BLUHM NEIL 4

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.