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.

Insights

Insider trading analyst

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.

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)
03/12/2026

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	03/12/2026		S		632,874(1)	D	$3.78(2)	2,969,045	I	See Footnote(3)
Class A Common Stock	03/13/2026		S		632,874(1)	D	$3.69(4)	2,336,171	I	See Footnote(3)
Class A Common Stock	03/16/2026		C		11,000,000	A	(5)	13,336,171	I	See Footnote(3)
Class A Common Stock	03/16/2026		S		1,000,574(1)	D	$3.7(6)	12,335,597	I	See Footnote(3)
Class A Common Stock								408,131	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	(5)	03/16/2026		C			11,000,000	01/21/2021	(8)	Class A Common Stock	11,000,000	$0	1,287,482,620	I	See Footnote(3)

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 September 16, 2025.

2. 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.

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 $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.

5. 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.

6. 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.

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.

Remarks:

	/s/ Mat Ishbia	03/16/2026
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	03/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did UWM Holdings Corp (UWMC) report in this Form 4?

The filing shows SFS Corp converted 11,000,000 UWM Paired Interests into 11,000,000 Class A shares, then sold 2,266,322 Class A shares in open-market trades at prices around $3.69–$3.78 per share, while retaining a substantial remaining position.

Who carried out the UWM Holdings (UWMC) share sales disclosed in this Form 4?

The sales were made by SFS Corp, a 10% holder of UWM Holdings. Mat Ishbia is CEO and sole director of SFS Corp and exercises voting and dispositive power over its holdings, so the transactions are attributed to the entity associated with him.

How many UWM Holdings (UWMC) shares were sold and at what prices?

SFS Corp sold 2,266,322 shares of UWM Holdings Class A Common Stock. The reported weighted average prices were about $3.78, $3.69 and $3.70 per share, with detailed price ranges between approximately $3.63 and $3.89 disclosed in the footnotes.

Was the UWM Holdings (UWMC) insider selling done under a Rule 10b5-1 plan?

Yes. A footnote states the sales were made pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on September 16, 2025. Such plans pre-schedule trades, indicating these dispositions were planned in advance rather than timed reactively.

What are UWM Paired Interests mentioned in the UWMC Form 4 filing?

Each UWM Paired Interest consists of one share of non-economic voting Class D common stock and one Class B common unit of UWM Holdings, LLC. Each paired interest is convertible into one Class A share, either at the holder’s option or automatically upon transfer.

What are Mat Ishbia’s reported holdings after these UWM Holdings (UWMC) transactions?

After the conversions and sales, indirect holdings reported for SFS Corp total 12,335,597 Class A shares. A separate entry shows Mat Ishbia directly holding 408,131 Class A shares, which SFS Corp has no interest in, highlighting both indirect and direct ownership positions.