UWM Holdings (UWMC) CEO and 10% Holder Detail December Stock Sales and RSUs

Rhea-AI Filing Summary

UWM Holdings Corp’s President and CEO Mat Ishbia, together with affiliated 10% holder SFS Corp, reported multiple open‑market sales of Class A common stock in late December 2025 under a Rule 10b5‑1 trading plan. On 12/23/2025, SFS Corp sold 402,483 shares at a weighted average price of $4.70 per share, followed by 449,997 shares at a weighted average of $4.66 on 12/24/2025, 632,874 shares at $4.57 on 12/26/2025, and 632,874 shares at $4.42 on 12/29/2025.

After these transactions, SFS Corp reported indirect beneficial ownership of 1,612,745 shares of Class A common stock, while Mat Ishbia also held 279,989 shares directly. In addition, he beneficially owned 180,737 restricted stock units that convert into an equal number of Class A shares and are scheduled to vest on March 1, 2026 under the company’s 2020 Omnibus Incentive Plan.

Insights

Insider transactions analyst

CEO and 10% holder report planned stock sales and remaining equity stake.

The filing shows that Mat Ishbia and affiliated 10% holder SFS Corp executed several sales of UWM Holdings Corp Class A common stock across four trading days in December 2025. Each transaction is coded "S" for sale and is described as having been made under a Rule 10b5‑1 trading plan adopted by SFS Corp on March 17, 2025, which indicates the trades were pre‑scheduled rather than decided at the time of sale.

The reported weighted average sale prices ranged from $4.42 to $4.70 per share, with SFS Corp’s indirect holdings moving from over 3.3 million to 1,612,745 shares of Class A common stock following the transactions. Separately, Ishbia directly held 279,989 shares. The filing also notes 180,737 restricted stock units that will vest on March 1, 2026, providing an additional source of future equity, alongside his ongoing indirect voting and dispositive power over SFS Corp’s holdings.

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)
12/23/2025

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	12/23/2025		S		402,483(1)	D	$4.7(2)	3,328,490	I	See Footnote(3)
Class A Common Stock	12/24/2025		S		449,997(1)	D	$4.66(4)	2,878,493	I	See Footnote(3)
Class A Common Stock	12/26/2025		S		632,874(1)	D	$4.57(5)	2,245,619	I	See Footnote(3)
Class A Common Stock	12/29/2025		S		632,874(1)	D	$4.42(6)	1,612,745	I	See Footnote(3)
Class A Common Stock								279,989	D(7)

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	(8)							(9)	(9)	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 $4.63 to $4.86 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 $4.62 to $4.69 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 $4.54 to $4.65 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. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.39 to $4.56 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

7. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.

8. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis.

9. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.

Remarks:

	/s/ Mat Ishbia	12/29/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	12/29/2025
	** 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 UWMC CEO Mat Ishbia report in this filing?

The filing reports multiple open‑market sales of UWM Holdings Corp Class A common stock by SFS Corp, an entity controlled by CEO Mat Ishbia, on December 23, 24, 26 and 29, 2025, all coded as sales of Class A shares.

Were the UWMC insider stock sales made under a Rule 10b5-1 trading plan?

Yes. The filing states that the sales on behalf of SFS Corp were made pursuant to a Rule 10b5‑1 Plan adopted by SFS Corp on March 17, 2025.

What sale prices were reported for the UWM Holdings Corp insider transactions?

The reported weighted average prices per share were $4.70 on December 23, $4.66 on December 24, $4.57 on December 26, and $4.42 on December 29, 2025, each with disclosed intraday price ranges.

How many UWM Holdings Corp shares does SFS Corp beneficially own after these sales?

After the reported transactions, SFS Corp is shown as indirectly beneficially owning 1,612,745 shares of UWM Holdings Corp Class A common stock.

What UWM Holdings Corp shares does Mat Ishbia hold directly versus indirectly?

The filing shows 279,989 shares of Class A common stock held directly by Mat Ishbia, and additional shares held indirectly through SFS Corp, over which he exercises voting and dispositive power.

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

The filing reports 180,737 restricted stock units that convert into the same number of Class A shares and are scheduled to vest on March 1, 2026 under the 2020 Omnibus Incentive Plan.

What is SFS Corp’s relationship to UWM Holdings Corp and Mat Ishbia?

SFS Corp is a 10% holder of UWM Holdings Corp. Mat Ishbia is its CEO and sole director and advises the trust that owns SFS Corp’s voting securities, giving him voting and dispositive power over SFS Corp’s UWM shares.