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UWM Holdings (NYSE: UWMC) CEO-linked SFS Corp sells 3M shares in plan

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

UWM Holdings Corp insider Mat Ishbia, through affiliated entity SFS Corp, reported open-market sales of a total of 3,001,722 shares of Class A Common Stock over three days, at weighted average prices around $3.65–$3.78 per share, under a pre-arranged Rule 10b5-1 trading plan.

Following these sales, SFS Corp continued to hold 5,318,951 shares indirectly attributable to Ishbia, while Ishbia also held 408,131 shares directly.

Positive

  • None.

Negative

  • None.
Insider Mat Ishbia, SFS HOLDING CORP
Role President and CEO | null
Sold 3,001,722 shs ($11.19M)
Type Security Shares Price Value
Sale Class A Common Stock 1,000,574 $3.78 $3.78M
Sale Class A Common Stock 1,000,574 $3.75 $3.75M
Sale Class A Common Stock 1,000,574 $3.65 $3.65M
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 5,318,951 shares (Indirect, See Footnote); Class A Common Stock — 408,131 shares (Direct, null)
Footnotes (1)
  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 $3.60 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 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 $3.63 to $3.79 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 $3.74 to $3.83 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.
Total shares sold 3,001,722 shares Aggregate Class A Common Stock sold across three open-market trades
Shares sold per day 1,000,574 shares Shares sold on each of April 23, 24, and 27, 2026
Sale price April 23 $3.65 per share Reported weighted average price for April 23, 2026 sale
Sale price April 24 $3.75 per share Reported weighted average price for April 24, 2026 sale
Sale price April 27 $3.78 per share Reported weighted average price for April 27, 2026 sale
Indirect holdings after sales 5,318,951 shares SFS Corp Class A shares indirectly attributable to Ishbia after April 27, 2026
Direct holdings entry 408,131 shares Class A shares held directly by Mat Ishbia as of April 23, 2026
Rule 10b5-1 regulatory
"Sold pursuant to the 10b5-1 Plan adopted by SFS Corp"
Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.
open-market sale financial
"transaction_action is described as an open-market sale"
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
weighted average price financial
"Represents the weighted average price of shares sold"
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"
ten percent holder regulatory
"SFS Corp, a 10% holder of the Issuer"
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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 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)
XDirectorX10% Owner
XOfficer (give title below)Other (specify below)
President and CEO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/23/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm 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)
CodeVAmount(A) or (D)Price
Class A Common Stock04/23/2026S1,000,574(1)D$3.65(2)7,320,099ISee Footnote(3)
Class A Common Stock04/24/2026S1,000,574(1)D$3.75(4)6,319,525ISee Footnote(3)
Class A Common Stock04/27/2026S1,000,574(1)D$3.78(5)5,318,951ISee Footnote(3)
Class A Common Stock408,131D(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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
XDirectorX10% Owner
XOfficer (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
DirectorX10% 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 $3.60 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.
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 $3.63 to $3.79 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 $3.74 to $3.83 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 Ishbia04/27/2026
/s/ Mat Ishbia, CEO, for SFS Holding Corp.04/27/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did UWMC CEO Mat Ishbia report on this Form 4?

Mat Ishbia reported that affiliated entity SFS Corp sold 3,001,722 shares of UWM Holdings Corp Class A Common Stock in three open-market transactions, with weighted average prices between about $3.65 and $3.78 per share, as disclosed in the Form 4.

Over what dates did SFS Corp sell UWM Holdings (UWMC) shares and at what prices?

SFS Corp sold UWMC Class A shares on April 23, 24, and 27, 2026. Reported weighted average sale prices were approximately $3.65, $3.75, and $3.78 per share, with actual trade prices ranging within narrow bands around each average on those dates.

How many UWMC shares did SFS Corp sell in this Form 4 filing?

SFS Corp, an entity associated with CEO Mat Ishbia, sold a total of 3,001,722 shares of UWM Holdings Corp Class A Common Stock. The sales were reported as three separate open-market transactions of 1,000,574 shares each on consecutive trading days.

Were the UWM Holdings (UWMC) insider sales made under a Rule 10b5-1 plan?

Yes. A footnote states the UWMC share sales were made pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on September 16, 2025, indicating these transactions were pre-arranged rather than discretionary trades timed after later information.

How many UWM Holdings (UWMC) shares does Mat Ishbia hold after these transactions?

After the reported sales, SFS Corp held 5,318,951 UWMC Class A shares over which Mat Ishbia exercises voting and dispositive power, and he also held 408,131 shares directly. Together, these figures show his remaining direct and indirect equity position disclosed in this filing.

Who actually holds the UWMC shares sold and reported in this Form 4?

The sold UWMC shares are held directly by SFS Corp, a 10% holder of UWM Holdings Corp. Mat Ishbia is CEO and sole director of SFS Corp and advises the trust owning its voting securities, giving him voting and dispositive power over SFS Corp’s holdings.