[Form 4] UWM Holdings Corporation Insider Trading Activity

Rhea-AI Filing Summary

UWM Holdings (UWMC) – Form 4 insider activity

President, CEO and 10 % owner Mat Ishbia, acting through affiliate SFS Corp., sold 1,200,108 Class A shares across 5-7 Aug 2025 under a Rule 10b5-1 plan adopted 17 Mar 2025. Weighted-average prices were $4.31, $4.25 and $4.61. The sales lowered SFS Corp.’s indirect holdings from 3.90 m to 2.70 m shares. Ishbia continues to own 279,989 shares directly.

Post-transaction, total direct and indirect beneficial ownership is ~2.98 m shares. The filing also reports 180,737 unvested RSUs that will convert one-for-one into Class A stock on 1 Mar 2026 under the 2020 Omnibus Incentive Plan.

The disclosure reflects substantial insider monetisation yet preserves a meaningful stake and provides transparency through the pre-arranged trading plan.

Insights

Equity Research Analyst

TL;DR: CEO sold 1.2 m shares (~32 % of indirect stake); optics negative despite 10b5-1 plan.

The three-day sale totalled roughly $5.3 m at an average ~$4.39, trimming SFS Corp.’s position by over one-third. While Rule 10b5-1 minimises concerns about information asymmetry, large disposals by a founder-CEO often pressure sentiment, particularly with UWMC trading in the mid-single-digits. Remaining ownership of ~3 m shares and 180 k RSUs still aligns incentives, but near-term market reaction could skew negative.

Corporate Governance Specialist

TL;DR: Pre-planned sales enhance transparency; ownership remains >10 %, impact neutral.

The filing follows best-practice governance: advance-adopted 10b5-1 plan, detailed price ranges and footnote clarity. Ishbia retains >10 % beneficial ownership, maintaining control status. Vesting RSUs further tie compensation to future performance. From a governance lens, disclosure quality offsets dilution concerns; material impact on control or board dynamics is limited.

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)
08/05/2025

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	08/05/2025		S		400,036(1)	D	$4.31(2)	3,498,776	I	See Footnote(3)
Class A Common Stock	08/06/2025		S		400,036(1)	D	$4.25(4)	3,098,740	I	See Footnote(3)
Class A Common Stock	08/07/2025		S		400,036(1)	D	$4.61(5)	2,698,704	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 $4.24 to $4.38 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 $4.21 to $4.38 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 $4.45 to $4.90 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	08/07/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	08/07/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

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

The Form 4 shows 1,200,108 Class A shares sold over 5-7 Aug 2025.

At what prices were the UWMC shares sold?

Weighted-average sale prices were $4.31 on 5 Aug, $4.25 on 6 Aug and $4.61 on 7 Aug 2025.

Does Mat Ishbia still own UWMC stock after the sale?

Yes. He indirectly holds 2,698,704 shares via SFS Corp. and directly owns 279,989 shares.

Were the transactions part of a pre-arranged plan?

Yes, the sales were executed under a Rule 10b5-1 plan adopted on 17 Mar 2025 by SFS Corp.

What other equity awards does the CEO have?

He holds 180,737 Restricted Stock Units that vest on 1 Mar 2026 and convert one-for-one into Class A shares.