SCHEDULE: Highland Funds & Daniel Nova Maintain ThredUp Stake

Highland Management Partners and director Daniel Nova report continued beneficial ownership in ThredUp Inc., with Nova's stake at 7.3% of Class A Common Stock.

Summary

• Highland Management Partners VIII Limited and its related entities, along with Highland Management Partners VII, LLC and its related entities, and Daniel Nova, collectively report beneficial ownership in ThredUp Inc.
• Daniel Nova, a member of ThredUp's board of directors, beneficially owns an aggregate of 8,154,331 shares, representing 7.3% of the Class A Common Stock.
• Mr. Nova's beneficial ownership includes 563,993 shares of Class A Common Stock held directly by him and related trusts/entities.
• His beneficial ownership also includes 7,590,338 shares of Class B Common Stock held by various Highland funds, over which he is deemed to share voting, investment, and dispositive power due to his roles as a director of HMP VIII Ltd and a managing member of HMP VII LLC.
• The percentage of class is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, plus the 7,590,338 Class B shares held by the Reporting Persons, assuming their conversion to Class A Common Stock on a one-for-one basis.
• Highland Management Partners VIII Limited and Highland Management Partners VIII Limited Partnership each report shared beneficial ownership of 4,933,717 shares, representing 4.4% of the class.
• Highland Management Partners VII, LLC and Highland Management Partners VII Limited Partnership each report shared beneficial ownership of 2,656,621 shares, representing 2.4% of the class.
• This filing is Amendment No. 4 to the original Schedule 13G, which was initially filed on February 10, 2022.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, primarily a routine disclosure of beneficial ownership. The continued significant stake by a board member and associated funds suggests ongoing confidence, but it does not provide new operational or financial performance data.

Positives

• A ThredUp Inc. board member, Daniel Nova, maintains a significant beneficial ownership stake of 7.3%, which can be interpreted as a signal of continued confidence in the company's future.
• Highland Management Partners, a prominent investment group, continues to hold a substantial stake, indicating ongoing institutional support.

Future Outlook

Daniel Nova's 43,814 restricted stock units (RSUs) are expected to vest in full on the earlier of May 21, 2026, or the Issuer's next annual meeting of stockholders, subject to his continued service to the Issuer on such date.

Industry Context

StockSavvy.ai notes that significant insider and institutional ownership, particularly by a board member, can often be interpreted as a vote of confidence in the company's long-term strategy and market position within the online resale industry. This filing reaffirms such a commitment.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional and insider ownership, which can influence investor sentiment and perception of management alignment.

Next Steps

• Daniel Nova's 43,814 restricted stock units (RSUs) will vest on the earlier of May 21, 2026, or the Issuer's next annual meeting of stockholders, contingent on his continued service.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership and does not contain new operational or financial information that would warrant a change in investment recommendation. The continued significant stake by a board member and associated funds is a neutral to slightly positive signal, but insufficient to alter a 'hold' position without further fundamental analysis.

Keywords

ThredUp, THREDUP, Schedule 13G, beneficial ownership, institutional investor, Highland Management Partners, Daniel Nova, Class A Common Stock, Class B Common Stock, SEC filing, passive investment