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UWM Holdings (NYSE: UWMC) CEO Mat Ishbia details insider stock sales and RSU holdings

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

UWM Holdings Corp insider Mat Ishbia reported multiple stock transactions and equity awards. Through SFS Corp, a 10% owner of UWM, he reported three open-market sales of Class A common stock under a pre-arranged Rule 10b5-1 trading plan on November 25, 26, and 28, 2025, at weighted average prices of $5.60, $5.81, and $5.85 per share, respectively. After these sales, SFS Corp held 3,053,843 Class A shares, which Ishbia indirectly controls.

Ishbia also directly owns 279,989 Class A shares separate from SFS Corp. In addition, he holds 180,737 restricted stock units that will convert into an equal number of Class A shares, scheduled to vest on March 1, 2026 under the 2020 Omnibus Incentive Plan. Ishbia is UWM’s President, CEO, director, and a 10% owner, so these changes reflect adjustments in a large insider’s economic and voting exposure to the company.

Positive

  • None.

Negative

  • None.

Insights

Large shareholder and CEO sells shares via 10b5-1 plan; ownership remains significant, economics unchanged for the company.

The filing reports multiple sales of Class A Common Stock in late November 2025 by SFS Corp, a 10% holder, with indirect beneficial ownership attributed to Mat Ishbia, who is also President, CEO and a director. On 11/25/2025, 11/26/2025, and 11/28/2025, SFS Corp sold blocks of 596,356, 596,356, and 437,073 shares, respectively, under a Rule 10b5-1 trading plan adopted on March 17, 2025. After these sales, SFS Corp still holds 3,053,843 shares indirectly for Ishbia, and Ishbia also directly holds 279,989 shares.

The sales were open-market dispositions coded "S" at weighted average prices of about $5.60, $5.81, and $5.85, with stated price ranges around each average. These are secondary transactions by an existing holder, so they do not change the company’s cash position or share count; they only shift who owns the stock. The filing also shows Ishbia holds 180,737 Restricted Stock Units that convert one-for-one into Class A shares and are scheduled to vest on March 1, 2026 under the 2020 Omnibus Incentive Plan, which maintains an element of equity-based alignment going forward.

Because the transactions occur under a pre-established 10b5-1 plan and leave Ishbia and SFS Corp with meaningful ownership, the disclosure mainly updates the ownership profile rather than indicating an operational or financial change. Items to watch over the next year include any continuation of programmed share sales under the plan, changes in total beneficial ownership relative to the 10% holder threshold, and the vesting and settlement of the 180,737 RSUs on or after March 1, 2026.

Insider Mat Ishbia, SFS HOLDING CORP
Role President and CEO | 10% Owner
Sold 1,629,785 shs ($9.36M)
Type Security Shares Price Value
Sale Class A Common Stock 437,073 $5.85 $2.56M
Sale Class A Common Stock 596,356 $5.81 $3.46M
Sale Class A Common Stock 596,356 $5.60 $3.34M
holding Restricted Stock Units -- -- --
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 3,053,843 shares (Indirect, See Footnote); Restricted Stock Units — 180,737 shares (Direct); Class A Common Stock — 279,989 shares (Direct)
Footnotes (1)
  1. Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.28 to $5.73 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. 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. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.68 to $5.89 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. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.77 to $5.89 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. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.
Form 4 Insider Transactions: What Each Field Means →
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)
11/25/2025
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 11/25/2025 S 596,356(1) D $5.6(2) 4,087,272 I See Footnote(3)
Class A Common Stock 11/26/2025 S 596,356(1) D $5.81(4) 3,490,916 I See Footnote(3)
Class A Common Stock 11/28/2025 S 437,073(1) D $5.85(5) 3,053,843 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 $5.28 to $5.73 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 $5.68 to $5.89 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 $5.77 to $5.89 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 11/28/2025
/s/ Mat Ishbia, CEO, for SFS Holding Corp. 11/28/2025
** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did Mat Ishbia report in this Form 4 for UWMC?

Mat Ishbia reported a series of sales of UWM Holdings Corp Class A common stock by SFS Corp, a 10% holder he controls, plus his current direct and indirect share ownership and his outstanding restricted stock units.

How many UWMC shares did SFS Corp sell and at what prices?

SFS Corp sold 596,356 Class A shares on November 25, 2025 at a weighted average price of $5.60, 596,356 shares on November 26, 2025 at $5.81, and 437,073 shares on November 28, 2025 at $5.85 per share.

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

Yes. The filing states the sales were made pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on March 17, 2025, which is a pre-arranged plan for insider trading compliance.

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

After the reported transactions, SFS Corp held 3,053,843 Class A shares that Ishbia indirectly controls, and Ishbia directly owns an additional 279,989 Class A shares in his own name.

What restricted stock units (RSUs) does Mat Ishbia hold in UWM Holdings Corp?

He holds 180,737 RSUs that each convert into one share of Class A common stock. These RSUs were granted under the 2020 Omnibus Incentive Plan and are scheduled to vest on March 1, 2026.

What is Mat Ishbia’s role at UWM Holdings Corp (UWMC)?

Mat Ishbia is a director, 10% owner, President, and Chief Executive Officer of UWM Holdings Corp, and he also serves as Chief Executive Officer and sole director of SFS Corp, which holds a large block of UWMC shares.