[Form 4] UWM Holdings Corp Insider Trading Activity

Rhea-AI Filing Summary

UWM Holdings Corp (UWMC) insider Mat Ishbia, the company’s President, CEO, director and 10% owner, reported multiple equity transactions involving Class A Common Stock and related derivative securities. On 11/13/2025, 11/14/2025 and 11/17/2025, SFS Holding Corp (SFS Corp), which is controlled by Ishbia, sold blocks of 596,356 Class A shares on each date at weighted average prices of $5.27, $5.11 and $4.94, respectively, under a Rule 10b5‑1 trading plan adopted on March 17, 2025. On 11/17/2025, SFS Corp also converted 6,800,000 UWM Paired Interests into an equal number of Class A shares, increasing the reported indirect Class A holdings before subsequent sales. Following the reported transactions, Ishbia reports 7,665,408 Class A shares held indirectly through SFS Corp and 279,989 Class A shares held directly, along with derivative holdings including UWM Paired Interests and 180,737 Restricted Stock Units that vest on March 1, 2026.

Insights

Equity Ownership and Governance Analyst

CEO-affiliated entity sells shares under a 10b5-1 plan while converting a large block of paired interests into Class A stock.

The filing shows that **SFS Corp**, an entity controlled by **Mat Ishbia**, executed several sales of **Class A Common Stock** on 11/13/2025, 11/14/2025, and 11/17/2025 under a Rule 10b5-1 trading plan. Each sale involved 596,356 shares at weighted average prices around $5.27, $5.11, and $4.94, respectively. After these transactions, indirect holdings of Class A stock through SFS Corp stand at 7,665,408 shares, while direct holdings by Mat Ishbia total 279,989 shares.

On 11/17/2025, SFS Corp also converted **6,800,000 UWM Paired Interests** into the same number of Class A shares at a conversion price of $0, increasing the Class A float while reducing paired interests. Even after this conversion, SFS Corp continues to hold a very large derivative position of **1,338,282,620 UWM Paired Interests**, each exchangeable one-for-one into Class A stock, and Mat Ishbia holds **180,737** Restricted Stock Units that vest on 03/01/2026. This keeps overall economic and voting influence high despite the sales.

These moves indicate ongoing diversification of Class A exposure via pre-arranged sales, alongside continued use of the paired-interest structure for long-term control. The main items to watch over the next several quarters are any further Form 4 reports showing additional conversions or sales by SFS Corp or Mat Ishbia, and the vesting and settlement of the **RSUs** on 03/01/2026, as these events directly change the mix of direct, indirect, and derivative 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)
11/13/2025

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	11/13/2025		S		596,356(1)	D	$5.27(2)	2,058,120	I	See Footnote(3)
Class A Common Stock	11/14/2025		S		596,356(1)	D	$5.11(4)	1,461,764	I	See Footnote(3)
Class A Common Stock	11/17/2025		C		6,800,000	A	(5)	8,261,764	I	See Footnote(3)
Class A Common Stock	11/17/2025		S		596,356(1)	D	$4.94(6)	7,665,408	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
UWM Paired Interests	(5)	11/17/2025		C			6,800,000	01/21/2021	(8)	Class A Common Stock	6,800,000	$0	1,338,282,620	I	See Footnote(3)
Restricted Stock Units	(9)							(10)	(10)	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 $5.13 to $5.53 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 $5.02 to $5.17 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. 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.

6. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.83 to $5.10 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. The conversion rights related to the UWM Paired Interests do not expire.

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

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

Remarks:

	/s/ Mat Ishbia	11/17/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	11/17/2025
	** 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.
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FAQ

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

The filing reports that entities associated with Mat Ishbia sold three blocks of 596,356 Class A shares each on 11/13/2025, 11/14/2025 and 11/17/2025, and converted 6,800,000 UWM Paired Interests into an equal number of Class A shares on 11/17/2025.

What prices were received for the UWMC Class A shares sold by SFS Corp?

The reported weighted average sale prices were $5.27 per share on 11/13/2025, $5.11 per share on 11/14/2025, and $4.94 per share on 11/17/2025. Each price reflects a range of individual trade prices disclosed in the footnotes.

What are UWM Paired Interests mentioned in the UWMC Form 4 filing?

Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock of UWM Holdings Corporation and one Class B common unit of UWM Holdings, LLC. Each paired interest is convertible into one share of Class A Common Stock at the holder’s option or automatically upon transfer to a third person.

How many UWMC shares does Mat Ishbia report owning after these transactions?

After the reported transactions, the filing shows 7,665,408 Class A shares held indirectly through SFS Corp and 279,989 Class A shares held directly by Mat Ishbia, plus derivative interests including UWM Paired Interests and 180,737 Restricted Stock Units.

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

Yes. The sales of 596,356 Class A shares on each of 11/13/2025, 11/14/2025 and 11/17/2025 were made pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on March 17, 2025, as noted in the Explanation of Responses.

What Restricted Stock Units does Mat Ishbia hold in UWM Holdings Corp?

The filing reports 180,737 Restricted Stock Units (RSUs), which convert into Class A Common Stock on a one-for-one basis. These RSUs vest on March 1, 2026 and were granted under the company’s 2020 Omnibus Incentive Plan.

How is SFS Corp related to Mat Ishbia and UWMC in this filing?

SFS Corp is a 10% holder of UWM Holdings Corp. The filing states that Mat Ishbia is the Chief Executive Officer and sole director of SFS Corp and serves as investment advisor to the trust that owns its voting securities, giving him voting and dispositive power over the securities held by SFS Corp.