UWMC insider filing: 6.8M shares converted and sales under 10b5-1
Rhea-AI Filing Summary
UWM Holdings (UWMC): CEO Mat Ishbia and affiliate SFS Holding Corp reported insider transactions. SFS Corp acquired 6,800,000 Class A shares on 10/15/2025 via conversion of an equal number of UWM Paired Interests. SFS Corp then sold 596,356 shares on 10/15 at a weighted average price of $5.39 and 596,356 shares on 10/16 at a weighted average price of $5.26, pursuant to a Rule 10b5-1 trading plan adopted on March 17, 2025.
Following these transactions, 7,185,240 Class A shares were beneficially owned indirectly and 279,989 Class A shares were held directly. The filing also notes 180,737 RSUs, which convert one-for-one into Class A stock and vest on March 1, 2026.
Positive
- None.
Negative
- None.
Insights
Routine Form 4: conversion plus pre-planned sales; neutral signal.
The filing records a conversion of 6,800,000 UWM Paired Interests into Class A shares, followed by two sales of 596,356 shares each on 10/15/2025 and 10/16/2025. Sales were executed under a Rule 10b5-1 plan adopted on March 17, 2025, indicating pre-set instructions.
Post-transaction holdings are 7,185,240 Class A shares indirectly and 279,989 directly, plus 180,737 RSUs vesting on March 1, 2026. Weighted average sale prices were $5.39 and $5.26 with disclosed intraday ranges.
Because transactions are administrative (conversion) and plan-driven (10b5-1), the disclosure is typically neutral for the investment thesis. Actual market impact depends on future disclosures and holder decisions.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 596,356 | $5.26 | $3.14M |
| Conversion | Class A Common Stock | 6,800,000 | $0.00 | -- |
| Sale | Class A Common Stock | 596,356 | $5.39 | $3.21M |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- 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. 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. 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 $5.32 to $5.59 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 $5.19 to $5.29 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.
