Under Armour (UA) sees large Class C share buys by Fairfax units

Rhea-AI Filing Summary

Under Armour, Inc. received a Form 4 filing from entities affiliated with Fairfax Financial Holdings Limited, reporting indirect open-market purchases of its Class C Common Shares. Wholly-owned subsidiaries of Fairfax bought 1,837,686 shares on January 16, 2026 at a weighted average price of $5.5953 per share, 1,769,581 shares on January 20, 2026 at $5.6175 per share, and 5,000,000 shares on January 21, 2026 at $5.8923 per share. Following the last transaction, the reporting entities indirectly held 18,064,622 Class C shares. The securities are held by wholly-owned subsidiaries of Fairfax, and the reporting persons, including Prem Watsa, disclaim beneficial ownership except to the extent of any pecuniary interest.

Insights

Equity ownership analyst

Fairfax subsidiaries report sizable indirect open-market buying in Under Armour Class C shares.

Entities affiliated with Fairfax Financial Holdings Limited, a more-than-10% owner of Under Armour, disclosed three open-market purchases of Class C Common Shares in mid‑January 2026. The transactions added 1,837,686 shares at $5.5953, 1,769,581 shares at $5.6175, and 5,000,000 shares at $5.8923 per share, all reported as indirect holdings.

The filing states that these shares are held by wholly-owned subsidiaries of Fairfax, and that the reporting persons, including Prem Watsa, disclaim beneficial ownership except to the extent of any pecuniary interest. After the latest purchase, the indirect holdings reported reached 18,064,622 Class C shares. This indicates a larger reported stake but, given the disclaimers and lack of additional context, the overall informational impact is best viewed as neutral.

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^*

WATSA V PREM ET AL

(Last) (First) (Middle)

95 WELLINGTON STREET WEST

SUITE 800

(Street)

TORONTO A6 M5J 2N7

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Under Armour, Inc. [ UA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/16/2026

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 C Common Shares	01/16/2026		P		1,837,686	A	$5.5953(1)	11,295,041	I	See Footnote(2)
Class C Common Shares	01/20/2026		P		1,769,581	A	$5.6175(3)	13,064,622	I	See Footnote(2)
Class C Common Shares	01/21/2026		P		5,000,000	A	$5.8923(4)	18,064,622	I	See Footnote(2)

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

1. Name and Address of Reporting Person^*

WATSA V PREM ET AL

(Last) (First) (Middle)

95 WELLINGTON STREET WEST

SUITE 800

(Street)

TORONTO A6 M5J 2N7

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

FAIRFAX FINANCIAL HOLDINGS LTD/ CAN

(Last) (First) (Middle)

95 WELLINGTON STREET WEST

SUITE 800

(Street)

TORONTO A6 M5J 2N7

(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. Represents the weighted average price of the Class C Common Shares purchased on January 16, 2026, ranging from a low of $5.450 to a high of $5.700 per share. The Reporting Persons undertake, upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer to provide full information regarding the number of shares purchased at each separate price.

2. These securities are held by wholly-owned subsidiaries of Fairfax Financial Holdings Limited. Mr. Watsa is the Chief Executive Officer and controlling person of Fairfax Financial Holdings Limited through certain holding companies he controls, including The Second 810 Holdco Ltd, The Second 1109 Holdco Ltd, and The Sixty Two Investment Company Limited. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a-1(a) under the Exchange Act, except to the extent of its or his pecuniary interest therein, if any. This report shall not be deemed an admission that any of the Reporting Persons is a beneficial owner for the purpose of Section 16 of the Exchange Act, or for any other purpose.

3. Represents the weighted average price of the Class C Common Shares purchased on January 20, 2026, ranging from a low of $5.510 to a high of $5.800 per share. The Reporting Persons undertake, upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer to provide full information regarding the number of shares purchased at each separate price.

4. Represents the weighted average price of the Class C Common Shares purchased on January 21, 2026, ranging from a low of $5.685 to a high of $5.940 per share. The Reporting Persons undertake, upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer to provide full information regarding the number of shares purchased at each separate price.

	/s/ V. Prem Watsa	01/21/2026
	/s/ Peter Clarke, President and Chief Operating Officer, on behalf of Fairfax Financial Holdings Limited	01/21/2026
	** 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

What insider transaction did Fairfax-related entities report for Under Armour (UA)?

Affiliates of Fairfax Financial Holdings Limited reported indirect open-market purchases of Under Armour Class C Common Shares on three dates in January 2026, all coded as purchases ("P") on Form 4.

How many Under Armour Class C shares were purchased and at what prices?

Fairfax subsidiaries purchased 1,837,686 shares at a weighted average price of $5.5953 on January 16, 2026, 1,769,581 shares at $5.6175 on January 20, 2026, and 5,000,000 shares at $5.8923 on January 21, 2026.

What was the indirect Under Armour Class C share ownership after these transactions?

After the January 21, 2026 transaction, the reporting entities indirectly held 18,064,622 Under Armour Class C Common Shares, as disclosed in the Form 4.

Who are the reporting persons on this Under Armour (UA) Form 4?

The Form 4 lists Watsa V Prem Et Al and Fairfax Financial Holdings Ltd/Can as reporting persons, each identified as a more-than-10% owner with the transactions reported as indirect holdings.

Are the Under Armour shares held directly by Prem Watsa or Fairfax Financial?

The filing explains that the shares are held by wholly-owned subsidiaries of Fairfax Financial Holdings Limited. The reporting persons, including Prem Watsa, disclaim beneficial ownership except to the extent of any pecuniary interest.

What do the weighted average prices in this Under Armour Form 4 mean?

Each weighted average price reflects multiple trades in a day. For example, on January 16, 2026, trades ranged from $5.450 to $5.700 per share, and the reporting persons state they will provide full trade-by-trade price details upon request.