4/A: Mat Ishbia Amends UWMC Filing for 6.8M Stock Conversion

Mat Ishbia and SFS Holding Corp. filed an amended Form 4 to correct the inadvertent omission of a conversion of 6.8 million UWM Paired Interests into Class A Common Stock of UWM Holdings Corp.

Summary

• Mat Ishbia and SFS Holding Corp. filed a Form 4/A to amend a previous Form 4 filed on October 16, 2025.
• The amendment corrects the inadvertent omission of a conversion of UWM Paired Interests into Class A Common Stock.
• On October 15, 2025, 6,800,000 UWM Paired Interests were converted into an equal number of Class A Common Stock.
• Following this transaction, SFS Holding Corp. directly holds 8,377,952 shares of Class A Common Stock.
• Mat Ishbia indirectly beneficially owns these Class A Common Stock shares through SFS Holding Corp., where he is CEO and sole director, and serves as investment advisor to the trust owning SFS Corp.'s voting securities.
• After the conversion, 1,351,882,620 UWM Paired Interests remain beneficially owned indirectly by Mat Ishbia via SFS Holding Corp.
• Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock and one Class B common unit of UWM Holdings, LLC, convertible into one share of Class A Common Stock at the holder's option or automatically upon transfer.

Sentiment

Score: 5

Explanation: The filing is a factual correction of a previously omitted insider transaction, indicating no material change in company operations or strategy, thus maintaining a neutral sentiment.

Positives

• The filing demonstrates transparency and compliance by correcting a previously omitted transaction, ensuring accurate public record of beneficial ownership.
• The conversion rights related to the UWM Paired Interests do not expire, providing long-term flexibility for the holder.

Negatives

• The initial omission of the conversion in the original Form 4 filing indicates an administrative oversight in reporting.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategy.

Management Comments

• On October 16, 2025, the Reporting Persons filed a Form 4 which inadvertently did not report a conversion of UWM Paired Interests into Class A Common Stock.

Industry Context

This filing is an insider transaction report and does not provide information directly related to broader industry trends or competitive landscape. It focuses solely on changes in beneficial ownership for a key insider.

Related Party Transactions

• The conversion transaction involves Mat Ishbia, a director and CEO of UWM Holdings Corp., and SFS Holding Corp., a 10% owner of the Issuer, which Mat Ishbia controls. This highlights the related party nature of the beneficial ownership structure.

Stakeholder Impact

• Shareholders: Provides clarity and accuracy regarding the beneficial ownership structure of a significant insider, Mat Ishbia, and his controlled entity, SFS Holding Corp.

Key Dates

Keywords

UWMC, Mat Ishbia, SFS Holding Corp, Form 4/A, beneficial ownership, stock conversion, Class A Common Stock, UWM Paired Interests, insider transaction