[Form 4] UWM Holdings Corp Insider Trading Activity

Rhea-AI Filing Summary

UWM Holdings (UWMC): CEO Mat Ishbia and affiliate SFS Holding Corp reported insider transactions. SFS Corp acquired 6,800,000 Class A shares on 10/15/2025 via conversion of an equal number of UWM Paired Interests. SFS Corp then sold 596,356 shares on 10/15 at a weighted average price of $5.39 and 596,356 shares on 10/16 at a weighted average price of $5.26, pursuant to a Rule 10b5-1 trading plan adopted on March 17, 2025.

Following these transactions, 7,185,240 Class A shares were beneficially owned indirectly and 279,989 Class A shares were held directly. The filing also notes 180,737 RSUs, which convert one-for-one into Class A stock and vest on March 1, 2026.

Insights

Insider transactions & governance analyst

Routine Form 4: conversion plus pre-planned sales; neutral signal.

The filing records a conversion of 6,800,000 UWM Paired Interests into Class A shares, followed by two sales of 596,356 shares each on 10/15/2025 and 10/16/2025. Sales were executed under a Rule 10b5-1 plan adopted on March 17, 2025, indicating pre-set instructions.

Post-transaction holdings are 7,185,240 Class A shares indirectly and 279,989 directly, plus 180,737 RSUs vesting on March 1, 2026. Weighted average sale prices were $5.39 and $5.26 with disclosed intraday ranges.

Because transactions are administrative (conversion) and plan-driven (10b5-1), the disclosure is typically neutral for the investment thesis. Actual market impact depends on future disclosures and holder decisions.

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
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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).

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)
10/15/2025

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	10/15/2025		C		6,800,000	A	(1)	8,377,952	I	See Footnote(2)
Class A Common Stock	10/15/2025		S		596,356(3)	D	$5.39(4)	7,781,596	I	See Footnote(2)
Class A Common Stock	10/16/2025		S		596,356(3)	D	$5.26(5)	7,185,240	I	See Footnote(2)
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. Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock of UWM Holdings Corporation (the "Issuer") ("Class D Stock") and one Class B common units of UWM Holdings, LLC ("UWM LLC") ("Class B Common Units"), a subsidiary of the Issuer. Each UWM Paired Interest is convertible for one share of Class A Common Stock of the Issuer (i) at any time at the option of the holder or (ii) automatically upon transfer to a third person. These shares of Class A Common Stock were acquired by SFS Holding Corp. ("SFS Corp") upon the conversion of an equal number of UWM Paired Interests.

2. 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.

3. Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025.

4. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.32 to $5.59 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 $5.19 to $5.29 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	10/16/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	10/16/2025
	** 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.
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FAQ

What did UWMC’s CEO report on Form 4?

A conversion of 6,800,000 Class A shares on 10/15/2025 and two sales of 596,356 shares each on 10/15 and 10/16 under a Rule 10b5-1 plan.

At what prices were UWMC shares sold?

Weighted average prices were $5.39 on 10/15/2025 (range: $5.32–$5.59) and $5.26 on 10/16/2025 (range: $5.19–$5.29).

How many UWMC shares are beneficially owned after the transactions?

7,185,240 Class A shares indirectly and 279,989 Class A shares directly.

Who executed the transactions related to UWMC?

The transactions were by SFS Holding Corp, a 10% holder, which is controlled by Mat Ishbia.

What is a UWM Paired Interest mentioned in the filing?

Each consists of one share of non-economic voting Class D Stock and one UWM LLC Class B Common Unit, convertible into one Class A share.

Were the UWMC sales pre-planned?

Yes. Sales were made pursuant to a Rule 10b5-1 plan adopted on March 17, 2025.

What incentive awards are outstanding for the reporting person?

There are 180,737 RSUs that convert one-for-one into Class A and vest on March 1, 2026.