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  4. [Form 4] UWM Holdings Corp Insider Trading Activity

UWM Holdings (UWMC) CEO-linked SFS Corp sells shares under 10b5-1 plan

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

Rhea-AI Filing Summary

UWM Holdings Corp insider activity shows an entity associated with President and CEO Mat Ishbia selling Class A Common Stock in open-market transactions. Through SFS Holding Corp, a 10% holder, there were net sales of 2,001,148 shares over two days.

On March 24, 2026, SFS Holding Corp sold 1,000,574 shares at a weighted average price of $3.63 per share, followed by another 1,000,574-share sale on March 25, 2026 at a weighted average price of $3.55. These trades were made under a pre-arranged Rule 10b5-1 plan adopted by SFS Corp, with Ishbia exercising voting and dispositive power over SFS-held shares. After these transactions, SFS Corp held 5,331,579 shares indirectly attributed to Ishbia, and Ishbia also held 408,131 shares directly.

Positive

  • None.

Negative

  • None.
Insider Mat Ishbia, SFS HOLDING CORP
Role President and CEO | 10% Owner
Sold 2,001,148 shs ($7.18M)
Type Security Shares Price Value
Sale Class A Common Stock 1,000,574 $3.55 $3.55M
Sale Class A Common Stock 1,000,574 $3.63 $3.63M
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 5,331,579 shares (Indirect, See Footnote); Class A Common Stock — 408,131 shares (Direct)
Footnotes (1)
  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 $3.58 to $3.73 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 $3.48 to $3.72 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.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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 MICHIGAN 48341
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
UWM Holdings Corp [ UWMC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
XOfficer (give title below)Other (specify below)
President and CEO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/24/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Class A Common Stock03/24/2026S1,000,574(1)D$3.63(2)6,332,153ISee Footnote(3)
Class A Common Stock03/25/2026S1,000,574(1)D$3.55(4)5,331,579ISee Footnote(3)
Class A Common Stock408,131D(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
1. Name and Address of Reporting Person*
Mat Ishbia
(Last)(First)(Middle)
C/O UWM HOLDINGS CORPORATION
585 SOUTH BLVD E
(Street)
PONTIAC MICHIGAN 48341
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
XOfficer (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 MICHIGAN 48341
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% 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 $3.58 to $3.73 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 $3.48 to $3.72 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.
Remarks:
/s/ Mat Ishbia03/25/2026
/s/ Mat Ishbia, CEO, for SFS Holding Corp.03/25/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did UWM Holdings (UWMC) report for Mat Ishbia and SFS Holding Corp?

The filing reports that SFS Holding Corp, associated with CEO Mat Ishbia, sold 2,001,148 UWM Holdings Class A shares in open-market transactions over two days, while Ishbia retained both substantial indirect holdings through SFS and direct ownership of 408,131 shares.

How many UWM Holdings shares did SFS Holding Corp sell and at what prices?

SFS Holding Corp sold 1,000,574 UWM Holdings Class A shares on March 24, 2026 at a weighted average of $3.63, and another 1,000,574 shares on March 25, 2026 at a weighted average of $3.55, all as open-market sale transactions.

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

Yes. The filing states the sales were completed pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on September 16, 2025, indicating the trades were pre-arranged rather than discretionary market-timing decisions by the insider or related entity.

What is Mat Ishbia’s relationship to SFS Holding Corp in the UWM Holdings Form 4?

Mat Ishbia is described as CEO and sole director of SFS Corp and investment advisor to the trust owning its voting securities. He exercises all voting and dispositive power over SFS-held UWM shares, so those indirect holdings are attributed to him in the filing.

How many UWM Holdings shares does Mat Ishbia hold directly and indirectly after these transactions?

After the reported sales, SFS Holding Corp held 5,331,579 UWM Class A shares attributed indirectly to Ishbia. Separately, the filing notes Ishbia directly owns 408,131 Class A shares, in which SFS Corp has no interest, according to the disclosed footnote.

Does SFS Holding Corp have any special status in relation to UWM Holdings governance?

SFS Holding Corp is identified as a 10% holder of UWM Holdings. The filing explains that, by virtue of its relationship with Mat Ishbia, a director and CEO of the issuer, SFS Corp may be deemed to be a director by deputization for governance purposes.