[Form 4] UWM Holdings Corp Insider Trading Activity

Rhea-AI Filing Summary

UWM Holdings (UWMC) insider Mat Ishbia, together with SFS Holding Corp., reported converting 6,800,000 UWM Paired Interests into Class A Common Stock on November 3, 2025. The filing also lists open‑market sales of 596,356 shares on November 4 at a weighted average price of $5.76 and 596,356 shares on November 5 at a weighted average price of $5.69, executed under a Rule 10b5‑1 plan adopted on March 17, 2025.

After these transactions, 5,636,256 shares of Class A Common Stock were held indirectly and 279,989 shares were held directly. UWM Paired Interests convert 1‑for‑1 into Class A Common Stock and the conversion rights do not expire. In addition, 180,737 RSUs are outstanding and vest on March 1, 2026.

Insights

Insider Transactions Analyst

CEO-affiliated holder converted 6.8M units to Class A and sold ~1.19M shares under a 10b5-1 plan; large derivative stake remains.

The reporting persons converted 6,800,000 UWM Paired Interests into the same number of Class A shares on 11/03/2025. Subsequent sales totaled 596,356 shares at a weighted average of $5.76 on 11/04/2025 and 596,356 shares at $5.69 on 11/05/2025, executed pursuant to a Rule 10b5-1 plan adopted on 03/17/2025.

After these transactions, indirect Class A holdings moved from 6,828,968 to 5,636,256 shares, alongside 279,989 directly held Class A shares. A substantial indirect derivative position of 1,345,082,620 UWM Paired Interests remains outstanding, each exchangeable 1-for-1 into Class A, with conversion rights that do not expire and no stated conversion price. RSUs of 180,737 are outstanding and vest on 03/01/2026 under the 2020 Omnibus Incentive Plan.

What it means: a meaningful block of new Class A shares was issued via conversion, followed by modest open-market sales relative to the holder’s remaining derivative stake. Items to watch: any further conversions or sales under the plan, updates to the 10b5-1 activity, and the RSU vesting on 03/01/2026.

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)
11/03/2025

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	11/03/2025		C		6,800,000	A	(1)	6,828,968	I	See Footnote(2)
Class A Common Stock	11/04/2025		S		596,356(3)	D	$5.76(4)	6,232,612	I	See Footnote(2)
Class A Common Stock	11/05/2025		S		596,356(3)	D	$5.69(5)	5,636,256	I	See Footnote(2)
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
UWM Paired Interests	(1)	11/03/2025		C			6,800,000	01/21/2021	(7)	Class A Common Stock	6,800,000	$0	1,345,082,620	I	See Footnote(2)
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. Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock of UWM Holdings Corporation (the "Issuer") ("Class D Stock") and one Class B common units of UWM Holdings, LLC ("UWM LLC") ("Class B Common Units"), a subsidiary of the Issuer. Each UWM Paired Interest is convertible for one share of Class A Common Stock of the Issuer (i) at any time at the option of the holder or (ii) automatically upon transfer to a third person. These shares of Class A Common Stock were acquired by SFS Holding Corp. ("SFS Corp") upon the conversion of an equal number of UWM Paired Interests.

2. 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.

3. Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025.

4. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.71 to $5.84 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 $5.64 to $5.85 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. The conversion rights related to the UWM Paired Interests do not expire.

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	11/05/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	11/05/2025
	** 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 did UWMC insider Mat Ishbia report on Form 4?

A conversion of 6,800,000 UWM Paired Interests into Class A Common Stock on November 3, 2025, plus open‑market share sales on November 4 and 5.

How many UWMC shares were sold and at what prices?

Two sales of 596,356 shares each: at a weighted average of $5.76 on November 4 and $5.69 on November 5.

Were the UWMC stock sales made under a 10b5‑1 plan?

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

What are UWM Paired Interests and how do they convert?

Each UWM Paired Interest equals one Class D voting share and one UWM LLC Class B unit, convertible into one Class A share; conversion rights do not expire.

What were the reported UWMC share holdings after the transactions?

The filing shows 5,636,256 Class A shares held indirectly and 279,989 held directly.

What RSUs does Mat Ishbia hold and when do they vest?

There are 180,737 RSUs outstanding that vest on March 1, 2026 and convert 1‑for‑1 into Class A stock.