Yakira funds trim Seritage (NYSE: SRG-PA) 7.00% Series A preferred stake

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Yakira Capital Management, Inc., as investment adviser to several funds, reported an open-market sale of 27,150 Seritage Growth Properties 7.00% Series A Cumulative Redeemable Preferred Shares at $23.95 per share. After this indirect sale, accounts managed by Yakira Capital Management held 257,618 of these preferred shares.

The shares are held by Yakira Partners, L.P., Yakira Enhanced Offshore Fund Ltd., and MAP 136 Segregated Portfolio, over which Yakira Capital Management has sole voting and investment discretion. Yakira Capital Management disclaims beneficial ownership of these securities except to the extent of its pecuniary interest.

Insights

Yakira-advised funds made a modest open-market sale of Seritage preferred shares.

The filing shows accounts advised by Yakira Capital Management sold 27,150 Seritage 7.00% Series A preferred shares at $23.95 each. These are income-oriented securities with a stated 7.00% coupon, not common stock.

After the sale, the advised accounts still held 257,618 preferred shares, so the transaction reflects a partial reduction rather than an exit. Yakira Capital Management disclaims full beneficial ownership, indicating the sale is on behalf of client funds, which makes the signal more about portfolio management than a direct insider view.

Insider Trade Summary

Net Seller: 27,150 shares ($650,243)

Net Sell 1 txn

Insider Yakira Capital Management, Inc.

Role 10% Owner

Sold 27,150 shs ($650K)

Type	Security	Shares	Price	Value
Sale	7.00% Series A Cumulative Redeemable Preferred Shares	27,150	$23.95	$650K

Holdings After Transaction: 7.00% Series A Cumulative Redeemable Preferred Shares — 257,618 shares (Indirect, See Footnote)

Footnotes (1)

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Key Figures

Shares sold: 27,150 shares Sale price: $23.95 per share Shares held after sale: 257,618 shares +1 more

4 metrics

Shares sold 27,150 shares Open-market sale of 7.00% Series A preferred on 2026-03-31

Sale price $23.95 per share Price for Seritage 7.00% Series A preferred shares

Shares held after sale 257,618 shares Indirect holdings of 7.00% Series A preferred after transaction

Coupon rate 7.00% Stated rate on Series A Cumulative Redeemable Preferred Shares

Key Terms

7.00% Series A Cumulative Redeemable Preferred Shares, open-market sale, pecuniary interest, Section 16 of the Securities Exchange Act of 1934

4 terms

7.00% Series A Cumulative Redeemable Preferred Shares financial

"7.00% Series A Cumulative Redeemable Preferred Shares"

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

pecuniary interest financial

"except to the extent of Reporting Person's pecuniary interest therein"

Section 16 of the Securities Exchange Act of 1934 regulatory

"for the purpose of Section 16 of the Securities Exchange Act of 1934"

A provision of federal securities law that requires company insiders—directors, officers and large shareholders—to publicly report their stock holdings and trades and to surrender any “short-swing” profits from purchases and sales within a six-month window. It acts like a rule that forces leaders to announce their trades and prevents quick buy-sell windfalls, giving investors transparency into insider activity and reducing opportunities for unfair gain.

Form 4 Insider Transactions: What Each Field Means →

04/01/2026 - 09:10 AM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Yakira Capital Management, Inc.

(Last)

(First)

(Middle)

1555 POST ROAD EAST, SUITE 202

(Street)

WESTPORT

CONNECTICUT

06880

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Seritage Growth Properties [ SRG-PA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
7.00% Series A Cumulative Redeemable Preferred Shares	03/31/2026		S		27,150	D	$23.95	257,618	I	See Footnote⁽¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Yakira Capital Management, Inc., a Delaware corporation (the "Reporting Person"), serves as investment advisors to each of (i) Yakira Partners, L.P., a Delaware limited partnership ("Yakira Partners"), (ii) Yakira Enhanced Offshore Fund Ltd., a Cayman Islands exempted company ("Yakira Offshore") and (iii) MAP 136 Segregated Portfolio, a Cayman Islands exempted company ("MAP 136") and has sole voting and investment discretion with respects to the securities reported herein which are held by Yakira Partners, Yakira Offshore and MAP 136. The Reporting Person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that Reporting Person is the beneficial owner of the securities reported herein for the purpose of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose, except to the extent of Reporting Person's pecuniary interest therein.

	/s/ Nicholas Sabatini, CFO & CCO	04/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Yakira Capital Management report for Seritage (SRG-PA)?

Yakira Capital Management reported an open-market sale of 27,150 Seritage 7.00% Series A Cumulative Redeemable Preferred Shares at $23.95 per share. The transaction reflects trading in the preferred stock, not the common equity, by funds it advises rather than by an individual executive.

How many Seritage preferred shares do Yakira-advised funds hold after this Form 4? (SRG-PA)

After the reported sale, accounts advised by Yakira Capital Management held 257,618 Seritage 7.00% Series A Cumulative Redeemable Preferred Shares. This indicates the sale was a partial reduction in an ongoing position, rather than a complete exit from the preferred share investment.

Who actually holds the Seritage preferred shares linked to Yakira Capital Management? (SRG-PA)

The preferred shares are held by Yakira Partners, L.P., Yakira Enhanced Offshore Fund Ltd., and MAP 136 Segregated Portfolio. Yakira Capital Management serves as investment adviser and has voting and investment discretion over these Seritage preferred securities on behalf of those client entities.

Does Yakira Capital Management claim full beneficial ownership of the Seritage preferred shares? (SRG-PA)

No. Yakira Capital Management expressly disclaims beneficial ownership of the Seritage preferred shares reported, except to the extent of its pecuniary interest. The filing clarifies that the securities belong to client funds for which Yakira acts as investment adviser with discretionary authority.

What type of Seritage security was traded in this Form 4 filing? (SRG-PA)

The transaction involved Seritage’s 7.00% Series A Cumulative Redeemable Preferred Shares, not its common stock. These preferred shares pay a stated 7.00% coupon and have different rights and risk characteristics from Seritage’s common equity, including priority in the capital structure.