Mat Ishbia Disposes Shares of UWM (UWMC) via 10b5-1 Plan; RSUs Disclosed
Rhea-AI Filing Summary
Mat Ishbia and SFS Holding Corp. reported multiple scheduled sales of UWM Holdings Corp. (UWMC) Class A common stock under a 10b5-1 plan. Over three consecutive transaction dates, 596,356 shares were sold each day at weighted-average prices of $6.66, $6.81, and $6.56, reducing SFS Corp's reported beneficial ownership from 6,705,072 to 5,512,360 shares. Separately, 279,989 shares were disposed of by Mat Ishbia directly. The filing also discloses 180,737 RSUs that convert one-for-one to Class A shares and vest March 1, 2026.
Positive
- Use of a 10b5-1 plan for SFS Corp sales, indicating prearranged, rule-compliant dispositions
- Transparent attribution of indirect ownership and explanation of voting/dispositive power
- Disclosure of RSU grant and vesting date (180,737 RSUs vesting March 1, 2026)
Negative
- Material reduction in beneficial ownership for SFS Corp from 6,705,072 to 5,512,360 shares after the reported sales
- Substantial direct dispositions by Mat Ishbia totaling 279,989 shares, reducing his direct holdings
Insights
TL;DR: Insider sales were executed under a prearranged 10b5-1 plan, materially reducing beneficial holdings but consistent with planned dispositions.
The reported transactions show systematic disposals totaling at least 1,789,068 shares sold across listed dates, using a 10b5-1 plan for SFS Corp and direct dispositions by Mat Ishbia. The weighted-average prices reported ($6.52–$7.09 ranges disclosed) provide context for proceeds but no dollar totals are provided. The remaining indirect beneficial ownership after the listed sales is disclosed as 5,512,360 shares. These disclosures are routine for insiders monetizing positions while maintaining significant ongoing ownership and outstanding RSUs.
TL;DR: Sales were disclosed transparently with 10b5-1 plan attribution and detailed footnotes explaining ownership structure.
The filing includes clear attribution of indirect ownership through SFS Corp and describes Mat Ishbia's control role over SFS Corp and related trusts. The use of a 10b5-1 plan is explicitly stated and price ranges for each sale batch are provided. The filing also separates shares held directly by the reporting person from those held by the entity, and discloses RSU vesting timing, supporting governance transparency.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 596,356 | $6.56 | $3.91M |
| Sale | Class A Common Stock | 596,356 | $6.81 | $4.06M |
| Sale | Class A Common Stock | 596,356 | $6.66 | $3.97M |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025. Represents the weighted average price of shares sold. The price of the shares sold ranged from $6.61 to $6.77 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. Represents the weighted average price of shares sold. The price of the shares sold ranged from $6.57 to $7.09 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 $6.52 to $6.63 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 shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.
