SFS Corp, tied to UWM (UWMC) CEO, converts 11M units and sells 2M shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UWM Holdings Corp insider activity centers on SFS Corp, a 10% owner associated with CEO Mat Ishbia. SFS Corp converted 11,000,000 UWM Paired Interests into 11,000,000 shares of Class A Common Stock at a conversion price of $0.00 per share. On the same dates, SFS Corp sold a total of 2,000,148 Class A shares in open-market transactions at weighted average prices of $3.55 and $3.63 per share under a Rule 10b5-1 trading plan. After these transactions, SFS Corp held 11,328,709 Class A shares indirectly for Ishbia, while Ishbia also held 408,131 Class A shares directly.
Positive
- None.
Negative
- None.
Insights
CEO-linked entity converts 11M units and sells 2M shares under a 10b5-1 plan.
The filing shows SFS Corp, a 10% holder associated with CEO Mat Ishbia, converting 11,000,000 UWM Paired Interests into the same number of Class A shares at a conversion price of $0.00 per share.
Following the conversion, SFS Corp sold 2,000,148 Class A shares in open-market transactions at weighted average prices of $3.55 and $3.63 per share, executed under a Rule 10b5-1 trading plan. Such pre-planned sales are typically viewed as routine portfolio management rather than discretionary timing decisions.
After these transactions, SFS Corp retained 11,328,709 Class A shares indirectly for Ishbia, and Ishbia held an additional 408,131 shares directly. With no remaining UWM Paired Interests shown, this filing reflects a partial monetization combined with simplification of the capital structure via conversion.
Insider Trade Summary 10b5-1
Net Seller: 2,001,148 shares ($7,184,121)
Net Sell
5 txns
Insider
Mat Ishbia, SFS HOLDING CORP
Role
President and CEO | 10% Owner
Sold
2,001,148 shs ($7.18M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | UWM Paired Interests | 11,000,000 | $0.00 | -- |
| Conversion | Class A Common Stock | 11,000,000 | $0.00 | -- |
| Sale | Class A Common Stock | 1,000,574 | $3.63 | $3.63M |
| Sale | Class A Common Stock | 1,000,574 | $3.55 | $3.55M |
| holding | Class A Common Stock | -- | -- | -- |
Holdings After Transaction:
UWM Paired Interests — 1,276,482,620 shares (Indirect, See Footnote);
Class A Common Stock — 12,329,283 shares (Indirect, See Footnote);
Class A Common Stock — 408,131 shares (Direct)
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 $3.46 to $3.62 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. 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 $3.58 to $3.68 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.
Key Figures
Paired Interests converted: 11,000,000 UWM Paired Interests
Shares acquired via conversion: 11,000,000 Class A shares
Shares sold 2026-03-31: 1,000,574 shares at $3.55
+5 more
8 metrics
Paired Interests converted
11,000,000 UWM Paired Interests
Converted into 11,000,000 Class A shares at $0.00 per share
Shares acquired via conversion
11,000,000 Class A shares
Indirectly held by SFS Corp associated with Mat Ishbia
Shares sold 2026-03-31
1,000,574 shares at $3.55
Open-market sale, weighted average price $3.55 per share
Shares sold 2026-04-01
1,000,574 shares at $3.63
Open-market sale, weighted average price $3.63 per share
Total shares sold
2,000,148 Class A shares
Net sell activity across two open-market transactions
Indirect holdings after transactions
11,328,709 Class A shares
Class A shares held indirectly by SFS Corp for Mat Ishbia
Direct holdings after transactions
408,131 Class A shares
Class A shares held directly by Mat Ishbia
Net buy/sell direction
2,000,148 net shares sold
transactionSummary shows net-sell across reported trades
Key Terms
UWM Paired Interests, Rule 10b5-1 Plan, weighted average price, Class B Common Units, +1 more
5 terms
UWM Paired Interests financial
"Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock..."
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..."
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.
Class B Common Units financial
"one Class B common units of UWM Holdings, LLC ("UWM LLC") ("Class B Common Units")..."
non-economic voting Class D Common Stock financial
"one share of non-economic voting Class D Common Stock of UWM Holdings Corporation..."
FAQ
What insider transactions did SFS Corp report for UWMC on this Form 4?
SFS Corp converted 11,000,000 UWM Paired Interests into 11,000,000 Class A shares at $0.00 per share, then sold 2,000,148 Class A shares in open-market trades at weighted average prices of $3.55 and $3.63 per share.
What are UWM Paired Interests and how do they convert into UWMC Class A stock?
Each UWM Paired Interest consists of one non-economic voting Class D share of UWM Holdings Corp and one Class B common unit of UWM Holdings, LLC. Each Paired Interest is convertible into one Class A Common share of UWM Holdings Corp at the holder’s option or automatically upon transfer.