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UWM Holdings Form 4: 596,356-share sales disclosed across four days

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

UWM Holdings (UWMC) insider activity: A Form 4 reports that SFS Corp, which is indirectly controlled by CEO and director Mat Ishbia, sold 596,356 shares of Class A common stock on each of 10/09, 10/10, 10/13, and 10/14, pursuant to a Rule 10b5-1 trading plan adopted on March 17, 2025. The weighted average sale prices were $5.3, $5.34, $5.27, and $5.38, respectively.

Following these transactions, indirect holdings shown were 3,367,020, then 2,770,664, then 2,174,308, and 1,577,952 shares via SFS Corp. Separately, 279,989 shares are held directly by Mat Ishbia. The filing also lists 180,737 restricted stock units that convert one-for-one into Class A common stock, vesting on March 1, 2026. The price ranges for each weighted average sale are provided in the footnotes.

Positive

  • None.

Negative

  • None.

Insights

Routine 10b5-1 insider sales disclosed; neutral impact.

The filing details pre-arranged sales by SFS Corp, tied to Mat Ishbia, under a Rule 10b5-1 plan adopted on March 17, 2025. Four equal-sized blocks of 596,356 shares were sold on consecutive trading days at weighted average prices between $5.27 and $5.38.

Post-trade indirect ownership moved stepwise to 1,577,952 shares via SFS Corp, with an additional 279,989 shares held directly. The filing also lists 180,737 RSUs vesting on March 1, 2026. Actual market impact depends on trading volumes and holder decisions; the plan-managed nature typically indicates administrative execution rather than a strategic shift.

Subsequent disclosures may detail further transactions under the plan. Prices reflect weighted averages, with specified daily ranges available in the footnotes.

Insider Mat Ishbia, SFS HOLDING CORP
Role President and CEO | 10% Owner
Sold 2,385,424 shs ($12.70M)
Type Security Shares Price Value
Sale Class A Common Stock 596,356 $5.38 $3.21M
Sale Class A Common Stock 596,356 $5.27 $3.14M
Sale Class A Common Stock 596,356 $5.34 $3.18M
Sale Class A Common Stock 596,356 $5.30 $3.16M
holding Restricted Stock Units -- -- --
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 1,577,952 shares (Indirect, See Footnote); Restricted Stock Units — 180,737 shares (Direct); Class A Common Stock — 279,989 shares (Direct)
Footnotes (1)
  1. Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.26 to $5.37 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price. These securities are held directly by SFS Corp, a 10% holder of the Issuer, and indirectly by Mat Ishbia. Mat Ishbia is the Chief Executive Officer and sole director of SFS Corp and serves as the investment advisor to the trust that owns the voting securities of SFS Corp, and therefore exercises all voting and dispositive power of the securities held by SFS Corp. In addition, trusts for the benefit of Mat Ishbia and his immediate family are shareholders of SFS Corp. By virtue of its relationship with Mat Ishbia, a director and the CEO of the Issuer, SFS Corp may be deemed to be a director by deputization. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.25 to $5.43 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.18 to $5.36 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.24 to $5.49 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Mat Ishbia
(Last) (First) (Middle)
C/O UWM HOLDINGS CORPORATION
585 SOUTH BLVD E
(Street)
PONTIAC MI 48341
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
UWM Holdings Corp [ UWMC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
X Officer (give title below) Other (specify below)
President and CEO
3. Date of Earliest Transaction (Month/Day/Year)
10/09/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 10/09/2025 S 596,356(1) D $5.3(2) 3,367,020 I See Footnote(3)
Class A Common Stock 10/10/2025 S 596,356(1) D $5.34(4) 2,770,664 I See Footnote(3)
Class A Common Stock 10/13/2025 S 596,356(1) D $5.27(5) 2,174,308 I See Footnote(3)
Class A Common Stock 10/14/2025 S 596,356(1) D $5.38(6) 1,577,952 I See Footnote(3)
Class A Common Stock 279,989 D(7)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units (8) (9) (9) Class A Common Stock 180,737 180,737 D
1. Name and Address of Reporting Person*
Mat Ishbia
(Last) (First) (Middle)
C/O UWM HOLDINGS CORPORATION
585 SOUTH BLVD E
(Street)
PONTIAC MI 48341
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
X Officer (give title below) Other (specify below)
President and CEO
1. Name and Address of Reporting Person*
SFS HOLDING CORP
(Last) (First) (Middle)
C/O UWM HOLDINGS CORPORATION
585 SOUTH BLVD E
(Street)
PONTIAC MI 48341
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025.
2. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.26 to $5.37 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price.
3. These securities are held directly by SFS Corp, a 10% holder of the Issuer, and indirectly by Mat Ishbia. Mat Ishbia is the Chief Executive Officer and sole director of SFS Corp and serves as the investment advisor to the trust that owns the voting securities of SFS Corp, and therefore exercises all voting and dispositive power of the securities held by SFS Corp. In addition, trusts for the benefit of Mat Ishbia and his immediate family are shareholders of SFS Corp. By virtue of its relationship with Mat Ishbia, a director and the CEO of the Issuer, SFS Corp may be deemed to be a director by deputization.
4. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.25 to $5.43 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price.
5. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.18 to $5.36 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price.
6. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.24 to $5.49 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price.
7. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.
8. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis.
9. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.
Remarks:
/s/ Mat Ishbia 10/14/2025
/s/ Mat Ishbia, CEO, for SFS Holding Corp. 10/14/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider sales did UWMC report on Form 4?

Four sales of 596,356 Class A shares each on 10/09, 10/10, 10/13, and 10/14 at weighted average prices of $5.3, $5.34, $5.27, and $5.38.

Were these UWMC insider sales under a 10b5-1 plan?

Yes. Sales were made pursuant to a Rule 10b5-1 plan adopted by SFS Corp on March 17, 2025.

How many UWMC shares does the insider hold after the sales?

Indirect holdings via SFS Corp decreased to 1,577,952 shares after the last sale; 279,989 shares are held directly by Mat Ishbia.

What were the price ranges for the UWMC sales?

Footnotes show ranges: $5.26–$5.37 (10/09), $5.25–$5.43 (10/10), $5.18–$5.36 (10/13), and $5.24–$5.49 (10/14).

Who executed the sales reported for UWMC?

The securities are held by SFS Corp, a 10% holder, and are indirectly controlled by Mat Ishbia (CEO and director).

What equity awards are outstanding for the insider at UWMC?

The filing lists 180,737 RSUs, converting one-for-one to Class A stock, vesting on March 1, 2026.