UWM Holdings (NYSE: UWMC) CEO Mat Ishbia reports Rule 10b5-1 stock sales

Rhea-AI Filing Summary

UWM Holdings Corp director, president and CEO Mat Ishbia, a 10% owner, reported multiple open‑market sales of Class A common stock made through SFS Corp. On December 4, 5 and 8, 2025, SFS Corp sold 612,287 Class A shares on each date at weighted average prices of $5.74, $5.78 and $5.67 per share, respectively, under a Rule 10b5‑1 trading plan adopted on March 17, 2025.

Following these transactions, Ishbia indirectly beneficially owned 6,180,121 Class A shares through SFS Corp and directly held 279,989 Class A shares. He also beneficially owns 180,737 restricted stock units that convert into Class A common stock on a one‑for‑one basis and are scheduled to vest on March 1, 2026 under the company’s 2020 Omnibus Incentive Plan.

Insights

Equity Analyst

Large pre‑planned insider sales by CEO/10% holder reduce indirect stake; some future equity remains via RSUs.

The filing shows that **Mat Ishbia**, President and CEO and a **10% owner**, and **SFS Corp** executed three sales of **Class A Common Stock** on 12/04/2025, 12/05/2025, and 12/08/2025. Each sale involved **612,287** shares, all coded "S" for sale, and made under a Rule 10b5‑1 trading plan adopted by SFS Corp on March 17, 2025. Weighted average sale prices were about $5.74, $5.78, and $5.67, with disclosed intraday price ranges around those levels.

After these transactions, **SFS Corp** holds **6,180,121** Class A shares indirectly attributed to Mat Ishbia, while he also directly owns **279,989** Class A shares that SFS Corp does not hold. The filing also reports **180,737 Restricted Stock Units (RSUs)**, each convertible into one share of Class A common stock, classified as derivative securities. These RSUs were granted under the **2020 Omnibus Incentive Plan** and vest on March 1, 2026, providing potential future share delivery.

This sequence of sizable pre‑planned sales reduces the reported indirect beneficial ownership of a key insider and control person, which many readers may interpret as an unfavorable signal. At the same time, the continued direct share ownership and unvested RSUs indicate that the reporting person still maintains a meaningful equity interest. A practical focus area over the next year is whether additional 10b5‑1 sales are reported and how the remaining **6.18 million** indirect shares and **180,737** RSUs evolve approaching the March 1, 2026 vesting date.

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)
12/04/2025

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	12/04/2025		S		612,287(1)	D	$5.74(2)	7,404,695	I	See Footnote(3)
Class A Common Stock	12/05/2025		S		612,287(1)	D	$5.78(4)	6,792,408	I	See Footnote(3)
Class A Common Stock	12/08/2025		S		612,287(1)	D	$5.67(5)	6,180,121	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 $5.63 to $5.81 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 $5.65 to $5.93 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 $5.59 to $5.75 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	12/08/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	12/08/2025
	** 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 insider transaction did UWMC CEO Mat Ishbia report?

Mat Ishbia, CEO and 10% owner of UWM Holdings Corp (UWMC), reported sales of Class A common stock executed through SFS Corp on December 4, 5 and 8, 2025.

How many UWMC shares were sold in the reported transactions?

SFS Corp sold 612,287 Class A shares on each of December 4, 5 and 8, 2025, with each sale reported separately in the Form 4.

What prices did UWMC shares sell for in Mat Ishbia’s Form 4 filing?

The reported weighted average sale prices were $5.74 on December 4, $5.78 on December 5, and $5.67 on December 8, 2025, for UWMC Class A common stock.

How many UWMC shares does Mat Ishbia beneficially own after these sales?

After the reported transactions, Mat Ishbia indirectly owned 6,180,121 Class A shares through SFS Corp and directly held 279,989 Class A shares of UWM Holdings Corp.

Was the UWMC stock sale made under a Rule 10b5-1 trading plan?

Yes. The sales were made pursuant to a Rule 10b5‑1 trading plan adopted by SFS Corp on March 17, 2025, as disclosed in the explanation of responses.

What equity awards does Mat Ishbia hold in addition to UWMC common stock?

Mat Ishbia holds 180,737 restricted stock units (RSUs), which convert into Class A common stock on a one‑for‑one basis and are scheduled to vest on March 1, 2026.