UWM Holdings CEO Sells 2 Million Shares
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 19 2026
0mins
Should l Buy UWMC?
Source: NASDAQ.COM
- Share Sale Overview: Mat Ishbia, CEO of UWM Holdings, indirectly sold 2,001,148 shares of Class A Common Stock via SFS Corp on April 14 and 15, 2026, for approximately $7.49 million at a weighted average price of $3.75 per share, representing 12.72% of his total disclosed holdings at the time of the transaction.
- Derivative Securities Holdings: Despite the sale of over 2 million shares, Ishbia retained over 13 million shares indirectly and reported 1.27 billion derivative securities, indicating alignment with shareholder interests and enhancing market confidence.
- Loan Origination Recovery: UWM Holdings reported a loan origination volume of $49.6 billion in Q4 2025, the highest since 2021, indicating a recovery in the mortgage business, with expected first-quarter 2026 revenue between $800 million and $900 million.
- Unsuccessful Acquisition Plans: Although UWM's acquisition of Two Harbors did not succeed, the company plans to maintain its quarterly dividend and expects total revenue for fiscal 2026 to range between $3.5 billion and $4.5 billion, reflecting a 25% increase from last year's $3.2 billion revenue.
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Analyst Views on UWMC
Wall Street analysts forecast UWMC stock price to rise
7 Analyst Rating
2 Buy
5 Hold
0 Sell
Moderate Buy
Current: 2.920
Low
5.00
Averages
6.54
High
10.00
Current: 2.920
Low
5.00
Averages
6.54
High
10.00
About UWMC
UWM Holdings Corporation, through its subsidiaries, is engaged in the origination, sale and servicing of residential mortgage loans throughout the United States. The Company originates primarily conforming and government loans across all 50 states and the District of Columbia. It operates in a single segment and is engaged in the origination, sale and servicing of residential mortgage loans, exclusively in the wholesale channel. It is focused on originating conventional, agency-eligible loans that can be sold to Fannie Mae, Freddie Mac or transferred to Ginnie Mae pools for sale in the secondary market. Its conventional agency-conforming loans meet the general underwriting guidelines established by Fannie Mae and Freddie Mac. Easiest Application System Ever is its primary LOS that allows clients to interact with the Company and to select products, lock rates and run the Automated Underwriting System. Blink+ is its client facing point of sale system white-labeled for its clients.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Two Harbors Investment Adjourns Special Meeting on Sale to CrossCountry
- Meeting Postponement: Two Harbors Investment has adjourned its special meeting to May 28 to allow more time for soliciting shareholder votes in favor of the sale to CrossCountry, indicating a cautious approach in advancing the transaction.
- Shareholder Voting Dynamics: The postponement responds to shareholder and proxy voting needs, particularly after ISS recommended shareholders vote against the deal last week, highlighting the company's efforts to secure broader support for a successful transaction.
- Rejection of Competing Proposal: Two Harbors unanimously rejected UWM Holdings' revised proposal last week, citing that it did not address the 'core deficiencies and material risks' of previous proposals, reflecting the company's strong emphasis on transaction safety.
- Slight Stock Increase: Following the announcement, Two Harbors' shares rose by 0.8%, indicating a cautiously optimistic market sentiment regarding the company's future transaction prospects, despite the challenges posed by shareholder voting.
See More
UWMC Urges Shareholders to Reject CCM Merger Proposal
- Superior Proposal Value: UWMC's offer of $12.50 per share or 2.3328 shares of UWMC stock for Two Harbors shareholders significantly exceeds the $12.00 offered in the CCM proposal, ensuring shareholder choice and potential upside in the merger.
- Strong Financing Support: UWMC has secured an unsecured bridge facility from Mizuho, eliminating financing conditions and market volatility impacts, which enhances financial stability and liquidity, thereby boosting shareholder confidence in its proposal.
- Regulatory Approval Advantage: With strong relationships with national regulators, UWMC anticipates completing the transaction within approximately two months of signing an agreement, demonstrating high efficiency and reliability in the merger process, further enhancing shareholder value expectations.
- Unanimous Proxy Advisor Recommendation: All three independent proxy advisors recommend shareholders vote against the CCM transaction, asserting that the TWO Board has failed to conduct a value-maximizing process, emphasizing that engagement with UWMC is the best path to achieve optimal shareholder interests.
See More
Two Harbors Shareholder Files Suit Over Proxy Statement
- Shareholder Lawsuit: Two Harbors shareholder George Assad has filed a lawsuit alleging that the company issued an incomplete and misleading proxy statement regarding its merger with CrossCountry Mortgage, seeking to delay the special stockholder meeting set for May 19, 2026, until a corrective disclosure is made.
- Merger Agreement Controversy: The lawsuit claims that Two Harbors' management abandoned an earlier merger agreement with UWM Holdings because UWMC did not plan to retain TWO's management, highlighting potential conflicts of interest between management and shareholders.
- Court Requests: The shareholder is asking the court to prevent Two Harbors from completing the merger with CrossCountry and to invalidate votes already cast, requiring a redo of the vote to ensure shareholders can make informed decisions.
- Market Reaction: Following the lawsuit announcement, Two Harbors' stock slipped 0.8% to $12.50 in premarket trading, matching UWMC's latest proposal price, indicating market concerns regarding the merger's prospects.
See More
Two Harbors Rejects UWM's Revised Proposal Amid Concerns
- Proposal Rejection: Two Harbors Investment's (TWO) board unanimously rejected UWM Holdings' (UWMC) revised proposal, citing unresolved 'core deficiencies and material risks,' indicating a strong distrust of UWMC's intentions.
- Stock Price Reaction: Following the rejection of the proposal, TWO's stock fell 2.1% in premarket trading, while UWMC's stock remained relatively unchanged, reflecting the market's negative sentiment towards the board's decision.
- Cash Election Option: UWMC emphasized offering TWO shareholders a cash option of $12.50 per share with no cap, although TWO's board questioned UWMC's ability to close a transaction within 60 days, raising doubts about UWMC's commitments.
- Proxy Voting Controversy: TWO's board expressed strong dissatisfaction with Institutional Shareholder Services (ISS) for failing to recommend shareholders support the UWMC proposal, asserting that ISS's conclusion was incorrect and reiterating that the CCM transaction remains 'the most compelling, certain, and actionable path forward.'
See More
TWO Board Unanimously Recommends Stockholders Vote FOR CCM Transaction
- Transaction Value Analysis: The TWO Board unanimously believes that the transaction with CrossCountry, offering $12.00 per share in cash, significantly exceeds UWMC's proposal of $7.58 per share, demonstrating the superior value and certainty of the CCM deal, which prioritizes shareholder interests.
- Shareholder Benefit Assurance: The TWO Board emphasizes that opting for the CCM transaction will provide all common stockholders with a 21% premium and has already secured 35 state regulatory approvals, ensuring a smooth transaction and reducing risks faced by shareholders.
- UWMC Proposal Deficiencies: The TWO Board points out that UWMC's proposal fails to address the core deficiencies and risks previously identified, and its deteriorating financial condition, with Fitch downgrading its outlook twice, indicates significant uncertainty surrounding UWMC's transaction.
- Regulatory Compliance Issues: The TWO Board questions UWMC's claim of closing within 60 days, asserting that it has not provided necessary regulatory approvals and lacks transparency, urging shareholders to scrutinize UWMC's true intentions and capabilities.
See More
UWMC Terminates 10b5-1 Trading Plan Amid Increased Liquidity
- Plan Termination: UWMC announced that Mat Ishbia, as controlling owner of SFS Holdings Corp., has terminated its 10b5-1 trading plan effective May 8, 2025, in response to investor feedback for increased public float and trading liquidity.
- Liquidity Increase: The 10b5-1 plan successfully raised the average daily trading volume to over 16 million shares and increased the float by over 135 million shares since June 2025, demonstrating its effectiveness in enhancing market liquidity.
- Shareholder Confidence: SFS Holdings remains UWMC's largest shareholder with approximately 1.3 billion shares, indicating that as a controlling shareholder, it has actively responded to investor demands by selling shares without regard to stock price.
- Market Leadership: UWM Holdings Corporation, as the largest home mortgage lender in the U.S., continues to lead the market through technological innovation and superior client experience, solidifying its position nationwide.
See More
Two Harbors Investment Adjourns Special Meeting on Sale to CrossCountry
- Meeting Postponement: Two Harbors Investment has adjourned its special meeting to May 28 to allow more time for soliciting shareholder votes in favor of the sale to CrossCountry, indicating a cautious approach in advancing the transaction.
- Shareholder Voting Dynamics: The postponement responds to shareholder and proxy voting needs, particularly after ISS recommended shareholders vote against the deal last week, highlighting the company's efforts to secure broader support for a successful transaction.
- Rejection of Competing Proposal: Two Harbors unanimously rejected UWM Holdings' revised proposal last week, citing that it did not address the 'core deficiencies and material risks' of previous proposals, reflecting the company's strong emphasis on transaction safety.
- Slight Stock Increase: Following the announcement, Two Harbors' shares rose by 0.8%, indicating a cautiously optimistic market sentiment regarding the company's future transaction prospects, despite the challenges posed by shareholder voting.
See More
UWMC Urges Shareholders to Reject CCM Merger Proposal
- Superior Proposal Value: UWMC's offer of $12.50 per share or 2.3328 shares of UWMC stock for Two Harbors shareholders significantly exceeds the $12.00 offered in the CCM proposal, ensuring shareholder choice and potential upside in the merger.
- Strong Financing Support: UWMC has secured an unsecured bridge facility from Mizuho, eliminating financing conditions and market volatility impacts, which enhances financial stability and liquidity, thereby boosting shareholder confidence in its proposal.
- Regulatory Approval Advantage: With strong relationships with national regulators, UWMC anticipates completing the transaction within approximately two months of signing an agreement, demonstrating high efficiency and reliability in the merger process, further enhancing shareholder value expectations.
- Unanimous Proxy Advisor Recommendation: All three independent proxy advisors recommend shareholders vote against the CCM transaction, asserting that the TWO Board has failed to conduct a value-maximizing process, emphasizing that engagement with UWMC is the best path to achieve optimal shareholder interests.
See More
Two Harbors Shareholder Files Suit Over Proxy Statement
- Shareholder Lawsuit: Two Harbors shareholder George Assad has filed a lawsuit alleging that the company issued an incomplete and misleading proxy statement regarding its merger with CrossCountry Mortgage, seeking to delay the special stockholder meeting set for May 19, 2026, until a corrective disclosure is made.
- Merger Agreement Controversy: The lawsuit claims that Two Harbors' management abandoned an earlier merger agreement with UWM Holdings because UWMC did not plan to retain TWO's management, highlighting potential conflicts of interest between management and shareholders.
- Court Requests: The shareholder is asking the court to prevent Two Harbors from completing the merger with CrossCountry and to invalidate votes already cast, requiring a redo of the vote to ensure shareholders can make informed decisions.
- Market Reaction: Following the lawsuit announcement, Two Harbors' stock slipped 0.8% to $12.50 in premarket trading, matching UWMC's latest proposal price, indicating market concerns regarding the merger's prospects.
See More
Two Harbors Rejects UWM's Revised Proposal Amid Concerns
- Proposal Rejection: Two Harbors Investment's (TWO) board unanimously rejected UWM Holdings' (UWMC) revised proposal, citing unresolved 'core deficiencies and material risks,' indicating a strong distrust of UWMC's intentions.
- Stock Price Reaction: Following the rejection of the proposal, TWO's stock fell 2.1% in premarket trading, while UWMC's stock remained relatively unchanged, reflecting the market's negative sentiment towards the board's decision.
- Cash Election Option: UWMC emphasized offering TWO shareholders a cash option of $12.50 per share with no cap, although TWO's board questioned UWMC's ability to close a transaction within 60 days, raising doubts about UWMC's commitments.
- Proxy Voting Controversy: TWO's board expressed strong dissatisfaction with Institutional Shareholder Services (ISS) for failing to recommend shareholders support the UWMC proposal, asserting that ISS's conclusion was incorrect and reiterating that the CCM transaction remains 'the most compelling, certain, and actionable path forward.'
See More
TWO Board Unanimously Recommends Stockholders Vote FOR CCM Transaction
- Transaction Value Analysis: The TWO Board unanimously believes that the transaction with CrossCountry, offering $12.00 per share in cash, significantly exceeds UWMC's proposal of $7.58 per share, demonstrating the superior value and certainty of the CCM deal, which prioritizes shareholder interests.
- Shareholder Benefit Assurance: The TWO Board emphasizes that opting for the CCM transaction will provide all common stockholders with a 21% premium and has already secured 35 state regulatory approvals, ensuring a smooth transaction and reducing risks faced by shareholders.
- UWMC Proposal Deficiencies: The TWO Board points out that UWMC's proposal fails to address the core deficiencies and risks previously identified, and its deteriorating financial condition, with Fitch downgrading its outlook twice, indicates significant uncertainty surrounding UWMC's transaction.
- Regulatory Compliance Issues: The TWO Board questions UWMC's claim of closing within 60 days, asserting that it has not provided necessary regulatory approvals and lacks transparency, urging shareholders to scrutinize UWMC's true intentions and capabilities.
See More
UWMC Terminates 10b5-1 Trading Plan Amid Increased Liquidity
- Plan Termination: UWMC announced that Mat Ishbia, as controlling owner of SFS Holdings Corp., has terminated its 10b5-1 trading plan effective May 8, 2025, in response to investor feedback for increased public float and trading liquidity.
- Liquidity Increase: The 10b5-1 plan successfully raised the average daily trading volume to over 16 million shares and increased the float by over 135 million shares since June 2025, demonstrating its effectiveness in enhancing market liquidity.
- Shareholder Confidence: SFS Holdings remains UWMC's largest shareholder with approximately 1.3 billion shares, indicating that as a controlling shareholder, it has actively responded to investor demands by selling shares without regard to stock price.
- Market Leadership: UWM Holdings Corporation, as the largest home mortgage lender in the U.S., continues to lead the market through technological innovation and superior client experience, solidifying its position nationwide.
See More
