UWM Holdings insider sales: 1.19M shares; RSUs vest in 2026

Rhea-AI Filing Summary

UWM Holdings (UWMC): CEO, President and Director Mat Ishbia reported open-market sales of Class A common stock, executed under a Rule 10b5-1 trading plan adopted by SFS Corp on March 17, 2025.

SFS Corp, a 10% holder deemed to be indirectly controlled by Ishbia, sold 596,356 shares on October 17, 2025 at a weighted average price of $5.37 per share (price range $5.26–$5.41), and 596,356 shares on October 20, 2025 at a weighted average price of $5.56 per share (price range $5.39–$5.64). Following these transactions, 6,588,884 and then 5,992,528 shares were reported as beneficially owned indirectly, as noted.

Ishbia also reports 279,989 shares held directly. In addition, 180,737 restricted stock units are outstanding; these RSUs convert into Class A common stock on a one-for-one basis and vest on March 1, 2026.

Insights

Insider Transactions Analyst

CEO/10% holder sold 1,192,712 shares via 10b5-1 plan; indirect holdings reduced; RSUs vest on March 1, 2026.

UWM Holdings Corp (UWMC) reported two open-market sales by its CEO/Director/10% owner, through SFS Corp. On 10/17/2025 and 10/20/2025, 596,356 shares were sold on each date under a Rule 10b5-1 plan adopted on March 17, 2025. Weighted average prices were $5.37 (range $5.26–$5.41) and $5.56 (range $5.39–$5.64), respectively.

Following these transactions, indirect beneficial ownership via SFS Corp changed from 6,588,884 to 5,992,528 shares, with 279,989 shares held directly by Mat Ishbia. The filing also reports 180,737 Restricted Stock Units that convert one-for-one into Class A shares, scheduled to vest on March 1, 2026, granted under the 2020 Omnibus Incentive Plan. The sales were disclosed with price ranges and an offer to provide detailed trade breakdowns upon request, consistent with Form 4 practices.

Key items to watch include any subsequent Form 4s tied to the same 10b5-1 plan, changes in indirect holdings by SFS Corp, and the RSU vesting event on March 1, 2026. These events provide clear, date-certain checkpoints for monitoring future ownership changes.

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)
10/17/2025

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	10/17/2025		S		596,356(1)	D	$5.37(2)	6,588,884	I	See Footnote(3)
Class A Common Stock	10/20/2025		S		596,356(1)	D	$5.56(4)	5,992,528	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 $5.26 to $5.41 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 $5.39 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.

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	10/20/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	10/20/2025
	** 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).
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FAQ

How many UWMC shares did Mat Ishbia/SFS Corp sell and on what dates?

596,356 shares on October 17, 2025 and 596,356 shares on October 20, 2025.

What were the sale prices disclosed in the UWMC Form 4?

Weighted average prices of $5.37 (range $5.26–$5.41) and $5.56 (range $5.39–$5.64).

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

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

How many UWMC shares were beneficially owned after the reported transactions?

Indirect beneficial ownership reported at 6,588,884 shares after the first sale and 5,992,528 after the second, as noted.

What direct holdings and RSUs does Mat Ishbia report for UWMC?

Direct holdings of 279,989 shares and 180,737 RSUs that convert 1-for-1 and vest on March 1, 2026.

What is SFS Corp’s relationship to Mat Ishbia and UWMC?

SFS Corp is a 10% holder; Ishbia is CEO and sole director of SFS Corp and exercises voting and dispositive power over its holdings.