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  4. [Form 4] UWM Holdings Corp Insider Trading Activity

CEO Mat Ishbia entity sells 1,265,748 UWM (NYSE: UWMC) shares

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

UWM Holdings Corp President and CEO Mat Ishbia reported that SFS Corp, a 10% owner he controls, completed open-market sales totaling 1,265,748 shares of Class A common stock.

The sales occurred on March 10 and 11, 2026, with 632,874 shares sold each day at weighted average prices of $4.13 and $3.91 per share, under a pre-arranged Rule 10b5-1 trading plan adopted by SFS Corp. Following these transactions, Ishbia continues to hold 3,601,919 shares indirectly through SFS Corp and 408,131 shares directly.

Positive

  • None.

Negative

  • None.

Insights

Pre-planned insider sales by CEO-linked entity, with sizable holdings retained.

The filing shows SFS Corp, a 10% holder controlled by CEO Mat Ishbia, executed open-market sales totaling 1,265,748 Class A shares under a Rule 10b5-1 plan. Such plans are pre-arranged, which generally reduces the informational value of trade timing.

The transactions are pure common-stock sales, with no option exercises or derivative activity disclosed. After the trades, Ishbia still holds 3,601,919 shares indirectly via SFS Corp plus 408,131 shares directly, indicating he retains a substantial position. From a thesis perspective, this looks like a notable but planned liquidity event rather than a clear shift in insider conviction.

Insider Mat Ishbia, SFS HOLDING CORP
Role President and CEO | 10% Owner
Sold 1,265,748 shs ($5.09M)
Type Security Shares Price Value
Sale Class A Common Stock 632,874 $3.91 $2.47M
Sale Class A Common Stock 632,874 $4.13 $2.61M
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 3,601,919 shares (Indirect, See Footnote); Class A Common Stock — 408,131 shares (Direct)
Footnotes (1)
  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 $4.03 to $4.25 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 $3.84 to $3.99 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.
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Form 4 Insider Transactions: What Each Field Means →
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
Estimated average burden
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)
03/10/2026
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 03/10/2026 S 632,874(1) D $4.13(2) 4,234,793 I See Footnote(3)
Class A Common Stock 03/11/2026 S 632,874(1) D $3.91(4) 3,601,919 I See Footnote(3)
Class A Common Stock 408,131 D(5)
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
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 $4.03 to $4.25 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. Represents the weighted average price of shares sold. The price of the shares sold ranged from $3.84 to $3.99 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.
5. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.
Remarks:
/s/ Mat Ishbia 03/11/2026
/s/ Mat Ishbia, CEO, for SFS Holding Corp. 03/11/2026
** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did UWMC report for Mat Ishbia and SFS Corp?

UWM Holdings reported that SFS Corp, a 10% owner controlled by CEO Mat Ishbia, sold a total of 1,265,748 Class A shares in open-market transactions on March 10 and 11, 2026, as disclosed in a Form 4 filing.

At what prices were the recent UWM Holdings (UWMC) insider sales executed?

The Form 4 shows 632,874 shares sold on March 10, 2026 at a weighted average price of $4.13 per share and another 632,874 shares sold on March 11, 2026 at a weighted average price of $3.91 per share.

Were the recent UWMC insider sales by SFS Corp pre-planned under a Rule 10b5-1 plan?

Yes. A footnote explains the sales were made pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on September 16, 2025, indicating the trades were scheduled in advance rather than timed discretionarily.

How many UWM Holdings shares does Mat Ishbia hold after these reported transactions?

After the March 2026 transactions, Mat Ishbia is reported to hold 3,601,919 shares indirectly through SFS Corp and 408,131 shares directly. This shows he retains a significant equity stake in UWM Holdings following the sales.

Who actually sold the UWM Holdings (UWMC) shares reported in this Form 4?

The shares were sold by SFS Corp, a 10% holder of UWM Holdings. Mat Ishbia is CEO and sole director of SFS Corp and exercises voting and dispositive power over its securities, so the sales are attributed to the entity associated with him.

Do the March 2026 UWMC insider transactions involve derivatives or just common stock?

The disclosed transactions involve only Class A common stock. The filing’s derivative section is empty, and the transaction codes and descriptions indicate open-market sales of non-derivative shares, with no option exercises or other derivative activity reported.