StubHub Holdings, Inc. ownership update: WestCap Management, LLC and affiliated WestCap entities filed an amended Schedule 13G/A reporting shared voting and dispositive power over Class A Common Stock as of March 31, 2026.
The filing shows shared voting power of 12,499,017 shares for WestCap Management and states that, as of March 31, 2026, that Reporting Person may have been deemed to beneficially own 28,991,583 shares, representing 8.73% of outstanding Class A Common Stock. Related WestCap entities and Mr. Laurence A. Tosi are listed with specific shared holdings and percent figures in the cover-page rows.
Positive
None.
Negative
None.
Insights
Holdings disclosure shows concentrated shared control across WestCap entities.
The filing lists shared voting and dispositive power across affiliated entities, including 12,499,017 shared votes tied to WestCap Management and an aggregate beneficial-ownership figure of 28,991,583 shares (8.73%) as of March 31, 2026. This indicates coordinated ownership reporting rather than independent, single-entity control.
Watch subsequent filings for changes in voting arrangements or transfers; timing and cash-flow treatment are not disclosed in this excerpt.
The statement is jointly filed by WestCap Management, WestCap Stub Holdco 2024, WestCap StubHub Opportunity Fund Preferred, LLC, and Laurence A. Tosi, each showing specific shared-power figures (for example, 12,201,587 shared votes reported for WestCap Stub). The cover-page comments tie per-entity holdings to larger beneficial-ownership totals.
Investors tracking ownership concentration should reference these per-entity rows and the March 31, 2026 date for baseline comparisons in later filings.
Key Figures
Filing date reference:March 31, 2026WestCap shared voting power:12,499,017 sharesBeneficial ownership (WestCap Management):28,991,583 shares+5 more
8 metrics
Filing date referenceMarch 31, 2026Beneficial-ownership as-of date
WestCap shared voting power12,499,017 sharesshared voting power reported for WestCap Management
Beneficial ownership (WestCap Management)28,991,583 sharesamount WestCap Management 'may have been deemed to beneficially own' as of March 31, 2026
Beneficial ownership percentage8.73%percentage of outstanding Class A Common Stock tied to 28,991,583 shares as of March 31, 2026
WestCap Stub shared voting power12,201,587 sharesshared voting power reported for WestCap Stub Holdco 2024
WestCap Stub beneficial ownership24,772,283 sharesbeneficial-ownership stated for WestCap Stub as of March 31, 2026
WestCap StubHub Opportunity shared votes297,430 sharesshared voting power reported for WestCap StubHub Opportunity Fund Preferred, LLC
WestCap StubHub Opportunity beneficial ownership4,219,300 sharesbeneficial-ownership stated for WestCap StubHub Opportunity as of March 31, 2026
Key Terms
beneficially own, shared voting power, Schedule 13G/A, dispositive power
4 terms
beneficially ownregulatory
"may have been deemed to beneficially own 28,991,583 shares"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
shared voting powerregulatory
"Shared Voting Power 12,499,017.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
Schedule 13G/Aregulatory
"filed an amended Schedule 13G/A reporting"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
dispositive powerregulatory
"Shared Dispositive Power 12,499,017.00"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
What does the Schedule 13G/A filed for STUB disclose?
It discloses beneficial ownership levels as of March 31, 2026, by WestCap entities. The filing lists shared voting and dispositive power for specific entities and an aggregate beneficial-ownership figure tied to those reporting persons.
How much of StubHub (STUB) does WestCap Management report as beneficially owning?
WestCap Management's cover page reports it may be deemed to beneficially own 28,991,583 shares. The filing ties that figure to March 31, 2026 and states it represents 8.73% of Class A outstanding shares.
What are the key per-entity share counts reported in the filing?
The filing lists several per-entity figures: 12,499,017 shared votes for WestCap Management and 12,201,587 shared votes for WestCap Stub, among others, with corresponding beneficial-ownership totals noted in the cover-page comments.
Does the filing show sole voting power for these reporting persons?
No. The cover-page rows show 0 sole voting power and instead report shared voting and shared dispositive power amounts for the WestCap entities and Mr. Tosi.
Who signed the Schedule 13G/A for STUB?
The filing is signed by Laurence A. Tosi in multiple capacities: as Managing Member of WestCap Management, on behalf of affiliated entities, and individually. Dates shown include April 8, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
StubHub Holdings, Inc.
(Name of Issuer)
Class A Common Stock, $0.001 par value per share
(Title of Class of Securities)
86384P109
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
86384P109
1
Names of Reporting Persons
WestCap Management, 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
12,499,017.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
12,499,017.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,499,017.00
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)
3.77 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date of this filing. As of March 31, 2026, this Reporting Person may have been deemed to beneficially own 28,991,583 shares of Class A Common Stock (as defined in Item 2(a)) representing 8.73% of the outstanding shares of Class A Common Stock as of such time.
SCHEDULE 13G
CUSIP Number(s):
86384P109
1
Names of Reporting Persons
WestCap Stub Holdco 2024, 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
12,201,587.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
12,201,587.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,201,587.00
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)
3.68 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date of this filing. As of March 31, 2026, this Reporting Person may have been deemed to beneficially own 24,772,283 shares of Class A Common Stock representing 7.46% of the outstanding shares of Class A Common Stock as of such time.
SCHEDULE 13G
CUSIP Number(s):
86384P109
1
Names of Reporting Persons
WestCap StubHub Opportunity Fund Preferred, 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
297,430.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
297,430.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
297,430.00
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)
0.09 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date of this filing. As of March 31, 2026, this Reporting Person may have been deemed to beneficially own 4,219,300 shares of Class A Common Stock representing 1.27% of the outstanding shares of Class A Common Stock as of such time.
SCHEDULE 13G
CUSIP Number(s):
86384P109
1
Names of Reporting Persons
Laurence A Tosi
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
12,499,017.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
12,499,017.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,499,017.00
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)
3.77 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date of this filing. As of March 31, 2026, this Reporting Person may have been deemed to beneficially own 28,991,583 shares of Class A Common Stock representing 8.73% of the outstanding shares of Class A Common Stock as of such time.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
StubHub Holdings, Inc.
(b)
Address of issuer's principal executive offices:
175 Greenwich Street, 59th Floor New York, New York 10007
Item 2.
(a)
Name of person filing:
This report on Schedule 13G (this "Schedule 13G"), is being jointly filed by:
(i) WestCap Management, LLC ("WestCap"), a Delaware limited liability company, the investment manager to WestCap Stub Holdco 2024, LLC ("WestCap Stub"), a Delaware limited liability company, and WestCap StubHub Opportunity Fund Preferred, LLC ("WestCap StubHub Opportunity"), a Delaware limited liability company, with respect to the shares of Class A common stock, $0.001 par value per share (the "Class A Common Stock"), of StubHub Holdings, Inc. (the "Company") held by WestCap Stub and WestCap StubHub Opportunity;
(ii) WestCap Stub, with respect to the shares of Class A Common stock directly held by it;
(iii) WestCap StubHub Opportunity, with respect to the shares of Class A Common Stock directly held by it; and
(iv) Laurence A. Tosi, as the managing member of WestCap ("Mr. Tosi"), with respect to the shares of Class A Common Stock held by WestCap Stub and WestCap StubHub Opportunity.
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the Reporting Persons is the beneficial owner of the Class A Common Stock reported herein.
(b)
Address or principal business office or, if none, residence:
The address for the Reporting Persons is: 590 Pacific Ave., San Francisco, California 94133.
(c)
Citizenship:
Each of WestCap Management, WestCap Stub and WestCap StubHub Opportunity is organized under the laws of the State of Delaware. Mr. Tosi is a citizen of the United States.
(d)
Title of class of securities:
Class A Common Stock, $0.001 par value per share
(e)
CUSIP No.:
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:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(b)
Percent of class:
3.77%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
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.
WestCap Management, LLC
Signature:
/s/ Laurence A. Tosi
Name/Title:
By: Laurence A. Tosi, Managing Member
Date:
04/08/2026
WestCap Stub Holdco 2024, LLC
Signature:
/s/ Laurence A. Tosi
Name/Title:
By: WestCap Management, LLC, its Manager, By: Laurence A. Tosi, Managing Member
Date:
04/08/2026
WestCap StubHub Opportunity Fund Preferred, LLC
Signature:
/s/ Laurence A. Tosi
Name/Title:
By: WestCap Management, LLC, its Manager, By: Laurence A. Tosi, Managing Member
