Mat Ishbia 4
4 · UWM Holdings Corp · Filed Mar 16, 2026
Research Summary
AI-generated summary of this filing
UWM (UWMC) CEO Mat Ishbia Sells Shares, Converts 11M Paired Interests
What Happened
Mat Ishbia (CEO of UWM and a 10% owner through SFS Corp) reported multiple transactions March 12–16, 2026. He disposed of a total of 2,266,322 UWM shares in open-market sales for aggregate proceeds of approximately $8.43 million (three tranches: 632,874; 632,874; 1,000,574 shares). On March 16, SFS Holding Corp converted 11,000,000 UWM Paired Interests into Class A common stock (reported as a conversion/acquisition by SFS Corp and a related derivative disposal at $0).
Key Details
- Sales (open market, pursuant to a 10b5-1 plan adopted Sept 16, 2025):
- 2026-03-12: 632,874 shares; weighted avg price $3.78; proceeds $2,392,264 (price range reported $3.73–$3.89).
- 2026-03-13: 632,874 shares; weighted avg price $3.69; proceeds $2,335,305 (price range disclosed).
- 2026-03-16: 1,000,574 shares; weighted avg price $3.70; proceeds $3,702,124 (price range disclosed).
- Conversion (2026-03-16): SFS Holding Corp converted 11,000,000 UWM Paired Interests into Class A common stock (Paired Interests = one Class D voting share + one Class B LLC unit convertible to Class A). Conversion rights do not expire.
- Beneficial ownership: Shares are held directly by Mat Ishbia and indirectly through SFS Corp; the filing excerpt does not state the total shares owned following these transactions.
- Filing timeliness: The Form 4 was marked late (L), meaning the report was not filed within the standard two-business-day window.
- Footnotes: Sales executed under a 10b5-1 plan; reported prices are weighted averages and detailed per-price info is available on request to the SEC/issuer.
Context
Conversions of Paired Interests into Class A stock are a structural change (conversion of paired securities), not necessarily an economic sale; the open-market sales were executed under a pre-established 10b5-1 plan (a routine mechanism for scheduled insider sales). As a 10% owner via SFS Corp and the issuer’s CEO, Ishbia’s transactions involve both personal holdings and securities held by an affiliated entity; that institutional relationship is disclosed in the filing. This summary is factual and does not infer motive.
Insider Transaction Report
- Sale
Class A Common Stock
[F1][F2][F3]2026-03-12$3.78/sh−632,874$2,392,264→ 2,969,045 total(indirect: See Footnote) - Sale
Class A Common Stock
[F1][F4][F3]2026-03-13$3.69/sh−632,874$2,335,305→ 2,336,171 total(indirect: See Footnote) - Conversion
Class A Common Stock
[F5][F3]2026-03-16+11,000,000→ 13,336,171 total(indirect: See Footnote) - Sale
Class A Common Stock
[F1][F6][F3]2026-03-16$3.70/sh−1,000,574$3,702,124→ 12,335,597 total(indirect: See Footnote) - Conversion
UWM Paired Interests
[F5][F8][F3]2026-03-16−11,000,000→ 1,287,482,620 total(indirect: See Footnote)From: 2021-01-21→ Class A Common Stock (11,000,000 underlying)
- 408,131
Class A Common Stock
[F7]
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 $3.73 to $3.89 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 $3.63 to $3.86 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]Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock of UWM Holdings Corporation (the "Issuer") ("Class D Stock") and one Class B common units of UWM Holdings, LLC ("UWM LLC") ("Class B Common Units"), a subsidiary of the Issuer. Each UWM Paired Interest is convertible for one share of Class A Common Stock of the Issuer (i) at any time at the option of the holder or (ii) automatically upon transfer to a third person. These shares of Class A Common Stock were acquired by SFS Holding Corp. ("SFS Corp") upon the conversion of an equal number of UWM Paired Interests.
- [F6]Represents the weighted average price of shares sold. The price of the shares sold ranged from $3.63 to $3.81 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.
- [F7]These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.
- [F8]The conversion rights related to the UWM Paired Interests do not expire.