StubHub (STUB) director-linked LLC converts Series M preferred into 110,097 common shares

Rhea-AI Filing Summary

StubHub Holdings, Inc. director Jeffrey M. Blackburn reported an automatic conversion of preferred stock into common shares through an entity he is associated with. On March 17, 2026, 2,000 shares of Series M Redeemable Preferred Stock held by Cresta Ventures, LLC converted into 110,097 shares of Class A Common Stock, pursuant to the terms in the company’s Certificate of Designation.

Following the conversion, Cresta Ventures, LLC is shown as holding 110,097 Class A shares indirectly attributable to Blackburn, while he also holds 16,060 Class A shares directly. The filing reflects a non-cash derivative conversion, not an open-market purchase or sale, and no remaining Series M preferred shares are listed after this transaction.

Insights

Equity compensation and governance analyst

Automatic preferred-to-common conversion increases visible equity stake without market buying or selling.

The filing shows an automatic conversion of 2,000 shares of Series M redeemable preferred stock into 110,097 Class A common shares held by Cresta Ventures, LLC, an entity associated with director Jeffrey M. Blackburn. This is tagged as a derivative conversion rather than a market trade.

Because the conversion is automatic under the Certificate of Designation, it does not reflect a discretionary buy or sell decision. The derivativeSummary being empty indicates no remaining Series M preferred position in this filing. The direct Class A holding of 16,060 shares provides additional context for Blackburn’s total equity exposure.

From an investor’s perspective, this is a structural shift from preferred to common equity, clarifying the capital structure and Blackburn’s indirect and direct common stock holdings. The economic impact depends on the relative rights of the preferred versus common shares, which are governed by the Certificate of Designation and other governing documents.

Insider Trade Summary

2,000 shares exercised/converted

Mixed 3 txns

Insider Blackburn Jeffrey M

Role Director

Type	Security	Shares	Price	Value
Conversion	Series M Redeemable Preferred Stock	2,000	$0.00	--
Conversion	Class A Common Stock	110,097	$0.00	--
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Series M Redeemable Preferred Stock — 0 shares (Indirect, Held by Cresta Ventures, LLC); Class A Common Stock — 110,097 shares (Indirect, Held by Cresta Ventures, LLC); Class A Common Stock — 16,060 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Blackburn Jeffrey M

(Last) (First) (Middle)

C/O STUBHUB HOLDINGS, INC.

175 GREENWICH STREET, 59TH FLOOR

(Street)

NEW YORK NEW YORK 10007

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
StubHub Holdings, Inc. [ STUB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	03/17/2026		C		110,097	A	(1)	110,097	I	Held by Cresta Ventures, LLC
Class A Common Stock								16,060	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series M Redeemable Preferred Stock	(1)	03/17/2026		C			2,000	(1)	(1)	Class A Common Stock	110,097	$0	0	I	Held by Cresta Ventures, LLC

Explanation of Responses:

1. Each share of Series M redeemable preferred stock automatically converted into shares of Class A common stock of the Issuer, pursuant to the terms as specified in the Issuer's Certificate of Designation.

	/s/ Elizabeth Lynch, as Attorney-in-Fact for Jeffrey Blackburn	03/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did StubHub (STUB) director Jeffrey M. Blackburn report in this Form 4?

He reported an automatic conversion of 2,000 shares of Series M redeemable preferred stock into 110,097 shares of Class A common stock, held indirectly through Cresta Ventures, LLC, along with a separate direct holding of 16,060 Class A shares.

Was the StubHub (STUB) Form 4 a buy or sell by Jeffrey M. Blackburn?

The Form 4 shows a conversion, not a market buy or sell. Series M redeemable preferred stock automatically converted into Class A common stock under preset terms, so it is a structural equity change rather than an open-market transaction.

How many StubHub (STUB) Class A shares does Cresta Ventures, LLC hold after the conversion?

After the reported transaction, Cresta Ventures, LLC holds 110,097 shares of StubHub Class A common stock. These shares are reported as indirectly attributable to director Jeffrey M. Blackburn, reflecting ownership through the LLC rather than directly in his own name.

What are Jeffrey M. Blackburn’s direct StubHub (STUB) Class A share holdings?

Separate from the Cresta Ventures, LLC position, Jeffrey M. Blackburn is shown holding 16,060 shares of StubHub Class A common stock directly. This figure appears as a holding entry in the Form 4 and does not represent a new transaction in this filing.

Does the StubHub (STUB) Form 4 show any remaining Series M preferred stock after conversion?

No remaining Series M redeemable preferred stock is listed after the conversion. The transaction entry shows 2,000 preferred shares converting into 110,097 Class A common shares, with a post-transaction preferred balance of zero in this report.

Was the StubHub (STUB) preferred-to-common conversion discretionary or automatic?

The conversion was automatic. The footnote explains that each share of Series M redeemable preferred stock automatically converted into Class A common stock pursuant to terms in StubHub’s Certificate of Designation, rather than through a voluntary market decision.