STETZ MATTIAS

Mattias Stetz, Chief Operating Officer of Rush Street Interactive (RSI), has been a consistent and substantial seller of company stock over the past year, with Form 4 filings showing no open-market purchases at all. Across 46 total transactions, he has sold approximately $14.7 million worth of RSI shares, while acquiring about $5.9 million in shares—almost entirely through option exercises and restricted stock grants that are compensation-related rather than discretionary buys. The selling has accelerated recently: between March and July 2026 alone, Stetz executed 14 open-market sales totaling roughly $6.3 million, with the largest single dispositions occurring on May 5 ($1.86 million) and April 29 ($1.37 million). The pattern is unambiguous in its direction. Every recent trade with a "P" code—the only designation indicating a conviction purchase—is absent from his record. Instead, the filings show a steady cadence of "S" (open-market sale) transactions, punctuated by "C" (derivative conversions) and "D" (sales back to the issuer) that typically accompany option exercises. The most active stretch came in late April and early May 2026, when Stetz converted derivative securities and immediately sold the underlying shares in a series of transactions totaling over $3.8 million within a single week. Smaller sales, ranging from roughly $69,000 to $624,000, have continued on a near-monthly basis through July 1, 2026. Notably, the only non-sale transactions in the recent window are a March 14 grant (code "A") and a March 16 tax-withholding event (code "F") valued at $550,253—both automatic and non-discretionary. This means Stetz has not voluntarily acquired a single share of RSI on the open market during the entire period covered by the filings. While option exercises and grants have periodically replenished his holdings, the overwhelming trend is one of systematic liquidation, with the COO converting equity compensation into cash at every opportunity. The absence of any "P" transactions, combined with the frequency and growing size of the sales, paints a clear picture of a senior insider steadily reducing his exposure to Rush Street Interactive stock.