[Form 4] UWM Holdings Corporation Insider Trading Activity

Rhea-AI Filing Summary

Carvana Co. (CVNA) – Form 4, filed 07/24/2025. CEO, Chairman and 10% owner Ernest C. Garcia III reported 10,000 Class A shares sold on 07/23/2025 through two family trusts under a Rule 10b5-1 trading plan adopted 13-Dec-2024. The sales were executed in 18 tranches at volume-weighted average prices between $332.40 and $341.78, generating roughly $3.36 million in gross proceeds.

Post-sale, the Ernest Irrevocable 2004 Trust III holds 621,440 shares and the Ernest C. Garcia III Multi-Generational Trust III holds 721,440 shares, for a combined indirect position of 1.34 million shares. One line in the filing also lists 924,384 shares held directly, implying García maintains an economic interest exceeding 2.2 million shares even after the transaction.

No derivative transactions were reported. The filing reflects routine liquidity activity rather than a change in control; nonetheless, it represents insider selling by the company’s most senior executive.

Insights

Securities Analyst

TL;DR: CEO sold 10k CVNA shares (~$3.4m); modest vs. 2.2m+ stake but still a negative sentiment signal.

The transaction equals about 0.45 % of García’s reported direct + indirect holdings, limiting dilution of insider ownership. Proceeds were realized near 52-week highs, suggesting profit-taking. Because sales were pre-scheduled under a 10b5-1 plan, regulatory risk is low, yet market participants often view CEO selling—especially when share price is elevated—as a bearish indicator. No options were exercised and no derivatives created, so the move does not improve alignment. Overall impact: modestly negative for sentiment.

Corporate Governance Expert

TL;DR: Pre-planned sale under 10b5-1 reduces conflict concerns; ownership concentration remains high.

The filing confirms compliance with updated 10b5-1 disclosure rules (plan adoption date included), supporting transparency. García retains significant voting control through high-share trusts plus direct stock, sustaining alignment with minority holders. The 10,000-share reduction does not materially affect governance dynamics. Impact deemed neutral from a governance standpoint, though boards often monitor cumulative sales pace.

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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)
07/22/2025

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	07/22/2025		S		400,036(1)	D	$4.57(2)	3,299,136	I	See Footnote(3)
Class A Common Stock	07/23/2025		S		400,036(1)	D	$4.65(4)	2,899,100	I	See Footnote(3)
Class A Common Stock	07/24/2025		S		400,036(1)	D	$4.42(5)	2,499,064	I	See Footnote(3)
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
Restricted Stock Units	(7)							(8)	(8)	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 $4.43 to $4.65 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 $4.55 to $4.76 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 $4.35 to $4.58 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. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis.

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

Remarks:

	/s/ Mat Ishbia	07/24/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	07/24/2025
	** Signature of Reporting Person	Date
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