Neil Bluhm trust trims Rush Street Interactive (NYSE: RSI) stake
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Rush Street Interactive, Inc. insider reporting centers on transactions by the NGB 2013 Grandchildren's Dynasty Trust associated with Executive Chairman Neil Bluhm. On May 5 and May 6, 2026, the trust converted a total of 10,512,150 Class A Common Units of Rush Street Interactive, L.P. into the same number of shares of Class A Common Stock, with an equivalent number of Class V Voting Stock shares canceled under the partnership agreement. The trust then executed open-market sales of 10,512,150 shares of Class A Common Stock at $24.96 per share. After these transactions, the trust continued to hold 96,399,630 shares of Class V Voting Stock, while other affiliated entities and trusts retained Class A Common Units convertible into additional Class A shares, and Neil Bluhm directly held 733,326 shares of Class A Common Stock.
Positive
- None.
Negative
- None.
Insights
Trust linked to Neil Bluhm net-sells 10.5M Rush Street Interactive shares after unit conversions.
Filings show the NGB 2013 Grandchildren's Dynasty Trust converted 10,512,150 Class A Common Units of Rush Street Interactive, L.P. into the same number of Class A Common Stock shares, canceling an equivalent amount of Class V Voting Stock under the partnership agreement.
The trust then sold 10,512,150 Class A shares at $24.96 per share in open-market transactions on May 5–6, 2026, producing a net-sell pattern in the Form 4 data. These are discretionary open-market sales, not tax withholding or gifts.
Despite the sales, affiliated entities still hold substantial positions, including 96,399,630 Class V Voting Stock shares at the trust and Class A Common Units convertible into 1,362,663 and 1,527,334 Class A shares at other trusts, plus 733,326 Class A shares held directly. The transactions reduce economic exposure at the NGB Dynasty Trust level but leave significant voting and indirect economic interests in place.
Insider Trade Summary
Net Seller: 10,512,150 shares ($262,383,264)
Net Sell
13 txns
Insider
BLUHM NEIL, NGB 2013 GRANDCHILDREN'S DYNASTY TRUST
Role
Executive Chairman | Executive Chairman
Sold
10,512,150 shs ($262.38M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Class A Common Units of Rush Street Interactive, L.P. | 1,371,150 | $0.00 | -- |
| Conversion | Class A Common Stock | 1,371,150 | $0.00 | -- |
| Disposition | Class V Voting Stock | 1,371,150 | $0.00 | -- |
| Sale | Class A Common Stock | 1,371,150 | $24.96 | $34.22M |
| Conversion | Class A Common Units of Rush Street Interactive, L.P. | 9,141,000 | $0.00 | -- |
| Conversion | Class A Common Stock | 9,141,000 | $0.00 | -- |
| Disposition | Class V Voting Stock | 9,141,000 | $0.00 | -- |
| Sale | Class A Common Stock | 9,141,000 | $24.96 | $228.16M |
| holding | Class A Common Units of Rush Street Interactive, L.P. | -- | -- | -- |
| holding | Class A Common Units of Rush Street Interactive, L.P. | -- | -- | -- |
| holding | Class V Voting Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class V Voting Stock | -- | -- | -- |
Holdings After Transaction:
Class A Common Units of Rush Street Interactive, L.P. — 96,399,630 shares (Indirect, By NGB 2013 Grandchildren's Dynasty Trust);
Class A Common Stock — 1,371,150 shares (Indirect, By NGB 2013 Grandchildren's Dynasty Trust);
Class V Voting Stock — 96,399,630 shares (Indirect, By NGB 2013 Grandchildren's Dynasty Trust);
Class A Common Stock — 733,326 shares (Direct, null)
Footnotes (1)
- On May 5, 2026, the Reporting Person and/or affiliated trusts exchanged, pursuant to the Amended and Restated Limited Partnership Agreement of Rush Street Interactive, LP ("RSI LP"), the number of Class A Common Stock Units ("RSI Units") set forth in this box for the same number of shares of Class A Common Stock of the Issuer, together with an equivalent number of Class V Voting Stock of the Issuer held by the Reporting Person and/or affiliated trusts, as applicable, being canceled. These securities are held by NGB 2013 Grandchildren's Dynasty Trust (the "NGB Dynasty Trust"). The reporting person is the grantor and trustee of NGB Dynasty Trust and exercises sole voting and investment control over the securities held thereby. Mr. Bluhm may be deemed to be the beneficial owner of securities held by the NGB Dynasty Trust to the extent that he or his immediate family members are beneficiaries of such trust. The shares of Class V Voting Stock of the Issuer provide no economic rights in the Issuer to the holder thereof. However, each holder of Class V Voting Stock will be entitled to vote as a common stockholder of the Issuer, with the number of votes equal to the number of shares of Class V Voting Stock held at the time of such vote. On May 6, 2026, the Reporting Person and/or affiliated trusts exchanged, pursuant to the Amended and Restated Limited Partnership Agreement of RSI LP, the number of RSI Units set forth in this box for the same number of shares of Class A Common Stock of the Issuer, together with an equivalent number of Class V Voting Stock of the Issuer held by the Reporting Person and/or affiliated trusts, as applicable, being canceled. As of the date of filing this Form 4, these securities are held by the NGB 2016 Revocable Trust (the "NGB Revocable Trust"). The Reporting Person is the grantor, sole trustee and sole beneficiary of the NGB Revocable Trust. These securities are held by Rush Street Interactive GP, LLC (the "RSI GP"). The reporting person is a manager of RSI GP and exercises sole voting and investment control over, and may be deemed to have an indirect beneficial ownership with respect to, the securities held thereby. Pursuant to the Amended and Restated Limited Partnership Agreement of RSI LP, beginning on June 29, 2021, the RSI Units beneficially owned by the reporting person may be exchanged, subject to certain conditions, for one share of Class A Common Stock of the Issuer. Upon such exchange, an equivalent number of shares of Class V Voting Stock then held by the reporting person will be canceled.
Key Figures
Shares sold: 10,512,150 shares
Sale price: $24.96 per share
Class V Voting Stock after May 6: 96,399,630 shares
+3 more
6 metrics
Shares sold
10,512,150 shares
Open-market sales of Class A Common Stock on May 5–6, 2026 at $24.96
Sale price
$24.96 per share
Price for Class A Common Stock sold by NGB 2013 Grandchildren's Dynasty Trust
Class V Voting Stock after May 6
96,399,630 shares
Held indirectly by NGB 2013 Grandchildren's Dynasty Trust following disposition
Direct Class A Common Stock holding
733,326 shares
Owned directly by the reporting person as of May 5, 2026
Convertible units via RSI GP
1,362,663 underlying shares
Class A Common Units of Rush Street Interactive, L.P. held indirectly via RSI GP
Convertible units via NGB 2016 Trust
1,527,334 underlying shares
Class A Common Units of Rush Street Interactive, L.P. held indirectly via NGB 2016 Revocable Trust
Key Terms
Class V Voting Stock, Class A Common Units of Rush Street Interactive, L.P., Amended and Restated Limited Partnership Agreement, beneficial owner, +1 more
5 terms
Class V Voting Stock financial
"The shares of Class V Voting Stock of the Issuer provide no economic rights..."
Class A Common Units of Rush Street Interactive, L.P. financial
"the number of Class A Common Stock Units ("RSI Units") set forth in this box..."
Amended and Restated Limited Partnership Agreement financial
"exchanged, pursuant to the Amended and Restated Limited Partnership Agreement of Rush Street Interactive, LP..."
beneficial owner financial
"may be deemed to be the beneficial owner of securities held by the NGB Dynasty Trust..."
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
NGB 2013 Grandchildren's Dynasty Trust financial
"These securities are held by NGB 2013 Grandchildren's Dynasty Trust (the "NGB Dynasty Trust")."
FAQ
What insider activity did the Neil Bluhm trust report in Rush Street Interactive (RSI) Form 4?
The Form 4 shows the NGB 2013 Grandchildren's Dynasty Trust converted 10,512,150 partnership units into Class A Common Stock, then sold all 10,512,150 shares in open-market trades at $24.96 per share, while canceling an equivalent amount of Class V Voting Stock.
What happened to the Class V Voting Stock in the Rush Street Interactive (RSI) insider transactions?
For each unit-to-share exchange, an equivalent number of Class V Voting Stock shares was canceled. After the May 6, 2026 transactions, the NGB 2013 Grandchildren's Dynasty Trust still held 96,399,630 shares of Class V Voting Stock, which carry voting but no economic rights.
Does Neil Bluhm still have significant indirect interests in Rush Street Interactive (RSI) after these sales?
Yes. While the NGB Dynasty Trust sold 10,512,150 Class A shares, affiliated entities still hold Class A Common Units convertible into 1,362,663 and 1,527,334 Class A shares, and the trust retains 96,399,630 Class V Voting Stock shares. Bluhm also directly owns 733,326 Class A shares.
What is the role of the Amended and Restated Limited Partnership Agreement in the RSI Form 4 transactions?
The Amended and Restated Limited Partnership Agreement of Rush Street Interactive, L.P. governs how Class A Common Units can be exchanged. Under it, units may be exchanged one-for-one for Class A Common Stock, with an equivalent number of Class V Voting Stock shares canceled upon each exchange.