# EDGAR Filing Document

**Accession Number:** 0001838470
**File Stem:** 0000902664-26-000324
**Filing Date:** 2026-1
**Character Count:** 18095
**Document Hash:** 33921494ff1f1d028b9060d974b46d66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000902664-26-000324.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0000902664-26-000324

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** StubHub Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001337634
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 202082924
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95267
- **FILM NUMBER:** 26545470

**BUSINESS ADDRESS:**
- **STREET 1:** 175 GREENWICH STREET
- **STREET 2:** 59TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** (888) 977-5364

**MAIL ADDRESS:**
- **STREET 1:** 175 GREENWICH STREET
- **STREET 2:** 59TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pugnacious Endeavors Inc
- **DATE OF NAME CHANGE:** 20050831
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WestCap Management, LLC
- **CENTRAL INDEX KEY:** 0001838470

**ORGANIZATION NAME:**
- **EIN:** 833573715
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 590 PACIFIC AVENUE
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94133
- **BUSINESS PHONE:** (646) 645-4356

**MAIL ADDRESS:**
- **STREET 1:** 590 PACIFIC AVENUE
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94133

## Exhibit 99.1

**EXHIBIT 99.1**

**JOINT ACQUISITION STATEMENT<br> PURSUANT TO RULE 13d-1(k)**

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

DATED: January 21, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;**WestCap Management, LLC** | &nbsp;&nbsp;**WestCap Management, LLC** |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Laurence A. Tosi |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Laurence A. Tosi |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Member |
| &nbsp;&nbsp;**WestCap Stub Holdco 2024, LLC** | &nbsp;&nbsp;**WestCap Stub Holdco 2024, LLC** |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;WestCap Management, LLC, its Manager |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Laurence A. Tosi |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Laurence A. Tosi |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Member |
| &nbsp;&nbsp;**WESTCAP STUBHUB OPPORTUNITY FUND PREFERRED, LLC** | &nbsp;&nbsp;**WESTCAP STUBHUB OPPORTUNITY FUND PREFERRED, LLC** |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;WestCap Management, LLC, its Manager |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Laurence A. Tosi |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Laurence A. Tosi |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Member |
| &nbsp;&nbsp;/s/ Laurence A. Tosi | &nbsp;&nbsp;/s/ Laurence A. Tosi |
| &nbsp;&nbsp;**Laurence A. Tosi** | &nbsp;&nbsp;**Laurence A. Tosi** |

---

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** StubHub Holdings, Inc.

**Title of Class of Securities:** Class A Common Stock, $0.001 par value per share

**CUSIP Number:** 86384P109

**Date of Event Which Requires Filing of this Statement:** 01/16/2026

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

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>WestCap Management, LLC | Names of Reporting Persons<br>WestCap Management, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>37991583.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>37991583.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>37991583.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>37991583.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>11.62% | Percent of Class Represented by Amount in Row (9)<br>11.62% |
| 12. | Type of Reporting Person (See Instructions)<br>IA, OO | Type of Reporting Person (See Instructions)<br>IA, OO |

**Comment for Type of Reporting Person:** Includes 6,256,893 shares of Class A Common Stock issuable upon the mandatory conversion of the Series O Preferred Stock (as defined in Item 2(a)) in accordance with its terms.

---

| 1. | Names of Reporting Persons<br>WestCap Stub Holdco 2024, LLC | Names of Reporting Persons<br>WestCap Stub Holdco 2024, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>31734690.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>31734690.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>31734690.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>31734690.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.89% | Percent of Class Represented by Amount in Row (9)<br>9.89% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>WestCap StubHub Opportunity Fund Preferred, LLC | Names of Reporting Persons<br>WestCap StubHub Opportunity Fund Preferred, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>6256893.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>6256893.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6256893.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6256893.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>1.91% | Percent of Class Represented by Amount in Row (9)<br>1.91% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Reflects 6,256,893 shares of Class A Common Stock issuable upon the mandatory conversion of the Series O Preferred Stock in accordance with its terms.

---

| 1. | Names of Reporting Persons<br>Laurence A. Tosi | Names of Reporting Persons<br>Laurence A. Tosi |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>37991583.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>37991583.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>37991583.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>37991583.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>11.62% | Percent of Class Represented by Amount in Row (9)<br>11.62% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** Includes 6,256,893 shares of Class A Common Stock issuable upon the mandatory conversion of the Series O Preferred Stock in accordance with its terms.

---

**Item 1(a). Name of Issuer:**
StubHub Holdings, Inc.

**Item 1(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 the shares of Class A Common Stock issuable upon the mandatory conversion of the Company's Series O Preferred Stock, $0.001 par value per share (the "Series O Preferred Stock") in accordance with its terms, held by 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 issuable upon the mandatory conversion of the Series O Preferred Stock in accordance with its terms, 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 the shares of Class A Common Stock issuable upon the mandatory conversion of the Series O Preferred Stock in accordance with its terms, held by 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.

**Item 2(b). Address of Principal Business Office:**
The address for the Reporting Persons is: 590 Pacific Ave., San Francisco, California 94133.

**Item 2(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.

**Item 2(d). Title of Class of Securities:**
Class A Common Stock, $0.001 par value per share

**Item 2(e). CUSIP Number:**
86384P109

**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:**

11.62%

**(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 Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not applicable.

**Item 7. Identification and Classification of the Subsidiary**

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. Certification:**

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**

**Date:** 01/21/2026

**By:** /s/ Laurence A. Tosi

**Name & Title:** By: Laurence A. Tosi, Managing Member

**WestCap Stub Holdco 2024, LLC**

**Date:** 01/21/2026

**By:** /s/ Laurence A. Tosi

**Name & Title:** By: WestCap Management, LLC, its Manager, By: Laurence A. Tosi, Managing Member

**WestCap StubHub Opportunity Fund Preferred, LLC**

**Date:** 01/21/2026

**By:** /s/ Laurence A. Tosi

**Name & Title:** By: WestCap Management, LLC, its Manager, By: Laurence A. Tosi, Managing Member

**Laurence A. Tosi**

**Date:** 01/21/2026

**By:** /s/ Laurence A. Tosi

**Name & Title:** By: Laurence A. Tosi, Individually