UWM Holdings (UWMC) insider reports 6.8M conversion, share sales
Rhea-AI Filing Summary
UWM Holdings Corp (UWMC) insider Mat Ishbia, the company’s President, CEO, director and 10% owner, reported multiple equity transactions involving Class A Common Stock and related derivative securities. On 11/13/2025, 11/14/2025 and 11/17/2025, SFS Holding Corp (SFS Corp), which is controlled by Ishbia, sold blocks of 596,356 Class A shares on each date at weighted average prices of $5.27, $5.11 and $4.94, respectively, under a Rule 10b5‑1 trading plan adopted on March 17, 2025. On 11/17/2025, SFS Corp also converted 6,800,000 UWM Paired Interests into an equal number of Class A shares, increasing the reported indirect Class A holdings before subsequent sales. Following the reported transactions, Ishbia reports 7,665,408 Class A shares held indirectly through SFS Corp and 279,989 Class A shares held directly, along with derivative holdings including UWM Paired Interests and 180,737 Restricted Stock Units that vest on March 1, 2026.
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Insights
CEO-affiliated entity sells shares under a 10b5-1 plan while converting a large block of paired interests into Class A stock.
The filing shows that **SFS Corp**, an entity controlled by **Mat Ishbia**, executed several sales of **Class A Common Stock** on
On
These moves indicate ongoing diversification of Class A exposure via pre-arranged sales, alongside continued use of the paired-interest structure for long-term control. The main items to watch over the next several quarters are any further Form 4 reports showing additional conversions or sales by SFS Corp or Mat Ishbia, and the vesting and settlement of the **RSUs** on
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | UWM Paired Interests | 6,800,000 | $0.00 | -- |
| Conversion | Class A Common Stock | 6,800,000 | $0.00 | -- |
| Sale | Class A Common Stock | 596,356 | $4.94 | $2.95M |
| Sale | Class A Common Stock | 596,356 | $5.11 | $3.05M |
| Sale | Class A Common Stock | 596,356 | $5.27 | $3.14M |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.13 to $5.53 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 $5.02 to $5.17 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. Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock of UWM Holdings Corporation (the "Issuer") ("Class D Stock") and one Class B common units of UWM Holdings, LLC ("UWM LLC") ("Class B Common Units"), a subsidiary of the Issuer. Each UWM Paired Interest is convertible for one share of Class A Common Stock of the Issuer (i) at any time at the option of the holder or (ii) automatically upon transfer to a third person. These shares of Class A Common Stock were acquired by SFS Holding Corp. ("SFS Corp") upon the conversion of an equal number of UWM Paired Interests. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.83 to $5.10 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. The conversion rights related to the UWM Paired Interests do not expire. 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.
FAQ
What insider transactions did UWMC CEO Mat Ishbia report on this Form 4?
The filing reports that entities associated with Mat Ishbia sold three blocks of 596,356 Class A shares each on 11/13/2025, 11/14/2025 and 11/17/2025, and converted 6,800,000 UWM Paired Interests into an equal number of Class A shares on 11/17/2025.
What are UWM Paired Interests mentioned in the UWMC Form 4 filing?
Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock of UWM Holdings Corporation and one Class B common unit of UWM Holdings, LLC. Each paired interest is convertible into one share of Class A Common Stock at the holder’s option or automatically upon transfer to a third person.
Were the UWMC stock sales made under a Rule 10b5-1 trading plan?
Yes. The sales of 596,356 Class A shares on each of 11/13/2025, 11/14/2025 and 11/17/2025 were made pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on March 17, 2025, as noted in the Explanation of Responses.
What Restricted Stock Units does Mat Ishbia hold in UWM Holdings Corp?
The filing reports 180,737 Restricted Stock Units (RSUs), which convert into Class A Common Stock on a one-for-one basis. These RSUs vest on March 1, 2026 and were granted under the company’s 2020 Omnibus Incentive Plan.