STUB 10-K & 10-Q changes, risk factors and insider trading
StubHub Holdings, Inc. · NYSE · Services-Miscellaneous Amusement & Recreation · CIK 1337634 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Comparison not available: Not available: fewer than two 10-K filings on EDGAR to compare (only one so far)..
What changed in the latest 10-Q
Risk Factors
The Company has disclosed under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2025 risk factors which materially affect its business, financial condition, or results of operations. There have been no material changes from the risk factors previously disclosed.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Loss on Extinguishment of Debt”
New heading “* Not meaningful”
New heading “Gains (Losses) on Derivatives”
Removed heading “Gains on Derivatives”
Largest changes
see in full comparisonGainsForeignoncurrencyderivativesgainsincreased(losses)$4.9changed by $65.0 million for the three months endedMarchJune31,30, 2026 as compared to the same period in 2025, which was primarilyasattributableatoresult of an increasechanges intheexchangesettlementsratesreceivedaffectingrelatedourto2024interestEurorateTermswapLoanderivatives,obligation,which were not designated as aforeign cashflowbalances,hedge.indirect tax contingencies and litigation reserves.
“Foreign currency gains increased $44.6 million for the three months ended March 31, 2026 as compared to the same period in 2025, which is primarily attributable to the remeasurement of our 2024 Euro Term Loan obligation, litigation reserves and indirect tax contingencies primarily driven by changes in exchange rates.”see in full comparison
Full comparison: every changed paragraph (66)
Highlights for FirstSecond Quarter 2026
•Gross Merchandise Sales (“GMS”) was $2.2$3.1 billion for the three months ended MarchJune 31,30, 2026, as compared to $2.1$2.3 billion in the three months ended MarchJune 31,30, 2025
•Revenue was $446.0$573.1 million for the three months ended MarchJune 31,30, 2026, as compared to $397.6$430.3 million in the three months ended MarchJune 31,30, 2025
•Gross margin was 85%82% for the three months ended MarchJune 31,30, 2026, as compared to 84%83% in the three months ended MarchJune 31,30, 2025
•Total costs and expenses were $420.2$553.6 million for the three months ended MarchJune 31,30, 2026, as compared to $370.8$405.2 million in the three months ended MarchJune 31,30, 2025
•Net income (loss) was $48.0$14.6 million for the three months ended MarchJune 31,30, 2026, as compared to $(22.253.8) million in the three months ended MarchJune 31,30, 2025
•Adjusted EBITDA was $72.1$105.7 million for the three months ended MarchJune 31,30, 2026, as compared to $47.9$54.3 million in the three months ended MarchJune 31,30, 2025
•Net cash provided by operating activities was $298.4$321.9 million for the three months ended MarchJune 31,30, 2026, as compared to $158.3$19.3 million in the three months ended MarchJune 31,30, 2025
•Free cash flow was $290.6$309.7 million for the three months ended MarchJune 31,30, 2026, as compared to $151.1$9.7 million in the three months ended MarchJune 31,30, 2025
•Cash and cash equivalents were $1.5$1.7 billion as of MarchJune 31,30, 2026
•Further strengthened balance sheet with $100.0 million debt reduction in May, with a further $100.0 million payment in July
Comparison of the Three and Six Months Ended MarchJune 31,30, 2026 and 2025
The overall increase in our revenue in the amount of $48.4$142.8 million for the three months ended MarchJune 31,30, 2026 as compared to the same period in 2025 iswas primarily attributable to an increase of $27.0 million due to a higher average transaction fee rate we charge to buyers and sellers on each transaction, and growth in GMS, which was primarily due to an increase in GMS per transaction on our platform.
The overall increase in our revenue in the amount of $191.2 million for the six months ended June 30, 2026 as compared to the same period in 2025 was primarily attributable to growth in GMS, which was primarily due to an increase in GMS per transaction on our platform, and an increase of $31.0 million due to a higher average transaction fee rate we charge to buyers and sellers.
The overall increase in our cost of revenue (exclusive of depreciation and amortization) in the amount of $3.4$29.5 million for the three months ended MarchJune 31,30, 2026 as compared to the same period in 2025 was primarily attributable to an increase of $11.4$28.3 million in payment processing costs related to the volume of transactions we facilitated during the three months ended MarchJune 31,30, 2026. This is partially offset by a reduction of $5.0 million in ticket substitution and replacement costs and a decrease of $4.3 million in inventory costs.
The overall increase in our cost of revenue (exclusive of depreciation and amortization) in the amount of $32.8 million for the six months ended June 30, 2026 as compared to the same period in 2025 was primarily attributable to an increase of $39.7 million in payment processing costs related to the volume of transactions we facilitated during the six months ended June 30, 2026. This was partially offset by a decrease of $8.0 million in inventory costs.
The overall increase in operations and support expenses in the amount of $2.8$4.8 million for the three months ended MarchJune 31,30, 2026 as compared to the same period in 2025 was primarily attributable to an increase of $2.8$5.2 million in outsourced customer support.
The overall increase in operations and support expenses in the amount of $7.6 million for the six months ended June 30, 2026 as compared to the same period in 2025 was primarily attributable to an increase of $8.0 million in outsourced customer support.
The overall increase in sales and marketing expenses in the amount of $7.0$38.9 million for the three months ended MarchJune 31,30, 2026 as compared to the same period in 2025 was primarily attributable to an increase of $2.4 million related to stock-based compensation expense, an increase of $2.2 million in sponsorship fees paid to certain content rights holders, and an increase of $1.5$29.3 million in advertising expenses driven by the growth in GMS and an increase inof transaction$5.0 volume.million related to stock-based compensation expense.
The overall increase in sales and marketing expenses in the amount of $45.9 million for the six months ended June 30, 2026 as compared to the same period in 2025 was primarily attributable to an increase of $30.9 million in advertising expenses driven by the growth in GMS and an increase of $7.4 million related to stock-based compensation expense.
The overall increase in general and administrative expenseexpenses in the amount of $34.7$71.8 million for the three months ended MarchJune 31,30, 2026 as compared to the same period in 2025 was primarily attributable to an increase of $22.3$59.2 million related to stock-based compensation expense, and an increase of $8.0$11.2 million in professional services fees and an increase of $3.4 million in personnel-related costs.fees.
The overall increase in general and administrative expenses in the amount of $106.6 million for the six months ended June 30, 2026 as compared to the same period in 2025 was primarily attributable to an increase of $81.5 million related to stock-based compensation expense, and an increase of $19.2 million in professional services fees.
Depreciation and amortization expenses increased $1.5$3.4 million for the three months ended MarchJune 31,30, 2026 as compared to the same period in 2025, primarily due to increased depreciation and amortization for new assets placed into service.
Depreciation and amortization expenses increased $5.0 million for the six months ended June 30, 2026 as compared to the same period in 2025, primarily due to increased depreciation and amortization for new assets placed into service.
Interest income increased $2.2$1.9 million for the three months ended MarchJune 31,30, 2026 as compared to the same period in 2025, primarily due to higher cash and cash equivalent balances throughout the quarter, partially offset by lower interest rates.
Interest income increased $4.1 million for the six months ended June 30, 2026 as compared to the same period in 2025, primarily due to higher cash and cash equivalent balances throughout the period, partially offset by lower interest rates.
Interest expense decreased $25.2$21.7 million for the three months ended MarchJune 31,30, 2026 as compared to the same period in 2025 primarily due to a decrease of $22.3 million due to lower variable interest rates for our outstanding term loans and repayments of principal of our 2024 USD Term Loan.
Interest expense decreased $46.8 million for the six months ended June 30, 2026 as compared to the same period in 2025 primarily due to repayments of principal of our 2024 USD Term Loan.
Foreign currency gains increased $44.6 million for the three months ended March 31, 2026 as compared to the same period in 2025, which is primarily attributable to the remeasurement of our 2024 Euro Term Loan obligation, litigation reserves and indirect tax contingencies primarily driven by changes in exchange rates.
Gains on Derivatives
GainsForeign oncurrency derivativesgains increased(losses) $4.9changed by $65.0 million for the three months ended MarchJune 31,30, 2026 as compared to the same period in 2025, which was primarily asattributable ato result of an increasechanges in theexchange settlementsrates receivedaffecting relatedour to2024 interestEuro rateTerm swapLoan derivatives,obligation, which were not designated as aforeign cash flowbalances, hedge.indirect tax contingencies and litigation reserves.
Foreign currency gains (losses) changed by $109.6 million for the six months ended June 30, 2026 as compared to the same period in 2025, which was primarily attributable to changes in exchange rates affecting our 2024 Euro Term Loan obligation, foreign cash balances, litigation reserves and indirect tax contingencies.
Loss on Extinguishment of Debt
* Not meaningful
Loss on extinguishment of debt was $1.9 million for the three and six months ended June 30, 2026, primarily due to debt paydown in the second quarter of 2026. This resulted in the partial write-off of the remaining original issuance discount and unamortized debt issuance costs.
Gains (Losses) on Derivatives
Gains (losses) on derivatives changed by $2.3 million for the three months ended June 30, 2026 as compared to the same period in 2025, primarily as a result of an increase in the settlements received related to interest rate swap derivatives, which were not designated as a cash flow hedge. This was partially offset by a decrease in the fair value of an interest rate swap derivative.
Gains (losses) on derivatives changed by $7.1 million for the six months ended June 30, 2026 as compared to the same period in 2025, primarily as a result of an increase in the settlements received related to interest rate swap derivatives, which were not designated as a cash flow hedge. This was partially offset by a decrease in the fair value of an interest rate swap derivative
Benefit for income taxes decreased $5.7$15.2 million for the three months ended MarchJune 31,30, 2026 as compared to the same period in 2025, primarily due to current period pre-tax income, net of the benefit recognized for the changes in the U.S. valuation allowances and tax benefits on the interest rate swap reclassified from AOCI, whereas the tax benefit for the three months ended MarchJune 31,30, 2025 was primarily attributable to the pre-tax loss.
Benefit for income taxes decreased $20.9 million for the six months ended June 30, 2026 as compared to the same period in 2025, primarily due to current period pre-tax income, net of the benefit recognized for the changes in the U.S. valuation allowances and tax benefits on the interest rate swap reclassified from AOCI, whereas the tax benefit for the six months ended June 30, 2025 was primarily attributable to the pre-tax loss.
Other marketplaces may not present GMS or may calculate this measure differently, which would reduce its usefulness as a comparative measure. GMS is an operating metric and does not represent revenue earned by us calculated in accordance with GAAP.
During the three months ended MarchJune 31,30, 2026, our GMS grew 7%34% year-over-year due to ongoing market growth in international and North American and international secondary markets.markets, led by the World Cup.
During the six months ended June 30, 2026, our GMS grew 21% year-over-year due to ongoing market growth in North American and international secondary markets, led by the World Cup.
We calculate Adjusted EBITDA as net income (loss) excluding results from non-operating sources including interest income and expense, provision (benefit) for income taxes, other expense, net, foreign currency losses(gains) losses, (gains), gainslosses on derivatives, depreciation and amortization, loss on extinguishment of debt, acquisition-related costs, stock-based compensation expense, indirect tax contingency costs, litigation reserves and other costs and expenses.
1.During the three months ended MarchJune 31,30, 2026 and 2025, we incurred zero and $0.1 million of transaction and integration costs, respectively. During the six months ended June 30, 2026 and 2025, we incurred zero and $0.3 million of transaction and integration costs, respectively. We do not consider these costs to be representative of the ongoing financial performance of our core business, and we do not expect these costs to be significant going forward.
2.During the three months ended MarchJune 31,30, 2026 and 2025, we recognized $31.0$69.0 million and $5.5$2.0 million of stock-based compensation expense, net of $6.7$27.7 million and zero capitalized for internally developed software, associated with RSUs, stock options and restricted stock, respectively. During the six months ended June 30, 2026 and 2025, we recognized $100.0 million and $7.5 million of stock-based compensation expense, net of $34.4 million and $0.2 million capitalized for internally developed software, associated with RSUs, stock options and restricted stock, respectively.
3.During the three months ended MarchJune 31,30, 2026 and 2025, we incurred $2.4$3.6 million and $8.4$12.5 million of expenses, respectively, associated with potential indirect tax contingencies for withholding obligations and $0.2 million and $0.6$0.5 million of professional service costs, respectively. During the six months ended June 30, 2026 and 2025, we incurred $6.0 million and $20.9 million of expenses, respectively, associated with potential indirect tax contingencies for withholding obligations and $0.5 million and $1.1 million of professional service costs, respectively.
4.During the three months ended MarchJune 31,30, 2026 and 2025, we incurred $4.5$3.4 million and zero, respectively, and during the six months ended June 30, 2026 and 2025, we incurred $7.9 million and zero, respectively, for expenses due to a litigation-related loss contingency for specific matters for which we deemed loss to be probable as described in Note 12, “Commitments and Contingencies” to our interim condensed consolidated financial statements.
5.Represents (a) a one-time expense related to our initial public offering of $0.3$0.1 million duringand $0.4 million for the three and six months ended MarchJune 31,30, 2026, respectively, (b) a one-time expense to terminate an intellectual property rights licensing agreement of $7.7 million for the three and six months ended June 30, 2025 and (c) personnel-related costs related to our customer service office closure of $0.2 million for the threesix months ended MarchJune 31,30, 2025. We do not consider these expenses to be representative of the ongoing financial performance of our core business.
During the three months ended MarchJune 31,30, 2026, the increase in Adjusted EBITDA, compared to the prior year, was driven by higher average transaction fee rates, increased marketing efficiency, and growth in GMS perand transaction,increased marketing cost efficiency, partially offset by higher directpayment processing costs related to growth in GMS and certain general and administrative costs.expense.
During the six months ended June 30, 2026, the increase in Adjusted EBITDA, compared to the prior year, was driven by growth in GMS and increased marketing cost efficiency, partially offset by higher payment processing costs and general and administrative expense.
(1)1.Includes Includes $22.6$21.7 million and $37.4$38.0 million of interest payments on our outstanding debt, net of cash received on the settlement of interest rate swap derivatives, for the three months ended MarchJune 31,30, 2026 and 2025, respectively.
(2) Seasonal2.Seasonal trends in our GMS and the timing of major events throughout the year impact free cash flow for any given quarter and can vary year to year. Trailing 12 months (“TTM”) free cash flow provides a longer-term view of our business that is less impacted by the seasonality of GMS and seller payments.
As of MarchJune 31,30, 2026, we had cash and cash equivalents of $1,526.2$1,693.1 million. Cash and cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less when purchased, and are primarily comprised of cash in banks, money market funds and cash held at online payment companies, which excludes $17.3$25.5 million of restricted cash.
On September 29, 2025, we made an early principal payment related to the 2024 USD Term Loan of $750.0 million in connection with, and using proceeds from, the IPO. Additionally, on December 16, 2025, we made an early principal payment on the 2024 USD Term Loan of $150.0 million. The paydown on September 29, 2025 was applied first to eliminate all remaining principal amortization payments that were scheduled to be paid on the principal balance of the 2024 USD Term Loan, beginning on September 30, 2025. On December 16, 2025, we made an early principal payment on the 2024 USD Term Loan of $150.0 million. Additionally, on May 5, 2026, we made an early principal payment on the 2024 USD Term Loan of $100.0 million, and on July 10, 2026, we made a further early principal payment on the 2024 USD Term Loan of $100.0 million.
On March 15, 2024, we entered into the fourth amendment to the Credit Agreement to refinance the USD Term Loan B, USD Term Loan B2, Euro Term Loan B and Revolving Credit Facility (the “Refinancing”). As a result of the Refinancing, the refinanced Euro Term Loan B (the “2024 Euro Term Loan”) has a maturity date of March 2030, aggregate principal balance €452.4 million and an interest rate equal to EURIBOR, subject to a floor of 0.00%, plus 5.00%. As of MarchJune 31,30, 2026, the interest rate for the 2024 Euro Term Loan was 6.89%.7.18%. In addition, as a result of the Refinancing, the outstanding principal balance of each of the USD Term Loan B and USD Term Loan B2 were consolidated into one loan (the “2024 USD Term Loan” and together with the 2024 Euro Term Loan and the Revolving Credit Facility, the “Credit Facilities”). The 2024 USD Term Loan has a maturity date of March 2030, initial aggregate principal balance of $1,952.6 million and an interest rate equal to SOFR, subject to a floor of 0.00%, plus 4.75%. As of MarchJune 31,30, 2026, the interest rate for the 2024 USD Term Loan was 8.42%.8.39%. After six months following the effective date of the Refinancing, we have an option to prepay part or all of both the 2024 USD Term Loan and the 2024 Euro Term Loan prior to maturity without penalty. On June 24, 2024, we repaid $24.0 million of the outstanding principal of the 2024 USD Term Loan. On September 29, 2025, we made an early principal payment related to the 2024 USD Term Loan of $750.0 million in connection with, and using proceeds from, the IPO. Additionally, on December 16, 2025, the Company made an early principal payment on the 2024 USD Term Loan of $150.0 million. The paydown on September 29, 2025 was applied first to eliminate all remaining principal amortization payments that were scheduled to be paid on the principal balance of the 2024 USD Term Loan, beginning on September 30, 2025. On December 16, 2025, the Company made an early principal payment on the 2024 USD Term Loan of $150.0 million. Additionally, on May 5, 2026, we made an early principal payment on the 2024 USD Term Loan of $100.0 million, and on July 10, 2026, we made a further early principal payment on the 2024 USD Term Loan of $100.0 million. The principal balance of the 2024 USD Term Loan was $1,004.2$904.2 million as of MarchJune 31,30, 2026.
The Revolving Credit Facility initially allowed for an initial aggregate principal amount of $125.0 million, including: (i) a $30.0 million letter of credit sublimit and (ii) a $30.0 million swingline loansloan sublimit. On March 13, 2023, as part of the SOFR Amendment, the interest rate per annum for the Revolving Credit Facility was amended to equal to SOFR, subject to a floor of 0.00%, plus 3.61448%. On March 15, 2024, as part of the Refinancing, we extended the maturity date of the Revolving Credit Facility from February 2025 to March 2028. On June 27, 2024, we entered into the fifth amendment (as amended) to the Credit Agreement to increase the commitment under the Revolving Credit Facility, subject to certain conditions, including the occurrence of an initial public offering. On September 29, 2025, the Company met the conditions, including the occurrence of a Qualified IPO, under Amendment No. 5 related to the Revolving Credit Facility that increased the aggregate principal amount to $565.0 million, including: (i) a $120.0 million letter of credit sublimit and (ii) a $60.0 million swingline loan sublimit. The maturity date for the Revolving Credit Facility was also extended from March 2028 to September 2030. As of MarchJune 31,30, 2026, there were outstanding standby letters of credit in an aggregate amount of $43.0$42.9 million under the Revolving Credit Facility that we issued in connection with our appeal bond for a litigation matter and office leases. During and as of the threesix months ended MarchJune 31,30, 2026, no amounts have been drawn on the letters of credit. The available balance under the letter of credit sublimit for Revolving Credit Facility was $77.0$77.1 million as of MarchJune 31,30, 2026.
As of MarchJune 31,30, 2026, we had $1,523.0$1,419.8 million outstanding under our term loan Credit Facilities. As of MarchJune 31,30, 2026, there were no outstanding amounts drawn on the Revolving Credit Facility.
For the threesix months ended MarchJune 31,30, 2026, net cash provided by operating activities was $298.4$620.3 million, primarily resulting from net income of $48.0$62.7 million, after consideration of non-cash charges of $2.5$77.4 million. Net cash inflows from the change in net operating assets and liabilities of $247.9$480.2 million were primarily due to a $273.6$472.5 million increase in payments due to buyers and sellers driven by improvementsgrowth in GMS and increase in the time period between ticket sales and event dates.GMS. The non-cash items included in our net income for the threesix months ended MarchJune 31,30, 2026 relate primarily to stock-based compensation charges of $31.0 million, partially offset by unrealized foreign exchange gains of $21.7 million and fair value change for Series M of $8.0$100.0 million.
For the threesix months ended MarchJune 31,30, 2025, net cash provided by operating activities was $158.3$177.6 million, which consisted of a net loss of $22.2$76.0 million, after consideration of non-cash charges of $37.2$95.6 million. Net cash inflows from the change in net operating assets and liabilities of $143.3$158.0 million were primarily due to a $191.6$160.7 million increase in payments due to buyers and sellers driven by improvements in GMS, a $23.8$42.7 million increase in other non-current liabilities, andwhich a $21.8 million increase in accrued expenseswere partially offset by a $74.0$15.9 million decrease in accounts payable, a $9.3 million decrease in prepaid expenses and other current assets and a $6.5 million decrease in other non-current assets.payable. The non-cash items included in our net loss for the threesix months ended MarchJune 31,30, 2025 relate primarily to unrealized foreign exchange losses of $27.7$86.9 million,million and amortization of intangibles of $5.7 million and stock-based compensation expense of $5.5$11.5 million, which was partially offset by $10.0$30.7 million of increase in deferred income tax assets.
STUB insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 20 filings (4 insiders, 21 trade dates, 1,406,604 shares, about $11.1M; 12 of these filings say the sales were made under a Rule 10b5-1 trading plan). Net open-market shares: -1,406,604 (purchases minus sales); net value about -$11.1M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-22 | Fitzgerald Scott Michael |
Shares withheld for tax | 10,440 | $5.74 | $59.9K |
| 2026-09-22 | James Constance P. |
Shares withheld for tax | 4,000 | $5.74 | $23.0K |
| 2026-09-22 | Baker Eric Howard |
Shares withheld for tax | 18,128 | $5.74 | $104.1K |
| 2026-09-16 | Patterson Thomas |
Grant/award | 42,445 | — | — |
| 2026-09-16 | Blackburn Jeffrey M |
Grant/award | 42,445 | — | — |
| 2026-09-16 | Kodialam Rajini Sundar |
Grant/award | 42,445 | — | — |
| 2026-09-14 | Islam Nayaab |
Open-market sale | 14,306 | $6.20 | $88.7K |
| 2026-09-04 | Islam Nayaab |
Open-market sale | 24,554 | $6.69 | $164.3K |
| 2026-09-03 | Islam Nayaab |
Open-market sale | 110,409 | $6.66 | $735.3K |
| 2026-09-03 | Streams Mark |
Open-market sale | 135,589 | $6.39 | $866.4K |
| 2026-09-02 | Streams Mark |
Open-market sale | 29,951 | $6.23 | $186.6K |
| 2026-08-26 | Streams Mark |
Open-market sale | 2,530 | $6.88 | $17.4K |
| 2026-08-26 | Islam Nayaab |
Open-market sale | 85,973 | $6.86 | $589.8K |
| 2026-08-25 | Islam Nayaab |
Open-market sale | 219,736 | $6.78 | $1.5M |
| 2026-08-25 | Streams Mark |
Open-market sale | 10,176 | $6.84 | $69.6K |
| 2026-08-24 | Streams Mark |
Open-market sale | 150,000 | $6.76 | $1.0M |
| 2026-08-21 | Streams Mark |
Open-market sale | 6,500 | $6.93 | $45.0K |
| 2026-08-19 | Fitzgerald Scott Michael |
Open-market sale | 84,970 | $7.08 | $601.6K |
| 2026-08-18 | James Constance P. |
Open-market sale | 116,644 | $7.06 | $823.5K |
| 2026-08-05 | Baker Eric Howard |
Shares withheld for tax | 18,130 | $9.12 | $165.3K |
| 2026-08-05 | Fitzgerald Scott Michael |
Shares withheld for tax | 18,150 | $9.12 | $165.5K |
| 2026-08-03 | Levine Jeremy S. |
Grant/award | 27,840 | — | — |
| 2026-08-03 | Bhargava Sameer |
Grant/award | 27,840 | — | — |
| 2026-07-07 | Islam Nayaab |
Open-market sale |
2,800 | $14.01 | $39.2K |
| 2026-07-07 | Streams Mark |
Open-market sale |
400 | $14.01 | $5.6K |
| 2026-07-06 | Streams Mark |
Open-market sale |
28,531 | $13.02 | $371.5K |
| 2026-07-06 | Islam Nayaab |
Open-market sale |
54,801 | $13.03 | $714.1K |
| 2026-07-05 | Streams Mark |
Grant/award |
155,520 | — | — |
| 2026-07-01 | Streams Mark |
Open-market sale |
3,002 | $13.00 | $39.0K |
| 2026-07-01 | Islam Nayaab |
Open-market sale |
2,099 | $13.00 | $27.3K |
| 2026-06-30 | Baker Eric Howard |
Shares withheld for tax | 18,128 | $12.87 | $233.3K |
| 2026-06-30 | Streams Mark |
Open-market sale |
18,167 | $13.03 | $236.7K |
| 2026-06-30 | Islam Nayaab |
Open-market sale |
25,400 | $13.03 | $331.0K |
| 2026-06-30 | James Constance P. |
Shares withheld for tax | 29,996 | $12.87 | $386.0K |
| 2026-06-30 | Yegorov Artem |
Shares withheld for tax | 71,427 | $12.87 | $919.3K |
| 2026-06-30 | Fitzgerald Scott Michael |
Shares withheld for tax | 4,136 | $12.87 | $53.2K |
| 2026-06-29 | Streams Mark |
Open-market sale |
300 | $13.00 | $3.9K |
| 2026-06-29 | Islam Nayaab |
Open-market sale |
1,300 | $13.00 | $16.9K |
| 2026-06-26 | Islam Nayaab |
Open-market sale |
25,080 | $12.05 | $302.2K |
| 2026-06-25 | Baker Eric Howard |
Shares withheld for tax | 415,116 | $11.52 | $4.8M |
| 2026-06-25 | Baker Eric Howard |
Option exercise | 739,316 | $0.55 | $406.6K |
| 2026-06-15 | Islam Nayaab |
Open-market sale |
16,720 | $11.37 | $190.1K |
| 2026-06-11 | Fitzgerald Scott Michael |
Open-market sale |
867 | $10.33 | $9.0K |
| 2026-06-02 | Islam Nayaab |
Shares withheld for tax | 22,297 | $9.80 | $218.5K |
| 2026-06-02 | Baker Eric Howard |
Shares withheld for tax | 122,442 | $9.80 | $1.2M |
| 2026-06-02 | Fitzgerald Scott Michael |
Shares withheld for tax | 9,534 | $9.80 | $93.4K |
| 2026-05-27 | Fitzgerald Scott Michael |
Shares withheld for tax | 55,575 | $9.69 | $538.5K |
| 2026-05-26 | Islam Nayaab |
Grant/award | 623,250 | — | — |
| 2026-05-26 | Islam Nayaab |
Shares withheld for tax | 86,165 | $9.73 | $838.4K |
| 2026-05-26 | James Constance P. |
Shares withheld for tax | 13,190 | $9.73 | $128.3K |
| 2026-05-26 | James Constance P. |
Grant/award | 154,715 | — | — |
| 2026-05-26 | Yegorov Artem |
Grant/award | 1,255,887 | — | — |
| 2026-05-26 | Yegorov Artem |
Grant/award | 215,604 | — | — |
| 2026-05-26 | Yegorov Artem |
Shares withheld for tax | 71,427 | $9.73 | $695.0K |
| 2026-05-26 | Streams Mark |
Grant/award | 341,601 | — | — |
| 2026-05-14 | Streams Mark |
Open-market sale |
232,567 | $9.04 | $2.1M |
| 2026-05-11 | Fitzgerald Scott Michael |
Open-market sale |
1,613 | $7.57 | $12.2K |
| 2026-05-11 | Fitzgerald Scott Michael |
Grant/award |
97,717 | — | — |
| 2026-05-11 | Fitzgerald Scott Michael |
Grant/award |
92,453 | — | — |
| 2026-05-05 | Baker Eric Howard |
Shares withheld for tax | 18,128 | $7.60 | $137.8K |
Well-known investors holding STUB (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 6,544,021 | $84.2M | 0.05% | Added 74% |
| DME Capital Management (Greenlight Capital, David Einhorn) | 2026-06-30 | 4,233,200 | $54.5M | 1.39% | No change |
| D. E. Shaw & Co. | 2026-06-30 | 1,925,107 | $24.8M | 0.02% | New position |
| Millennium Management (Israel Englander) | 2026-06-30 | 1,724,700 | $22.2M | 0.01% | Added 38% |
| Bridgewater Associates | 2026-06-30 | 275,031 | $3.5M | 0.01% | New position |
| Renaissance Technologies | 2026-06-30 | 262,900 | $3.4M | 0.0% | New position |
| Soros Fund Management | 2026-06-30 | 125,000 | $780.0K | — | Sold out |
| Duquesne Family Office (Stanley Druckenmiller) | 2026-06-30 | 1,367,177 | $8.5K | — | Sold out |