Form 4: Ursa Fund Management Executes Cross-Trade and Purchases of Wheeler REIT Preferred Stock

Ursa Fund Management, along with related entities, engaged in a cross-trade and additional purchases of Wheeler Real Estate Investment Trust Series D Cumulative Preferred Stock, resulting in a net increase in their holdings.

Summary

• Ursa Fund Management LLC, along with Ursa Fund Partners LP and Investment Opportunities 14 Segregated Portfolio, engaged in transactions involving Wheeler Real Estate Investment Trust's Series D Cumulative Preferred Stock.
• A cross-trade of 170,321 shares occurred between Ursa Fund Partners LP and Investment Opportunities 14 Segregated Portfolio at a price of $25.5634 per share.
• Ursa Fund Partners LP acquired 170,321 shares and then disposed of the same amount in the cross-trade.
• Investment Opportunities 14 Segregated Portfolio acquired 32,066 shares at a weighted average price of $25.113 per share, with individual prices ranging from $24.65 to $25.5 per share.
• Following these transactions, Ursa Fund Partners LP holds 370,000 shares, and Investment Opportunities 14 Segregated Portfolio is no longer subject to Section 16 reporting.
• The transactions were executed on December 12, 2024.

Sentiment

Score: 7

Explanation: The document reflects normal trading activity and portfolio management, indicating a neutral to slightly positive sentiment due to continued investment in the preferred stock.

Positives

• The transactions demonstrate active management and investment in Wheeler REIT by Ursa Fund Management and its related entities.
• The purchase of additional shares by Investment Opportunities 14 Segregated Portfolio indicates a continued interest in the preferred stock.

Risks

• The document does not explicitly state any risks, but the transactions are subject to market fluctuations and the performance of Wheeler REIT.

Management Comments

• Andrew Hahn and Russell Douglas, as Managing Members of Ursa Fund Management LLC, have the power to vote and dispose of the shares acquired by the Funds.

Industry Context

This filing reflects typical trading activity by investment funds in publicly traded securities. The cross-trade suggests a rebalancing of holdings within the Ursa Fund Management structure.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders and significant shareholders.
• The transactions are typical for investment funds managing multiple portfolios and rebalancing their holdings.

Related Party Transactions

• The cross-trade between Ursa Fund Partners LP and Investment Opportunities 14 Segregated Portfolio is a related party transaction.

Stakeholder Impact

• The transactions may have a minor positive impact on shareholders by demonstrating continued investment in the company's preferred stock.

Key Dates

Keywords

Ursa Fund Management, Wheeler REIT, Series D Cumulative Preferred Stock, Cross-Trade, Investment Opportunities 14 Segregated Portfolio, Ursa Fund Partners LP, Section 16, Preferred Stock