SFS Corp sells UWMC shares in planned trades

Holdings Corp insider SFS Corp, a 10% owner associated with President and CEO Mat Ishbia, reported two planned sales of Class A common stock under a Rule 10b5-1 trading plan adopted on March 17, 2025.

Rhea-AI Filing Summary

Holdings Corp insider SFS Corp, a 10% owner associated with President and CEO Mat Ishbia, reported two planned sales of Class A common stock under a Rule 10b5-1 trading plan adopted on March 17, 2025.

SFS Corp sold 632,874 shares on January 27, 2026 at a weighted average price of $5.81 per share, and another 632,874 shares on January 28, 2026 at a weighted average price of $5.89 per share. After these transactions, SFS Corp indirectly holds 2,155,265 Class A shares for Ishbia, while Ishbia directly owns 279,989 Class A shares.

Ishbia also holds 180,737 restricted stock units that convert into Class A common stock on a one-for-one basis and are scheduled to vest on March 1, 2026 under the 2020 Omnibus Incentive Plan.

Insider Trade Summary

Net Seller: 1,265,748 shares

Net Sell 4 txns

Insider Mat Ishbia, SFS HOLDING CORP

Role President and CEO | 10% Owner

Sold 1,265,748 shs ($7.40M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	632,874	$5.89	$3.73M
Sale	Class A Common Stock	632,874	$5.81	$3.68M
holding	Restricted Stock Units	--	--	--
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 2,155,265 shares (Indirect, See Footnote); Restricted Stock Units — 180,737 contracts (Direct); Class A Common Stock — 279,989 shares (Direct)

Footnotes (7)

1. F1. Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025.
2. F2. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.71 to $5.89 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. F3. 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. F4. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.81 to $5.94 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.
5. F5. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.
6. F6. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis.
7. F7. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.

FAQ

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What insider transactions did SFS Corp report for UWMC on this Form 4?

SFS Corp reported selling two blocks of 632,874 UWMC Class A shares each on January 27 and 28, 2026. The sales were executed at weighted average prices of $5.81 and $5.89 per share, respectively, under a pre-established Rule 10b5-1 trading plan.

How many UWMC shares does SFS Corp hold after these transactions?

After the reported sales, SFS Corp holds 2,155,265 UWMC Class A shares. These shares are held directly by SFS Corp and indirectly by Mat Ishbia, who controls SFS Corp’s voting and dispositive power through his roles and related family trusts.

What is Mat Ishbia’s direct ownership in UWMC following the Form 4 filing?

Mat Ishbia directly owns 279,989 shares of UWMC Class A common stock following the reported transactions. Footnote disclosures state that SFS Corp has no interest in these directly held shares, distinguishing them from the larger indirect stake held through SFS Corp.

Were the UWMC share sales by SFS Corp pre-planned under a 10b5-1 program?

Yes. Footnote 1 explains that the UWMC share sales were executed under a Rule 10b5-1 trading plan adopted by SFS Corp on March 17, 2025. Such plans pre-schedule trades, allowing sales to occur automatically according to preset instructions.

What prices did SFS Corp receive for the UWMC shares sold?

The Form 4 reports weighted average sale prices. On January 27, 2026, shares sold at a weighted average of $5.81, with individual trades ranging from $5.71 to $5.89. On January 28, 2026, the weighted average was $5.89, with trades ranging from $5.81 to $5.94.

What UWMC equity awards does Mat Ishbia hold through restricted stock units (RSUs)?

Mat Ishbia holds 180,737 restricted stock units that each convert into one UWMC Class A share. These RSUs were granted under the 2020 Omnibus Incentive Plan and are scheduled to vest on March 1, 2026, subject to the plan’s standard terms and conditions.

How is SFS Corp related to Mat Ishbia and UWMC?

SFS Corp is a 10% holder of UWMC. Footnotes state Mat Ishbia is SFS Corp’s CEO and sole director, and advisor to the trust owning its voting securities, giving him voting and dispositive power over SFS Corp’s UWMC shares. Related family trusts also hold SFS Corp shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 01/28/2026 - 05:00 PM Learn about SEC filing dates

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)
01/27/2026

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	01/27/2026		S		632,874(1)	D	$5.81(2)	2,788,139	I	See Footnote(3)
Class A Common Stock	01/28/2026		S		632,874(1)	D	$5.89(4)	2,155,265	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 $5.71 to $5.89 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 $5.81 to $5.94 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.

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	01/28/2026
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	01/28/2026
	** Signature of Reporting Person	Date
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