Transactions and mechanics
Mat Ishbia, President and Chief Executive Officer of UWM Holdings Corp (NASDAQ:UWMC), and SFS Holding Corp., identified as a 10% owner, disposed of a total of 3,001,722 shares of Class A common stock for aggregate proceeds of approximately $11.28 million, according to a Form 4 filed with the Securities and Exchange Commission.
The share sales were carried out in three separate tranches. On April 9, 2026, 1,000,574 shares were sold at an average price of $3.91, with individual trade prices ranging from $3.82 to $4.00. On April 10, 2026, an additional 1,000,574 shares changed hands at an average price of $3.71, with trade prices between $3.67 and $3.89. The final tranche occurred on April 13, 2026, when 1,000,574 shares were sold at an average price of $3.66, with prices spanning $3.57 to $3.73.
The Form 4 indicates the shares were sold indirectly by SFS Holding Corp., and that Ishbia exercises voting and dispositive power over the securities held by SFS Corp. The dispositions were executed under a pre-arranged 10b5-1 trading plan adopted by SFS Corp. on September 16, 2025.
Post-transaction holdings
After these transactions, SFS Holding Corp. directly holds 4,324,691 shares of UWM Holdings Class A common stock. Mat Ishbia directly retains 408,131 shares.
Share price context and analyst notes
UWM’s shares have declined roughly 27% over the past six months and are currently trading at $3.73, with a reported dividend yield of 10.84%. The filing and market context come alongside analysis from InvestingPro that places the stock as undervalued relative to its Fair Value and lists it among companies on the Most Undervalued roster. The platform also notes a comprehensive Pro Research Report covering UWMC among 1,400+ U.S. equities is available to subscribers.
Recent research actions include Jefferies lowering its price target for UWM Holdings to $4.40 from $5.00 while keeping a Hold rating, following company guidance for first-quarter revenue of $650 million to $850 million. Morgan Stanley reiterated an Equalweight rating with a $6.00 price target, citing expectations for lower expenses in 2026.
Company results and strategic developments
UWM reported Q4 2025 revenue of $945 million, outpacing a forecast of $754.15 million. Despite the revenue beat, the company’s stock moved lower, reflecting mixed investor sentiment.
In a related strategic matter, UWM has engaged Okapi Partners to assist with proxy solicitation tied to its proposed acquisition of Two Harbors Investment Corp. Two Harbors recently received an unsolicited acquisition proposal valuing its shares at $10.70 each; that proposal includes a $25.4 million termination fee to exit the previous merger agreement with UWM. The unsolicited bid is being reviewed by an ad hoc committee of Two Harbors’ board as a potential "Company Superior Proposal." The special meeting of Two Harbors stockholders has been rescheduled to allow additional time for voting and proxy solicitation.
What is known and what remains limited
The Form 4 provides specific dates, share counts, price ranges, the identity of the selling parties, and the 10b5-1 adoption date. The document does not provide motives for the sales beyond the mechanics of the trading plan, and no additional commentary from the company or the sellers is included in the filing.
This article reports the facts disclosed in filings and company announcements without additional inference about intent or future company performance.