Mat Ishbia 4

What Happened
Mat Ishbia, CEO and a 10% owner of UWM Holdings Corp (UWMC), sold a total of 2,001,148 shares in two transactions: 1,000,574 shares on 2026-03-17 at a weighted average price of $3.67 ($3,672,107) and 1,000,574 shares on 2026-03-18 at a weighted average price of $3.73 ($3,732,141). Total proceeds from the sales were approximately $7.40 million. The filings list these as open-market or private sales.

Key Details

• Transaction dates and prices:
  • 2026-03-17: 1,000,574 shares sold at $3.67 (weighted avg); proceeds $3,672,107.
  • 2026-03-18: 1,000,574 shares sold at $3.73 (weighted avg); proceeds $3,732,141.
  • Per footnotes, individual sale prices ranged roughly $3.60–$3.84 across the trades.
• Method: Sales conducted pursuant to a 10b5-1 plan adopted by SFS Corp on Sept 16, 2025 (pre-planned trading arrangement).
• Holdings/ownership: Some securities are held directly by SFS Corp (a 10% holder) and indirectly by Mat Ishbia; he exercises voting/dispositive power over SFS Corp’s shares. Footnotes also note some shares are held directly by Mat Ishbia.
• Filing: Form 4 filed 2026-03-18 reporting the 3/17–3/18 transactions; this appears to be timely (Form 4 is typically due within two business days).
• No indication of option exercise, award, or gift—these were straight sales (code S).

Context
Sales executed under a 10b5-1 plan are pre-scheduled and are generally considered planned dispositions rather than ad-hoc trades based on current inside information. For retail investors, purchases by insiders often carry more outward informational value than routine plan-based sales; these transactions are factual disclosures and do not, by themselves, indicate management’s view of the company’s prospects.