[Form 4] UWM Holdings Corporation Insider Trading Activity

Rhea-AI Filing Summary

UWM Holdings Corp. (UWMC) filed a Form 4 disclosing three open-market sales of its Class A common stock by Chief Executive Officer, President and 10% owner Mat Ishbia acting through affiliated entity SFS Corp. The transactions occurred under a Rule 10b5-1 trading plan adopted on 17 March 2025.

• On 18 Jun 2025, SFS Corp sold 400,036 shares at a weighted-average price of $3.93 per share.
• On 20 Jun 2025, SFS Corp sold 400,036 shares at a weighted-average price of $4.02 per share.
• On 23 Jun 2025, SFS Corp sold 400,036 shares at a weighted-average price of $4.10 per share.

Following these transactions, SFS Corp’s indirect beneficial ownership declined from 4,099,964 to 2,899,856 shares. Mat Ishbia continues to own 279,989 shares directly. The filing also reports 180,737 Restricted Stock Units held directly by Mr. Ishbia, which will vest on 1 Mar 2026 and convert to Class A shares on a 1-for-1 basis under the company’s 2020 Omnibus Incentive Plan.

The Form 4 was jointly filed by Mr. Ishbia and SFS Corp because SFS Corp is a 10% holder and may be deemed a director by deputization. No derivative transactions were executed in this period; the RSU position remained unchanged.

Positive

• None.

Negative

• Large insider sale: CEO and 10% holder Mat Ishbia disposed of 1,200,108 shares over three days, potentially signaling reduced confidence or creating selling pressure.

Insights

Financial Analyst

TL;DR: CEO sold 1.2 M shares (~$4 each); ownership still sizeable but sale is modestly negative signal.

The three sequential sales reduce insider indirect holdings by roughly 29% (from 4.1 M to 2.9 M shares). While executed under a pre-arranged 10b5-1 plan—thereby limiting concerns over selective timing—large disposals by a founder-CEO can pressure sentiment, especially given UWMC’s tightly held float. No purchases offset the selling, and the direct holding remains below 0.3 M shares. Restricted Stock Units vesting in 2026 provide some longer-term alignment, but near-term optics skew negative.

Corporate Governance Expert

TL;DR: Disposals comply with Rule 10b5-1; disclosure transparent; governance risk limited but watch ownership concentration.

The filing meets Section 16 requirements and details price ranges for each tranche, enhancing transparency. Use of a 10b5-1 plan mitigates insider-trading concerns. However, the reduced stake slightly weakens the alignment between controlling shareholder and minority investors. Continued dual roles (CEO, Director, 10% holder) keep governance concentration high.

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)
06/18/2025

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	06/18/2025		S		400,036(1)	D	$3.93(2)	3,699,928	I	See Footnote(3)
Class A Common Stock	06/20/2025		S		400,036(1)	D	$4.02(4)	3,299,892	I	See Footnote(3)
Class A Common Stock	06/23/2025		S		400,036(1)	D	$4.1(5)	2,899,856	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 $3.81 to $4.00 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 $3.96 to $4.07 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 $3.97 to $4.22 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	06/23/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	06/23/2025
	** 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

How many UWMC shares did CEO Mat Ishbia sell in June 2025?

He sold 1,200,108 Class A shares across three transactions on 18, 20 and 23 June 2025.

At what prices were the UWMC shares sold?

Weighted-average prices were $3.93, $4.02 and $4.10 for each respective sale.

What is Mat Ishbia’s remaining indirect ownership in UWMC after the sales?

SFS Corp now holds 2,899,856 Class A shares on an indirect basis for Mat Ishbia.

Do the reported Restricted Stock Units immediately increase outstanding shares?

No. The 180,737 RSUs will vest on 1 Mar 2026 and convert to Class A stock on a one-for-one basis at that time.

Was the insider selling conducted under a 10b5-1 trading plan?

Yes. The sales were executed pursuant to a 10b5-1 plan adopted by SFS Corp on 17 Mar 2025.