UWM Form 4: CEO Mat Ishbia Disposes 800K Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Mat Ishbia, President and CEO of UWM Holdings Corp (UWMC), and SFS Holding Corp reported insider sales under a 10b5-1 plan. On 08/22/2025 Ishbia/SFS sold 400,036 Class A shares at a weighted average price of $5.78, leaving SFS with 2,498,308 shares beneficially owned. On 08/25/2025 another 400,036 Class A shares were sold at a weighted average price of $5.73, reducing beneficial ownership to 2,098,272. The filing also reports the disposition of 279,989 shares held directly by Mat Ishbia and 180,737 Restricted Stock Units that convert one-for-one to Class A shares and vest on March 1, 2026.

Insights

Securities Analyst

TL;DR: Significant insider sales under a 10b5-1 plan reduced beneficial holdings by notable amounts at ~$5.7 per share.

The filing documents two sizeable, planned sales of 400,036 shares each on August 22 and August 25, 2025, executed under a 10b5-1 plan, at weighted average prices of $5.78 and $5.73 respectively. Beneficial ownership reported for SFS Holding Corp decreased from 2,498,308 to 2,098,272 shares after the second sale. The presence of 180,737 RSUs vesting March 1, 2026 is relevant for future dilution and executive alignment. The transactions appear pre-planned rather than opportunistic, per the 10b5-1 disclosure.

Corporate Governance Expert

TL;DR: Planned disposals by a director/CEO using a 10b5-1 plan indicate routine liquidity, not necessarily a governance red flag.

The reporting person is both a director and CEO and has overlapping ownership via SFS Holding Corp. The sales are explicitly conducted pursuant to a 10b5-1 plan adopted March 17, 2025, which provides affirmative defense to insider trading allegations. Footnotes clarify ownership structure and that certain shares are held directly by the individual. Investors should note continued indirect control through SFS and outstanding RSUs that vest next year.

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)
08/22/2025

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	08/22/2025		S		400,036(1)	D	$5.78(2)	2,498,308	I	See Footnote(3)
Class A Common Stock	08/25/2025		S		400,036(1)	D	$5.73(4)	2,098,272	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 $5.40 to $5.89 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 $5.68 to $5.83 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	08/25/2025
	/s/ Mat Ishbia, CEO, for SFS Holding Corp.	08/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did Mat Ishbia report for UWMC?

The Form 4 reports sales of 400,036 Class A shares on 08/22/2025 at a weighted average of $5.78 and 400,036 shares on 08/25/2025 at $5.73.

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

Yes. The filing states the sales were made pursuant to a 10b5-1 plan adopted March 17, 2025.

How many UWMC shares does SFS Holding Corp beneficially own after the reported trades?

After the August 25, 2025 transaction the filing reports SFS Holding Corp beneficially owned 2,098,272 Class A shares.

Are there any restricted shares or RSUs reported for Mat Ishbia in this filing?

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.

Does the filing explain the ownership relationship between Mat Ishbia and SFS Holding Corp?

Yes. Footnotes state Mat Ishbia is CEO and sole director of SFS Corp, serves as investment advisor to a trust owning SFS voting securities, and trusts for Mat Ishbia and his family are shareholders of SFS Corp.