UWM Holdings Corp — Form SCHEDULE 13D/A

Oaktree Capital and affiliated funds ("Oaktree Purchasers") are purchasing $1.5 billion in Series A-1 Preferred Stock of UWM Holdings Corp, while Mat Ishbia's entities (SFS Group Capital, SFS Holding Corp) are purchasing $150 million in Series A-2 Preferred Stock. The transaction is governed by a Support Agreement dated August 5, 2026, imposing significant restrictions on Ishbia parties: non-compete covenants during the "Restricted Period" (while Oaktree holds ≥25% of preferred shares), non-solicitation of employees earning >$300k annually, confidentiality obligations, non-disparagement, transfer restrictions on preferred shares, mandatory cooperation in liquidity transactions, and pledges of tax receivable agreement payments and LLC true-up amounts to Oaktree as collateral for preferred obligations. Oaktree gains voting proxies during liquidity periods and can intercept payments to Ishbia if a "Special Event of Noncompliance" occurs.