatorily withheld by the Company in accordance with the award agreement to meet the Company's minimum withholding obligations pursuant to a transaction exempt under Rule 16b-3.

7. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.41 to $4.57 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price.

8. Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock of UWM Holdings Corporation (the "Issuer") ("Class D Stock") and one Class B common units of UWM Holdings, LLC ("UWM LLC") ("Class B Common Units"), a subsidiary of the Issuer. Each UWM Paired Interest is convertible for one share of Class A Common Stock of the Issuer (i) at any time at the option of the holder or (ii) automatically upon transfer to a third person. These shares of Class A Common Stock were acquired by SFS Holding Corp. ("SFS Corp") upon the conversion of an equal number of UWM Paired Interests.

9. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.22 to $4.46 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price.

10. These RSUs convert to Class A Common Stock on a one-for-one basis.

11. The conversion rights related to the UWM Paired Interests do not expire.

Remarks:

	/s/ Mat Ishbia	03/02/2026
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	03/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

What insider transactions did UWM Holdings (UWMC) report in this Form 4?

The filing reports conversions of UWM Paired Interests into Class A shares by SFS Holding Corp, open-market sales of 632,874-share blocks, and vesting of 180,737 Restricted Stock Units into Class A stock for CEO Mat Ishbia.

How many UWM Paired Interests were converted into Class A stock?

SFS Holding Corp converted 6,600,000 UWM Paired Interests into 6,600,000 shares of UWM Class A Common Stock. Each paired interest equals one Class D share plus one UWM LLC Class B unit and is convertible one-for-one into Class A stock.

Were the UWM Holdings insider share sales pre-planned under a 10b5-1 plan?

Yes. The filing states certain sales were made pursuant to a Rule 10b5-1 plan adopted by SFS Corp on September 16, 2025. Such plans allow pre-scheduled trades, helping separate trading decisions from day-to-day market conditions or new information.

What prices did SFS Holding Corp receive for the UWM Class A shares sold?

The reported sales used weighted-average prices. Different transactions ranged between $4.15 and $4.57 per share. The filer notes it can provide detailed breakdowns of share counts at each price to the SEC, the issuer, or any security holder on request.

What happened to Mat Ishbia’s Restricted Stock Units in this UWM Form 4?

On February 27, 2026, 180,737 Restricted Stock Units vested and converted into an equal number of UWM Class A shares. The company then withheld 52,595 shares to satisfy minimum tax withholding requirements, which the filing clarifies is not a discretionary market sale.

Who controls voting and dispositive power over the shares held by SFS Holding Corp?

The filing explains that Mat Ishbia is CEO and sole director of SFS Corp and investment advisor to the trust owning its voting securities, so he exercises all voting and dispositive power over the securities that SFS Holding Corp holds in UWM Holdings Corp.