UWMC Form 4: Mat Ishbia reports sequential disposals and 180,737 RSUs
Rhea-AI Filing Summary
Mat Ishbia and SFS Holding Corp. reported multiple dispositions of UWM Holdings Corp (UWMC) Class A common stock under a Rule 10b5-1 plan. On 08/26/2025, 400,036 shares were sold at a weighted average price of $5.77, leaving 1,698,236 shares beneficially owned; on 08/27/2025 another 400,036 shares were sold at a weighted average of $5.68, leaving 1,298,200 shares; and on 08/28/2025 an additional 400,036 shares were sold at a weighted average of $5.56, leaving 898,164 shares. The filing also reports a disposition of 279,989 shares and shows 180,737 RSUs that convert one-for-one to Class A shares and vest on 03/01/2026. The securities held by SFS Corp are held directly and indirectly by Mat Ishbia through his roles described in the form.
Positive
- Sales executed under a 10b5-1 plan, indicating pre-arranged transactions dated March 17, 2025.
- Complete disclosure of transaction details including weighted-average prices and beneficial ownership after each sale.
- RSUs disclosed with vesting date (180,737 RSUs vesting on 03/01/2026).
Negative
- Substantial share dispositions reported (multiple sales of 400,036 shares on 08/26-08/28/2025 and a disposition of 279,989 shares), which reduce beneficial holdings.
Insights
TL;DR: Insider sold significant UWMC shares over three days under a pre-arranged 10b5-1 plan; remaining indirect holdings and RSUs retained.
The transactions are fully disclosed and executed pursuant to a 10b5-1 plan adopted March 17, 2025, with weighted average sale prices of $5.77, $5.68 and $5.56 across 08/26-08/28/2025. The form shows step-downs in beneficially owned Class A shares from 1,698,236 to 898,164 after sequential sales and records 180,737 RSUs vesting 03/01/2026. This is a transparency event rather than an earnings or corporate-action disclosure; it quantifies liquidity taken by an insider but does not itself provide operational performance data.
TL;DR: Insider disposals were conducted under a documented 10b5-1 plan and properly reported; vesting RSUs remain disclosed.
The filing identifies Mat Ishbia as CEO and sole director of SFS Corp and explains indirect ownership and voting/dispositive power over SFS-held shares. Sales are described as pursuant to the 10b5-1 plan and specific weighted average price ranges are provided. The disclosure includes signatures and requisite explanations, meeting Form 4 reporting norms; no amendments or unusual procedural items are disclosed.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 400,036 | $5.56 | $2.22M |
| Sale | Class A Common Stock | 400,036 | $5.68 | $2.27M |
| Sale | Class A Common Stock | 400,036 | $5.77 | $2.31M |
| 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 $5.67 to $5.85 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 $5.60 to $5.73 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 $5.48 to $5.73 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.
