Mat Ishbia Disposes Shares of UWM (UWMC) via 10b5-1 Plan; RSUs Disclosed

Rhea-AI Filing Summary

Mat Ishbia and SFS Holding Corp. reported multiple scheduled sales of UWM Holdings Corp. (UWMC) Class A common stock under a 10b5-1 plan. Over three consecutive transaction dates, 596,356 shares were sold each day at weighted-average prices of $6.66, $6.81, and $6.56, reducing SFS Corp's reported beneficial ownership from 6,705,072 to 5,512,360 shares. Separately, 279,989 shares were disposed of by Mat Ishbia directly. The filing also discloses 180,737 RSUs that convert one-for-one to Class A shares and vest March 1, 2026.

Positive

• Use of a 10b5-1 plan for SFS Corp sales, indicating prearranged, rule-compliant dispositions
• Transparent attribution of indirect ownership and explanation of voting/dispositive power
• Disclosure of RSU grant and vesting date (180,737 RSUs vesting March 1, 2026)

Negative

• Material reduction in beneficial ownership for SFS Corp from 6,705,072 to 5,512,360 shares after the reported sales
• Substantial direct dispositions by Mat Ishbia totaling 279,989 shares, reducing his direct holdings

Insights

Financial Analyst

TL;DR: Insider sales were executed under a prearranged 10b5-1 plan, materially reducing beneficial holdings but consistent with planned dispositions.

The reported transactions show systematic disposals totaling at least 1,789,068 shares sold across listed dates, using a 10b5-1 plan for SFS Corp and direct dispositions by Mat Ishbia. The weighted-average prices reported ($6.52–$7.09 ranges disclosed) provide context for proceeds but no dollar totals are provided. The remaining indirect beneficial ownership after the listed sales is disclosed as 5,512,360 shares. These disclosures are routine for insiders monetizing positions while maintaining significant ongoing ownership and outstanding RSUs.

Corporate Governance Expert

TL;DR: Sales were disclosed transparently with 10b5-1 plan attribution and detailed footnotes explaining ownership structure.

The filing includes clear attribution of indirect ownership through SFS Corp and describes Mat Ishbia's control role over SFS Corp and related trusts. The use of a 10b5-1 plan is explicitly stated and price ranges for each sale batch are provided. The filing also separates shares held directly by the reporting person from those held by the entity, and discloses RSU vesting timing, supporting governance transparency.

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)
09/16/2025

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	09/16/2025		S		596,356(1)	D	$6.66(2)	6,705,072	I	See Footnote(3)
Class A Common Stock	09/17/2025		S		596,356(1)	D	$6.81(4)	6,108,716	I	See Footnote(3)
Class A Common Stock	09/18/2025		S		596,356(1)	D	$6.56(5)	5,512,360	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 $6.61 to $6.77 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 $6.57 to $7.09 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 $6.52 to $6.63 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	09/18/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	09/18/2025
	** Signature of Reporting Person	Date
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FAQ

What insider transactions were reported for UWMC by Mat Ishbia?

The filing reports multiple sales of UWMC Class A shares by SFS Corp under a 10b5-1 plan and direct disposals by Mat Ishbia, including three equal lots of 596,356 shares sold and a separate disposal of 279,989 shares.

How many shares does SFS Corp beneficially own after the reported sales?

Following the reported transactions, SFS Corp's indirect beneficial ownership is disclosed as 5,512,360 shares of Class A common stock.

What prices were the UWMC shares sold at in these transactions?

The filing discloses weighted-average prices for the sale batches: $6.66, $6.81, and $6.56, with underlying per-share ranges provided in the footnotes.

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.

Does the filing explain the ownership relationship between Mat Ishbia and SFS Corp?

Yes. The filing states Mat Ishbia is CEO and sole director of SFS Corp, serves as investment advisor to a trust owning SFS voting securities, and that trusts for his family are shareholders, explaining his indirect control.