FAIRFAX FINANCIAL HOLDINGS LTD/ CAN 4

What Happened
Prem Watsa (reported as a 10% owner through Fairfax affiliates) made open‑market purchases of Under Armour shares on January 27–28, 2026. The filing shows four purchases totaling 2,641,105 shares for aggregate cash consideration of $16,445,714:

• Jan 27, 2026 — 842,481 shares @ $6.20 = $5,219,928 (Class C, weighted avg $6.175–$6.20)
• Jan 27, 2026 — 686,505 shares @ $6.30 = $4,323,197 (Class A, weighted avg $6.28–$6.30)
• Jan 28, 2026 — 1,022,333 shares @ $6.20 = $6,337,647 (Class C, weighted avg $6.185–$6.20)
• Jan 28, 2026 — 89,786 shares @ $6.29 = $564,942 (Class A, weighted avg $6.285–$6.30)

These were purchases (buying stock), which investors often view as a more informative signal than sales, though the filing itself does not state motivations.

Key Details

• Transaction dates: Jan 27–28, 2026; Filing date: Jan 29, 2026 (appears timely).
• Total shares acquired: 2,641,105; Total cash paid: $16,445,714.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Notable footnotes: securities are held by wholly‑owned Fairfax subsidiaries; Mr. Watsa is CEO/controlling person of Fairfax and disclaims beneficial ownership except to the extent of any pecuniary interest (standard for affiliate filings). Footnotes also provide weighted average price ranges and offer to supply per‑price breakdowns to the SEC on request.
• Transaction code: P = Purchase (open market/private purchase).

Context

• These trades were reported by Fairfax-related entities (institutional/affiliate activity), not a personal sale by an Under Armour executive. For retail investors, affiliate purchases by a large shareholder can indicate institutional accumulation but do not reveal management-level views.
• The filing contains weighted-average price ranges for Class A and Class C common shares; the affiliates bought both share classes over two days.
• This report is factual disclosure of purchases; it does not state intent or future plans.