SFS Corp, tied to UWM (UWMC) CEO Mat Ishbia, sells 3.0M shares under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UWM Holdings Corp director and CEO Mat Ishbia reported indirect open-market sales of Class A Common Stock through SFS Corp, a 10% holder of the company. SFS Corp sold 1,000,574 shares on each of April 16, 17, and 20 at weighted average prices of about $3.76, $3.93, and $3.94 per share, totaling 3,001,722 shares.
These transactions were executed pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp. After the April 20 sale, SFS Corp held 10,321,821 shares indirectly attributable to Ishbia, while Ishbia also held 408,131 shares directly.
Positive
- None.
Negative
- None.
Insights
CEO-linked entity sold 3.0M shares under a pre-set 10b5-1 plan.
Open-market sales totaling 3,001,722 Class A shares were made by SFS Corp, a 10% holder of UWM Holdings Corp. The filing shows these as indirect transactions for CEO and director Mat Ishbia, who exercises voting and dispositive power over SFS Corp’s holdings.
The sales, at weighted average prices around $3.76–$3.94 per share, were executed under a Rule 10b5-1 trading plan adopted by SFS Corp on September 16, 2025, suggesting they were pre-scheduled. Following the latest sale, SFS Corp still holds 10,321,821 shares and Ishbia directly holds 408,131 shares, indicating a substantial remaining position despite the net-sell activity.
Insider Trade Summary 10b5-1
Net Seller: 3,001,722 shares ($11,636,676)
Net Sell
4 txns
Insider
Mat Ishbia, SFS HOLDING CORP
Role
President and CEO | null
Sold
3,001,722 shs ($11.64M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 1,000,574 | $3.94 | $3.94M |
| Sale | Class A Common Stock | 1,000,574 | $3.93 | $3.93M |
| Sale | Class A Common Stock | 1,000,574 | $3.76 | $3.76M |
| holding | Class A Common Stock | -- | -- | -- |
Holdings After Transaction:
Class A Common Stock — 10,321,821 shares (Indirect, See Footnote);
Class A Common Stock — 408,131 shares (Direct, null)
Footnotes (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 $3.73 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. 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 $3.87 to $4.00 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. Represents the weighted average price of shares sold. The price of the shares sold ranged from $3.84 to $3.98 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.
Key Figures
Shares sold April 16: 1,000,574 shares
Shares sold April 17: 1,000,574 shares
Shares sold April 20: 1,000,574 shares
+4 more
7 metrics
Shares sold April 16
1,000,574 shares
Open-market sale of Class A Common Stock at about $3.76 per share
Shares sold April 17
1,000,574 shares
Open-market sale of Class A Common Stock at about $3.93 per share
Shares sold April 20
1,000,574 shares
Open-market sale of Class A Common Stock at about $3.94 per share
Total shares sold
3,001,722 shares
Aggregate non-derivative open-market sales reported in this Form 4
SFS Corp holdings after sales
10,321,821 shares
Indirect Class A Common Stock position after April 20 sale
Direct holdings by Mat Ishbia
408,131 shares
Direct Class A Common Stock position as of April 16
Sale price range example
$3.73–$3.81 per share
Price range underlying one weighted average sale reported in footnotes
Key Terms
Rule 10b5-1 Plan, weighted average price, voting and dispositive power, 10% holder, +1 more
5 terms
Rule 10b5-1 Plan regulatory
"Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on September 16, 2025."
A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.
weighted average price financial
"Represents the weighted average price of shares sold. The price of the shares sold ranged from $3.73 to $3.81 per share."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
voting and dispositive power financial
"therefore exercises all voting and dispositive power of the securities held by SFS Corp."
10% holder regulatory
"These securities are held directly by SFS Corp, a 10% holder of the Issuer, and indirectly by Mat Ishbia."
director by deputization regulatory
"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."
FAQ
What insider transactions did UWMC report for Mat Ishbia and SFS Corp?
UWM Holdings Corp reported that SFS Corp, a 10% holder linked to CEO Mat Ishbia, sold 3,001,722 Class A shares in three open-market transactions. Each trade involved 1,000,574 shares at weighted average prices between about $3.76 and $3.94 per share.
On which dates did the UWMC insider sales by SFS Corp occur and at what prices?
SFS Corp sold 1,000,574 UWM Holdings Class A shares on April 16, 17, and 20. The weighted average sale prices were about $3.76, $3.93, and $3.94 per share, with specific trade prices within disclosed ranges around each average.
Were the recent UWMC insider sales by SFS Corp made under a Rule 10b5-1 plan?
Yes. The filing states the sales were made pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on September 16, 2025. Such pre-arranged plans automate transactions over time, reducing the significance of short-term market timing for these particular sales.
What are Mat Ishbia’s direct holdings of UWMC stock in this Form 4 filing?
The filing shows Mat Ishbia directly holding 408,131 shares of UWM Holdings Class A Common Stock as of April 16. Footnotes clarify that these particular shares are held directly by Ishbia and that SFS Corp has no interest in this separate direct position.