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UWMC Insider Sales: Mat Ishbia Sells 400,036 Shares on Three Dates; RSUs Disclosed

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Mat Ishbia and related holder SFS Holding Corp reported multiple planned sales of UWM Holdings Corp (UWMC) Class A common stock under a 10b5-1 plan. The Form 4 shows three scheduled sales of 400,036 shares each on 09/04/2025, 09/05/2025, and 09/08/2025 at weighted average prices of $5.81, $6.25, and $6.44 respectively. Following those sales reported sequentially, beneficial ownership figures declined from 3,498,020 to 3,097,984 and then to 2,697,948. The filing notes an additional 279,989 shares disposed of and discloses 180,737 RSUs that convert one-for-one to Class A shares and vest on March 1, 2026. The sales were made pursuant to a 10b5-1 plan adopted March 17, 2025, and signatures are dated 09/08/2025.

Positive

  • Sales executed under a 10b5-1 plan, indicating pre-authorized, rule-compliant transactions (plan adopted March 17, 2025).
  • Detailed price ranges and weighted averages provided ($5.71–$5.90; $6.06–$6.38; $6.28–$6.50) allowing transparency on execution prices.
  • RSU disclosure with vesting date (180,737 RSUs vesting March 1, 2026) clarifies future potential share issuance.

Negative

  • Material reduction in beneficial ownership: sequential reported holdings decline from 3,498,020 to 2,697,948 following reported sales.
  • Large insider dispositions: three separate sales of 400,036 shares each (total 1,200,108 shares) plus 279,989 shares disposed.
  • Potential market perception risk from sizable insider sales, even though conducted under a pre-existing plan.

Insights

TL;DR: Insider executed sizeable, pre-arranged sales under a 10b5-1 plan, materially reducing reported beneficial holdings.

The reported transactions are structured as Rule 10b5-1 plan sales, indicating the trades were pre-authorized on March 17, 2025. Each reported sale moved 400,036 shares, with weighted average prices ranging from $5.81 to $6.44, and sequential beneficial ownership counts decline from 3,498,020 to 2,697,948. The filing also shows 180,737 RSUs that will convert to Class A shares and vest on March 1, 2026. For investors, the material point is the quantifiable reduction in shareholdings executed under an affirmative-defense plan rather than ad hoc open-market activity.

TL;DR: Sales were executed via an established 10b5-1 plan, which provides compliance context but still reduces insider ownership.

The filing discloses that SFS Corp and Mat Ishbia hold shares indirectly and directly, and that sales were made pursuant to a 10b5-1 plan adopted by SFS Corp. The disclosure explains the relationships: SFS Corp holds shares directly and is indirectly associated with Mat Ishbia, who is CEO and director. The presence of a signed, dated Form 4 and explicit explanation of price ranges supports transparency and regulatory compliance. The reduction in reported beneficial ownership is a material governance datapoint for stakeholders monitoring insider positions.

Insider Mat Ishbia, SFS HOLDING CORP
Role President and CEO | 10% Owner
Sold 1,200,108 shs ($7.40M)
Type Security Shares Price Value
Sale Class A Common Stock 400,036 $6.44 $2.58M
Sale Class A Common Stock 400,036 $6.25 $2.50M
Sale Class A Common Stock 400,036 $5.81 $2.32M
holding Restricted Stock Units -- -- --
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 2,697,948 shares (Indirect, See Footnote); Restricted Stock Units — 180,737 shares (Direct); Class A Common Stock — 279,989 shares (Direct)
Footnotes (8)
  1. F1. Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on March 17, 2025.
  2. F2. Represents the weighted average price of shares sold. The price of the shares sold ranged from $5.71 to $5.90 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.
  3. F3. 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. F4. Represents the weighted average price of shares sold. The price of the shares sold ranged from $6.06 to $6.38 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. F5. Represents the weighted average price of shares sold. The price of the shares sold ranged from $6.28 to $6.50 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. F6. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares.
  7. F7. These Restricted Stock Units ("RSUs") convert to Class A Common Stock on a one-for-one basis.
  8. F8. These RSUs vest on March 1, 2026. The RSUs were granted pursuant to the 2020 Omnibus Incentive Plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What insider sales did Mat Ishbia report on the UWMC Form 4?
The Form 4 reports three sales of 400,036 shares on 09/04/2025, 09/05/2025, and 09/08/2025, plus an additional 279,989 shares disposed.

Were the UWMC sales pre-arranged under a trading plan?
Yes. The sales were made pursuant to a 10b5-1 plan adopted by SFS Corp on March 17, 2025.

What prices were the UWMC shares sold at?
Weighted average prices reported are $5.81 for 09/04/2025, $6.25 for 09/05/2025, and $6.44 for 09/08/2025; price ranges per sale are disclosed in the filing.

How many RSUs does the filing disclose and when do they vest?
The filing discloses 180,737 Restricted Stock Units that convert one-for-one to Class A common stock and vest on March 1, 2026.

How did the reported beneficial ownership change after the sales?
Reported beneficial ownership declined from 3,498,020 to 3,097,984 and then to 2,697,948 following the sequential reported sales.
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)
09/04/2025
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 09/04/2025 S 400,036(1) D $5.81(2) 3,498,020 I See Footnote(3)
Class A Common Stock 09/05/2025 S 400,036(1) D $6.25(4) 3,097,984 I See Footnote(3)
Class A Common Stock 09/08/2025 S 400,036(1) D $6.44(5) 2,697,948 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 $5.71 to $5.90 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.
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 $6.06 to $6.38 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 $6.28 to $6.50 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 09/08/2025
/s/ Mat Ishbia, CEO, for SFS Holding Corp. 09/08/2025
** 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.

Source: View Original Filing on SEC EDGAR