On Dec. 9 and Dec. 10, 2025, Mat Ishbia, President and CEO of UWM Holdings Corporation (UWMC 0.28%), indirectly sold 1,224,574 shares through his holding company, SFS Holding Corporation, for a total consideration of approximately $6.8 million, as disclosed in a SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (indirect) | 1,224,574 |
| Transaction value | $6.8 million |
| Post-transaction shares (direct) | 279,989 |
| Post-transaction shares (indirect) | 4,955,547 |
| Post-transaction value (direct ownership) | ~$1.57 million |
Transaction value based on SEC Form 4 weighted average purchase price ($5.57); post-transaction value based on Dec. 10, 2025 market close price.
Key questions
- How significant was the transaction relative to Mat Ishbia's remaining ownership capacity?
The 1,224,574 shares sold represented 18.96% of total holdings, leaving 4,955,547 shares indirectly held after the sale and approximately 0.3% of the original position intact. - How does the transaction size compare to the insider's historical sell activity?
The transaction closely matches the historical median sell size for Ishbia's prior transactions (1,200,108 shares), indicating consistency in trade sizing. - What is the market context for this sale and its potential implications?
The transaction occurred amid a one-year total return of -10.93% for the stock on that day, suggesting that the sale was not timed to capitalize on the stock's strength.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.70 billion |
| Net income (TTM) | $16.89 million |
| Dividend yield | 7.47% |
| *1-year price change | -1.83% |
* 1-year price change calculated using Jan. 12, 2025 as the reference date.
Company snapshot
- UWM Holdings offers residential mortgage loans, primarily conforming and government-backed, through a wholesale lending platform.
- The company serves independent mortgage brokers and correspondents across the United States, focusing on the wholesale lending channel.
NYSE: UWMC
Key Data Points
What this transaction means for investors
Ishbia has been on a selling spree since December 2025, when he started off the month with 9.85 million indirect shares, and after his most recent filing on Jan. 7, 2026, he's now left with 4.42 million.
What's interesting about this pattern of sales is that UWM's stock has been operating at a year-over-year loss in recent months, and it fell approximately 25% for the entire year of 2025. Selling shares at a low like this, regardless of whether it was indirect or direct, is concerning.
What UWM Holdings can look forward to is the completion of its acquisition of Two Harbors Investment Corp. (TWO +0.41%), a Real Estate Investment Trust (REIT). The merger was announced on Dec. 17 and is expected to be completed in the second quarter of 2026. However, with the flurry of insider sales at low prices, the underwhelming performance of the stock, and the company set to close its FY2025 on a year-to-year revenue decline for the first time in three years, UWMC is currently not an ideal buy.
Glossary
Form 4: A required SEC filing disclosing insider trades of company securities by officers, directors, or significant shareholders.
Indirect holdings: Securities owned through another entity or account, rather than held personally by the individual.
Open-market transaction: A trade executed on a public exchange, not through private negotiation or pre-arranged deals.
Disposition: The act of selling or otherwise transferring ownership of an asset or security.
Controlled entity: A company or organization managed or directed by another individual or group, often for investment purposes.
Weighted average price: The average price of shares sold, weighted by the number of shares at each price.
Wholesale lending platform: A system where mortgage lenders provide loans through independent brokers, rather than directly to consumers.
Dividend yield: Annual dividend income expressed as a percentage of the current share price.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
TTM: The 12-month period ending with the most recent quarterly report.
