UWM Holdings (UWMC) CEO-linked SFS Corp converts 11M units, sells 2.27M shares
Rhea-AI Filing Summary
UWM Holdings Corp insider activity centers on SFS Corp, a 10% holder associated with CEO Mat Ishbia. SFS Corp converted 11,000,000 UWM Paired Interests into 11,000,000 shares of Class A Common Stock and then sold 2,266,322 Class A shares in open-market trades at prices around $3.69–$3.78 per share, pursuant to a Rule 10b5-1 trading plan. Following these transactions, indirect holdings reported for SFS Corp show 12,335,597 Class A shares, while Mat Ishbia also holds 408,131 Class A shares directly.
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Insights
CEO-linked holder converts 11M units and sells 2.27M shares under a pre-planned 10b5-1 program.
SFS Corp, a 10% holder associated with CEO Mat Ishbia, converted 11,000,000 UWM Paired Interests into the same number of Class A shares. This is a non-cash structural move shifting exposure from paired units to common stock.
On the same and preceding days, SFS Corp sold 2,266,322 Class A shares in open-market transactions at around $3.69–$3.78 per share. Footnotes state these sales were executed under a Rule 10b5-1 trading plan adopted on September 16, 2025, suggesting pre-scheduled portfolio management rather than discretionary timing.
After the sales, indirect Class A holdings reported for SFS Corp stand at 12,335,597 shares, and Mat Ishbia also holds 408,131 shares directly. The filing shows continued substantial ownership, indicating these transactions are partial, planned dispositions rather than an exit.
Insider Trade Summary 10b5-1
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | UWM Paired Interests | 11,000,000 | $0.00 | -- |
| Conversion | Class A Common Stock | 11,000,000 | $0.00 | -- |
| Sale | Class A Common Stock | 1,000,574 | $3.70 | $3.70M |
| Sale | Class A Common Stock | 632,874 | $3.69 | $2.34M |
| Sale | Class A Common Stock | 632,874 | $3.78 | $2.39M |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on September 16, 2025. Represents the weighted average price of shares sold. The price of the shares sold ranged from $3.73 to $3.89 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. 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 $3.63 to $3.86 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. 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 $3.63 to $3.81 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.
