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UWM Holdings Corp (NYSE: UWMC) CEO-linked entity sells Class A stock

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

Rhea-AI Filing Summary

UWM Holdings Corp insider activity centers on SFS Holding Corp, a 10% owner associated with CEO Mat Ishbia. On January 16, 2026, SFS Holding Corp converted 6,600,000 UWM Paired Interests into the same number of Class A Common shares. On the same day and on January 20 and 21, 2026, SFS Holding Corp sold three blocks of 632,874 Class A shares each at weighted average prices of $6.04, $5.82, and $5.75 per share under a Rule 10b5-1 trading plan adopted on March 17, 2025.

After these indirect transactions, SFS Holding Corp held 5,319,635 Class A shares for which Ishbia exercises voting and dispositive power. Separately, Ishbia directly owns 279,989 Class A shares and 180,737 Restricted Stock Units that convert one-for-one into Class A stock and vest on March 1, 2026.

Positive

  • None.

Negative

  • None.
Insider Mat Ishbia, SFS HOLDING CORP
Role President and CEO | 10% Owner
Sold 1,898,622 shs ($11.14M)
Type Security Shares Price Value
Sale Class A Common Stock 632,874 $5.75 $3.64M
Sale Class A Common Stock 632,874 $5.82 $3.68M
Conversion UWM Paired Interests 0 $0.00 --
Conversion Class A Common Stock 6,600,000 $0.00 --
Sale Class A Common Stock 632,874 $6.04 $3.82M
holding Restricted Stock Units -- -- --
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 5,319,635 shares (Indirect, See Footnote); UWM Paired Interests — 1,324,882,620 shares (Indirect, See Footnote); Restricted Stock Units — 180,737 shares (Direct); Class A Common Stock — 279,989 shares (Direct)
Footnotes (1)
  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 $5.76 to $6.15 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 $5.71 to $5.92 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 $5.65 to $5.85 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.
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)
01/16/2026
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 01/16/2026 C 6,600,000 A (1) 7,218,257 I See Footnote(2)
Class A Common Stock 01/16/2026 S 632,874(3) D $6.04(4) 6,585,383 I See Footnote(2)
Class A Common Stock 01/20/2026 S 632,874(3) D $5.82(5) 5,952,509 I See Footnote(2)
Class A Common Stock 01/21/2026 S 632,874(3) D $5.75(6) 5,319,635 I See Footnote(2)
Class A Common Stock 279,989 D(7)
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
UWM Paired Interests (1) 01/16/2026 C 0 01/21/2021 (8) Class A Common Stock 6,600,000 $0 1,324,882,620 I See Footnote(2)
Restricted Stock Units (9) (10) (10) 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. 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.
2. 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.
3. Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025.
4. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.76 to $6.15 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. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.71 to $5.92 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.
6. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.65 to $5.85 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.
7. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.
8. The conversion rights related to the UWM Paired Interests do not expire.
9. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis.
10. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.
Remarks:
/s/ Mat Ishbia 01/21/2026
/s/ Mat Ishbia, CEO, for SFS Holding Corp. 01/21/2026
** 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 did UWM Holdings Corp (UWMC) report for Mat Ishbia and SFS Holding Corp?

The filing reports that SFS Holding Corp, a 10% owner associated with Mat Ishbia, converted 6,600,000 UWM Paired Interests into Class A Common Stock on January 16, 2026, then sold three blocks of 632,874 Class A shares each on January 16, 20, and 21, 2026.

Who actually sold the UWMC Class A shares disclosed in this Form 4?

The sales were made by SFS Holding Corp, a 10% holder of UWM Holdings Corp. According to the disclosure, Mat Ishbia is CEO and sole director of SFS Holding Corp and exercises voting and dispositive power over the securities it holds.

At what prices were the UWMC shares sold by SFS Holding Corp?

The filing shows three weighted average sale prices for 632,874 shares each: $6.04 per share on January 16, 2026, $5.82 per share on January 20, 2026, and $5.75 per share on January 21, 2026. Each range of individual trade prices is provided in the footnotes.

What are UWM Paired Interests and how did they affect UWMC share ownership?

Each UWM Paired Interest consists of one non-economic voting Class D Common Stock share and one Class B common unit of UWM Holdings, LLC. Each paired interest is convertible into one Class A Common share. On January 16, 2026, 6,600,000 paired interests were converted into 6,600,000 Class A shares for SFS Holding Corp.

How many UWMC Class A shares does the SFS Holding Corp entity hold after these transactions?

After the reported conversion and sales, SFS Holding Corp held 5,319,635 shares of UWMC Class A Common Stock, which are reported as indirectly owned by Mat Ishbia.

What UWMC equity does Mat Ishbia hold directly, separate from SFS Holding Corp?

The filing shows that Mat Ishbia directly holds 279,989 Class A Common shares and 180,737 Restricted Stock Units. The RSUs convert one-for-one into Class A shares and vest on March 1, 2026.

Was the UWMC share sale activity part of a pre-established 10b5-1 trading plan?

Yes. The sales of 632,874 shares on each of January 16, 20, and 21, 2026 were made pursuant to a Rule 10b5-1 plan adopted by SFS Holding Corp on March 17, 2025, as described in the footnotes.