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

Entity tied to UWM (NYSE: UWMC) CEO sells 1.27M shares in plan

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

Rhea-AI Filing Summary

UWM Holdings disclosed that SFS Corp, a 10% shareholder controlled by President and CEO Mat Ishbia, sold a total of 1,265,748 shares of Class A Common Stock in open-market transactions under a Rule 10b5-1 plan adopted on September 16, 2025.

SFS Corp sold 632,874 shares on February 24, 2026 at a weighted average price of $4.51 per share, with prices ranging from $4.42 to $4.59, and another 632,874 shares on February 25, 2026 at a weighted average price of $4.03, with prices ranging from $3.81 to $4.55. After these sales, SFS Corp reported ownership of 3,330,659 Class A shares.

Separately, Mat Ishbia directly holds 279,989 Class A shares and 180,737 Restricted Stock Units that convert to 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.

Positive

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Negative

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Insider Mat Ishbia, SFS HOLDING CORP
Role President and CEO | 10% Owner
Sold 1,265,748 shs ($5.40M)
Type Security Shares Price Value
Sale Class A Common Stock 632,874 $4.03 $2.55M
Sale Class A Common Stock 632,874 $4.51 $2.85M
holding Restricted Stock Units -- -- --
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 3,330,659 shares (Indirect, See Footnote); Restricted Stock Units — 180,737 shares (Direct); Class A Common Stock — 279,989 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 $4.42 to $4.59 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 $3.81 to $4.55 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. 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)
02/24/2026
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 02/24/2026 S 632,874(1) D $4.51(2) 3,963,533 I See Footnote(3)
Class A Common Stock 02/25/2026 S 632,874(1) D $4.03(4) 3,330,659 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 September 16, 2025.
2. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.42 to $4.59 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 $3.81 to $4.55 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 02/25/2026
/s/ Mat Ishbia, CEO, for SFS Holding Corp. 02/25/2026
** 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 share sales did UWMC report for February 2026?

UWM Holdings reported that SFS Corp sold 632,874 Class A shares on February 24, 2026 and another 632,874 shares on February 25, 2026, totaling 1,265,748 shares, through open-market transactions executed under a pre-established Rule 10b5-1 trading plan.

Who is SFS Corp in relation to UWM Holdings (UWMC) and Mat Ishbia?

SFS Corp is a 10% holder of UWM Holdings whose securities are indirectly owned by CEO Mat Ishbia. He is SFS Corp’s CEO and sole director and advises the trust that owns its voting securities, giving him voting and dispositive power over shares held by SFS Corp.

At what prices did SFS Corp sell UWMC Class A shares?

On February 24, 2026, SFS Corp sold UWMC Class A shares at a weighted average price of $4.51, within a $4.42–$4.59 range. On February 25, 2026, shares sold at a weighted average of $4.03, within a $3.81–$4.55 range, via open-market transactions.

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

After the February 25, 2026 sale, SFS Corp reported owning 3,330,659 shares of UWM Holdings Class A Common Stock. These shares are attributed indirectly to CEO Mat Ishbia due to his control and advisory roles over SFS Corp and its voting securities.

What direct UWMC holdings does CEO Mat Ishbia report?

Mat Ishbia reports directly holding 279,989 shares of UWM Holdings Class A Common Stock. These shares are separate from those held by SFS Corp, which is a distinct 10% shareholder entity whose holdings are reported as indirectly owned by him through control relationships.

What Restricted Stock Units does Mat Ishbia hold in UWMC?

Mat Ishbia holds 180,737 Restricted Stock Units that each convert into one share of UWM Holdings Class A Common Stock. These RSUs were granted under the 2020 Omnibus Incentive Plan and are scheduled to vest on March 1, 2026, subject to plan terms.

Were the UWMC insider sales made under a Rule 10b5-1 plan?

Yes. The reported sales were made pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on September 16, 2025. Such plans pre-schedule trades, allowing insiders to systematically sell shares over time according to predetermined instructions and conditions.