Mat Ishbia maintains 79% voting power at UWM

Rhea-AI Filing Summary

UWM Holdings Corporation’s controlling shareholder, Mat Ishbia, and SFS Holding Corp. have filed Amendment No. 14 to their Schedule 13D. The amendment updates their disclosure to reflect sales of securities made under a previously adopted 10b5-1 trading arrangement.

SFS Holding Corp. directly holds 1,287,482,620 shares of Class D Stock, which are convertible or exchangeable, with related Class B Units, into Class A Common Stock. These securities give the reporting persons beneficial ownership of 1,287,482,620 shares of Class A Stock, representing 80.4% of the outstanding Class A shares, based on 313,880,910 Class A shares outstanding.

Because of a Voting Limitation in UWM’s charter, the reporting persons’ voting power is capped at 79% of the total voting power despite holding all Class D Stock, which carries ten votes per share. Without this limitation, they would hold 99.9% of the issuer’s voting power. Including additional shares held directly, Mat Ishbia reports beneficial ownership of 1,292,717,132 shares, or 80.7% of the Class A Stock.

Key Figures

Beneficial ownership (as-converted Class A): 1,287,482,620 shares Class A shares outstanding: 313,880,910 shares Percent of Class A owned: 80.4% +5 more

8 metrics

Beneficial ownership (as-converted Class A) 1,287,482,620 shares Shares of Class A Stock beneficially owned by reporting persons

Class A shares outstanding 313,880,910 shares Outstanding Class A Common Stock as of the amendment date

Percent of Class A owned 80.4% Class A Common Stock represented by 1,287,482,620 shares

Voting power with limitation 79% Voting power of issuer’s capital stock held by reporting persons

Voting power without limitation 99.9% Voting power reporting persons would hold absent Voting Limitation

Mat Ishbia aggregate beneficial ownership 1,292,717,132 shares Total beneficially owned, representing 80.7% of Class A Stock

Sole voting power (Mat Ishbia) 5,234,512 shares Shares over which Mat Ishbia has sole voting power

Shared voting power 1,287,482,620 shares Shares over which reporting persons share voting power

Key Terms

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

6 terms

Schedule 13D regulatory

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

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")."

Voting Limitation regulatory

"in no event shall a holder of common stock of the Issuer be entitled to vote in excess of 79% ... (the "Voting Limitation")"

beneficially own financial

"is deemed to beneficially own the 1,287,482,620 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.

Class D Stock financial

"SFS Corp. directly holds an aggregate of 1,287,482,620 shares of Class D Stock"

Class B Units 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. 14 to Schedule 13D report?

Amendment No. 14 updates Mat Ishbia and SFS Holding Corp.’s beneficial ownership in UWM Holdings. It specifically reflects share sales executed under a previously adopted 10b5-1 trading arrangement and restates their current ownership and voting power positions in Class A and Class D stock.

How much of UWM Holdings’ Class A stock do Mat Ishbia and SFS Holding Corp. beneficially own?

The reporting persons beneficially own 1,287,482,620 shares of UWM Class A Stock on an as-converted basis. This represents 80.4% of the outstanding Class A Common Stock, calculated against 313,880,910 Class A shares reported as outstanding as of the date of the amendment.

What level of voting control does Mat Ishbia have over UWM Holdings (UWMC)?

Through ownership of all Class D Stock and related interests, the reporting persons hold 79% of UWM’s total voting power due to a charter Voting Limitation. Without that Voting Limitation, the filing states their holdings would represent 99.9% of the issuer’s total voting power.

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

The Voting Limitation in UWM’s certificate of incorporation caps any holder’s voting power at 79% of total voting power. Even though the reporting persons could otherwise control 99.9% of votes, this limitation restricts them to 79% when all capital stock votes together as a single class.

What is SFS Holding Corp.’s role in UWM Holdings (UWMC)?

SFS Holding Corp. directly holds 1,287,482,620 shares of Class D Stock, all outstanding shares of that class. These Class D shares, paired with Class B Units in Holdings LLC, are convertible or exchangeable into Class A Stock, forming the basis of the reporting persons’ large beneficial ownership stake.

How many shares does Mat Ishbia personally report owning in UWM Holdings?

Mat Ishbia reports beneficial ownership of 1,292,717,132 shares of UWM Class A Stock, including interests attributed through SFS Holding Corp. This equals 80.7% of the Class A Common Stock. The filing notes this figure excludes shares he holds directly and as trustee outside the reported amounts.

What does the 10b5-1 trading arrangement mean for UWM Holdings (UWMC) insiders?

The filing notes SFS Holding Corp. previously adopted a 10b5-1 trading arrangement. This structured plan allows pre-scheduled sales of securities, and the current amendment simply reflects sales that have occurred pursuant to that plan, without changing the reported control position.

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

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Accepted by SEC EDGAR 04/01/2026 - 04:15 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. 14)

UWM Holdings Corporation

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

91823B109

(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)

04/01/2026

(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 Number(s): 91823B109

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 1,287,482,620.00
9	Sole Dispositive Power 5,234,512.00
10	Shared Dispositive Power 1,287,482,620.00

11

Aggregate amount beneficially owned by each reporting person

1,292,717,132.00

12

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

13

Percent of class represented by amount in Row (11)

80.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 91823B109

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 1,287,482,620.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,287,482,620.00

11

Aggregate amount beneficially owned by each reporting person

1,287,482,620.00

12

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

13

Percent of class represented by amount in Row (11)

80.4 %

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, and as amended by Amendment No 13 filed on March 5, 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 1,287,482,620 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 1,287,482,620 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 1,287,482,620 shares of Class A Stock beneficially owned by the Reporting Persons represent 80.4% of the outstanding shares of Class A Stock based upon 313,880,910 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 1,287,482,620 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 1,287,482,620 shares of Class A Stock beneficially owned by the Reporting Persons represent 80.4% of the outstanding shares of Class A Stock based upon 313,880,910 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:	04/01/2026

SFS Holding Corp.

Signature:	/s/ Mat Ishbia
Name/Title:	Mat Ishbia, Chief Executive Officer
Date:	04/01/2026