BLUHM NEIL 4
4 · Rush Street Interactive, Inc. · Filed May 6, 2026
Research Summary
AI-generated summary of this filing
Rush Street Interactive (RSI) 10% Owner Neil Bluhm Sells $262.4M Shares
What Happened
Neil Bluhm, a reported 10% owner of Rush Street Interactive (RSI), converted partnership/derivative units into Class A common stock and then sold the resulting shares in open-market transactions. He sold 9,141,000 shares on May 5, 2026 at $24.96 per share (proceeds $228,159,360) and 1,371,150 shares on May 6, 2026 at $24.96 per share (proceeds $34,223,904). Total shares sold: 10,512,150; total proceeds: $262,383,264. The conversions and cancellations of related Class V voting stock are noted in the filing.
Key Details
- Transaction dates and prices: May 5, 2026 — 9,141,000 shares at $24.96; May 6, 2026 — 1,371,150 shares at $24.96.
- Total proceeds: approximately $262.38 million.
- The shares sold originated from the exchange/conversion of RSI Units into Class A common stock (see Footnotes F1 and F4). Some entries show cancellation/disposition of related Class V Voting Stock (no economic rights; voting only).
- Holdings after the transactions are not specified in the provided summary.
- Relevant footnotes: holdings are owned/controlled through trusts and entities (NGB Dynasty Trust, NGB Revocable Trust, Rush Street Interactive GP, LLC); the reporting person is grantor/trustee/manager and may be deemed to have indirect beneficial ownership (F2, F5, F6). Footnote F7 explains exchange rights of RSI Units.
- Filing timeliness: report covers transactions on May 5–6, 2026 and was filed May 6, 2026 (filed promptly).
Context
- This was a conversion of derivative/partnership units into common stock followed by immediate open-market sales (i.e., the converted shares were sold). For retail investors, sales by large non-executive owners can be liquidity-driven and do not necessarily indicate a change in company outlook.
- As a 10% owner with holdings in trusts and the GP entity, Bluhm’s transactions reflect holder-level restructuring/liquidity rather than a routine employee buy/sell signal.
Insider Transaction Report
Form 4
BLUHM NEIL
DirectorExecutive Chairman10% Owner
Transactions
- Conversion
Class A Common Stock
[F1][F2]2026-05-05+9,141,000→ 9,141,000 total(indirect: By Trust) - Disposition to Issuer
Class V Voting Stock
[F1][F3][F2]2026-05-05−9,141,000→ 97,770,780 total(indirect: By Trust) - Sale
Class A Common Stock
[F2]2026-05-05$24.96/sh−9,141,000$228,159,360→ 0 total(indirect: By Trust) - Conversion
Class A Common Stock
[F4][F2]2026-05-06+1,371,150→ 1,371,150 total(indirect: By Trust) - Disposition to Issuer
Class V Voting Stock
[F4][F3][F2]2026-05-06−1,371,150→ 96,399,630 total(indirect: By Trust) - Sale
Class A Common Stock
[F2]2026-05-06$24.96/sh−1,371,150$34,223,904→ 0 total(indirect: By Trust) - Conversion
Class A Common Units of Rush Street Interactive, L.P.
[F7][F2]2026-05-05−9,141,000→ 97,770,780 total(indirect: By Trust)→ Class A Common Stock (9,141,000 underlying) - Conversion
Class A Common Units of Rush Street Interactive, L.P.
[F7][F2]2026-05-06−1,371,150→ 96,399,630 total(indirect: By Trust)→ Class A Common Stock (1,371,150 underlying)
Holdings
- 1,527,334(indirect: By Trust)
Class V Voting Stock
[F5] - 733,326
Class A Common Stock
- 1,362,663(indirect: By LLC)
Class V Voting Stock
[F6] - 1,527,334(indirect: By Trust)
Class A Common Units of Rush Street Interactive, L.P.
[F7][F5]→ Class A Common Stock (1,527,334 underlying) - 1,362,663(indirect: By LLC)
Class A Common Units of Rush Street Interactive, L.P.
[F7][F6]→ Class A Common Stock (1,362,663 underlying)
Footnotes (7)
- [F1]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.
- [F2]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.
- [F3]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.
- [F4]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.
- [F5]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.
- [F6]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.
- [F7]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.
Signature
/s/ Kyle Sauers as Attorney-in-fact|2026-05-06