Insider Sale: Mat Ishbia Reduces UWMC Indirect Holdings to 4.32M Shares

Rhea-AI Filing Summary

Mat Ishbia, President and CEO of UWM Holdings Corp (UWMC), reported multiple open-market dispositions under a 10b5-1 plan and holdings changes. On 09/19/2025 he sold 596,356 Class A shares at a weighted average price of $6.45, leaving 4,916,004 shares beneficially owned (indirect). On 09/22/2025 another 596,356 shares were sold at a weighted average price of $6.23, leaving 4,319,648 shares beneficially owned (indirect). The filing also reports a separate disposition of 279,989 Class A shares held directly by Mat Ishbia and 180,737 restricted stock units that convert one-for-one to Class A shares and vest on 03/01/2026. Sales were made pursuant to a 10b5-1 plan adopted March 17, 2025.

Positive

• Planned sales executed under a 10b5-1 plan (adopted March 17, 2025) indicate prearranged, rule-compliant dispositions
• Remaining indirect ownership is substantial with 4,319,648 Class A shares after the reported sales, preserving influence
• 180,737 RSUs vesting on March 1, 2026 maintain future alignment between executive and shareholder interests

Negative

• Large insider disposals (two blocks of 596,356 shares) materially reduced indirect holdings between 09/19/2025 and 09/22/2025
• Weighted-average sale prices near $6.2–$6.5 establish realized liquidity points that could be interpreted negatively by some investors

Insights

Financial Analyst

TL;DR: Significant scheduled insider sales reduced indirect holdings but material ownership remains substantial.

The reported transactions show two large, planned dispositions of 596,356 shares each under a 10b5-1 plan at average prices of $6.45 and $6.23. Indirect beneficial ownership declined from 4,916,004 to 4,319,648 shares across those sales, indicating a meaningful but orderly reduction of position rather than an unplanned exit. The presence of 180,737 RSUs vesting March 1, 2026 supports future alignment with equity incentives. For valuation context, the weighted-average sale prices provide realized liquidity points near $6.2–$6.5 per share.

Corporate Governance Expert

TL;DR: Sales executed under a documented 10b5-1 plan reduce signaling risk but warrant monitoring of ongoing insider activity.

Because the disposals were conducted pursuant to a 10b5-1 plan adopted March 17, 2025, the transactions carry the procedural protections of prearranged trades, which mitigates concerns about trading on material nonpublic information. Mat Ishbia remains both an officer and a significant indirect holder via SFS Corp, which preserves governance influence despite reduced share counts. The filing discloses direct holdings, indirect holdings through SFS Corp, and outstanding RSUs, providing transparent ownership structure for investors and regulators.

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)
09/19/2025

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	09/19/2025		S		596,356(1)	D	$6.45(2)	4,916,004	I	See Footnote(3)
Class A Common Stock	09/22/2025		S		596,356(1)	D	$6.23(4)	4,319,648	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 $6.40 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.

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 $6.06 to $6.33 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	09/22/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	09/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did Mat Ishbia report for UWMC on Form 4?

He sold 596,356 shares on 09/19/2025 at a weighted average $6.45 and 596,356 shares on 09/22/2025 at a weighted average $6.23, plus a separate disposition of 279,989 shares.

Were the UWMC sales by Mat Ishbia part of a trading plan?

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

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

4,319,648 Class A shares are reported as beneficially owned indirectly following the 09/22/2025 transactions.

Does Mat Ishbia have any equity awards that will convert to UWMC shares?

Yes. The filing shows 180,737 RSUs that convert one-for-one to Class A Common Stock and vest on 03/01/2026.

What entity also holds UWMC shares related to Mat Ishbia?

SFS Corp holds securities directly and is a 10% holder; Mat Ishbia is CEO and sole director of SFS Corp and exercises voting and dispositive power over those shares.