President and CEO Mat Ishbia executed the open-market sale of 1,629,785 shares of UWM Holdings Corporation (UWMC 1.24%) across multiple transactions, according to a recent SEC Form 4 filing. These shares were held indirectly via Ishbia's trust, SFS Corp.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold | 1,629,785 |
| Transaction value | ~$9.4 million |
| Post-transaction shares | 279,989 |
| Post-transaction value (direct ownership) | ~$1.6 million |
Transaction value based on SEC Form 4 weighted average purchase price ($5.74); post-transaction value based on Nov. 28, 2025 market close ($5.74).
Key questions
- How did the sale size compare to prior transactions by Mat Ishbia?
This sale of 1,629,785 shares is above the median size for Mat Ishbia’s historical open-market sales, which was 1,200,108 shares. However, as cumulative holdings declined to 279,989 shares, the absolute size of this sale reflects the reduced available share capacity rather than a strategic increase in trade size. - How does the transaction value compare to the current market capitalization and company valuation?
The transaction, approximately $9.36 million, represents a minor fraction of UWM Holdings Corporation’s total market capitalization of $8.9 billion as of November 28, 2025, underscoring that the sale is immaterial at the company level despite being significant for insider ownership.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.7 billion |
| Net income (TTM) | $16.89 million |
| Dividend yield | 9.05% |
| 1-year price change | (10.82%) |
* 1-year performance calculated using November 28, 2025 as the reference date.
Company snapshot
- Offers residential mortgage loans, primarily conforming and government-backed, through a wholesale lending channel.
- Generates revenue by originating and selling mortgage loans to investors.
UWM Holdings Corporation is a leading U.S. wholesale mortgage lender, leveraging scale and technology to efficiently originate and process high volumes of residential mortgage loans. The company focuses on conforming and government loan products, maintaining a broad broker network to maximize distribution. Its competitive advantage is rooted in operational efficiency and a technology-driven platform that streamlines the mortgage origination process for its partners.
NYSE: UWMC
Key Data Points
Foolish take
President and CEO Mat Ishbia sold about 1.7 million shares of UWM Holdings that were held by his trust, SFS Corp. According to the SEC filing, SFS Corp. is a 10% holder of UWM Holdings, and Ishbia is the CEO and sole director of SFS Corp. and serves as its investment advisor. While the shares sold were indirect holdings, Ishbia also holds almost 280,000 shares of UWM Holdings directly. Additionally, another 180,737 shares were converted from restricted stock units to common shares in the period reported by the SEC filing.
UWM reported its third-quarter results on Nov. 6, which featured a four-year-high $41.7 billion in total loan origination volume, as well as $843.3 million in total revenue and a net income of $12.1 million. This came on the heels of the Federal Open Market Committee's (FOMC) first rate cut of the year, which lowered the target range for the federal funds rate by 0.25 percentage points to 4% to 4.25% and sent the 30-year fixed rate mortgage down to 6.3%.
Lower mortgage rates can have a mixed effect on mortgage lenders. They can stimulate homebuying and increase demand for refinancing but may also strain profit margins and increase balance sheet risk. As of Nov. 28, UWM stock was down 10% on the year, but had seen lows near 34% to 40% earlier this year. The stock jumped more than 3% in November following the Q3 results.
Glossary
Open-market sale: The sale of securities on a public exchange, available to any investor, not through private negotiation.
SEC Form 4: A regulatory filing disclosing insider trades by company officers, directors, or significant shareholders.
Insider ownership: Shares of a company held by its executives, directors, or other key personnel.
Direct ownership: Shares owned personally by an individual, not through trusts or other entities.
Weighted average purchase price: The average price paid per share, weighted by the number of shares in each transaction.
Wholesale lending channel: A business model where loans are originated through third-party mortgage brokers, not directly to consumers.
Conforming loan: A mortgage that meets government-sponsored enterprise (GSE) guidelines for size and credit quality.
Government-backed loan: A mortgage insured or guaranteed by a government agency, such as FHA or VA loans.
Originate: To create and fund a new loan, typically by a lender or mortgage broker.
TTM: The 12-month period ending with the most recent quarterly report.
