Mat Ishbia 4

What Happened Mat Ishbia (CEO and a reported 10% owner) converted 6,600,000 derivative units into Class A common stock on March 2, 2026, and executed multiple open‑market sales of shares. The filing shows three separate disposals of 632,874 shares (sold on 2026‑02‑26, 2026‑02‑27 and 2026‑03‑02) for aggregate proceeds of approximately $8,347,609. On February 27, 2026, 180,737 restricted stock units (RSUs) vested and were settled into the same number of Class A shares (acquired value shown $797,050), and 52,595 shares were mandatorily withheld to satisfy tax withholding ($231,944). Some transactions reported as $0.00 reflect derivative conversions or internal adjustments rather than cash sales.

Key Details

• Transaction dates and prices:
  • 2026‑02‑26: Sold 632,874 shares @ weighted avg ~$4.40 — proceeds ~$2,784,646 (sale per 10b5‑1; price range $4.15–$4.55).
  • 2026‑02‑27: RSU vesting/settlement — 180,737 shares acquired @ $4.41 ($797,050); 52,595 shares withheld for taxes @ $4.41 ($231,944). Also sold 632,874 shares @ weighted avg ~$4.44 — proceeds ~$2,809,961.
  • 2026‑03‑02: Converted 6,600,000 UWM Paired Interests into Class A shares (acquired); sold 632,874 shares @ weighted avg ~$4.35 — proceeds ~$2,753,002.
  • Several derivative conversion/settlement lines show $0.00 cash (these reflect conversion mechanics, not sales proceeds).
• Aggregate reported open‑market sale proceeds (three identical lots): ≈ $8.35 million.
• Shares owned after these transactions: not specified in the provided filing excerpt — see the Form 4 for total beneficial ownership.
• Notable footnotes:
  • Sales were made pursuant to a 10b5‑1 plan adopted by SFS Corp (F1).
  • 180,737 RSUs vested and converted 1:1 to Class A shares (F4, F10).
  • 52,595 shares were withheld to satisfy tax obligations under the award agreement (F6).
  • 6.6M shares came from conversion of UWM Paired Interests held by SFS Holding Corp; conversion rights do not expire (F8, F11).
  • SFS Corp is a 10% holder and is affiliated with Mat Ishbia; SFS Corp’s holdings are reported separately (F3).
• Filing timeliness: Report filed March 2, 2026 for transactions through Feb 26–Mar 2, 2026. No late‑filing flag indicated in the excerpt.

Context

• The filing shows both derivative conversions (RSU vesting and conversion of paired interests) and open‑market sales. The RSU vesting and the conversion of paired interests increased shares acquired; some of those shares were sold or withheld to cover taxes (a common practice). Lines showing $0.00 reflect non‑cash derivative conversions or internal transfers, not cash sales.
• Because Mat Ishbia is both the company's CEO and a reported 10% owner (with related holdings held by SFS entities), these transactions reflect actions by a significant insider with affiliated institutional holdings. The 10b5‑1 plan indicates the sales were pre‑arranged rather than opportunistic trades.
• For full details (including exact post‑transaction beneficial ownership and the per‑share breakdown within the reported price ranges), review the Form 4 (Accession No. 0001841794‑26‑000032).