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UWM Holdings Corp·4

Mar 16, 4:59 PM ET

Mat Ishbia 4

Research Summary

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Updated

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.