Under Armour (UA): Fairfax-led group reports 9% Class A ownership on 13G

Rhea-AI Filing Summary

Under Armour, Inc. received a major ownership disclosure from V. Prem Watsa and a large group of affiliated Fairfax entities, who jointly report beneficial ownership of 16,991,049 Class A shares, representing 9.0% of the class. This percentage is based on 188,834,386 Class A shares outstanding as of October 31, 2025, as reported by Under Armour.

The filing is made on a Schedule 13G, meaning the securities are certified as not acquired or held for the purpose of changing or influencing control of Under Armour. The report notes that it is a late filing due to an inadvertent administrative error. Across the various Fairfax-related entities, voting and dispositive power over the shares is reported on a shared, not sole, basis.

Insights

Equity ownership & governance analyst

Fairfax-led group discloses a sizable, passive 9% stake in Under Armour.

A group led by V. Prem Watsa and multiple affiliated Fairfax entities reports beneficial ownership of 16,991,049 Under Armour Class A shares, equal to 9.0% of that class based on 188,834,386 shares outstanding as of October 31, 2025. This positions the group as a significant shareholder, with all voting and dispositive power reported on a shared basis rather than individually.

The use of a Schedule 13G and the explicit certification that the shares were not acquired to change or influence control indicate a passive investment intent under U.S. securities rules. The filing also states it is a late submission due to an "inadvertent administrative error," acknowledging a timing issue without indicating any change in ownership levels at the event date of November 7, 2025.

For governance dynamics, the presence of a 9% holder can be relevant in shareholder votes and engagement, even with a passive certification. Any future amendments to this ownership position or a switch from 13G (passive) to 13D (active) would typically be disclosed in subsequent filings if they occur.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Under Armour, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

904311107

(CUSIP Number)

11/07/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

V. PREM WATSA

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,991,049.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,991,049.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,991,049.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.0 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: This constitutes a late filing due to an inadvertent administrative error.

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

THE SECOND 810 HOLDCO LTD.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,991,049.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,991,049.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,991,049.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

THE SECOND 1109 HOLDCO LTD.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,991,049.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,991,049.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,991,049.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

THE SIXTY TWO INVESTMENT COMPANY LIMITED

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,991,049.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,991,049.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,991,049.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

12002574 CANADA INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,991,049.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,991,049.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,991,049.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

FAIRFAX FINANCIAL HOLDINGS LIMITED

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,991,049.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,991,049.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,991,049.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

FFHL GROUP LTD.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 12,087,583.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,087,583.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,087,583.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

FAIRFAX (US) INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 12,087,583.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,087,583.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,087,583.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

ODYSSEY GROUP HOLDINGS, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,639,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,639,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,639,700.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.5 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

ODYSSEY REINSURANCE COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CONNECTICUT

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,639,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,639,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,639,700.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.5 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

CRUM & FORSTER HOLDINGS CORP.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,447,883.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,447,883.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,447,883.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

UNITED STATES FIRE INSURANCE COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,447,883.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,447,883.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,447,883.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

THE NORTH RIVER INSURANCE COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW JERSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,526,967.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,526,967.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,526,967.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

FAIRFAX UK HOLDINGS LIMITED

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 700,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 700,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

700,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

BRIT GROUP HOLDINGS LIMITED

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 700,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 700,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

700,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

BRIT INSURANCE HOLDINGS LIMITED

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 700,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 700,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

700,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

BRIT REINSURANCE (BERMUDA) LIMITED

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 700,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 700,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

700,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

1102952 B.C. UNLIMITED LIABILITY COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,203,466.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,203,466.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,203,466.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,203,466.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,203,466.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,203,466.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

ALLIED WORLD ASSURANCE COMPANY HOLDINGS I, LTD

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,203,466.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,203,466.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,203,466.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

ALLIED WORLD ASSURANCE COMPANY, LTD

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,203,466.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,203,466.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,203,466.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

ALLIED WORLD ASSURANCE HOLDINGS (IRELAND) LTD

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,724,300.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,724,300.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,724,300.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

ALLIED WORLD ASSURANCE HOLDINGS (U.S.) INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,724,300.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,724,300.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,724,300.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

ALLIED WORLD INSURANCE COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW HAMPSHIRE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,724,300.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,724,300.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,724,300.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

AW UNDERWRITERS INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 607,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 607,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

607,700.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.3 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 904311107

1

Names of Reporting Persons

ALLIED WORLD SPECIALTY INSURANCE COMPANY

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 607,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 607,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

607,700.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.3 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Under Armour, Inc.
(b)	Address of issuer's principal executive offices: 101 PERFORMANCE DRIVE, BALTIMORE MD 21230
Item 2.
(a)	Name of person filing: (i) V. PREM WATSA (ii) THE SECOND 810 HOLDCO LTD. (iii) THE SECOND 1109 HOLDCO LTD. (iv) THE SIXTY TWO INVESTMENT COMPANY LIMITED (v) 12002574 CANADA INC. (vi) FAIRFAX FINANCIAL HOLDINGS LIMITED (vii) FFHL GROUP LTD. (viii) FAIRFAX (US) INC. (ix) ODYSSEY GROUP HOLDINGS, INC. (x) ODYSSEY REINSURANCE COMPANY (xi) CRUM & FORSTER HOLDINGS CORP. (xii) UNITED STATES FIRE INSURANCE COMPANY (xiii) THE NORTH RIVER INSURANCE COMPANY (xiv) FAIRFAX UK HOLDINGS LIMITED (xv) BRIT GROUP HOLDINGS LIMITED (xvi) BRIT INSURANCE HOLDINGS LIMITED (xvii) BRIT REINSURANCE (BERMUDA) LIMITED (xviii) 1102952 B.C. UNLIMITED LIABILITY COMPANY (xix) ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD (xx) ALLIED WORLD ASSURANCE COMPANY HOLDINGS I, LTD (xxi) ALLIED WORLD ASSURANCE COMPANY, LTD (xxii) ALLIED WORLD ASSURANCE HOLDINGS (IRELAND) LTD (xxiii) ALLIED WORLD ASSURANCE HOLDINGS (U.S.) INC. (xxiv) ALLIED WORLD INSURANCE COMPANY (xxv) AW UNDERWRITERS INC. (xxvi) ALLIED WORLD SPECIALTY INSURANCE COMPANY
(b)	Address or principal business office or, if none, residence: (i) 95 Wellington Street West, Suite 800, Toronto, Ontario, Canada M5J 2N7 (ii) 95 Wellington Street West, Suite 802, Toronto, Ontario, Canada M5J 2N7 (iii) 95 Wellington Street West, Suite 802, Toronto, Ontario, Canada M5J 2N7 (iv) 1600 Cathedral Place, 925 West Georgia St., Vancouver, British Columbia, Canada V6C 3L2 (v) 95 Wellington Street West, Suite 800, Toronto, Ontario, Canada M5J 2N7 (vi) 95 Wellington Street West, Suite 800, Toronto, Ontario, Canada M5J 2N7 (vii) 95 Wellington Street West, Suite 800, Toronto, Ontario, Canada M5J 2N7 (viii) 401 East Corporate Drive, Suite 200, Lewisville, Texas, 75057, USA (ix) 300 First Stamford Place, Stamford, Connecticut, USA 06902 (x) 300 First Stamford Place, Stamford, Connecticut, USA 06902 (xi) 1209 Orange Street, Wilmington, Delaware, USA 19801 (xii) 1209 Orange Street, Wilmington, Delaware, USA 19801 (xiii) 305 Madison Avenue, Morristown, New Jersey, USA, 07962 (xiv) The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB; (xv) The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB; (xvi) The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB; (xvii) Ground Floor, Chesney House, The Waterfront, 96 Pitts Bay Road Hamilton, Pembroke, HM08 Bermuda. (xviii) 1600 Cathedral Place, 925 West Georgia St., Vancouver, British Columbia, Canada V6C 3L2 (xix) 27 Richmond Road, Pembroke, Bermuda HM 08 (xx) 27 Richmond Road, Pembroke, Bermuda HM 08 (xxi) 27 Richmond Road, Pembroke, Bermuda HM 08 (xxii) 27 Richmond Road, Pembroke, Bermuda HM 08 (xxiii) 199 Water Street, 26th Floor, New York, New York USA 10038 (xxiv) 199 Water Street, 26th Floor, New York, New York USA 10038 (xxv) 199 Water Street, 26th Floor, New York, New York USA 10038 (xxvi) 199 Water Street, 26th Floor, New York, New York USA 10038
(c)	Citizenship: (i) CANADA (ii) CANADA (iii) CANADA (iv) BRITISH COLUMBIA (v) CANADA (vi) CANADA (vii) CANADA (viii) DELAWARE (ix) DELAWARE (x) CONNECTICUT (xi) DELAWARE (xii) DELAWARE (xiii) NEW JERSEY (xiv) UNITED KINGDOM (xv) UNITED KINGDOM (xvi) UNITED KINGDOM (xvii) BERMUDA (xviii) CANADA (xix) BERMUDA (xx) BERMUDA (xxi) BERMUDA (xxii) BERMUDA (xxiii) DELAWARE (xxiv) NEW HAMPSHIRE (xxv) DELAWARE (xxvi) DELAWARE
(d)	Title of class of securities: Class A Common Stock
(e)	CUSIP No.: 904311107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The aggregate number of shares of Class A Common Stock ("Class A Shares") that are beneficially owned by each of the Reporting Persons are set forth in rows 9 and 11 of the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference. Neither the filing of this Schedule 13G nor the information contained herein shall be deemed to constitute an affirmation by any of the Reporting Persons that such person is the beneficial owner of the referred to herein for purposes of Section 13(d) or 13(g) of the Exchange Act, or for any other purpose, and such beneficial ownership is expressly disclaimed.
(b)	Percent of class: The percentage of Class A Shares that are beneficially owned by each of the Reporting Persons are set forth in rows 9 and 11 of the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference. The percentage of Class A Shares beneficially owned by each of the Reporting Persons was calculated based on 188,834,386 Class A Shares outstanding as of October 31, 2025, as reported by Under Armour, Inc.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The number of Class A Shares as to which each of the Reporting Persons has sole voting power is set forth in row 5 on the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The number of Class A Shares as to which each of the Reporting Persons has shared voting power is set forth in row 6 on the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The number of Class A Shares as to which each of the Reporting Persons has sole dispositive power is set forth in row 7 on the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The number of Class A Shares as to which each of the Reporting Persons has shared dispositive power is set forth in row 8 on the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit No. 99.1 attached.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

V. PREM WATSA

Signature:	/s/ V. Prem Watsa
Name/Title:	V. Prem Watsa
Date:	12/18/2025

THE SECOND 810 HOLDCO LTD.

Signature:	/s/ V. Prem Watsa
Name/Title:	V. Prem Watsa, Director
Date:	12/18/2025

THE SECOND 1109 HOLDCO LTD.

Signature:	/s/ V. Prem Watsa
Name/Title:	V. Prem Watsa, President
Date:	12/18/2025

THE SIXTY TWO INVESTMENT COMPANY LIMITED

Signature:	/s/ V. Prem Watsa
Name/Title:	V. Prem Watsa, President
Date:	12/18/2025

12002574 CANADA INC.

Signature:	/s/ V. Prem Watsa
Name/Title:	V. Prem Watsa, President
Date:	12/18/2025

FAIRFAX FINANCIAL HOLDINGS LIMITED

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, President and Chief Operating Officer
Date:	12/18/2025

FFHL GROUP LTD.

Signature:	/s/ V. Prem Watsa
Name/Title:	V. Prem Watsa, President
Date:	12/18/2025

FAIRFAX (US) INC.

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

ODYSSEY GROUP HOLDINGS, INC.

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

ODYSSEY REINSURANCE COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

CRUM & FORSTER HOLDINGS CORP.

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

UNITED STATES FIRE INSURANCE COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

THE NORTH RIVER INSURANCE COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

FAIRFAX UK HOLDINGS LIMITED

Signature:	/s/ Gavin Wilkinson
Name/Title:	Gavin Wilkinson, Group Chief Financial Officer
Date:	12/18/2025

BRIT GROUP HOLDINGS LIMITED

Signature:	/s/ Gavin Wilkinson
Name/Title:	Gavin Wilkinson, Group Chief Financial Officer
Date:	12/18/2025

BRIT INSURANCE HOLDINGS LIMITED

Signature:	/s/ Gavin Wilkinson
Name/Title:	Gavin Wilkinson, Group Chief Financial Officer
Date:	12/18/2025

BRIT REINSURANCE (BERMUDA) LIMITED

Signature:	/s/ Gavin Wilkinson
Name/Title:	Gavin Wilkinson, Group Chief Financial Officer
Date:	12/18/2025

1102952 B.C. UNLIMITED LIABILITY COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

ALLIED WORLD ASSURANCE COMPANY HOLDINGS I, LTD

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

ALLIED WORLD ASSURANCE COMPANY, LTD

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

ALLIED WORLD ASSURANCE HOLDINGS (IRELAND) LTD

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

ALLIED WORLD ASSURANCE HOLDINGS (U.S.) INC.

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

ALLIED WORLD INSURANCE COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

AW UNDERWRITERS INC.

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

ALLIED WORLD SPECIALTY INSURANCE COMPANY

Signature:	/s/ Peter Clarke
Name/Title:	Peter Clarke, Attorney-In-Fact
Date:	12/18/2025

Comments accompanying signature: 1. Power of attorney, dated March 9, 2020 (incorporated by reference to Exhibit 8 to the Schedule 13D filed by certain of the Reporting Persons with the SEC on March 9, 2020). https://www.sec.gov/Archives/edgar/data/915191/000110465920030836/a20-11674_1ex8.htm 2 . Power of attorney, dated June 14, 2021 (incorporated by reference to Exhibit 5 to the Schedule 13D filed by certain of the Reporting Persons with the SEC on June 14, 2021) . https://www.sec.gov/Archives/edgar/data/915191/000110465921080891/tm2119584d1_ex5.htm

Exhibit Information

Exhibit 99.1 Members of filing group Exhibit 99.2 Joint Filing Agreement dated as of December 18, 2025 among the Reporting Persons.

FAQ

What stake in Under Armour (UA) does the Fairfax-related group report?

The group led by V. Prem Watsa reports beneficial ownership of 16,991,049 Under Armour Class A shares, representing 9.0% of the class based on shares outstanding as of October 31, 2025.

Is the Under Armour (UA) stake reported as passive or active?

The Schedule 13G filing includes a certification that the securities were not acquired and are not held for the purpose of changing or influencing control of Under Armour, indicating a passive investment status.

Who are the main reporting persons in this Under Armour (UA) ownership filing?

The filing lists V. Prem Watsa and numerous affiliated entities, including Fairfax Financial Holdings Limited, various Fairfax, Odyssey, Crum & Forster, Brit, and Allied World companies, all reporting shared voting and dispositive power over the shares.

What percentage of Under Armour Class A shares is used to calculate the 9.0% ownership?

The 9.0% ownership is calculated using 188,834,386 Class A shares outstanding as of October 31, 2025, as reported by Under Armour.

Does the filing mention any issue with the timing of the Under Armour (UA) ownership report?

Yes. For at least one reporting person, the filing notes that it constitutes a late filing due to an inadvertent administrative error.

How is voting power over the Under Armour (UA) shares allocated among the Fairfax entities?

Across the reporting persons, the cover pages show zero sole voting and dispositive power and report the Under Armour Class A shares under shared voting and shared dispositive power columns.

What type of securities in Under Armour (UA) are covered by this ownership report?

The report covers Class A Common Stock of Under Armour, identified by CUSIP 904311107.