UWM Holdings (UWMC) CEO Ishbia’s SFS Corp sells 2.0M shares under 10b5-1

Rhea-AI Filing Summary

UWM Holdings Corp insider filings show that entity SFS Corp, which is a 10% holder controlled by President and CEO Mat Ishbia, executed open‑market sales of 2,001,148 shares of Class A common stock. The sales occurred on March 17 and 18, 2026 at prices of $3.67 and $3.73 per share, respectively, under a pre‑arranged Rule 10b5‑1 trading plan adopted by SFS Corp on September 16, 2025.

After these transactions, 10,334,449 shares of Class A common stock are reported as indirectly owned through SFS Corp, while 408,131 shares are held directly by Mat Ishbia. The filing underscores that SFS Corp has no interest in Ishbia’s directly held shares and that Ishbia exercises voting and dispositive power over the shares held by SFS Corp.

Insights

Equity ownership & governance analyst

Pre-planned sales by Ishbia-controlled entity trim indirect stake but remain sizable.

The filing shows 2,001,148 UWM Holdings Corp Class A shares sold in open-market trades by SFS Corp, a 10% holder controlled by CEO Mat Ishbia. Footnotes state these sales were executed under a pre-arranged Rule 10b5-1 plan, signaling a planned liquidity program rather than opportunistic timing.

Post-transaction, indirect holdings through SFS Corp stand at 10,334,449 shares, and Mat Ishbia also holds 408,131 shares directly. With no derivative positions disclosed in this filing and meaningful equity still held, the activity appears as a partial, structured reduction rather than an exit, and its impact on the broader investment thesis is limited.

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
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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)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	03/17/2026		S		1,000,574(1)	D	$3.67(2)	11,335,023	I	See Footnote(3)
Class A Common Stock	03/18/2026		S		1,000,574(1)	D	$3.73(4)	10,334,449	I	See Footnote(3)
Class A Common Stock								408,131	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

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

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 MICHIGAN 48341

(City) (State) (Zip)

UNITED STATES

(Country)

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 $3.63 to $3.74 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 $3.60 to $3.84 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 Ishbia	03/18/2026
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	03/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

How many UWM Holdings (UWMC) shares were sold in this Form 4?

The Form 4 reports open-market sales of 2,001,148 shares of UWM Holdings Class A common stock. These came from two trades of 1,000,574 shares each on March 17 and March 18, 2026, at reported prices of $3.67 and $3.73 per share.

Who executed the UWM Holdings (UWMC) share sales reported in this filing?

The shares were sold by SFS Corp, a 10% holder of UWM Holdings. Footnotes explain SFS Corp is controlled by CEO Mat Ishbia, who exercises voting and dispositive power over its holdings and may be deemed a beneficial owner of these securities.

Were the UWM Holdings (UWMC) insider sales made under a 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 part of a structured program rather than ad hoc market timing.

What UWM Holdings (UWMC) stake does Mat Ishbia report after these transactions?

After the reported sales, 10,334,449 shares of Class A common stock are indirectly held through SFS Corp, over which Mat Ishbia has voting and dispositive power. He also directly owns 408,131 shares, which are separate from SFS Corp’s holdings.

What price range did the UWM Holdings (UWMC) insider sales occur at?

The filing lists weighted average prices of $3.73 and $3.67 per share for the two sale dates. Footnotes add that actual sale prices ranged from $3.60 to $3.84 per share, and detailed breakdowns are available upon request from the reporting person.

Does SFS Corp have any interest in Mat Ishbia’s directly held UWM Holdings (UWMC) shares?

No. A footnote clarifies that 408,131 shares are held directly by Mat Ishbia and that SFS Corp has no interests in these shares. This distinguishes his personal holdings from the larger stake that SFS Corp holds and he controls indirectly.