Mat Ishbia, President and CEO of UWM Holdings Corporation (UWMC 13.86%), indirectly disposed of 1,898,622 shares of Class A Common Stock through open-market sales across multiple transactions from Jan. 16-21, 2026, as disclosed in the SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (indirect) | 1,898,622 |
| Transaction value | $11.14 million |
| Post-transaction shares (direct) | 279,989 |
| Post-transaction shares (indirect) | 5,319,635 |
| Post-transaction value (direct ownership) | $1,621,136.31 |
Transaction value based on SEC Form 4 weighted average purchase price ($5.87); post-transaction value based on Jan. 21, 2026 market close ($5.79).
Key questions
- What is the significance of the indirect nature and derivative context of this sale?
The transaction involved the conversion of UWM Paired Interests, which combine non-economic voting stock and LLC units, into Class A Common Stock before disposition; all shares were held through SFS Holding Corp, an entity fully controlled by Mat Ishbia, with no shares sold from his direct account. - How did this transaction affect Mat Ishbia’s ownership in UWM Holdings Corporation?
The sale reduced total holdings by 25.32%, mostly from the indirect bucket, leaving direct ownership unchanged at 279,989 shares. - How does the transaction’s size compare to Mat Ishbia’s historic selling pattern?
The sale of 1,898,622 shares is near the recent median size for his sell transactions (1,789,068 shares in the most recent period).
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | 2.7 billion |
| Net income (TTM) | $16.89 million |
| Dividend yield | 8.15% |
| 1-year price change | -20.16% |
* 1-year performance calculated using Jan. 31, 2026 as the reference date.
Company snapshot
UWM Holdings Corporation is a leading mortgage lender in the United States, specializing in the origination of residential loans. The company operates through a broker-focused wholesale channel to originate mortgage loans, primarily focusing on conforming and government loans.
What this transaction means for investors
To make this transaction easier to understand, it’s important to know what paired interest is. In UWM’s case, paired interest consists of Class D stock, which has no economic value and is purely for voting power, as well as Class B common units, which are units that offer economic value in UWM LLC, the operational subsidiary that generates revenue. These paired interests can be converted into Class A common stock at any time.
The benefit of paired interest is that the insider can have voting power while still holding valued benefits. And for UWM’s CEO, he was able to make a profit indirectly through his company. However, this transaction was planned in advance, as the transactions in the filing were part of a 10b5-1 Plan, a strategy that allows insiders to schedule the buy or sale of shares, which can help reduce concerns around insider trading.
UWMC share prices have been struggling, having fallen approximately 50% over the last five years (as of Jan. 31). And with the mortgage loan market experiencing low loan volume despite Fed rate cuts lowering loan rates in recent months, that struggle could very well continue for the foreseeable future.
