Mat Ishbia Disposes 1.08M UWMC Shares Under 10b5-1 Plan; RSUs Detailed

Rhea-AI Filing Summary

Mat Ishbia, the President and CEO of UWM Holdings Corp and a reported 10% owner, reported multiple dispositions of Class A common stock in Form 4 filings dated 08/11/2025. On 08/08/2025 and 08/11/2025, 400,036 shares were sold on each date pursuant to a 10b5-1 plan adopted by SFS Corp on March 17, 2025; the filing lists a weighted average price of $4.58 and notes sale price ranges of $4.43–$4.74 and $4.52–$4.67 for the respective transactions. A separate disposition of 279,989 shares is also reported as directly held by Mat Ishbia. After the reported transactions, SFS-held indirect Class A holdings are shown as 2,298,668 and 1,898,632 in the table following those sales.

The filing also shows 180,737 restricted stock units that convert one-for-one into Class A common stock; those RSUs vest on March 1, 2026 and were granted under the 2020 Omnibus Incentive Plan. The Form 4 is signed by Mat Ishbia (and signed on behalf of SFS Holding Corp) on 08/11/2025. Footnotes disclose that SFS Corp is a 10% holder and describe Mat Ishbia's control relationship with SFS Corp and certain family trusts.

Positive

• Sales executed under a documented 10b5-1 plan, reducing concerns about opportunistic timing
• Clear disclosure of RSUs: 180,737 RSUs convert one-for-one and vest on March 1, 2026
• Detailed footnotes explain SFS Holding Corp's relationship to Mat Ishbia and trust ownership, improving transparency

Negative

• Insider dispositions total 1,080,061 shares (400,036 on 08/08/2025, 400,036 on 08/11/2025, and 279,989 reported separately), which materially reduce reported holdings
• Indirect holdings reported declined in the entries from 2,298,668 to 1,898,632 following the reported SFS sales
• Sale price ranges include lows of $4.43 and $4.52, with a reported weighted average of $4.58, indicating sales occurred across a price range

Insights

Corporate Governance Expert

TL;DR: Insiders executed pre-planned sales under a 10b5-1 plan; disclosure is complete and remaining holdings and RSUs are clearly reported.

The Form 4 shows materially sized dispositions executed under a documented 10b5-1 trading plan adopted March 17, 2025, which reduces concerns about selective timing by the reporting parties. The filing discloses both indirect holdings through SFS Holding Corp and direct holdings of Mat Ishbia, including a separate direct disposition of 279,989 shares. The report includes full footnote disclosure on ownership links (SFS Corp, trusts) and provides price ranges and weighted averages. Governance transparency is strong here; the plan and footnotes allow stakeholders to verify the nature and timing of the trades.

Securities Analyst

TL;DR: Large insider disposals totaling 1,080,061 shares were reported; impact is disclosure-driven and may be neutral absent additional context.

The filing lists two SFS-directed sales of 400,036 shares on 08/08/2025 and 08/11/2025 and a separate direct disposal of 279,989 shares, totaling 1,080,061 shares reported disposed. The weighted average price for the SFS trades is shown as $4.58, with disclosed intra-range prices. While the absolute share count is significant, the sales were executed under a 10b5-1 plan and the filer retains substantial indirect holdings (shown at 2,298,668 and 1,898,632 in the entries), plus 180,737 RSUs vesting March 1, 2026. Without additional market-cap or float context in the filing, the immediate market impact is unclear; the disclosure is adequate for investors to quantify reduction in holdings.

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
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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).

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)
08/08/2025

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	08/08/2025		S		400,036(1)	D	$4.58(2)	2,298,668	I	See Footnote(3)
Class A Common Stock	08/11/2025		S		400,036(1)	D	$4.58(4)	1,898,632	I	See Footnote(3)
Class A Common Stock								279,989	D(5)

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	(6)							(7)	(7)	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 $4.74 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 $4.52 to $4.67 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. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.

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

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

Remarks:

	/s/ Mat Ishbia	08/11/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	08/11/2025
	** Signature of Reporting Person	Date
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FAQ

What insider transactions were reported for UWMC by Mat Ishbia?

The Form 4 reports SFS-directed sales of 400,036 shares on 08/08/2025 and 400,036 shares on 08/11/2025, plus a separate direct disposition of 279,989 shares.

Were the UWMC sales part of a pre-arranged plan?

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

At what prices were the UWMC shares sold?

The filing lists a weighted average price of $4.58 for the reported SFS sales and discloses price ranges of $4.43–$4.74 and $4.52–$4.67 across the transactions.

How many RSUs does Mat Ishbia hold and when do they vest?

The filing reports 180,737 Restricted Stock Units that convert one-for-one to Class A common stock and vest on March 1, 2026 under the 2020 Omnibus Incentive Plan.

What is Mat Ishbia's relationship to UWM Holdings (UWMC)?

Mat Ishbia is listed as President and CEO, a Director, and a reported 10% owner; SFS Holding Corp is also reported as a 10% owner.

When was the Form 4 signed?

The Form 4 is signed by Mat Ishbia (and on behalf of SFS Holding Corp) with signature dates of 08/11/2025.