Insider Trading April 8, 2026 05:03 PM

UWM Director Mat Ishbia and SFS Holding Corp. Sell $7.48 Million in Class A Stock

Two separate April transactions moved just over 2 million shares as the company navigates mixed earnings, a proxy fight and a pending deal involving Two Harbors

By Leila Farooq UWMC TWO
UWM Director Mat Ishbia and SFS Holding Corp. Sell $7.48 Million in Class A Stock
UWMC TWO

Mat Ishbia and SFS Holding Corp., a greater-than-10% stakeholder in UWM Holdings Corp., sold a combined 2,001,148 shares of Class A common stock on April 7 and April 8, 2026, in two transactions totaling roughly $7.48 million. The trades were executed under a 10b5-1 trading plan. The disclosures come as UWM reports stronger-than-expected fourth-quarter 2025 revenue and continues proxy solicitation related to a proposed acquisition of Two Harbors Investment Corp.

Key Points

  • Mat Ishbia and SFS Holding Corp. sold a combined 2,001,148 shares of UWM Class A Common Stock on April 7 and April 8, 2026, totaling about $7.48 million - impacts capital markets and financial sector trading activity.
  • UWM reported fourth-quarter 2025 revenue of $945 million, above the $754.15 million forecast, but the stock has nonetheless fallen, reflecting mixed investor sentiment - relevant to mortgage origination and financial services sectors.
  • UWM has engaged Okapi Partners LLC to solicit proxies for a proposed acquisition of Two Harbors Investment Corp; Two Harbors adjourned its special meeting to March 24, 2026 to allow more time for voting and proxy solicitation - material to M&A and shareholder voting dynamics.

Mat Ishbia, who serves as President and Chief Executive Officer of UWM Holdings Corp as well as a company director, and SFS Holding Corp., identified as a greater-than-10% owner of UWM Holdings Corp, completed a pair of stock sales on April 7 and April 8, 2026. Together the two parties disposed of 2,001,148 shares of UWM Class A Common Stock in transactions that totaled approximately $7.48 million.

The first transaction, executed on April 7, involved 1,000,574 shares sold at a weighted average price of $3.61. Reported execution prices in that tranche ranged from $3.55 to $3.72. The second, executed on April 8, matched the same share count of 1,000,574 and carried a weighted average price of $3.87, with prices in that block between $3.83 and $3.92. The stock is currently trading at $3.91 and has declined 29.7% over the last six months.


Holdings after the sales

Following these dispositions, filings indicate that SFS Holding Corp. indirectly holds 7,326,413 shares of UWM Holdings Corp Class A Common Stock. Mat Ishbia is reported to directly hold 408,131 shares.

The reported sales were carried out under a 10b5-1 trading plan that SFS Corp. adopted on September 16, 2025, according to the disclosure.


Corporate results and strategic moves

UWM Holdings Corporation announced fourth-quarter 2025 revenue of $945 million, topping a forecasted figure of $754.15 million. Despite the revenue beat, the company’s stock has registered a notable decline, reflecting mixed investor reaction to its results and outlook.

The company has also retained Okapi Partners LLC to assist in soliciting proxies for a proposed acquisition of Two Harbors Investment Corp. The acquisition process requires approval by a majority of the outstanding votes, and proxy solicitation is an active part of that effort. In connection with the merger process, Two Harbors adjourned its special stockholders meeting and rescheduled it for March 24, 2026 to allow additional time for voting and for proxy solicitation activities.


Analyst commentary and related developments

Jefferies revised its price target for UWM Holdings to $4.40 from $5.00 and maintained a Hold rating, citing a revised revenue outlook. Morgan Stanley reiterated an Equalweight rating with a $6.00 price target, noting that expense reductions could occur if origination volumes do not rise materially.

In related developments tied to the Two Harbors transaction, Two Harbors received an unsolicited acquisition proposal valuing its stock at $10.70 per share. The filing notes that this approach could spur a superior proposal, though no further details about competing offers were provided in the disclosure.


The transactions, the company’s recent financial release, the active proxy solicitation and attendant analyst adjustments together form the current public narrative around UWM and the pending Two Harbors acquisition. Filings show the insider sales were structured under a pre-established trading plan and that substantial shareholdings remain with SFS Holding Corp. and Mat Ishbia following the April transactions.

Risks

  • The merger requires approval by a majority of outstanding votes, and the adjournment of Two Harbors’ special meeting to March 24, 2026 indicates uncertainty in securing required shareholder support - affects M&A outcomes in the financial sector.
  • Despite a revenue beat for fourth-quarter 2025, the company’s stock has fallen and analysts have adjusted targets and ratings, signaling market skepticism about near-term performance and revenue outlook - impacts investor sentiment toward mortgage and financial stocks.
  • Two Harbors received an unsolicited acquisition proposal valuing its stock at $10.70 per share, introducing the possibility of competing bids and further uncertainty around the pending transaction - could affect deal terms and shareholder decision-making.

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