[Form 4] UWM Holdings Corp Insider Trading Activity
Rhea-AI Filing Summary
Mat Ishbia and affiliated SFS Holding Corp reported multiple transactions in UWM Holdings Corp (UWMC) Class A common stock. On 09/12/2025 and 09/15/2025 the reporting persons sold a total of 996,412 shares at weighted average prices of approximately $6.88 and $6.84, respectively. On 09/15/2025 SFS Holding Corp converted 6,800,000 UWM Paired Interests into 6,800,000 Class A shares, recorded as an acquisition. After these transactions the filing shows the reporting person(s) beneficially owning 7,301,428 Class A shares (indirect). Additionally, 180,737 Restricted Stock Units were reported disposed and noted to vest on 03/01/2026.
Positive
- None.
Negative
- None.
Insights
TL;DR: Insider conversion increased share count materially while sizable open-market sales reduced immediately-held shares.
The 09/15/2025 conversion of 6,800,000 UWM Paired Interests into Class A shares is the largest single entry and increases the reporting parties' beneficial share count materially. Concurrent open-market sales on 09/12/2025 (400,056 shares at a weighted average ~$6.88) and 09/15/2025 (596,356 shares at a weighted average ~$6.84) reduced directly held positions. Net effect shown in the filing is an increase in indirect beneficial ownership to 7,301,428 Class A shares. The filing discloses RSUs of 180,737 that vest 03/01/2026, which may further affect future ownership. All figures are taken directly from the Form 4 and no valuation or market-impact assumptions are made.
TL;DR: Transactions include a Rule 10b5-1 plan sale and a large conversion; disclosures appear to follow 10b5-1 and conversion reporting conventions.
The filing explicitly states the sales were made pursuant to a 10b5-1 plan adopted by SFS Corp on 03/17/2025, with weighted-average sale prices disclosed and a commitment to provide detailed price-by-price information upon request. The conversion of paired interests and the relationship disclosures explain indirect ownership and voting/control relationships between Mat Ishbia, SFS Corp and trusts. The Form 4 includes required vesting and plan details for RSUs. The filing provides the statutory signatures and required explanations without apparent omissions in the disclosed sections.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | UWM Paired Interests | 6,800,000 | $0.00 | -- |
| Conversion | Class A Common Stock | 6,800,000 | $0.00 | -- |
| Sale | Class A Common Stock | 596,356 | $6.84 | $4.08M |
| Sale | Class A Common Stock | 400,056 | $6.88 | $2.75M |
| 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 $6.80 to $6.94 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 $6.75 to $6.97 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. The conversion rights related to the UWM Paired Interests do not expire. 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.
