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

On April 23, 2026, SFS Holding Corp. and Mat Ishbia filed Amendment No. 15 to their Schedule 13D regarding UWM Holdings Corporation (UWMC). The filing reports a decrease in beneficial ownership to 1,265,482,620 shares, representing 79.4% of the outstanding Class A Common Stock (on an as-converted basis). This reflects a reduction from the previously reported 1,287,482,620 shares (80.4%). The transactions were executed pursuant to a previously disclosed Rule 10b5-1 trading arrangement adopted by SFS Holding Corp. The reported shares consist of Class D Stock, which are convertible or exchangeable into Class A Stock. Mat Ishbia, as trust advisor, is deemed to share beneficial ownership of these securities. Despite owning shares that would otherwise represent 99.9% of the voting power, the Reporting Persons' actual voting power is capped at 79% due to a Voting Limitation in the Issuer's Certificate of Incorporation. The filing marks the latest in a series of frequent amendments detailing ongoing divestment by the majority holder.