SFS Holding Corp. and Mat Ishbia Reduce Stake in UWM Holdings Corp via 10b5-1 Plan

On April 1, 2026, SFS Holding Corp. and Mat Ishbia filed Amendment No. 14 to their Schedule 13D regarding UWM Holdings Corporation (UWMC). The filing reports that SFS Holding Corp. now beneficially owns 1,287,482,620 shares of Class A Common Stock, representing approximately 80.4% of the class. This ownership is derived from Class D Stock and Class B Units in Holdings LLC, which are convertible into Class A Common Stock. The amendment was triggered by sales of securities executed under a previously disclosed Rule 10b5-1 trading arrangement. Despite owning over 80% of the shares, the Reporting Persons' voting power is capped at 79% due to a voting limitation in the Issuer's Certificate of Incorporation; without this cap, their voting power would be approximately 99.9%. Mat Ishbia, as the trust advisor with the right to direct the voting and disposition of the securities held by SFS Corp., shares beneficial ownership of these shares. The filing indicates a decrease in holdings compared to previous reports as part of the ongoing 10b5-1 selling program.