UWM Holdings insider SFS Corp sells UWMC shares, RSUs vesting noted

Rhea-AI Filing Summary

UWM Holdings Corp (UWMC) insider activity: Mat Ishbia, the company’s President and CEO, director and a 10% owner, reported share sales by SFS Corp under a Rule 10b5-1 trading plan adopted on March 17, 2025.

On November 18, 2025, SFS Corp sold 596,356 shares of Class A common stock at a weighted average price of $4.93. On November 19, 2025, SFS Corp sold another 596,356 shares at a weighted average price of $4.96. After these transactions, SFS Corp reported indirect beneficial ownership of 6,472,696 shares, while Ishbia also directly holds 279,989 shares.

The filing also notes 180,737 restricted stock units that convert into an equal number of Class A shares. These RSUs were granted under the 2020 Omnibus Incentive Plan and are scheduled to vest on March 1, 2026.

Insights

Equity Ownership and Governance Analyst

Large pre-planned insider sale by controlling executive; ownership remains high but signal skews modestly negative.

The filing shows that **Mat Ishbia**, President, CEO, director, and an indirect **10% owner** of **UWM Holdings Corp**, sold an aggregate of **1,192,712** shares of Class A common stock over two days, on 11/18/2025 and 11/19/2025. The sales were executed by **SFS Corp** under a Rule 10b5‑1 trading plan adopted on March 17, 2025 at weighted average prices of about $4.93 and $4.96 per share, within disclosed price ranges. After these sales, SFS Corp holds **6,472,696** Class A shares indirectly attributed to Ishbia, while Ishbia also holds **279,989** shares directly and **180,737** restricted stock units that convert one-for-one into Class A stock.

The business mechanism here is a scheduled disposition by a major insider, using a pre-established 10b5‑1 plan, which is designed to separate trading decisions from day-to-day information flow. Although the sale size is meaningful in absolute terms, Ishbia’s combined direct, indirect, and RSU-linked exposure remains substantial, which maintains a significant alignment between his economic interest and the company’s equity performance. The filing also clarifies that SFS Corp has no interest in Ishbia’s directly held shares.

Items to watch include any future Form 4s showing continued sales under this same 10b5‑1 plan and the scheduled vesting of the **RSUs on March 1, 2026** under the 2020 Omnibus Incentive Plan. Over the next 12–18 months, the pattern of additional planned dispositions versus new equity grants or holdings will help indicate whether Ishbia’s net exposure is trending down, flat, or stable while still remaining a major holder.

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)
11/18/2025

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	11/18/2025		S		596,356(1)	D	$4.93(2)	7,069,052	I	See Footnote(3)
Class A Common Stock	11/19/2025		S		596,356(1)	D	$4.96(4)	6,472,696	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 $4.82 to $5.01 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 $4.88 to $5.02 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	11/19/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	11/19/2025
	** 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.

FAQ

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

The report shows that SFS Corp, an entity for which Mat Ishbia exercises voting and dispositive power, sold 596,356 UWMC Class A shares on November 18, 2025 at a weighted average price of $4.93, and another 596,356 shares on November 19, 2025 at a weighted average price of $4.96, under a Rule 10b5-1 trading plan.

How many UWM Holdings (UWMC) shares does SFS Corp beneficially own after these transactions?

Following the reported sales, SFS Corp is shown as indirectly beneficially owning 6,472,696 shares of UWMC Class A common stock.

How many UWMC shares does Mat Ishbia hold directly after the reported trades?

The filing states that Mat Ishbia directly holds 279,989 shares of UWM Holdings Corp Class A common stock, separate from the shares held indirectly through SFS Corp.

What is the relationship between Mat Ishbia and SFS Corp in the UWMC filing?

Mat Ishbia is the Chief Executive Officer and sole director of SFS Corp and acts as investment advisor to the trust that owns SFS Corp’s voting securities, giving him voting and dispositive power over the UWMC shares held by SFS Corp. The filing notes that, by virtue of its relationship with Ishbia, SFS Corp may be deemed a director by deputization.

Were the UWMC stock sales by SFS Corp made under a Rule 10b5-1 plan?

Yes. The explanation of responses states that the November 18, 2025 and November 19, 2025 sales were made pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on March 17, 2025.

What restricted stock units (RSUs) related to UWMC are reported in this Form 4?

The filing reports 180,737 restricted stock units that convert to UWM Holdings Corp Class A common stock on a one-for-one basis. These RSUs were granted under the 2020 Omnibus Incentive Plan and are scheduled to vest on March 1, 2026.

What price range did the UWMC shares sell for in the reported transactions?

For the November 18, 2025 sales, the weighted average price was $4.93 per share, with individual trades ranging from $4.82 to $5.01. For the November 19, 2025 sales, the weighted average price was $4.96, with trades ranging from $4.88 to $5.02.