SCHEDULE 13G/A 0000902664-25-004870 0001838470 XXXXXXXX LIVE 1 Class A Common Stock, $0.001 par value per share 01/16/2026 0001337634 StubHub Holdings, Inc. 86384P109 175 GREENWICH STREET 59TH FLOOR NEW YORK NY 10007 Rule 13d-1(c) WestCap Management, LLC DE 0.00 37991583.00 0.00 37991583.00 37991583.00 N 11.62 IA OO 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. WestCap Stub Holdco 2024, LLC DE 0.00 31734690.00 0.00 31734690.00 31734690.00 N 9.89 OO WestCap StubHub Opportunity Fund Preferred, LLC DE 0.00 6256893.00 0.00 6256893.00 6256893.00 N 1.91 OO 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. Laurence A. Tosi X1 0.00 37991583.00 0.00 37991583.00 37991583.00 N 11.62 IN 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. StubHub Holdings, Inc. 175 Greenwich Street, 59th Floor, New York, New York 10007 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. The address for the Reporting Persons is: 590 Pacific Ave., San Francisco, California 94133. 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. Y 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. 11.62% 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. 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. 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. 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. Y N Not applicable. Y Y Y N 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. Exhibit 99.1: Joint Filing Agreement WestCap Management, LLC /s/ Laurence A. Tosi 01/21/2026 WestCap Stub Holdco 2024, LLC /s/ Laurence A. Tosi 01/21/2026 WestCap StubHub Opportunity Fund Preferred, LLC /s/ Laurence A. Tosi 01/21/2026 Laurence A. Tosi /s/ Laurence A. Tosi 01/21/2026 Exhibit Information Exhibit 99.1: Joint Filing Agreement