UWM Holdings (NYSE: UWMC) Ishbia and SFS Holding disclose 83% Class A stake, capped at 79% voting control

Rhea-AI Filing Summary

UWM Holdings Corporation’s controlling shareholder Mat Ishbia and affiliate SFS Holding Corp. updated their ownership disclosure for the company’s Class A common stock. Ishbia is reported as beneficially owning 1,339,102,981 shares, or 83.7% of the Class A common stock, while SFS Holding Corp. is reported as beneficially owning 1,333,996,611 shares, or 83.4% of the class.

The amendment reflects sales of securities made under a previously adopted Rule 10b5‑1 trading plan. The 1,333,996,611 shares are held as Class D stock and related units that are convertible or exchangeable into Class A shares, with each Class D share carrying ten votes. Based on 265,901,489 Class A shares outstanding, the reporting persons collectively hold 79% of the company’s voting power because of a charter provision that caps any holder’s voting power, even though their holdings would otherwise represent 99.9% of the voting power.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

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)

12/09/2025

(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 No. 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 5,106,370.00
8	Shared Voting Power 1,333,996,611.00
9	Sole Dispositive Power 5,106,370.00
10	Shared Dispositive Power 1,333,996,611.00

11

Aggregate amount beneficially owned by each reporting person

1,339,102,981.00

12

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

13

Percent of class represented by amount in Row (11)

83.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 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 1,333,996,611.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,333,996,611.00

11

Aggregate amount beneficially owned by each reporting person

1,333,996,611.00

12

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

13

Percent of class represented by amount in Row (11)

83.4 %

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 11 (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, and as amended by Amendment No 10 filed on November 5, 2025 (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. 10 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 1,333,996,611 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 1,333,996,611 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 1,333,996,611 shares of Class A Stock beneficially owned by the Reporting Persons represent 83.4% of the outstanding shares of Class A Stock based upon 265,901,489 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 1,333,996,611 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 1,333,996,611 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 1,333,996,611 shares of Class A Stock beneficially owned by the Reporting Persons represent 83.4% of the outstanding shares of Class A Stock based upon 265,901,489 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:	12/10/2025

SFS Holding Corp.

Signature:	/s/ Mat Ishbia
Name/Title:	Mat Ishbia, Chief Executive Officer
Date:	12/10/2025

FAQ

What does UWM Holdings (UWMC) Amendment No. 11 on Schedule 13D/A disclose?

It discloses updated ownership information for Mat Ishbia and SFS Holding Corp. in UWM Holdings Corporation’s Class A common stock, including changes resulting from sales under a Rule 10b5‑1 trading plan.

How many UWM Holdings (UWMC) shares does Mat Ishbia beneficially own?

Mat Ishbia is reported as beneficially owning 1,339,102,981 shares of UWM Holdings Corporation Class A common stock, representing 83.7% of that class.

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

SFS Holding Corp. is reported as beneficially owning 1,333,996,611 shares of UWM Holdings Corporation Class A common stock on an as-converted basis, representing 83.4% of the outstanding Class A shares.

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

Based on 265,901,489 Class A shares outstanding and the company’s voting cap, the reporting persons collectively hold 79% of the voting power of UWM Holdings Corporation’s capital stock.

Why is there a difference between economic and voting control at UWM Holdings (UWMC)?

Each share of Class D stock held by SFS Holding Corp. has ten votes, but the charter limits any holder from voting more than 79% of the total voting power. Without this limitation, the reporting persons’ holdings would represent 99.9% of the voting power.

What role does the 10b5-1 trading plan play in this UWM Holdings (UWMC) amendment?

The amendment states it is being filed to reflect sales of securities that occurred pursuant to SFS Holding Corp.’s previously disclosed Rule 10b5‑1 trading arrangement.

What types of UWM Holdings (UWMC) shares are held by SFS Holding Corp.?

SFS Holding Corp. directly holds 1,333,996,611 shares of Class D stock and related Class B units, which are convertible or exchangeable into shares of Class A common stock, with each Class D share entitled to ten votes.