Mat Ishbia and SFS Corp Sell Large UWMC Stakes; RSUs Vesting 03/2026

Rhea-AI Filing Summary

Mat Ishbia and SFS Holding Corp reported multiple planned sales of UWM Holdings Corp (UWMC) Class A common stock under a 10b5-1 plan adopted March 17, 2025. The filing shows sales on 08/19/2025, 08/20/2025 and 08/21/2025 of 400,036 shares each at weighted average price ranges of $5.42–$5.68, $5.52–$5.66 and $5.28–$5.46 respectively, and an additional 279,989 shares disposed. Beneficial ownership reported fell from 3,698,416 shares after the first sale to 2,898,344 after the third sale. The filing discloses 180,737 restricted stock units that convert one-for-one to Class A shares and vest on March 1, 2026.

Positive

• Sales executed pursuant to a documented 10b5-1 plan, which provides an affirmative defense and indicates prearranged trading
• Filing discloses weighted average price ranges and offers to provide detailed per-price share counts to SEC staff or holders, improving transparency
• Restricted Stock Units disclosed with vesting date (03/01/2026), clarifying future potential share issuance

Negative

• Substantial insider dispositions: beneficial ownership declined from 3,698,416 to 2,898,344 shares across the reported transactions
• Large aggregate share sales (multiple blocks of 400,036 shares plus 279,989 shares) could be material to share supply
• Form 4 shows immediate reduction in beneficial holdings by the CEO and affiliated 10% holder, which investors may interpret as increased selling pressure

Insights

Corporate Governance Expert

TL;DR: Insider and affiliated entity executed sizable prearranged sales under a 10b5-1 plan; disclosures are complete and specify price ranges.

The report documents material dispositions by a named officer/director and a 10% holder, executed pursuant to a 10b5-1 plan adopted March 17, 2025. The filing includes weighted average price ranges and declining beneficial ownership figures across consecutive days, and notes RSUs that vest in March 2026. From a governance perspective, use of a preexisting 10b5-1 plan reduces the likelihood these trades were opportunistic, and the signature and explanatory footnotes satisfy standard Form 4 disclosure expectations.

Securities Analyst

TL;DR: Insider sales reduced reported beneficial ownership by ~800,000 shares over three days; sales prices ranged roughly $5.28–$5.68 per share.

The filing shows three identical share blocks sold (400,036 shares each day) and an additional 279,989-share disposition, with reported beneficial ownership moving from 3,698,416 to 2,898,344 shares. The report supplies weighted average price ranges for each day and reserves the right to provide per-price quantities on request. The disposition alongside outstanding RSUs may affect future dilution timing but the Form 4 contains no forward-looking statements.

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)
08/19/2025

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	08/19/2025		S		400,036(1)	D	$5.57(2)	3,698,416	I	See Footnote(3)
Class A Common Stock	08/20/2025		S		400,036(1)	D	$5.6(4)	3,298,380	I	See Footnote(3)
Class A Common Stock	08/21/2025		S		400,036(1)	D	$5.36(5)	2,898,344	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 $5.42 to $5.68 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 $5.52 to $5.66 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 $5.28 to $5.46 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	08/21/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	08/21/2025
	** Signature of Reporting Person	Date
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FAQ

What shares did Mat Ishbia sell in the UWMC Form 4?

The filing reports sales on 08/19/2025, 08/20/2025 and 08/21/2025 of 400,036 shares each and an additional disposition of 279,989 shares.

Were the UWMC sales by Mat Ishbia part of a 10b5-1 plan?

Yes. The footnotes state the shares were sold pursuant to a 10b5-1 plan adopted by SFS Corp on March 17, 2025.

What prices were reported for the UWMC insider sales?

The filing provides weighted average price ranges: 08/19/2025 sales ranged $5.42–$5.68, 08/20/2025 ranged $5.52–$5.66, and 08/21/2025 ranged $5.28–$5.46 per share.

How did Mat Ishbia's beneficial ownership change after the reported UWMC sales?

Reported beneficial ownership moved from 3,698,416 shares after 08/19/2025 to 2,898,344 shares after 08/21/2025.

Does the filing disclose any restricted stock units for UWMC?

Yes. The filing shows 180,737 Restricted Stock Units that convert one-for-one to Class A common stock and vest on March 1, 2026.