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  4. [Form 4] UWM Holdings Corp Insider Trading Activity

UWM insider disposals reduce holdings to 3,963,376 shares

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

Rhea-AI Filing Summary

Mat Ishbia, President and CEO of UWM Holdings Corp (UWMC), reported a series of sales of Class A common stock under a 10b5-1 plan. On 10/07/2025 and 10/08/2025 a total of 596,356 shares were sold on each date according to the Form 4 entries, with the weighted average prices reported as $5.39 (range $5.28–$5.64) and $5.40 (range $5.33–$5.47), respectively. Following the reported transactions the filing shows beneficial ownership figures of 4,559,732 shares and then 3,963,376 shares for the reporting parties. The filing also discloses 180,737 restricted stock units that convert one-for-one to Class A shares and vest on March 1, 2026. The sales were made pursuant to the 10b5-1 plan adopted on March 17, 2025, and the Form 4 was signed on 10/08/2025.

Positive

  • Sales executed under a 10b5-1 plan, which provides a pre‑arranged framework and reduces questions about timing
  • Full disclosure of price ranges and weighted average prices was provided, with offers to supply per‑trade details on request
  • RSUs disclosed with a clear vesting date (March 1, 2026), giving investors a defined timeline for potential dilution

Negative

  • Substantial share disposals reported, including 596,356 shares on each of 10/07/2025 and 10/08/2025, reducing reported beneficial ownership
  • Beneficial ownership declined to 3,963,376 shares after the transactions, indicating material change in insider holdings
  • Sale price ranges show executions as low as $5.28, which may be below recent trading levels for some investors

Insights

Insider sold material shares under a structured 10b5-1 plan; RSU vesting remains a near-term ownership factor.

The reporting shows coordinated disposals under a 10b5-1 plan adopted on March 17, 2025, including sales of 596,356 shares on 10/07/2025 and 10/08/2025 at weighted average prices near $5.39–$5.40. Using an approved plan reduces questions about opportunistic timing but represents a sizable transfer of economic exposure.

Ownership figures fall to 3,963,376 shares after the transactions while 180,737 RSUs remain that vest on March 1, 2026. Monitor the RSU vesting as a potential future increase in available shares and any further disclosures about additional planned trades.

Insider Mat Ishbia, SFS HOLDING CORP
Role President and CEO | 10% Owner
Sold 1,192,712 shs ($6.43M)
Type Security Shares Price Value
Sale Class A Common Stock 596,356 $5.40 $3.22M
Sale Class A Common Stock 596,356 $5.39 $3.21M
holding Restricted Stock Units -- -- --
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 3,963,376 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 $5.28 to $5.64 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 $5.33 to $5.47 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).
X
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
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)
10/07/2025
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 10/07/2025 S 596,356(1) D $5.39(2) 4,559,732 I See Footnote(3)
Class A Common Stock 10/08/2025 S 596,356(1) D $5.4(4) 3,963,376 I See Footnote(3)
Class A Common Stock 279,989 D(5)
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 (6) (7) (7) 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 $5.28 to $5.64 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 $5.33 to $5.47 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. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.
6. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis.
7. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.
Remarks:
/s/ Mat Ishbia 10/08/2025
/s/ Mat Ishbia, CEO, for SFS Holding Corp. 10/08/2025
** 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 did Mat Ishbia report selling in the UWMC Form 4?

The Form 4 reports sales of Class A common stock, including 596,356 shares on 10/07/2025 and 596,356 shares on 10/08/2025, executed under a 10b5-1 plan.

At what prices were the UWMC shares sold by Mat Ishbia?

The filing discloses weighted average prices of $5.39 (range $5.28–$5.64) and $5.40 (range $5.33–$5.47) for the reported sales.

How did these sales affect Mat Ishbia's beneficial ownership of UWMC?

The reported beneficial ownership figures shown are 4,559,732 shares and then 3,963,376 shares following the reported transactions.

Are there any unvested awards disclosed for UWMC insiders?

Yes. The filing discloses 180,737 Restricted Stock Units that convert one‑for‑one to Class A common stock and vest on March 1, 2026.

Were the sales part of a planned trading program?

Yes. The Form 4 states the sales were made pursuant to a 10b5-1 plan adopted by SFS Corp on March 17, 2025.