[Form 4] UWM Holdings Corp Insider Trading Activity

Rhea-AI Filing Summary

Mat Ishbia and SFS Holding Corp reported multiple Class A common stock sales under a 10b5-1 plan. The filings show sale transactions on 09/25/2025, 09/26/2025 and 09/29/2025 of 596,356 shares each day at weighted average prices of $6.25, $6.23 and $6.11 respectively, reducing beneficial ownership from 2,530,580 to 1,337,868 shares across those reported transactions. The report also shows a disposal of 279,989 Class A shares and indicates 180,737 RSUs that convert one-for-one to Class A common stock and vest on 03/01/2026.

Insights

Financial Analyst

TL;DR: Insider sales were executed under a 10b5-1 plan across three trading dates, materially reducing reported beneficial holdings.

The Form 4 discloses systematic disposals of 596,356 Class A shares on each of 09/25/2025, 09/26/2025 and 09/29/2025 at weighted average prices of $6.25, $6.23 and $6.11, respectively, and an additional reported disposal of 279,989 shares. Following the transactions, beneficial ownership reported for SFS Corp/Mat Ishbia declined to 1,337,868 shares. The filing notes the sales were made pursuant to a 10b5-1 plan adopted 03/17/2025 and provides price ranges for each weighted average. The presence of 180,737 RSUs that vest 03/01/2026 is also documented.

Corporate Governance Expert

TL;DR: Reporting is thorough and includes 10b5-1 plan disclosure and footnotes clarifying indirect ownership structure.

The Form 4 includes required disclosures: identification of Mat Ishbia as Director, President and CEO and SFS Holding Corp as a 10% owner, footnotes explaining indirect ownership and voting/dispositive power, and clear listing of the 10b5-1 plan used for sales. It also states RSU terms and vesting date. The filing is procedurally complete and provides to-the-point transactional detail without additional commentary.

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)
09/25/2025

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	09/25/2025		S		596,356(1)	D	$6.25(2)	2,530,580	I	See Footnote(3)
Class A Common Stock	09/26/2025		S		596,356(1)	D	$6.23(4)	1,934,224	I	See Footnote(3)
Class A Common Stock	09/29/2025		S		596,356(1)	D	$6.11(5)	1,337,868	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 $6.18 to $6.35 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 $6.18 to $6.38 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 $5.90 to $6.24 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	09/29/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	09/29/2025
	** Signature of Reporting Person	Date
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