[Form 4] UWM Holdings Corporation Insider Trading Activity

Rhea-AI Filing Summary

Form 4: CEO & President Mat Ishbia (via SFS Holding Corp.) converted 4,200,000 UWM Paired Interests into the same number of Class A shares on 08/01/25. Under a Rule 10b5-1 plan adopted 03/17/25, SFS then sold 400,036 shares at a VWAP of $4.19 on 08/01/25 and another 400,036 shares at a VWAP of $4.25 on 08/04/25.

Post-sale indirect Class A ownership fell from 4,698,884 to 3,898,812 shares, while Ishbia also owns 279,989 shares directly. He still controls 1.38 billion convertible UWM Paired Interests, so voting and economic control remain largely unchanged.

The transactions add 4.2 million shares to the public float and represent modest (≈0.2% of total convertible holdings) liquidity, not a strategic exit. No derivatives were disposed of; 180,737 RSUs vest on 03/01/26.

Positive

• Added public float: Conversion of 4.2 M paired interests increases freely tradable Class A shares, potentially improving liquidity.
• Structured via 10b5-1 plan: Pre-arranged sales reduce perception of opportunistic insider trading and align with governance best practices.

Negative

• Insider selling: CEO sold 800,072 shares (~$3.3 M) over two days, which can create short-term price pressure and negative sentiment.

Insights

Securities Analyst

TL;DR (25w): CEO converts 4.2 M paired units, sells 0.8 M shares; float rises slightly, control unchanged—signals liquidity, not bearish shift.

The sale represents roughly $3.3 M in proceeds and <1% of Ishbia’s economic stake when paired interests are included. Conversion increases freely tradable shares, adding incremental liquidity that could ease trading spreads. Because the sales were pre-scheduled under a 10b5-1 plan and total ownership remains overwhelmingly concentrated, I view the impact as neutral-to-slightly negative; insider selling can pressure sentiment, but magnitude is immaterial to control or long-term thesis.

Corporate Governance Expert

TL;DR (23w): Pre-planned insider sales modest; paired-interest conversion improves share structure transparency while maintaining founder control.

Moving securities from paired to plain Class A simplifies capital structure and aligns voting with economic interest. Continued dominance via 1.38 B paired interests keeps dual-class dynamic intact. The use of a 10b5-1 plan mitigates governance concerns over timing. Overall governance effect is neutral; float expansion benefits minority holders, but control concentration persists.

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).

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)
08/01/2025

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	08/01/2025		C		4,200,000	A	(1)	4,698,884	I	See Footnote(2)
Class A Common Stock	08/01/2025		S		400,036(3)	D	$4.19(4)	4,298,848	I	See Footnote(2)
Class A Common Stock	08/04/2025		S		400,036(3)	D	$4.25(5)	3,898,812	I	See Footnote(2)
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
UWM Paired Interests	(1)	08/01/2025		C			4,200,000	01/21/2021	(7)	Class A Common Stock	4,200,000	$0	1,380,682,620	I	See Footnote(2)
Restricted Stock Units	(8)							(9)	(9)	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. 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.

2. 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.

3. Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025.

4. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.11 to $4.31 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 $4.16 to $4.28 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. The conversion rights related to the UWM Paired Interests do not expire.

8. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis.

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

Remarks:

	/s/ Mat Ishbia	08/04/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	08/04/2025
	** 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).
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FAQ

How many UWMC shares did CEO Mat Ishbia sell?

He sold 800,072 Class A shares—400,036 on 08/01/25 and 400,036 on 08/04/25.

At what prices were UWMC shares sold?

Weighted average prices were $4.19 on 08/01/25 and $4.25 on 08/04/25.

Did the insider transactions change control of UWMC?

No. Ishbia still controls 1.38 B convertible paired interests, maintaining effective control.

What is a UWM Paired Interest?

Each paired interest equals one Class D share plus one UWM LLC Class B unit, convertible 1-for-1 into Class A shares.

When do the reported RSUs vest?

The 180,737 RSUs vest on March 1, 2026 and convert 1-for-1 into Class A shares.