UWM Holdings (UWMC) CEO-linked SFS Corp sells 2.0M shares in plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UWM Holdings Corp insider activity shows open-market sales of Class A common stock by entity SFS Corp, which is a 10% holder associated with President and CEO Mat Ishbia. SFS Corp sold 1,000,574 shares at $3.69 per share on April 2, 2026 and 1,000,574 shares at $3.73 per share on April 6, 2026, for total reported sales of 2,001,148 shares. These transactions were made under a pre-arranged Rule 10b5-1 trading plan adopted by SFS Corp. After the latest sale, SFS Corp’s indirect holdings reported for Ishbia were 9,327,561 shares, and Ishbia also held 408,131 shares directly.
Positive
- None.
Negative
- None.
Insights
CEO-linked entity sold 2.0M UWM shares under a pre-set plan.
SFS Corp, a 10% holder associated with CEO Mat Ishbia, executed open-market sales totaling 2,001,148 Class A shares at prices of $3.69 and $3.73 per share. The filing states these trades were made pursuant to a Rule 10b5-1 plan adopted by SFS Corp.
The use of a 10b5-1 plan suggests these sales were pre-scheduled rather than opportunistic. Following the transactions, indirect holdings reported for Ishbia via SFS Corp were 9,327,561 shares, while he also held 408,131 shares directly, indicating a substantial remaining position.
Because the filing shows no derivative exercises and retains large indirect ownership, these sales appear as routine, planned liquidity events rather than a decisive shift in exposure. Future ownership updates in subsequent filings will further clarify any ongoing pattern of planned dispositions.
Insider Trade Summary 10b5-1
Net Seller: 2,001,148 shares ($7,424,259)
Net Sell
3 txns
Insider
Mat Ishbia, SFS HOLDING CORP
Role
President and CEO | 10% Owner
Sold
2,001,148 shs ($7.42M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 1,000,574 | $3.73 | $3.73M |
| Sale | Class A Common Stock | 1,000,574 | $3.69 | $3.69M |
| holding | Class A Common Stock | -- | -- | -- |
Holdings After Transaction:
Class A Common Stock — 9,327,561 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 $3.54 to $3.77 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 $3.66 to $3.77 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 2026-04-02: 1,000,574 shares at $3.69
Shares sold 2026-04-06: 1,000,574 shares at $3.73
Total shares sold: 2,001,148 shares
+2 more
5 metrics
Shares sold 2026-04-02
1,000,574 shares at $3.69
Open-market sale of Class A common stock
Shares sold 2026-04-06
1,000,574 shares at $3.73
Open-market sale of Class A common stock
Total shares sold
2,001,148 shares
Net open-market dispositions in this Form 4
Indirect holdings after trades
9,327,561 shares
Class A shares held via SFS Corp after April 6, 2026
Direct holdings
408,131 shares
Class A shares held directly by Mat Ishbia
Key Terms
Rule 10b5-1 Plan, open-market sale, weighted average price, dispositive power, +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.
open-market sale financial
"transaction_action: "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.
dispositive power financial
"therefore exercises all voting and dispositive power of the securities held by SFS Corp."
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
director by deputization regulatory
"SFS Corp may be deemed to be a director by deputization."
FAQ
What did the Form 4 filing report for UWM Holdings (UWMC)?
The Form 4 reports that SFS Corp, a 10% holder associated with CEO Mat Ishbia, sold 2,001,148 shares of UWM Holdings Class A common stock in open-market transactions at $3.69 and $3.73 per share, under a pre-arranged Rule 10b5-1 trading plan.
Was the UWM Holdings (UWMC) insider sale under a Rule 10b5-1 plan?
Yes. A footnote states the sales were made pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on September 16, 2025. Such plans are pre-arranged programs that schedule trades in advance, reducing the significance of short-term market timing.
What is the relationship between SFS Corp and Mat Ishbia in this filing?
Footnotes explain SFS Corp is a 10% holder whose securities are indirectly held by Mat Ishbia. He is SFS Corp’s CEO and sole director and advises the trust owning its voting securities, giving him voting and dispositive power over shares SFS Corp holds in UWM Holdings.