[Form 4] UWM Holdings Corp Insider Trading Activity

Rhea-AI Filing Summary

Mat Ishbia, President and CEO of UWM Holdings Corp (UWMC), reported multiple sales of Class A common stock executed under a 10b5-1 plan. Sales occurred on 10/02/2025, 10/03/2025, and 10/06/2025, with 596,356 shares sold on each of those first three dates at weighted average prices of $6.06, $5.99, and $5.69, respectively. Following the transactions the indirect ownership reported was 5,156,088 shares.

The filing also shows 279,989 additional Class A shares disposed and 180,737 Restricted Stock Units that vest on March 1, 2026 and convert one-for-one to Class A common stock. The disclosures identify SFS Holding Corp as a 10% holder and explain Mat Ishbia's indirect control of those shares.

Positive

• Sales executed under a 10b5-1 plan, indicating pre-planned, rule-compliant dispositions
• Clear disclosure of weighted average sale prices and post-transaction beneficial ownership
• RSUs disclosed (180,737) with a specified vesting date of March 1, 2026

Negative

• Material reduction in indirect ownership from 6,348,800 to 5,156,088 shares after reported sales
• Substantial share disposals (multiple blocks of 596,356 shares) may reduce insider stake and voting influence

Insights

Corporate Governance Analyst

Insider sales were executed under a pre-set plan, reducing indirect ownership but keeping disclosure transparent.

The transactions were executed pursuant to a 10b5-1 plan adopted by SFS Corp and list weighted average sale prices of $6.06, $5.99, and $5.69. Using a trading plan is a common mechanism for executives to sell shares without ad hoc timing decisions.

The filing shows indirect beneficial ownership of 5,156,088 shares after the reported sales and discloses 180,737 RSUs vesting on March 1, 2026, which will increase share holdings if they convert. Watch ownership levels around the RSU vesting date for any follow-up transactions within the reporting window.

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)
10/02/2025

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	10/02/2025		S		596,356(1)	D	$6.06(2)	6,348,800	I	See Footnote(3)
Class A Common Stock	10/03/2025		S		596,356(1)	D	$5.99(4)	5,752,444	I	See Footnote(3)
Class A Common Stock	10/06/2025		S		596,356(1)	D	$5.69(5)	5,156,088	I	See Footnote(3)
Class A Common Stock								279,989	D(6)

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	(7)							(8)	(8)	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 $5.90 to $6.27 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 $5.94 to $6.17 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 $5.60 to $5.98 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. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.

7. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis.

8. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.

Remarks:

	/s/ Mat Ishbia	10/06/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	10/06/2025
	** 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.

FAQ

What did Mat Ishbia report on Form 4 for UWMC?

The filing shows Mat Ishbia sold multiple blocks of Class A shares on 10/02/2025, 10/03/2025, and 10/06/2025 under a 10b5-1 plan, and reports post-sale indirect ownership of 5,156,088 shares.

Were the sales by Mat Ishbia part of a prearranged trading plan (10b5-1)?

Yes. The sales on 10/02/2025 were executed pursuant to a 10b5-1 plan adopted by SFS Corp on March 17, 2025.

How many Restricted Stock Units (RSUs) does Mat Ishbia hold and when do they vest?

The filing reports 180,737 RSUs that convert one-for-one to Class A common stock and vest on March 1, 2026.

What were the weighted average prices of the reported sales?

The weighted average prices reported were $6.06 for 10/02/2025, $5.99 for 10/03/2025, and $5.69 for 10/06/2025.

Who else is listed as a reporting person in the Form 4 for UWMC?

SFS Holding Corp is listed as a reporting person and is identified as a 10% holder whose shares are held directly; Mat Ishbia is CEO and sole director of SFS Corp.