SFS Holding Corp., which holds an approximately 10% stake in UWM Holdings Corp (NYSE: UWMC), completed the sale of 1,898,622 shares of UWM Class A common stock between February 19 and February 23, 2026. The transactions collectively generated about $8.8 million in proceeds, with per-share prices in the range of $4.52 to $4.77.
The block sales were carried out in three equal tranches of 632,874 shares each. The initial sale occurred on February 19, when 632,874 shares were sold at a weighted average price of $4.77 per share. On February 20, an identical number of shares changed hands at a weighted average price of $4.64 per share. The final tranche took place on February 23, with 632,874 shares sold at a weighted average price of $4.52.
Following these dispositions, SFS Holding Corp. indirectly retained 4,596,407 shares of UWM Class A common stock. The filings indicate that Mat Ishbia, UWM’s chief executive, also indirectly holds these equities through SFS Corp.
At the time of reporting, UWM’s Class A common stock was trading at $4.53, reflecting a 6.4% decline over the most recent week.
In a separate corporate development disclosed by UWM Holdings Corporation, the company announced a plan to acquire Two Harbors Investment Corp in an all-stock transaction valued at $1.3 billion. Under the terms provided, Two Harbors shareholders will receive 2.3328 shares of UWM Class A common stock for each outstanding share of Two Harbors, a conversion that equates to $11.94 per Two Harbors share based on the stated valuation.
The proposal represents a 21% premium relative to Two Harbors’ 30-day volume-weighted average price, according to the announcement of the transaction terms.
Separately, Jefferies initiated coverage of UWM Holdings with a Hold rating and set a $5.00 price target. The bank’s stated target is characterized as roughly eight times its forecasted earnings per share for 2027.
These items together - concentrated insider sales, an all-stock acquisition, and the start of analyst coverage with a cautious rating - represent a series of developments that investors and market participants will weigh in assessing the near-term outlook for UWM’s shares.