[Form 4] UWM Holdings Corporation Insider Trading Activity

Rhea-AI Filing Summary

UWM Holdings (NYSE:UWMC) filed a Form 4 showing that President & CEO Mat Ishbia, through 10%-owner SFS Corp, sold 1,200,108 Class A shares on 24-26 Jun 2025 under a Rule 10b5-1 plan.

The shares were disposed at $4.14-$4.29, generating roughly $5 million in proceeds. After the transactions, SFS Corp’s indirect stake fell to 1,699,748 shares, while Ishbia personally holds 279,989 shares and 180,737 unvested RSUs that vest on 1 Mar 2026.

Positive

• None.

Negative

• CEO Mat Ishbia, via SFS Corp, sold 1,200,108 Class A shares (~41% of indirect holdings) for about $5 million, potentially signalling reduced insider confidence.

Insights

Portfolio Manager

TL;DR: CEO unloads 1.2 M shares (~$5 M); sentiment headwind despite 10b5-1 plan

The sale equals about 41% of SFS Corp’s prior Class A holding, trimming insider exposure materially. Even with a pre-arranged plan, such a sizable reduction near RSU vesting can dampen confidence and weigh on short-term valuation multiples. Investors should watch for additional sales and any management commentary explaining capital-allocation priorities.

Corporate Governance Expert

TL;DR: Pre-planned sale lessens governance risk; optics still negative

Use of a Rule 10b5-1 plan mitigates insider-trading concerns, and Ishbia retains significant voting control through other share classes. From a governance standpoint, the transaction is compliant and transparent, but continued divestitures could draw proxy-advisor scrutiny if they approach free float levels.

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)
06/24/2025

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	06/24/2025		S		400,036(1)	D	$4.25(2)	2,499,820	I	See Footnote(3)
Class A Common Stock	06/25/2025		S		400,036(1)	D	$4.14(4)	2,099,784	I	See Footnote(3)
Class A Common Stock	06/26/2025		S		400,036(1)	D	$4.15(5)	1,699,748	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 $4.14 to $4.29 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 $4.10 to $4.24 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 $4.07 to $4.19 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	06/26/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	06/26/2025
	** 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 June 2025?

He sold 1,200,108 Class A shares between 24-26 Jun 2025.

What average prices did Mat Ishbia receive for the UWMC shares sold?

Weighted averages were $4.25 (24 Jun), $4.14 (25 Jun) and $4.15 (26 Jun).

Was the sale conducted under a 10b5-1 plan?

Yes. The transactions were made under a Rule 10b5-1 plan adopted on 17 Mar 2025.

How many UWMC shares does Mat Ishbia still own after the sale?

Indirectly through SFS Corp he holds 1,699,748 shares; directly he owns 279,989 shares plus 180,737 RSUs vesting 1 Mar 2026.

When will Mat Ishbia’s outstanding RSUs vest?

The 180,737 RSUs will vest on 1 March 2026 under the 2020 Omnibus Incentive Plan.