Divisadero group discloses 9.9% Rush Street Interactive (RSI) stake

Rhea-AI Filing Summary

Divisadero Street Capital Management, LP and related reporting persons filed an amended Schedule 13G showing significant passive ownership in Rush Street Interactive, Inc. Class A common stock. Divisadero Street Capital Management, LP and William Zolezzi each report beneficial ownership of 9,750,078 shares, representing 9.9% of the class as of December 31, 2025. Divisadero Street Partners, L.P. and its general partner each report beneficial ownership of 8,405,777 shares, or 8.6% of the class, all with shared voting and dispositive power and no sole authority. The securities are held for advisory clients, and the filers certify they are not seeking to change or influence control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Rush Street Interactive, Inc.

(Name of Issuer)

Class A common stock, $0.0001 par value per share

(Title of Class of Securities)

782011100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 782011100

1

Names of Reporting Persons

Divisadero Street Capital Management, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 9,750,078.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,750,078.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,750,078.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 782011100

1

Names of Reporting Persons

William Zolezzi

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 9,750,078.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,750,078.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,750,078.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 782011100

1

Names of Reporting Persons

Divisadero Street Partners, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,405,777.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,405,777.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,405,777.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.6 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 782011100

1

Names of Reporting Persons

Divisadero Street Partners GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,405,777.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,405,777.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,405,777.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.6 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 782011100

1

Names of Reporting Persons

Divisadero Street Capital, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 9,750,078.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,750,078.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,750,078.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Rush Street Interactive, Inc.
(b)	Address of issuer's principal executive offices: 900 N. Michigan Avenue, Suite 950, Chicago, IL 60611
Item 2.
(a)	Name of person filing: Divisadero Street Capital Management, LP William Zolezzi Divisadero Street Partners, L.P. Divisadero Street Partners GP, LLC Divisadero Street Capital, LLC
(b)	Address or principal business office or, if none, residence: Divisadero Street Capital Management, LP 3480 Main Highway, Suite 204 Miami, FL 33133 William Zolezzi c/o Divisadero Street Capital Management, LP 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Partners, L.P. 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Partners GP, LLC 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Capital, LLC 3480 Main Highway, Suite 204 Miami, FL 33133
(c)	Citizenship: Divisadero Street Capital Management, LP - Delaware William Zolezzi - United States Divisadero Street Partners, L.P. - Delaware Divisadero Street Partners GP, LLC - Delaware Divisadero Street Capital, LLC - Delaware
(d)	Title of class of securities: Class A common stock, $0.0001 par value per share
(e)	CUSIP No.: 782011100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Divisadero Street Capital Management, LP - 9,750,078 William Zolezzi - 9,750,078 Divisadero Street Partners, L.P. - 8,405,777 Divisadero Street Partners GP, LLC - 8,405,777 Divisadero Street Capital, LLC - 9,750,078 The reporting persons beneficially owned less than 5% of the Class A common stock, $0.0001 par value per share of Rush Street Interactive, Inc. as of December 31, 2025. As of the date of this filing, the reporting persons beneficially owned the amounts listed herein.
(b)	Percent of class: Divisadero Street Capital Management, LP - 9.9% William Zolezzi - 9.9% Divisadero Street Partners, L.P. - 8.6% Divisadero Street Partners GP, LLC - 8.6% Divisadero Street Capital, LLC - 9.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Divisadero Street Capital Management, LP - 0 William Zolezzi - 0 Divisadero Street Partners, L.P. - 0 Divisadero Street Partners GP, LLC - 0 Divisadero Street Capital, LLC - 0
	(ii) Shared power to vote or to direct the vote: Divisadero Street Capital Management, LP - 9,750,078 William Zolezzi - 9,750,078 Divisadero Street Partners, L.P. - 8,405,777 Divisadero Street Partners GP, LLC - 8,405,777 Divisadero Street Capital, LLC - 9,750,078
	(iii) Sole power to dispose or to direct the disposition of: Divisadero Street Capital Management, LP - 0 William Zolezzi - 0 Divisadero Street Partners, L.P. - 0 Divisadero Street Partners GP, LLC - 0 Divisadero Street Capital, LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: Divisadero Street Capital Management, LP - 9,750,078 William Zolezzi - 9,750,078 Divisadero Street Partners, L.P. - 8,405,777 Divisadero Street Partners GP, LLC - 8,405,777 Divisadero Street Capital, LLC - 9,750,078
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the securities reported in this Schedule 13G Amendment No. 2 are directly owned by advisory clients of Divisadero Street Capital Management, LP. None of those advisory clients, other than Divisadero Street Partners, L.P., may be deemed to beneficially own more than 5% of the Class A common stock, $0.0001 par value per share.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Please see Exhibit B attached hereto.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Divisadero Street Capital Management, LP

Signature:	By: /s/ William Zolezzi
Name/Title:	William Zolezzi / Manager
Date:	02/13/2026

William Zolezzi

Signature:	By: /s/ William Zolezzi
Name/Title:	William Zolezzi
Date:	02/13/2026

Divisadero Street Partners, L.P.

Signature:	By: /s/ William Zolezzi
Name/Title:	William Zolezzi / Manager
Date:	02/13/2026

Divisadero Street Partners GP, LLC

Signature:	By: /s/ William Zolezzi
Name/Title:	William Zolezzi / Manager
Date:	02/13/2026

Divisadero Street Capital, LLC

Signature:	By: /s/ William Zolezz
Name/Title:	William Zolezzi / Manager
Date:	02/13/2026

Exhibit Information

Material to be Filed as Exhibit: [Exhibit A - Joint Filing Agreement] [Exhibit B - Control Person Identification]

FAQ

What ownership stake in RSI does Divisadero Street Capital report?

Divisadero Street Capital Management, LP reports beneficial ownership of 9,750,078 Rush Street Interactive Class A shares, representing 9.9% of the outstanding class as of December 31, 2025. This stake is reported with shared, not sole, voting and dispositive power.

How many Rush Street Interactive (RSI) shares does Divisadero Street Partners, L.P. hold?

Divisadero Street Partners, L.P. reports beneficial ownership of 8,405,777 Rush Street Interactive Class A shares, equal to 8.6% of the class. Voting and dispositive power over these shares is reported as shared, with no sole authority indicated for this entity.

Who are the reporting persons in this Rush Street Interactive (RSI) Schedule 13G/A?

The filing lists Divisadero Street Capital Management, LP, William Zolezzi, Divisadero Street Partners, L.P., Divisadero Street Partners GP, LLC, and Divisadero Street Capital, LLC as reporting persons, all tied to holdings of Rush Street Interactive Class A common stock.

Is Divisadero Street’s RSI stake reported as passive or control-seeking?

The reporting persons certify the Rush Street Interactive securities were not acquired and are not held for the purpose or effect of changing or influencing control of the issuer, indicating a passive investment posture under the Schedule 13G framework.

On what date is Divisadero’s Rush Street Interactive (RSI) ownership measured?

The Schedule 13G/A identifies December 31, 2025 as the date of the event requiring the filing. The reported ownership percentages and share counts for the Rush Street Interactive Class A common stock are tied to that reference date.

Who ultimately owns the RSI shares reported by Divisadero Street Capital?

The filing states that all Rush Street Interactive securities reported are directly owned by advisory clients of Divisadero Street Capital Management, LP. Except for Divisadero Street Partners, L.P., no individual advisory client is said to beneficially own more than 5% of the class.