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

Financial Analyst

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.

Corporate Governance Expert

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.

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)
08/26/2025

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	08/26/2025		S		400,036(1)	D	$5.77(2)	1,698,236	I	See Footnote(3)
Class A Common Stock	08/27/2025		S		400,036(1)	D	$5.68(4)	1,298,200	I	See Footnote(3)
Class A Common Stock	08/28/2025		S		400,036(1)	D	$5.56(5)	898,164	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 $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.

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 $5.60 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.

5. 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.

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	08/28/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	08/28/2025
	** 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 were reported for UWMC?

The Form 4 reports multiple sales of Class A common stock: 400,036 shares sold on 08/26/2025 at a $5.77 weighted average, 400,036 on 08/27/2025 at $5.68, and 400,036 on 08/28/2025 at $5.56; plus a disposition of 279,989 shares.

Who filed the Form 4 for UWMC?

The filers are Mat Ishbia and SFS Holding Corp, with Mat Ishbia identified as President and CEO and as having indirect dispositive and voting power over shares held by SFS Corp.

How many shares did the reporting person beneficially own after the sales?

The filing shows beneficial ownership after the reported sales as: 1,698,236 shares after 08/26/2025, 1,298,200 after 08/27/2025, and 898,164 after 08/28/2025.

Were these sales part of a Rule 10b5-1 trading plan?

Yes. The Form 4 states the sales were made pursuant to a 10b5-1 plan adopted by SFS Corp on March 17, 2025.

Are there any outstanding equity awards disclosed?

Yes. The filing discloses 180,737 Restricted Stock Units that convert one-for-one to Class A common stock and vest on 03/01/2026.