[144] eBay Inc SEC Filing

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Buy-side Analyst

TL;DR: Filing is informational; $30.2bn AUM mix skews to Large Cap funds with no trend data, so market impact should be minimal.

The 8-K supplies a snapshot of July-end AUM, a key revenue driver for DHIL. Large Cap strategies remain the core at 55%, implying continued dependence on U.S. equity markets for fee generation. Fixed-income and securitized products now account for roughly 26%, providing some diversification. However, management provides no sequential or YoY figures, limiting investors’ ability to gauge organic flows or performance gains. Absent those metrics, the disclosure is neutral; it neither signals fee pressure nor growth acceleration. I view the update as routine and non-impactful to valuation near-term.

Asset Management Specialist

TL;DR: Routine monthly AUM disclosure; composition shows heavy mutual-fund concentration, suggesting fee sensitivity to retail flows.

With 64% of assets housed in proprietary funds, DHIL’s revenue mix is tilted toward higher-fee retail vehicles, which is positive if performance holds but exposes the firm to redemption risk during market drawdowns. Separately managed accounts and CITs form a modest institutional base at 23%. The large Large-Cap sleeve underscores benchmark risk to U.S. equities. Lack of comparative data leaves questions about net flows, but nothing here suggests a strategic shift. Overall, the event is informational, not transformative.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	10000	932727.00	457000000	08/04/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	08/04/2025	Exercise of options under a registered plan	Issuer			17	08/04/2025	Cash
Common	08/04/2025	Exercise of options under a registered plan	Issuer			9983	08/04/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	08/01/2025	20331	1835618.90
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	08/01/2025	20330	1835528.61
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	08/01/2025	10348	934286.77
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	07/17/2025	1168	89842.56
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	06/17/2025	5253	406513.90
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	06/10/2025	11024	879697.56
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	06/10/2025	12949	1033309.48
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	06/06/2025	300	23850.00
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	06/06/2025	25000	1973545.00
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	06/05/2025	25000	1956972.50
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	06/04/2025	20662	1588463.57
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	06/04/2025	4338	333498.93
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	05/22/2025	20000	1455842.00
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	05/12/2025	139341	9599173.62
STEPHEN J PRIEST 2025 Hamilton Avenue San Jose CA 95125	Common	05/12/2025	40662	2801197.05

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What is Diamond Hill Investment Group's total AUM as of 31 July 2025?

Total firm-wide assets under management are $30.2 billion.

How much of DHIL's AUM is in Diamond Hill mutual funds?

Mutual funds account for $19.4 billion, roughly 64% of total AUM.

Which investment strategy holds the largest share of AUM for DHIL?

The Large Cap strategy leads with $16.5 billion, or 55% of total assets.

What percentage of AUM is in fixed-income or securitized strategies?

Short Duration Securitized Bond ($4.5 bn) and Core Fixed Income ($3.3 bn) together represent about 26% of AUM.

Does the 8-K include earnings or fee rate information?

No. The filing only discloses month-end AUM; it omits earnings, fee rates, and comparative flow data.