Mat Ishbia 4

What Happened

• Mat Ishbia (CEO) and SFS Holding Corp. (both reported as 10% holders) converted 6,600,000 UWM Paired Interests into Class A common shares on Jan 16, 2026. Following the conversion they sold three equal blocks of 632,874 shares each: Jan 16 at $6.04 (proceeds $3,822,559), Jan 20 at $5.82 (proceeds $3,683,327), and Jan 21 at $5.75 (proceeds $3,639,026). Total proceeds from the three sales = $11,144,912 (per reporting person). After these sales, roughly 4,701,378 shares remained from the 6.6M converted shares.

Key Details

• Transaction dates & prices: Jan 16 (632,874 shares @ $6.04), Jan 20 (632,874 @ $5.82), Jan 21 (632,874 @ $5.75).
• Total sold: 1,898,622 shares; total proceeds (sum of three sales) ≈ $11.14M (per reporting person as reported).
• Conversion: 6,600,000 UWM Paired Interests converted to Class A common stock on Jan 16 (conversion rights do not expire).
• Trading plan: Sales were made pursuant to a pre-established 10b5-1 plan (adopted Mar 17, 2025).
• Ownership/relationship: SFS Holding Corp. holds securities directly; Mat Ishbia has indirect/control interests and is CEO of SFS Corp. Both reported these transactions.
• Filing: Report filed Jan 21, 2026; transactions occurred Jan 16–21 and were reported on Form 4 (appears timely).

Context

• What a paired interest conversion means: each UWM Paired Interest converts into one share of Class A common stock (per filing footnote). The filing shows a conversion followed by open-market sales, not a purchase or exercised option-for-sale (i.e., these are disposals).
• 10b5-1 plans: Sales under an established 10b5-1 plan are routine mechanisms for insiders to sell shares on a preset schedule and are generally treated as pre-arranged rather than ad hoc market-timing.