Mat Ishbia 4
4 · UWM Holdings Corp · Filed Feb 23, 2026
Research Summary
AI-generated summary of this filing
UWM Holdings (UWMC) CEO Mat Ishbia Sells Shares
What Happened Mat Ishbia, CEO and a reported 10% owner of UWM Holdings Corp (UWMC), sold a total of 1,898,622 shares in three open‑market transactions executed Feb 19, Feb 20 and Feb 23, 2026. The sales were for 632,874 shares on each date at weighted average prices of $4.77 (2/19, $3,018,809), $4.64 (2/20, $2,936,535) and $4.52 (2/23, $2,860,590), totaling approximately $8.82 million. These disposals were reported on a Form 4 filed 2026‑02‑23.
Key Details
- Transaction dates and weighted prices:
- 2026-02-19: 632,874 shares @ $4.77 (range $4.68–$4.83) — $3,018,809
- 2026-02-20: 632,874 shares @ $4.64 (range $4.61–$4.75) — $2,936,535
- 2026-02-23: 632,874 shares @ $4.52 (range $4.44–$4.61) — $2,860,590
- Total sold: 1,898,622 shares for ~$8.82 million.
- Shares owned after transaction: Not specified in the filing.
- Notable footnotes:
- Sales were made pursuant to a 10b5‑1 trading plan adopted by SFS Corp on Sept 16, 2025.
- Filing discloses that some shares are held directly by SFS Corp (a 10% holder) and that Mat Ishbia has voting/dispositive control through related trusts and his role with SFS Corp.
- The filing also references RSUs that convert one‑for‑one and vest on March 1, 2026 (granted under the 2020 Omnibus Incentive Plan).
- Timeliness: Form 4 was filed 2026‑02‑23 covering trades on Feb 19, 20 and 23; this appears to be timely under Form 4 rules.
Context
- These were outright sales (S), not purchases or option exercises. Sales executed under a preplanned 10b5‑1 program are generally considered scheduled dispositions rather than ad‑hoc signals of insider sentiment.
- For retail investors: purchases tend to be more informative about insider conviction; scheduled sales like these primarily report liquidity or diversification actions and should be interpreted accordingly.
Insider Transaction Report
Form 4
Mat Ishbia
DirectorPresident and CEO10% Owner
Transactions
- Sale
Class A Common Stock
[F1][F2][F3]2026-02-19$4.77/sh−632,874$3,018,809→ 5,862,155 total(indirect: See Footnote) - Sale
Class A Common Stock
[F1][F4][F3]2026-02-20$4.64/sh−632,874$2,936,535→ 5,229,281 total(indirect: See Footnote) - Sale
Class A Common Stock
[F1][F5][F3]2026-02-23$4.52/sh−632,874$2,860,590→ 4,596,407 total(indirect: See Footnote)
Holdings
- 279,989
Class A Common Stock
[F6] - 180,737
Restricted Stock Units
[F7][F8]→ Class A Common Stock (180,737 underlying)
Footnotes (8)
- [F1]Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on September 16, 2025.
- [F2]Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.68 to $4.83 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.
- [F3]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.
- [F4]Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.61 to $4.75 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.
- [F5]Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.44 to $4.61 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.
- [F6]These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.
- [F7]These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis.
- [F8]These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.