Ursa Fund Management Discloses Stake in Seritage Growth Preferred Shares

TL;DR

**Ursa Fund Management just bought into Seritage Growth's preferred shares, signaling institutional interest.**

AI Summary

Ursa Fund Management LLC, a Delaware-based investment firm, has disclosed a significant stake in Seritage Growth Properties (NYSE: SRG), specifically in its 7.00% Series A Cumulative Redeemable Preferred Shares (CUSIP 81752R308). This SC 13G filing, dated January 18, 2024, indicates that Ursa Fund Management, along with group members Andrew Hahn and Russell Douglas, became a beneficial owner as of November 30, 2023. This matters to current or prospective SRG preferred shareholders because a new institutional investor taking a position can signal confidence in the company's preferred stock, potentially influencing its stability or future trading activity.

Why It Matters

This filing reveals a new institutional investor, Ursa Fund Management LLC, has taken a position in Seritage Growth Properties' preferred stock, which could be seen as a vote of confidence in the company's financial health and its ability to pay preferred dividends.

Risk Assessment

Risk Level: low — This filing is a standard disclosure of beneficial ownership and does not inherently present a direct risk to investors; rather, it provides transparency.

Analyst Insight

An investor in Seritage Growth Properties' preferred shares should note the entry of Ursa Fund Management LLC as a beneficial owner, as it could indicate increased institutional interest and potentially contribute to stability for this specific class of securities.

Key Players & Entities

• Ursa Fund Management LLC (company) — reporting person and beneficial owner
• Seritage Growth Properties (company) — issuer of the securities
• Andrew Hahn (person) — group member of reporting entity
• Russell Douglas (person) — group member of reporting entity
• Ursa Fund Partners LP (company) — group member of reporting entity

FAQ

Filing Documents

• tm243223d2_sc13g.htm (SC 13G) — 81KB
• 0001104659-24-004841.txt ( ) — 82KB

(a)

Item 1(a). Name of Issuer: Seritage Growth Properties (the “Issuer”).

(b)

Item 1(b). Address of the Issuer's Principal Executive Offices: 500 Fifth Avenue, Suite 1530 New York, NY 10110

(a)

Item 2(a). Name of Person Filing The names of the person filing this statement on Schedule 13G (collectively, the “Reporting Persons”) are: · Ursa Fund Management, LLC · Ursa Fund Partners, LP · Andrew Hahn · Russell Douglas

(b)

Item 2(b). Address of Principal Business Office or, if None, Residence: 51 Moraga Way, Suite 8, Orinda, CA 94563

(c)

Item 2(c). Citizenship: Ursa Fund Management, LLC is a Delaware limited liability company and Ursa Fund Partners, LP is a Delaware limited partnership. Andrew Hahn and Russell Douglas are citizens of the United States.

(d)

Item 2(d). Title of Class of Securities: 7.00% Series A Cumulative Redeemable Preferred Shares (the “Shares”)

(e)

Item 2(e). CUSIP Number: 81752R308 CUSIP NO. 81752R308 Page 7 of 11 Pages Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a: (a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). (e) An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); (f) An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); (g) A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); (h) A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);Page 5 of 6 pages (j) Group, in accordance with §240.13d-1(b)(1)(ii)(J) Item 4.

(a)

Item 4(a). Amount Beneficially Owned: Aggregate of all Reporting Persons: 339,843 Ursa Fund Management LLC – 339,843 Ursa Fund Partners LP – 339,843 Andrew Hahn – 339,843* Russell Douglas – 339,843*

(b)

Item 4(b). Percent of Class: Aggregate of all Reporting Persons: 12.14% Ursa Fund Management LLC – 12.14% Ursa Fund Partners LP – 12.14% Andrew Hahn – 12.14%* Russell Douglas – 12.14%* CUSIP NO. 81752R308 Page 8 of 11 Pages

(c)

Item 4(c). Number of shares as to which such person has: (i) Sole power to vote or direct the vote: Ursa Fund Management LLC – 0 Ursa Fund Partners LP – 0 Andrew Hahn – 0 Russell Douglas – 0 (ii) Shared power to vote or to direct the vote: Ursa Fund Management LLC – 339,843 Ursa Fund Partners LP – 339,843 Andrew Hahn – 339,843* Russell Douglas – 339,843* (iii) Sole power to dispose or to direct the disposition of Ursa Fund Management LLC – 0 Ursa Fund Partners LP – 0 Investment Opportunities 14 Segregated Portfolio – 0 Andrew Hahn – 0 Russell Douglas – 0 (iv) Shared power to dispose or to direct the disposition of Ursa Fund Management LLC – 339,843 Ursa Fund Partners LP – 339,843 Andrew Hahn – 339,843* Russell Douglas – 339,843* * Mr. Hahn and Mr. Douglas are the Managing Members of Ursa Fund Management LLC. As a result, Mr. Hahn and Mr. Douglas possess the power to vote and dispose or direct the disposition of all the shares beneficially owned by Ursa Fund Management LLC as Investment Manager to the Fund. Mr. Hahn and Mr. Douglas disclaim beneficial ownership of any of the shares held by the Fund. CUSIP NO. 81752R308 Page 9 of 11 Pages Item 5. This Item 5 is not applicable. Item 6. This Item 6 is not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company: This Item 7 is not applicable. Item 8. Identification and Classification of Members of the Group: See Exhibit A. Item 9. Notice of Dissolution of Group: This Item 9 is not applicable. Item 10. Certification: By signing below the Reporting Persons certify that, to the best of such persons’ knowledge and belief, the securities referred to ab

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. Date: January 18, 2024 Ursa Fund Management LLC By: /s/ Andrew Hahn Andrew Hahn Managing Member Ursa Fund Partners LP By: /s/ Ursa Fund Management LLC General Partner of Ursa Fund Partners LP By: /s/ Andrew Hahn Managing Member of Ursa Fund Management LLC By: /s/ Andrew Hahn Andrew Hahn CUSIP NO. 81752R308 Page 11 of 11 Pages EXHIBIT A Joint Filing Agreement The Undersigned agree that the statements on Schedule 13G with respect to the 7.00% Series A Cumulative Redeemable Preferred Shares of Seritage Growth Properties, dated as of January 18, 2024, is, and any amendment thereto signed by each of the undersigned shall be, filed on behalf of each of them pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. Date: January 18, 2024 Signature: /s/ Andrew Hahn Name: Andrew Hahn Signature: /s/ Russell Douglas Name: Russell Douglas Ursa Fund Partners LP By: /s/ Andrew Hahn Name: Andrew Hahn Title: Managing Member of Ursa Fund Management LLC, General Partner of Ursa Fund Partners LP Ursa Fund Management LLC By: /s/ Andrew Hahn Name: Andrew Hahn Title: Managing Member

View Full Filing

View this SC 13G filing on SEC EDGAR