Mat Ishbia 4

What Happened

• Mat Ishbia, CEO and a 10% owner related to SFS Corp, sold a total of 1,265,748 UWM Holdings (UWMC) shares in two open-market transactions. On 2026-03-10 he disposed of 632,874 shares at a weighted average price of $4.13 (proceeds $2,613,770). On 2026-03-11 he disposed of 632,874 shares at a weighted average price of $3.91 (proceeds $2,474,537). Combined proceeds were about $5.09 million. These were sales (code S) executed pursuant to a prearranged 10b5-1 trading plan.

Key Details

• Transaction dates/prices/values:
  • 2026-03-10: Sold 632,874 shares @ $4.13 (weighted avg) — $2,613,770 (F2)
  • 2026-03-11: Sold 632,874 shares @ $3.91 (weighted avg) — $2,474,537 (F4)
• Plan and price details: Sales were made under a 10b5-1 plan adopted by SFS Corp on Sept 16, 2025 (F1). The filing lists weighted averages and price ranges (shares sold ranged $4.03–$4.25 for one lot and $3.84–$3.99 for the other); the reporting person can provide a per-price breakdown on request (F2, F4).
• Ownership/relationship notes: Some securities are held directly by SFS Corp (a 10% holder) and indirectly by Mat Ishbia; Mat Ishbia also holds shares directly (F3, F5). The filing explains the ownership/control relationships between Mat Ishbia, SFS Corp and related trusts.
• Filing timeliness: Report filed 2026-03-11 for transactions on 2026-03-10 — appears timely (no late filing flag in provided data).

Context

• These transactions were executed under a 10b5-1 plan, which is a prearranged trading program that allows insiders to sell shares according to a preset schedule. That fact is relevant because 10b5-1 trades are typically planned in advance rather than reflecting immediate reactions to recent company developments.