Mat Ishbia, President and CEO of UWM Holdings Corporation (UWMC 3.33%), reported the indirect sale of 1,898,622 Class A Common shares via open-market transactions between February 13, 2026 and February 18, 2026, for a total consideration of approximately $9.28 million, as disclosed in the SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (indirect) | 1,898,622 |
| Transaction value | $9.3 million |
| Post-transaction shares (direct) | 279,989 |
| Post-transaction shares (indirect) | 6,495,029 |
| Post-transaction value (direct ownership) | ~$1.35 million |
Transaction value based on SEC Form 4 weighted average purchase price ($4.89); post-transaction value reflects holdings after the transaction as of February 18, 2026.
Key questions
- How does the size of this sale compare to Mat Ishbia’s historical trading activity?
The 1,898,622-share sale is slightly above the recent median sell trade size of 1,789,068 shares and well above the early-period median of 1,200,108 shares. - What is the mechanism underlying the shares disposed?
This transaction involved SFS Corp. converting UWM Paired Interests into Class A Common Stock, which was then sold.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $3.46 billion |
| Net income (TTM) | $27.38 million |
| Dividend yield | 9.07% |
| Price (as of market close Feb. 28, 2026) | $4.21 |
Company snapshot
UWM Holdings Corporation is a leading wholesale mortgage lender in the United States, focusing on residential loan origination, sale, and servicing mortgages. It serves independent mortgage brokers and correspondents, targeting a broad base of homebuyers and refinancing customers.
What this transaction means for investors
Ishbia has been selling shares indirectly quite frequently since December 2025, when he started the month with 9.85 million indirect shares. However, after falling to just below 2 million indirect shares on February 12, he regained substantial ground throughout February, largely due to the vesting of stock units that can be converted into Class A shares.
While there is no clear reason for Ishbiai’s share sale, it should be noted that the stock has underperformed in the previous two years. 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.
What UWM Holdings can look forward to is its recent strong Q4 FY 2025 earnings report on Feb. 25, 2026. After a rough Q3 earnings report, it bounced back with over a billion dollars in revenue, the first time it reached a billion since Q1 2021. The Q4 revenue was a 300% year-over-year (YoY) increase from the previous year’s quarter.
The company is also finalizing its acquisition of Two Harbors Investment Corp. (TWO 2.22%), 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. The merger helps grow UWM’s servicing portfolio and can be a significant factor for its efficiency in the real estate market.
With a recent strong earnings report and an ideal acquisition soon to be finalized, UWM’s share prices could make a turn for the better. But when looking at long-term performance, the stock still has a long way to go.
