UWM Holdings (UWMC) CEO Mat Ishbia details stock sales and 6.6M share conversion

Rhea-AI Filing Summary

UWM Holdings Corp. insider Mat Ishbia, a director, 10% owner, and the company’s President and CEO, reported multiple transactions in Class A Common Stock. On 12/30/2025, 12/31/2025, and 01/02/2026, an affiliate sold 632,874 shares on each date at weighted average prices of $4.43, $4.37, and $4.42 per share, respectively, under a Rule 10b5-1 trading plan adopted by SFS Corp on March 17, 2025.

On 01/02/2026, 6,600,000 UWM Paired Interests were converted into the same number of Class A Common shares, which were acquired by SFS Corp. Following these transactions, 6,314,123 Class A shares are reported as indirectly owned through SFS Corp, and 279,989 Class A shares are reported as directly owned by Mat Ishbia. The filing also reports 180,737 restricted stock units that convert one-for-one into Class A stock and vest on March 1, 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)
12/30/2025

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	12/30/2025		S		632,874(1)	D	$4.43(2)	979,871	I	See Footnote(3)
Class A Common Stock	12/31/2025		S		632,874(1)	D	$4.37(4)	346,997	I	See Footnote(3)
Class A Common Stock	01/02/2026		C		6,600,000	A	(5)	6,946,997	I	See Footnote(3)
Class A Common Stock	01/02/2026		S		632,874(1)	D	$4.42(6)	6,314,123	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)	01/02/2026		C			6,600,000	01/21/2021	(8)	Class A Common Stock	6,600,000	$0	1,324,882,620	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 $4.36 to $4.48 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 $4.34 to $4.40 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 $4.35 to $4.46 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	01/02/2026
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	01/02/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transactions did UWM Holdings (UWMC) report in this Form 4?

The filing reports that an affiliate of Mat Ishbia sold 632,874 Class A shares of UWM Holdings Corp. on each of 12/30/2025, 12/31/2025, and 01/02/2026, and that 6,600,000 UWM Paired Interests were converted into the same number of Class A Common shares on 01/02/2026.

Who is the reporting person in the UWM Holdings (UWMC) Form 4?

The reporting person is Mat Ishbia, who is identified as a director, 10% owner, and President and CEO of UWM Holdings Corp. Certain securities are held indirectly through SFS Corp, a 10% holder of the issuer.

What were the sale prices for the UWM Holdings (UWMC) insider stock sales?

The filing shows weighted average sale prices of $4.43 per share on 12/30/2025, $4.37 per share on 12/31/2025, and $4.42 per share on 01/02/2026. The prices reflect ranges detailed in the footnotes.

What are UWM Paired Interests and how many were converted in this report?

UWM Paired Interests each consist of one share of non-economic voting Class D Common Stock and one Class B common unit of UWM Holdings, LLC. Each Paired Interest is convertible into one share of Class A Common Stock. On 01/02/2026, 6,600,000 UWM Paired Interests were converted into 6,600,000 Class A shares for SFS Corp.

Were the UWM Holdings (UWMC) insider sales under a 10b5-1 trading plan?

Yes. The sales of 632,874 Class A shares reported in the filing were made pursuant to a Rule 10b5-1 trading plan adopted by SFS Corp on March 17, 2025, as described in the explanation of responses.

How many UWM Holdings (UWMC) shares does Mat Ishbia own after these transactions?

After the reported transactions, the filing shows 6,314,123 Class A shares indirectly owned through SFS Corp and 279,989 Class A shares directly owned by Mat Ishbia. It also reports 180,737 restricted stock units that will convert into Class A shares upon vesting.

What restricted stock units (RSUs) are reported for UWM Holdings (UWMC)?

The filing reports 180,737 restricted stock units that convert on a one-for-one basis into Class A Common Stock. These RSUs were granted under the 2020 Omnibus Incentive Plan and vest on March 1, 2026.