[SCHEDULE 13D/A] UWM Holdings Corp SEC Filing

Rhea-AI Filing Summary

UWM Holdings (UWMC) received an updated Schedule 13D/A from Mat Ishbia and SFS Holding Corp. reporting current beneficial ownership and control. The filing reflects sales executed under a previously disclosed Rule 10b5-1 trading plan.

SFS Holding Corp. directly holds 1,350,093,552 shares of Class D Stock (convertible or exchangeable, with Class B Units, into Class A), which the reporters state represents 84.4% of the outstanding Class A based on 249,792,178 Class A shares outstanding. Mat Ishbia is deemed to beneficially own those shares and also reports sole voting and dispositive power over 5,106,370 additional shares, for an aggregate of 1,355,199,922 (84.7% of Class A).

Class D Stock carries 10 votes per share. Due to the issuer’s charter Voting Limitation, the reporting persons hold 79% of total voting power; without that limitation, they state voting power would be 99.9%.

Insights

Equity ownership & governance analyst

Control reaffirmed: ~84% economic stake; voting capped at 79%.

The amendment reports SFS Holding’s 1,350,093,552 Class D shares, convertible into Class A, representing 84.4% of Class A based on 249,792,178 shares outstanding. Mat Ishbia is deemed to beneficially own those shares and reports an aggregate of 1,355,199,922 shares (84.7% of Class A).

Class D carries 10 votes per share, but the charter’s Voting Limitation caps any holder at 79% of total voting power. The filing also notes sales occurred under a previously disclosed Rule 10b5-1 plan; amounts and timing beyond this reference are not detailed in the excerpt.

Key governance takeaway is stable control within a capped voting structure. Actual market impact depends on ongoing conversions or additional plan activity disclosed in subsequent filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

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)

11/05/2025

(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 1,350,093,552.00
9	Sole Dispositive Power 5,106,370.00
10	Shared Dispositive Power 1,350,093,552.00

11

Aggregate amount beneficially owned by each reporting person

1,355,199,922.00

12

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

13

Percent of class represented by amount in Row (11)

84.7 %

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 1,350,093,552.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,350,093,552.00

11

Aggregate amount beneficially owned by each reporting person

1,350,093,552.00

12

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

13

Percent of class represented by amount in Row (11)

84.4 %

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 10 (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, and as amended by Amendment No 9 filed on October 6, 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. 9 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 1,350,093,552 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 1,350,093,552 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 1,350,093,552 shares of Class A Stock beneficially owned by the Reporting Persons represent 84.4% of the outstanding shares of Class A Stock based upon 249,792,178 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 1,350,093,552 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 1,350,093,552 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 1,350,093,552 shares of Class A Stock beneficially owned by the Reporting Persons represent 84.4% of the outstanding shares of Class A Stock based upon 249,792,178 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:	11/05/2025

SFS Holding Corp.

Signature:	/s/ Mat Ishbia
Name/Title:	Mat Ishbia, Chief Executive Officer
Date:	11/05/2025

FAQ

What did UWMC’s Schedule 13D/A report about ownership?

It reports SFS Holding Corp. holds 1,350,093,552 Class D shares, representing 84.4% of Class A based on 249,792,178 Class A shares outstanding.

How much does Mat Ishbia beneficially own in UWMC?

Mat Ishbia reports an aggregate beneficial ownership of 1,355,199,922 shares, or 84.7% of Class A.

What is the voting power of the reporting persons at UWMC?

Due to a charter Voting Limitation, their voting power is capped at 79%; without the cap, it would be 99.9%.

What special rights does UWMC Class D stock have?

Each Class D share has 10 votes per share and is convertible or exchangeable (with Class B Units) into Class A.

Did the filing mention any stock sales?

Yes. It states the amendment reflects sales executed under a previously disclosed Rule 10b5-1 plan.

What share count was used to compute the percentage ownership?

The filing references 249,792,178 Class A shares outstanding to calculate percentages.