[Form 4] UWM Holdings Corp Insider Trading Activity
Rhea-AI Filing Summary
UWM Holdings Corp (UWMC) director, 10% owner, and President & CEO Mat Ishbia reported multiple open-market sales of Class A common stock made through SFS Corp, a 10% holder of the issuer. On 11/20/2025, SFS Corp sold 596,356 shares at a weighted average price of $4.98 per share, followed by another 596,356 shares on 11/21/2025 at a weighted average price of $5.09, and a further 596,356 shares on 11/24/2025 at a weighted average price of $5.21, all pursuant to a Rule 10b5-1 trading plan adopted on March 17, 2025.
After these transactions, SFS Corp beneficially owned 4,683,628 Class A shares indirectly attributed to Mat Ishbia, while he also held 279,989 Class A shares directly. In addition, Mat Ishbia held 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 company’s 2020 Omnibus Incentive Plan.
Positive
- None.
Negative
- None.
Insights
CEO’s 10b5-1 plan sales reduce indirect holdings but keep large stake.
The report details that SFS Corp, a 10% holder associated with Mat Ishbia, sold three equal blocks of 596,356 UWM Holdings Class A shares on 11/20/2025, 11/21/2025, and 11/24/2025. The weighted average sale prices were $4.98, $5.09, and $5.21 per share, respectively, and the filing states these were executed under a Rule 10b5-1 trading plan adopted on March 17, 2025.
Following these sales, SFS Corp beneficially owned 4,683,628 Class A shares, indirectly attributed to Ishbia through his roles with SFS Corp and related trusts. Ishbia also held 279,989 Class A shares directly and 180,737 RSUs that will convert one-for-one into Class A stock, vesting on March 1, 2026 under the 2020 Omnibus Incentive Plan. This indicates a meaningful continuing economic interest despite the reported sales.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 596,356 | $5.21 | $3.11M |
| Sale | Class A Common Stock | 596,356 | $5.09 | $3.04M |
| Sale | Class A Common Stock | 596,356 | $4.98 | $2.97M |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.85 to $5.22 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. 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. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.90 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. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.14 to $5.25 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. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.
