SFS Corp tied to UWM (NYSE: UWMC) CEO sells 2.94M shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UWM Holdings Corp reported insider activity involving entities tied to President and CEO Mat Ishbia. SFS Holding Corp, a 10% holder associated with Ishbia, executed open-market sales totaling 2,938,418 shares of Class A Common Stock between April 30 and May 4 at prices in the mid-$3 range under a Rule 10b5-1 trading plan.
On May 1, SFS Holding Corp also converted 3,605,772 UWM Paired Interests into an equal number of Class A shares. After these transactions, SFS Holding Corp held 3,999,087 Class A shares indirectly for Ishbia, while he directly held 408,131 Class A shares.
Positive
- None.
Negative
- None.
Insights
Large pre-planned sales by an affiliate, offset by paired-interest conversion.
The filing shows SFS Holding Corp, a 10% owner linked to CEO Mat Ishbia, selling 2,938,418 Class A shares in open-market trades at prices around $3.50–$3.70. Footnotes state these sales were made under a Rule 10b5-1 trading plan, indicating they were pre-scheduled rather than opportunistic.
On the same date as some sales, SFS Holding Corp converted 3,605,772 UWM Paired Interests into an equal number of Class A shares, while conversion rights are described as not expiring. After the transactions, Ishbia’s indirect holdings via SFS Corp remained in the millions, and he also held 408,131 shares directly. The net effect is a shift in mix between derivative-like interests and Class A shares, alongside a sizable but planned reduction in indirect holdings.
Insider Trade Summary 10b5-1
Net Seller: 2,938,418 shares ($10,502,841)
Net Sell
6 txns
Insider
Mat Ishbia, SFS HOLDING CORP
Role
President and CEO | null
Sold
2,938,418 shs ($10.50M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 1,003,333 | $3.57 | $3.58M |
| Conversion | UWM Paired Interests | 3,605,772 | $0.00 | -- |
| Conversion | Class A Common Stock | 3,605,772 | $0.00 | -- |
| Sale | Class A Common Stock | 1,001,024 | $3.62 | $3.62M |
| Sale | Class A Common Stock | 934,061 | $3.53 | $3.30M |
| holding | Class A Common Stock | -- | -- | -- |
Holdings After Transaction:
Class A Common Stock — 3,999,087 shares (Indirect, See Footnote);
UWM Paired Interests — 1,261,876,848 shares (Indirect, See Footnote);
Class A Common Stock — 408,131 shares (Direct, null)
Footnotes (1)
- Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on September 16, 2025. Represents the weighted average price of shares sold. The price of the shares sold ranged from $3.45 to $3.56 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. 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. 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. Represents the weighted average price of shares sold. The price of the shares sold ranged from $3.50 to $3.69 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. Represents the weighted average price of shares sold. The price of the shares sold ranged from $3.52 to $3.64 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. These securities are held directly by SFS Holding Corp. ("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. By virtue of its relationship with Mat Ishbia, a director and the CEO of the, SFS Corp, may be deemed to be a director by deputization. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares. The conversion rights related to the UWM Paired Interests do not expire.
Key Figures
Shares sold Apr 30: 934,061 shares at $3.53
Shares sold May 1: 1,001,024 shares at $3.62
Shares sold May 4: 1,003,333 shares at $3.57
+4 more
7 metrics
Shares sold Apr 30
934,061 shares at $3.53
Open-market sale of Class A Common Stock on April 30, 2026
Shares sold May 1
1,001,024 shares at $3.62
Open-market sale of Class A Common Stock on May 1, 2026
Shares sold May 4
1,003,333 shares at $3.57
Open-market sale of Class A Common Stock on May 4, 2026
Total shares sold
2,938,418 shares
Aggregate open-market sales reported in this Form 4
Paired Interests converted
3,605,772 interests
Conversion of UWM Paired Interests into Class A Common Stock on May 1, 2026
Indirect Class A holdings
3,999,087 shares
Class A shares held by SFS Holding Corp after May 4, 2026
Direct Class A holdings
408,131 shares
Class A shares held directly by Mat Ishbia as of April 30, 2026
Key Terms
Rule 10b5-1 Plan, UWM Paired Interests, Class A Common Stock, Class B Common Units, +2 more
6 terms
Rule 10b5-1 Plan regulatory
"Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on September 16, 2025."
A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.
UWM Paired Interests financial
"Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock and one Class B common unit of UWM Holdings, LLC."
Class A Common Stock financial
"Each UWM Paired Interest is convertible for one share of Class A Common Stock of the Issuer."
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
Class B Common Units financial
"one Class B common units of UWM Holdings, LLC ("UWM LLC") ("Class B Common Units"), a subsidiary of the Issuer."
Class D Common Stock financial
"one share of non-economic voting Class D Common Stock of UWM Holdings Corporation (the "Issuer") ("Class D Stock")."
10% holder financial
"These securities are held directly by SFS Corp, a 10% holder of the Issuer, and indirectly by Mat Ishbia."
FAQ
What insider transactions were reported in UWM Holdings (UWMC) latest Form 4?
The Form 4 reports that SFS Holding Corp, a 10% holder tied to CEO Mat Ishbia, sold Class A Common Stock and converted UWM Paired Interests into Class A shares, changing the mix of his indirect and direct ownership positions.
What are UWM Paired Interests mentioned in the UWM Holdings (UWMC) filing?
Each UWM Paired Interest consists of one non-economic voting Class D share of UWM Holdings and one Class B common unit of UWM Holdings, LLC. Each interest can be converted into one Class A Common Share, either at the holder’s option or automatically upon transfer.
What derivative conversion activity occurred in the latest UWM Holdings (UWMC) Form 4?
SFS Holding Corp converted 3,605,772 UWM Paired Interests into an equal number of Class A Common Shares. A related footnote notes that the conversion rights on these UWM Paired Interests do not expire, highlighting an ongoing ability to exchange such interests into Class A stock.