In the fourth quarter, RPM Capital Partners initiated a new position in StubHub Holdings, acquiring 535,850 shares valued at approximately $7.25 million. This stake represented 6.36% of the firm’s reported U.S. equity assets as of December 31. It was one of only two U.S. equity holdings disclosed in its latest filing, alongside a dominant position in a digital marketing company. The concentration underscores RPM’s conviction in StubHub’s long-term marketplace economics despite post-IPO volatility.

During its most recent quarter, StubHub reported $2.4 billion in gross merchandise sales, up 11% year-over-year, and $468 million in revenue, an 8% increase that accounted for roughly 19% of GMS. Adjusted EBITDA rose 21% to $67 million, excluding a one-time $1.4 billion stock-based compensation charge tied to the IPO. The company also reduced net debt by $750 million, bringing net leverage down to 3.9 times adjusted EBITDA and enhancing its balance sheet flexibility.

A securities class action was filed on behalf of investors who acquired StubHub securities between September 14, 2025 and November 24, 2025, including shares issued in the company’s September IPO. Plaintiffs allege the Registration Statement failed to disclose changes in vendor payment timing that adversely affected free cash flow. Investors have until January 23, 2026 to seek lead-plaintiff status in the litigation, which is being led by Berger Montague PC in Philadelphia.

RPM’s concentrated allocation signals that volatility is viewed as noise relative to StubHub’s core platform growth and improving leverage metrics. The company maintains a global digital marketplace connecting buyers and sellers of event tickets across sports, concerts and theater in over 200 countries. With solid year-over-year sales growth, margin expansion and a strengthened balance sheet, the key question for investors is whether the post-IPO distortions will fade to reveal sustainable compounding returns from a fee-based marketplace model.