Form 4: Yakira Capital Sells Seritage Preferred Shares

Yakira Capital Management, a 10% owner of Seritage Growth Properties, reported the sale of 5,072 preferred shares at $24.1317 per share.

Summary

• Yakira Capital Management, Inc., identified as a 10% owner and director of Seritage Growth Properties, reported a transaction involving the issuer's securities.
• The transaction, dated January 26, 2026, involved the disposition of 5,072 shares of 7.00% Series A Cumulative Redeemable Preferred Shares.
• The shares were sold at a price of $24.1317 per share.
• Following this transaction, Yakira Capital Management, Inc. indirectly beneficially owns 304,332 shares of the preferred stock.
• The sale was executed pursuant to a Rule 10b5-1(c) plan, indicating it was a pre-arranged transaction.
• Yakira Capital Management, Inc. serves as an investment advisor to Yakira Partners, L.P., Yakira Enhanced Offshore Fund Ltd., and MAP 136 Segregated Portfolio, which are the entities holding these securities, and disclaims beneficial ownership except for its pecuniary interest.

Sentiment

Score: 4

Explanation: The sale of preferred shares by a 10% owner, Yakira Capital Management, Inc., is a minor negative signal, though mitigated by the transaction being executed under a Rule 10b5-1 plan, suggesting it was pre-scheduled rather than a reaction to new information.

Negatives

• A 10% owner and director, Yakira Capital Management, Inc., reduced its stake in Seritage Growth Properties by selling 5,072 shares of 7.00% Series A Cumulative Redeemable Preferred Shares.
• Insider selling, even when conducted under a Rule 10b5-1 plan, can sometimes be perceived by the market as a minor negative signal, as it reduces the insider's alignment with other shareholders.

Future Outlook

No forward-looking statements or guidance were provided in this Form 4 filing, as it is a transactional report.

Management Comments

• Yakira Capital Management, Inc. 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.

Industry Context

This Form 4 filing reports an insider transaction and does not provide information directly related to broader industry trends or competitive landscape.

Related Party Transactions

• The transaction involves Yakira Capital Management, Inc., a 10% owner and director of Seritage Growth Properties, selling preferred shares.
• Yakira Capital Management, Inc. serves as investment advisor to Yakira Partners, L.P., Yakira Enhanced Offshore Fund Ltd., and MAP 136 Segregated Portfolio, which are the entities that indirectly hold the reported securities.

Stakeholder Impact

• Shareholders: The sale by a significant owner could be interpreted as a slight reduction in insider alignment, though the pre-arranged nature of the 10b5-1 plan mitigates the signal of immediate sentiment change.

Key Dates

Recommendation

This Form 4 reports a routine insider sale of preferred shares by a 10% owner under a pre-arranged 10b5-1 plan. While insider selling can be a minor negative signal, the planned nature of the transaction and the relatively small volume of preferred shares sold do not suggest a fundamental change in the company's prospects or warrant a strong directional investment decision. Investors should monitor future filings and company performance for more substantive insights.

Keywords

Seritage Growth Properties, SRG-PA, Yakira Capital Management, Form 4, Insider Trading, Preferred Shares, Stock Sale, 10% Owner, SEC Filing, Real Estate