UWM Holdings (UWMC) CEO Mat Ishbia discloses stock sales and 180,737 RSUs

Rhea-AI Filing Summary

UWM Holdings Corp. insider Mat Ishbia, through 10% holder SFS Corp, reported open-market sales of Class A common stock under a Rule 10b5-1 trading plan. SFS Corp sold 612,287 shares on 12/09/2025 at a weighted average price of $5.54 per share and another 612,287 shares on 12/10/2025 at a weighted average price of $5.60 per share. After these transactions, 4,955,547 shares of Class A common stock were beneficially owned indirectly, and 279,989 shares were held directly by Mat Ishbia. The filing also reports 180,737 restricted stock units that convert into Class A common stock on a one-for-one basis and are scheduled to vest on March 1, 2026 under the 2020 Omnibus Incentive Plan.

Insights

Equity Ownership and Governance Analyst

Large pre‑planned insider sales by CEO/10% holder shift but do not eliminate significant ownership exposure.

The filing shows that **Mat Ishbia**, President, CEO, director, and a **10% owner**, and **SFS Corp** sold Class A Common Stock on 12/09/2025 and 12/10/2025 under a Rule 10b5‑1 trading plan adopted on March 17, 2025. Two sale transactions each involved 612,287 shares of Class A Common Stock at weighted average prices of about $5.54 and $5.6. After these sales, **SFS Corp** continues to hold **4,955,547** shares indirectly attributed to Ishbia, and Ishbia also directly holds **279,989** shares.

The sales reduce, but do not remove, a substantial indirect stake in the company through SFS Corp and related trusts. Because the transactions occur under a pre‑established 10b5‑1 plan, the timing follows a disclosed framework, which can help separate trading activity from later information. The filing also clarifies that SFS Corp and Ishbia exercise voting and dispositive power over the SFS Corp shares, reinforcing their continuing influence over governance despite the disposals.

The filing also discloses **180,737 Restricted Stock Units (RSUs)** that convert one‑for‑one into Class A Common Stock and vest on March 1, 2026 under the 2020 Omnibus Incentive Plan. This future vesting partially offsets current share sales by adding a defined pipeline of potential new shares for Ishbia. Key items to watch are any further Form 4s tied to the same 10b5‑1 plan and the RSU vesting event around March 1, 2026, which together shape the ongoing trajectory of Ishbia’s economic and voting exposure.

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)
12/09/2025

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	12/09/2025		S		612,287(1)	D	$5.54(2)	5,567,834	I	See Footnote(3)
Class A Common Stock	12/10/2025		S		612,287(1)	D	$5.6(4)	4,955,547	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 $5.50 to $5.65 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.

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 $5.49 to $5.69 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. 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	12/10/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	12/10/2025
	** 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 report for Mat Ishbia and SFS Corp?

The report shows that SFS Corp, associated with Mat Ishbia, sold 612,287 shares of UWM Holdings Corp Class A common stock on 12/09/2025 and 612,287 shares on 12/10/2025 in open-market transactions.

At what prices were the UWMC shares sold in these insider transactions?

The 12/09/2025 sale had a weighted average price of $5.54 per share, with individual trades ranging from $5.50 to $5.65. The 12/10/2025 sale had a weighted average price of $5.60 per share, with prices ranging from $5.49 to $5.69.

How many UWMC shares does Mat Ishbia beneficially own after the reported sales?

Following the transactions, 4,955,547 shares of Class A common stock were beneficially owned indirectly, and 279,989 shares were held directly by Mat Ishbia.

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

Yes. The 612,287-share sale on 12/09/2025 was made pursuant to a Rule 10b5-1 Plan adopted by SFS Corp on March 17, 2025, and the form indicates transactions pursuant to such a plan.

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

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

What restricted stock units (RSUs) did Mat Ishbia report in UWMC stock?

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

Does SFS Corp have any interest in Mat Ishbias directly held UWMC shares?

No. The filing states that the 279,989 shares described as held directly are held by Mat Ishbia, and SFS Corp has no interest in those shares.