UWM Holdings insider updates 81% ownership stake

UWM Holdings Corporation’s controlling shareholder has updated its ownership disclosure.

Rhea-AI Filing Summary

UWM Holdings Corporation’s controlling shareholder has updated its ownership disclosure. Mat Ishbia and SFS Holding Corp. filed Amendment No. 13 to their Schedule 13D to reflect sales made under a previously adopted Rule 10b5-1 trading plan.

SFS Holding Corp. directly holds 1,298,482,620 shares of Class D stock, which are convertible or exchangeable, along with Class B Units in Holdings LLC, into an equal number of Class A shares. Including additional shares held by Mat Ishbia, he beneficially owns 1,303,588,990 shares, or 81.7% of UWM’s Class A common stock.

The reporting persons together beneficially own 1,298,482,620 shares of Class A stock on an as-converted basis, representing 81.4% of the outstanding Class A shares based on 297,560,356 shares outstanding. Due to a voting limitation in UWM’s charter, they exercise 79% of total voting power, though without this cap they would hold 99.9% of voting power.

Insights

Equity ownership and governance analyst

Filing refreshes that UWM remains tightly controlled by Mat Ishbia and SFS Holding Corp.

The amendment shows SFS Holding Corp. holds 1,298,482,620 Class D shares, convertible into Class A stock, and that Mat Ishbia beneficially owns 1,303,588,990 Class A shares, or 81.7% of the Class A common equity.

Economically, the reporting persons control 81.4% of outstanding Class A shares based on 297,560,356 shares outstanding. Governance remains even more concentrated: they hold 79% of total voting power due to a charter voting cap, and would otherwise control 99.9% of votes through ten-vote Class D shares.

The amendment is triggered by sales executed under a Rule 10b5-1 trading plan previously disclosed in Amendment No. 12. It primarily updates ownership and voting figures rather than indicating a change in the overall control structure, which remains centered on Ishbia and SFS Holding Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does UWM Holdings (UWMC) Amendment No. 13 to Schedule 13D report?

Amendment No. 13 updates the ownership disclosure for Mat Ishbia and SFS Holding Corp. It reflects sales completed under a previously adopted Rule 10b5-1 trading plan and restates their current beneficial ownership and voting power in UWM Holdings Corporation’s Class A common stock.

How many UWM Holdings shares does SFS Holding Corp. beneficially own?

SFS Holding Corp. directly holds 1,298,482,620 shares of Class D stock, which are convertible or exchangeable, along with Class B Units in Holdings LLC, into an equal number of Class A shares. These shares represent 81.4% of UWM’s outstanding Class A common stock as of the stated share count.

What is Mat Ishbia’s total beneficial ownership stake in UWM Holdings (UWMC)?

Mat Ishbia is deemed to beneficially own 1,303,588,990 shares of UWM’s Class A common stock, including shares held through SFS Holding Corp. This stake represents 81.7% of the outstanding Class A common stock, based on 297,560,356 Class A shares outstanding as of the referenced date.

How much voting power do Mat Ishbia and SFS Holding Corp. control at UWM Holdings?

The reporting persons hold 79% of the total voting power of UWM’s capital stock, due to a voting limitation in the company’s charter. Without this limitation, their ownership of all Class D shares, which carry ten votes each, would give them 99.9% of the company’s voting power.

What role does UWM’s Class D stock play in control of the company?

Class D stock at UWM carries ten votes per share and is convertible or exchangeable, with related Class B Units in Holdings LLC, into Class A shares. SFS Holding Corp. owns all 1,298,482,620 outstanding Class D shares, which underpins the reporting persons’ 81.4% economic stake and dominant voting position.

Why was this UWM Holdings (UWMC) Schedule 13D amendment filed now?

The amendment was filed to record sales of securities executed under a previously disclosed Rule 10b5-1 trading arrangement adopted by SFS Holding Corp. It updates Item 4 and Item 5 ownership details, while confirming that the reporting persons continue to share voting and dispositive power over their holdings.

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Accepted by SEC EDGAR 03/05/2026 - 04:04 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 13)

UWM Holdings Corporation

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

Mat Ishbia
585 South Boulevard E,
Pontiac, MI, 48341
800-981-8898

SFS Holding Corp.
585 South Boulevard E,
Pontiac, MI, 48341
800-981-8898

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/05/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Mat Ishbia

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 5,106,370.00
8	Shared Voting Power 1,298,482,620.00
9	Sole Dispositive Power 5,106,370.00
10	Shared Dispositive Power 1,298,482,620.00

11

Aggregate amount beneficially owned by each reporting person

1,303,588,990.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

81.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

SFS Holding Corp.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,298,482,620.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,298,482,620.00

11

Aggregate amount beneficially owned by each reporting person

1,298,482,620.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

81.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.0001 per share
(b)	Name of Issuer: UWM Holdings Corporation
(c)	Address of Issuer's Principal Executive Offices: 585 South Boulevard E, Pontiac, MICHIGAN , 48341.
Item 1 Comment: This Amendment No 13 (the "Amendment") to Schedule 13D is being jointly filed by Mat Ishbia and SFS Holding Corp. ("SFS Corp." and together with Mat Ishbia, collectively referred to as the "Reporting Persons") and relates to the Class A Common Stock, par value $0.0001 per share (the "Class A Stock"), of UWM Holdings Corporation, a Delaware corporation (the "Issuer") and amends and supplements the initial statement on Schedule 13D filed by the Reporting Persons on February 1, 2021, as amended by Amendment No 1 filed on September 4, 2024, as amended by Amendment No 2 filed on September 18, 2024, as amended by Amendment No 3 filed on October 3, 2024, as amended by Amendment No 4 filed on October 15, 2024, as amended by Amendment No 5 filed on March 19, 2025 , as amended by Amendment No 6 filed on April 2, 2025, as amended by Amendment No 7 filed on June 17, 2025, as amended by Amendment No 8 on August 12, 2025, as amended by Amendment No 9 filed on October 6, 2025, as amended by Amendment No 10 filed on November 5, 2025, as amended by Amendment No 11 filed on December 10, 2025, and as amended by Amendment No 12 filed on February 2, 2026 (the "Schedule 13D"). The principal executive offices of the Issuer are located at 585 South Boulevard E, Pontiac, Michigan 48341. Unless specifically amended hereby, the disclosure set forth in the Schedule 13D shall remain unchanged. Capitalized terms used but not otherwise defined in this Amendment shall have the meanings set forth in the Schedule 13D.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13 D is hereby amended by the addition of the following: As previously disclosed in Amendment No. 12 to the Schedule 13D, SFS Corp. adopted a 10b5-1 trading arrangement (the "10b5-1 Plan"). This Amendment is being filed to reflect sales of securities that have occurred pursuant to the 10b5-1 Plan.
Item 5.	Interest in Securities of the Issuer
(a)	Paragraph (a) of Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: As of the date hereof, SFS Corp. directly holds an aggregate of 1,298,482,620 shares of Class D Stock which are convertible or exchangeable, along with the Class B Units in Holdings LLC, into shares of Class A Stock. Each share of Class D Stock is entitled to ten votes and each share of Class A Stock is entitled to one vote. SFS Corp. owns all of the outstanding shares of Class D Stock. Mat Ishbia by virtue of being the trust advisor of the Trust with the right to direct the voting and disposition of the securities of the Issuer held by SFS Corp., is deemed to beneficially own the 1,298,482,620 shares of Class A Stock beneficially owned directly by SFS Corp. that are issuable upon conversion or exchange of the Class D Stock. The Reporting Persons each share the power to vote or dispose of the Class A Stock and Class D Stock he or it beneficially owns. The 1,298,482,620 shares of Class A Stock beneficially owned by the Reporting Persons represent 81.4% of the outstanding shares of Class A Stock based upon 297,560,356 shares of Class A Stock outstanding as of the date hereof. However, due to the voting limitation contained in the Issuer's Certificate of Incorporation which provides that, in no event shall a holder of common stock of the Issuer be entitled to vote in excess of 79% of the voting power of the holders of the outstanding shares of all capital stock of the Issuer then voting together as a single class on such matter (the "Voting Limitation"), the Reporting Persons hold 79% of the voting power of the capital stock of the Issuer through the ownership of 100% of the Class D Stock, which has ten votes per share. Without the Voting Limitation, the Reporting Persons would hold 99.9% of the voting power of the capital stock of the Issuer. These shares do not include shares held by Mat Ishbia, directly and as trustee.
(b)	Paragraph (b) of Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: As of the date hereof, SFS Corp. directly holds an aggregate of 1,298,482,620 shares of Class D Stock which are convertible or exchangeable, along with the Class B Units in Holdings LLC, into shares of Class A Stock. Each share of Class D Stock is entitled to ten votes and each share of Class A Stock is entitled to one vote. SFS Corp. owns all of the outstanding shares of Class D Stock. Mat Ishbia by virtue of being the trust advisor of the Trust with the right to direct the voting and disposition of the securities of the Issuer held by SFS Corp., is deemed to beneficially own the 1,298,482,620 shares of Class A Stock beneficially owned directly by SFS Corp. that are issuable upon conversion or exchange of the Class D Stock. The Reporting Persons each share the power to vote or dispose of the Class A Stock and Class D Stock he or it beneficially owns. The 1,298,482,620 shares of Class A Stock beneficially owned by the Reporting Persons represent 81.4% of the outstanding shares of Class A Stock based upon 297,560,356 shares of Class A Stock outstanding as of the date hereof. However, due to the voting limitation contained in the Issuer's Certificate of Incorporation which provides that, in no event shall a holder of common stock of the Issuer be entitled to vote in excess of 79% of the voting power of the holders of the outstanding shares of all capital stock of the Issuer then voting together as a single class on such matter (the "Voting Limitation"), the Reporting Persons hold 79% of the voting power of the capital stock of the Issuer through the ownership of 100% of the Class D Stock, which has ten votes per share. Without the Voting Limitation, the Reporting Persons would hold 99.9% of the voting power of the capital stock of the Issuer. These shares do not include shares held by Mat Ishbia, directly and as trustee.

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.

Mat Ishbia

Signature:	/s/ Mat Ishbia
Name/Title:	Mat Ishbia
Date:	03/05/2026

SFS Holding Corp.

Signature:	/s/ Mat Ishbia
Name/Title:	Mat Ishbia, Chief Executive Officer
Date:	03/05/2026