Insider 10b5-1 Sales: Mat Ishbia Disposes of Large UWMC Blocks

Rhea-AI Filing Summary

Insider Form 4 shows Mat Ishbia and SFS Holding Corp. The filing reports scheduled sales of Class A common stock on 09/23/2025 and 09/24/2025 under a 10b5-1 plan, with weighted-average sale prices of $6.42 and $6.42 respectively and sale price ranges noted from $6.24–$6.54 and $6.32–$6.51. After the transactions, reported beneficial holdings include 3,723,292 and 3,126,936 shares (reflecting different reporting lines). 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 Form 4 was signed by Mat Ishbia on 09/24/2025.

Positive

• Sales were executed under a 10b5-1 plan, indicating pre-established, rule-compliant dispositions
• 180,737 RSUs remain outstanding and vest on March 1, 2026, maintaining executive alignment with shareholders

Negative

• Large insider sales reported: 596,356 shares sold on 09/23/2025 and 596,356 shares sold on 09/24/2025 (weighted-average price ~$6.42)
• Beneficial ownership was reduced (post-transaction reported holdings show millions fewer shares in certain reporting lines)

Insights

Financial Analyst

TL;DR: Significant scheduled insider sales executed under a 10b5-1 plan; holdings and outstanding RSUs remain material.

The filing documents systematic disposals of Class A common stock totaling large blocks on consecutive days under a pre-established 10b5-1 plan, with weighted-average prices around $6.42 and disclosed price ranges. Post-transaction beneficial ownership figures are reported in the low millions, and 180,737 RSUs remain outstanding and vest next year. For investors, these are transparent, rule-compliant sales that reduce insider share counts while leaving meaningful residual ownership and unvested equity incentives in place.

Corporate Governance Expert

TL;DR: Sales executed via a documented 10b5-1 plan, properly disclosed; RSU vesting schedule remains unchanged.

The Form 4 clearly states the sales were pursuant to a 10b5-1 plan adopted March 17, 2025, and provides weighted-average prices plus ranges. Signatures and explanatory footnotes describe the reporting relationships between Mat Ishbia and SFS Holding Corp, including indirect beneficial ownership. The disclosure is procedurally complete: sale rationale (plan), pricing ranges, and remaining incentive equity (RSUs vesting March 1, 2026) are all reported.

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

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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)
09/23/2025

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	09/23/2025		S		596,356(1)	D	$6.42(2)	3,723,292	I	See Footnote(3)
Class A Common Stock	09/24/2025		S		596,356(1)	D	$6.42(4)	3,126,936	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 $6.24 to $6.54 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 $6.32 to $6.51 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	09/24/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	09/24/2025
	** 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

What did Mat Ishbia sell in the Form 4 for UWMC?

The filing shows Mat Ishbia (and SFS Holding Corp) sold Class A common stock on 09/23/2025 and 09/24/2025 under a 10b5-1 plan, including sales of 596,356 shares on each of the two days at weighted-average prices of about $6.42.

Were these sales part of a 10b5-1 trading plan?

Yes. The Form 4 states the shares were sold pursuant to a 10b5-1 Plan adopted March 17, 2025.

How many restricted stock units does the reporting person hold and when do they vest?

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

What price range were the shares sold at?

The filing reports sale price ranges of $6.24–$6.54 for 09/23/2025 and $6.32–$6.51 for 09/24/2025, with weighted-average prices reported as approximately $6.42.

Who signed the Form 4 and when?

The Form 4 was signed by /s/ Mat Ishbia (and for SFS Holding Corp) on 09/24/2025.