UWM Holdings owner updates 79% voting control

UWM Holdings Corporation’s controlling holders, Mat Ishbia and SFS Holding Corp., filed Amendment No. 15 to their Schedule 13D to update ownership and recent activity under a previously adopted 10b5-1 trading plan.

Rhea-AI Filing Summary

UWM Holdings Corporation’s controlling holders, Mat Ishbia and SFS Holding Corp., filed Amendment No. 15 to their Schedule 13D to update ownership and recent activity under a previously adopted 10b5-1 trading plan.

SFS Holding Corp. directly holds 1,265,482,620 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 Common shares. Based on 330,887,769 Class A shares outstanding, the reporting persons beneficially own 1,265,482,620 shares of Class A Stock, or 79.4% of that class.

Due to a Voting Limitation in UWM’s Certificate of Incorporation, no holder may vote more than 79% of the total voting power. As a result, although the reporting persons would otherwise control 99.9% of the voting power through 100% ownership of Class D Stock with ten votes per share, their voting power is capped at 79%.

Insights

Equity ownership & governance analyst

Amendment confirms Ishbia’s maintained supermajority stake and capped voting control.

The amendment shows SFS Holding Corp. holding 1,265,482,620 Class D shares, convertible into Class A Stock, giving the reporting group beneficial ownership of 1,265,482,620 Class A shares, or 79.4% of the Class A outstanding.

The filing also reiterates that, despite this economic and voting concentration, a charter Voting Limitation restricts any holder’s voting power to 79%. Without this limit, the reporting persons would command 99.9% voting power. The amendment primarily updates ownership and activity under a 10b5-1 plan, without describing a structural change.

Key Figures

Mat Ishbia aggregate beneficial ownership: 1,270,717,132 shares SFS Holding Corp. beneficial ownership: 1,265,482,620 shares Beneficial ownership percentage (Mat Ishbia): 79.7% +4 more

7 metrics

Mat Ishbia aggregate beneficial ownership 1,270,717,132 shares Aggregate amount beneficially owned by Mat Ishbia on cover page

SFS Holding Corp. beneficial ownership 1,265,482,620 shares Aggregate amount beneficially owned by SFS Holding Corp.

Beneficial ownership percentage (Mat Ishbia) 79.7% Percent of UWM Class A represented by Mat Ishbia’s aggregate amount

Beneficial ownership percentage (SFS Holding Corp.) 79.4% Percent of UWM Class A represented by SFS Holding Corp.’s holdings

Class A shares outstanding 330,887,769 shares Class A Stock outstanding as of the amendment date

Voting Limitation cap 79% voting power Charter limit on any holder’s voting power across all capital stock

Hypothetical voting power without cap 99.9% voting power Voting power the reporting persons would hold absent the Voting Limitation

Key Terms

Schedule 13D, 10b5-1 trading arrangement, beneficially own, Voting Limitation, +2 more

6 terms

Schedule 13D regulatory

"Item 4 of the Schedule 13 D is hereby amended by the addition of the following"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

10b5-1 trading arrangement regulatory

"SFS Corp. adopted a 10b5-1 trading arrangement (the "10b5-1 Plan")."

beneficially own financial

"is deemed to beneficially own the 1,265,482,620 shares of Class A Stock"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

Voting Limitation regulatory

"due to the voting limitation contained in the Issuer's Certificate of Incorporation"

Class D Stock financial

"SFS Corp. directly holds an aggregate of 1,265,482,620 shares of Class D Stock"

Class B Units in Holdings LLC financial

"convertible or exchangeable, along with the Class B Units in Holdings LLC, into shares of Class A Stock"

FAQ

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

What does UWM Holdings (UWMC) Amendment No. 15 to Schedule 13D disclose?

Amendment No. 15 updates the holdings of Mat Ishbia and SFS Holding Corp., confirming beneficial ownership of 1,265,482,620 UWM Class A shares and describing recent sales executed under a previously adopted Rule 10b5-1 trading plan.

How much of UWM Holdings (UWMC) Class A Stock do the reporting persons beneficially own?

The reporting persons are deemed to beneficially own 1,265,482,620 shares of UWM Class A Stock, representing 79.4% of the 330,887,769 Class A shares outstanding as of the filing date, primarily through convertible or exchangeable Class D Stock held by SFS Holding Corp.

What is the Voting Limitation described in the UWM Holdings (UWMC) filing?

UWM’s charter includes a Voting Limitation that prevents any holder from exercising more than 79% of the voting power across all outstanding capital stock voting together. This cap applies even if their economic or theoretical voting interest would otherwise be higher.

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

Although their holdings would otherwise give them 99.9% of UWM’s voting power, the charter’s Voting Limitation caps their effective voting control at 79%. This cap applies to all matters where capital stock votes together as a single class.

What role does SFS Holding Corp. play in UWM Holdings (UWMC) ownership?

SFS Holding Corp. directly owns 1,265,482,620 shares of Class D Stock, each carrying ten votes and convertible or exchangeable into UWM Class A Stock. These securities form the core of the reporting group’s 79.4% beneficial ownership of Class A shares.

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

The amendment states it is being filed to reflect sales of securities executed under a previously disclosed Rule 10b5-1 trading arrangement adopted by SFS Holding Corp., and to update the related beneficial ownership and voting power information.

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

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Accepted by SEC EDGAR 04/23/2026 - 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. 15)

UWM Holdings Corporation

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

(CUSIP Number)

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)

04/23/2026

(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).

schemaVersion:

SCHEDULE 13D

CUSIP No.

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 5,234,512.00
8	Shared Voting Power 1,265,482,620.00
9	Sole Dispositive Power 5,234,512.00
10	Shared Dispositive Power 1,265,482,620.00

11

Aggregate amount beneficially owned by each reporting person

1,270,717,132.00

12

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

13

Percent of class represented by amount in Row (11)

79.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No.

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 1,265,482,620.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,265,482,620.00

11

Aggregate amount beneficially owned by each reporting person

1,265,482,620.00

12

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

13

Percent of class represented by amount in Row (11)

79.4 %

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 14 (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, as amended by Amendment No 12 filed on February 2, 2026, as amended by Amendment No 13 filed on March 5, 2026, as amended by Amendment No 14 filed on April 1, 2026 and as amended by Amendment No 15 filed on April 23, 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. 13 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 1,265,482,620 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 1,265,482,620 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 1,265,482,620 shares of Class A Stock beneficially owned by the Reporting Persons represent 79.4% of the outstanding shares of Class A Stock based upon 330,887,769 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 1,265,482,620 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 1,265,482,620 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 1,265,482,620 shares of Class A Stock beneficially owned by the Reporting Persons represent 79.4% of the outstanding shares of Class A Stock based upon 330,887,769 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:	04/23/2026

SFS Holding Corp.

Signature:	/s/ Mat Ishbia
Name/Title:	Mat Ishbia, Chief Executive Officer
Date:	04/23/2026