SFS Corp, tied to UWM (NYSE: UWMC) CEO, sells 1,898,622 shares

Rhea-AI Filing Summary

UWM Holdings Corp insider activity shows an entity associated with President and CEO Mat Ishbia, SFS Corp, selling a total of 1,898,622 shares of Class A Common Stock in open-market transactions over three days in early March 2026 under a Rule 10b5-1 trading plan adopted on September 16, 2025.

These sales were executed at weighted-average prices around $4 per share and are reported as indirect ownership, with 6,133,415 indirectly held shares remaining after the latest sale, while Mat Ishbia also directly holds 408,131 shares as of March 3, 2026.

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)
03/03/2026

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	03/03/2026		S		632,874(1)	D	$4.25(2)	7,399,163	I	See Footnote(3)
Class A Common Stock	03/04/2026		S		632,874(1)	D	$4.23(4)	6,766,289	I	See Footnote(3)
Class A Common Stock	03/05/2026		S		632,874(1)	D	$4.11(5)	6,133,415	I	See Footnote(3)
Class A Common Stock								408,131	D(6)

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 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 $4.16 to $4.34 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 $4.17 to $4.30 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. Represents the weighted average price of shares sold. The price of the shares sold ranged from $3.99 to $4.26 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.

6. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.

Remarks:

	/s/ Mat Ishbia	03/05/2026
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	03/05/2026
	** 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 UWMC report for Mat Ishbia and SFS Corp?

UWM Holdings Corp reported that SFS Corp, an entity associated with CEO Mat Ishbia, sold 1,898,622 Class A Common shares in open-market trades. These were indirect sales over three days in March 2026 under a pre-arranged Rule 10b5-1 trading plan.

At what prices were the recent UWMC insider share sales executed?

The insider share sales were executed at weighted-average prices around $4 per share. Footnotes state the individual trades occurred within disclosed price ranges, with the reporting person offering to provide exact share amounts sold at each price upon request.

How many UWMC shares does SFS Corp hold after the reported sales?

After the reported transactions, SFS Corp holds 6,133,415 shares of UWM Holdings Class A Common Stock indirectly for Mat Ishbia. This figure reflects the balance following the most recent disclosed open-market sale in early March 2026 reported in the Form 4 filing.

Does Mat Ishbia directly own UWMC shares separate from SFS Corp?

Yes. Footnotes clarify that 408,131 Class A Common shares are held directly by Mat Ishbia, with SFS Corp having no interest in these shares. These directly held shares are separate from the larger indirect holdings reported through SFS Corp in the insider filing.

Were the UWMC insider sales by SFS Corp part of a 10b5-1 plan?

Yes. The Form 4 states the sales were made under a Rule 10b5-1 trading plan adopted by SFS Corp on September 16, 2025. Such plans allow pre-scheduled trades, providing a structured framework for insider selling over time.

Who controls voting and dispositive power over UWMC shares held by SFS Corp?

Footnotes explain that Mat Ishbia is CEO and sole director of SFS Corp and advises the trust owning its voting securities, so he exercises all voting and dispositive power over shares held by SFS Corp, even though the shares are reported as indirectly owned.