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Mat Ishbia-linked SFS Corp trims UWMC (NYSE: UWMC) stake via preset sales

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

Rhea-AI Filing Summary

UWMC insider activity: An entity associated with President and CEO Mat Ishbia, SFS Corp, sold 632,874 shares of Class A Common Stock on 02/03/2026 at a weighted average price of $5.21 per share and 632,874 shares on 02/04/2026 at a weighted average price of $5.05 per share, under a Rule 10b5-1 trading plan adopted by SFS Corp on March 17, 2025. These securities are held directly by SFS Corp, a 10% holder, with Ishbia exercising all voting and dispositive power. Following the sales, SFS Corp held 5,590,895 Class A shares for Ishbia’s benefit. Ishbia also directly holds 279,989 Class A shares and 180,737 restricted stock units that convert one-for-one into Class A shares and vest on March 1, 2026.

Positive

  • None.

Negative

  • None.
Insider Mat Ishbia, SFS HOLDING CORP
Role President and CEO | 10% Owner
Sold 1,265,748 shs ($6.49M)
Type Security Shares Price Value
Sale Class A Common Stock 632,874 $5.05 $3.20M
Sale Class A Common Stock 632,874 $5.21 $3.30M
holding Restricted Stock Units -- -- --
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 5,590,895 shares (Indirect, See Footnote); Restricted Stock Units — 180,737 shares (Direct); Class A Common Stock — 279,989 shares (Direct)
Footnotes (1)
  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 $5.01 to $5.48 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 $4.90 to $5.16 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.
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)
02/03/2026
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 02/03/2026 S 632,874(1) D $5.21(2) 6,223,769 I See Footnote(3)
Class A Common Stock 02/04/2026 S 632,874(1) D $5.05(4) 5,590,895 I See Footnote(3)
Class A Common Stock 279,989 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
Restricted Stock Units (6) (7) (7) Class A Common Stock 180,737 180,737 D
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 March 17, 2025.
2. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.01 to $5.48 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 $4.90 to $5.16 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.
6. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis.
7. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.
Remarks:
/s/ Mat Ishbia 02/04/2026
/s/ Mat Ishbia, CEO, for SFS Holding Corp. 02/04/2026
** 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 transactions were reported for UWMC on this Form 4?

The filing reports two sales of UWMC Class A Common Stock by SFS Corp, 632,874 shares on February 3, 2026 and 632,874 shares on February 4, 2026, at weighted average prices of $5.21 and $5.05 per share, respectively, under a Rule 10b5-1 plan.

Who executed the UWMC share sales reported and how is Mat Ishbia involved?

The shares were sold by SFS Corp, a 10% owner of UWMC. Mat Ishbia is SFS Corp’s Chief Executive Officer and sole director and serves as investment advisor to the trust owning SFS voting securities, giving him voting and dispositive power over shares held by SFS Corp.

How many UWMC shares does SFS Corp hold after the reported sales?

After the February 4, 2026 sale, SFS Corp held 5,590,895 shares of UWMC Class A Common Stock. These shares are owned directly by SFS Corp and indirectly by Mat Ishbia through his control of SFS Corp and related trusts benefiting him and his immediate family.

What UWMC shares and awards does Mat Ishbia hold directly?

Mat Ishbia directly holds 279,989 shares of UWMC Class A Common Stock, separate from SFS Corp’s holdings. He also holds 180,737 restricted stock units that convert into Class A shares on a one-for-one basis and vest on March 1, 2026 under the 2020 Omnibus Incentive Plan.

What is the Rule 10b5-1 trading plan mentioned for the UWMC insider sales?

The UWMC insider sales were made pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on March 17, 2025. Such plans allow pre-scheduled trading of shares according to predetermined instructions, helping insiders sell shares over time under pre-set conditions.

At what price range were the UWMC shares sold in these transactions?

For the February 3, 2026 sale, the weighted average price was $5.21 per UWMC share, with individual sales ranging from $5.01 to $5.48. For the February 4, 2026 sale, the weighted average price was $5.05, with prices ranging from $4.90 to $5.16 per share.