SRG
Seritage Growth PropertiesReal Estate·REIT - Retail
$2.57
$145M market cap
Revenue
$6.2M
Free Cash Flow
$-6.9M
Rev Growth
+0.0%
FCF Margin
-111.6%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 166 wholly-owned properties and 29 unconsolidated properties totaling approximately 30.4 million square feet of space across 44 states and Puerto Rico. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015. The Company's mission is to create and own revitalized shopping, dining, entertainment and mixed-use destin
2-Year Price History
$2.46-53.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 2.0 | -27.0 | -5.4 | -31.5 | -5.7 | -5.7 | -0.0 | 44.5 | 49.9 | 56.3 | -17.5% | -72.8x | -- |
| Act | 2025-Q4 | 4.2 | 0.0 | -5.9 | -5.1 | -1.2 | -1.2 | -0.0 | 48.1 | 47.7 | 56.3 | -15.1% | 0.0x | -- |
Valuation & Metrics
Market Stats
Price$2.57
Market Cap$145M
Enterprise Value$150M
P/S Ratio23.5x
P/FCF--
EV/FCF--
FCF Margin (TTM)-111.6%
FCF Yield-4.8%
Dividend Yield (TTM)38.9%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$6.2M
Net Income$-36.6M
Free Cash Flow$-6.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin-437.6%
Net Margin-594.0%
FCF Margin-111.6%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-16.3%
WC Change % Rev-1.4%
Interest Coverage-5.4x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares4.8M
Days to Cover15.5
Change (vs Prior)+1.8%
Need at least 2 settlement dates for chart
Employees
Headcount7
Revenue / Employee$880,900
Gross Profit / Employee$-113,429
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
37.1%(-13.1% YoY)
67 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
10.3%(-0.9% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.6%(+0.6% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $8.8M | $6.61 | −$3.9M | −$4.4M | -0.1% | $31.89B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $4.6M | $2.81 | +$4.6M | +$4.6M | — | $1.91T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $4.6M | $2.81 | +$4.6M | +$4.6M | — | $4.04T |
| FourWorld Capital Management LLC | $3.1M | $11.32 | +$0 | +$0 | -4.8% | $177M |
| K2 PRINCIPAL FUND, L.P. | $3.0M | $6.29 | +$70K | +$253K | +2.2% | $634M |
| TOWERVIEW LLC | $2.9M | $5.75 | +$646K | +$984K | -9.0% | $155M |
| Yakira Capital Management, Inc. | $2.9M | $7.35 | +$58K | −$57K | -5.6% | $342M |
| LITTLEJOHN & CO LLC | $2.5M | $7.35 | −$129K | −$129K | -9.3% | $106M |
| Cygnus Capital Advisors, LLC | $2.4M | $3.19 | +$329K | +$2.4M | +2.7% | $134M |
| GABELLI FUNDS LLC | $2.2M | $9.13 | +$0 | −$5K | -0.2% | $14.68B |
| GABELLI SECURITIES, INC. | $2.2M | $7.31 | +$0 | +$244K | -0.9% | $674M |
| Groupe la Francaise | $1.7M | $3.23 | +$0 | +$0 | +0.1% | $7.14B |
| BlackRock, Inc.Passive | $1.7M | $4.63 | −$12K | +$11K | -0.2% | $5.69T |
| CREDIT INDUSTRIEL ET COMMERCIAL | $1.6M | $4.10 | +$0 | +$0 | +0.9% | $568M |
| Clutterbuck Capital Management LLC | $1.6M | $3.14 | +$390K | +$1.6M | -0.1% | $155M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $1.4M | $5.48 | −$52K | +$119K | +2.3% | $1.61T |
| Creek Drive Management Group LLC | $1.4M | $3.19 | +$193K | +$1.4M | -1.7% | $159M |
| HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. | $1.2M | $7.87 | +$0 | +$0 | -2.3% | $1.43B |
| Hunting Hill Global Capital, LLC | $1.0M | $4.75 | +$120K | +$254K | -1.8% | $83.8M |
| CITADEL ADVISORS LLC | $1.0M | $6.27 | +$214K | +$340K | -0.4% | $138.22B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-1.75%
avg per quarter
Holders (ex-self)
-1.53%
excl. this stock
Buyers (this Q)
-1.72%
20 buyers · $0.01B in
Sellers (this Q)
-0.67%
21 sellers · $0.01B out
alpha coverage: 85% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-11.1%
how holders react when this stock falls
On quiet Qs
+1.0%
−10% to +10% baseline
On rallies (+10%+)
-17.2%
how they react when this stock rises
Holders' portfolio flow this Q
+28.3%
inflows — adds are organic
Sellers' portfolio flow this Q
-3.6%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
+2.9%
Holder mid (any stock)
-1.2%
Holder rally (any stock)
-11.8%
Biggest decreases this quarter
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC−$3.9Mα-0.1Ursa Fund Management, LLCexited−$553KAMERIPRISE FINANCIAL INCexited−$549KD. E. Shaw & Co., Inc.−$264Kα-0.3LITTLEJOHN & CO LLC−$129Kα-9.3SEI INVESTMENTS COexited−$100KPEAK6 LLCexited−$71KGEODE CAPITAL MANAGEMENT, LLC−$52Kα+2.3Total Clarity Wealth Management, Inc.exited−$50KMARSHALL WACE, LLP−$49Kα+0.6
New buyers this quarter
Top-5 holders · 37.0%
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC--
VANGUARD PORTFOLIO MANAGEMENT LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
FourWorld Capital Management LLC--
K2 PRINCIPAL FUND, L.P.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Dalal Street, LLC—HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC3.1MFourWorld Capital Management LLC1.1MCentiva Capital, LP—MORGAN STANLEY41KCHARLES SCHWAB INVESTMENT MANAGEMENT INC258KK2 PRINCIPAL FUND, L.P.1.1MAquamarine Capital Management, LLC—LITTLEJOHN & CO LLC885KRBS PARTNERS, L.P.—
Analyst Coverage
Analyst Coverage
Analyst Ratings
1
Hold: 1Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$1.53M
10 txns · 2 insiders · 115,650 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-31 | SELL | Yakira Capital Management, Inc. | 10 percent owner | 27,150 | $23.95 | $650K | $6.17M |
| 2026-02-24 | SELL | Yakira Capital Management, Inc. | 10 percent owner | 2,225 | $24.10 | $54K | $6.86M |
| 2026-02-23 | SELL | Yakira Capital Management, Inc. | 10 percent owner | 7,375 | $23.95 | $177K | $6.87M |
| 2026-02-09 | SELL | Yakira Capital Management, Inc. | 10 percent owner | 5,570 | $24.10 | $134K | $7.09M |
| 2026-02-06 | SELL | Yakira Capital Management, Inc. | 10 percent owner | 810 | $24.10 | $20K | $7.23M |
| 2026-02-05 | SELL | Yakira Capital Management, Inc. | 10 percent owner | 1,030 | $24.08 | $25K | $7.24M |
| 2026-02-04 | SELL | Yakira Capital Management, Inc. | 10 percent owner | 2,554 | $24.13 | $62K | $7.28M |
| 2026-01-26 | SELL | Yakira Capital Management, Inc. | 10 percent owner | 5,072 | $24.13 | $122K | $7.34M |
| 2025-09-11 | SELL | LAMPERT EDWARD S | 10 percent owner | 23,864 | $4.50 | $107K | $60.45M |
| 2025-09-09 | SELL | LAMPERT EDWARD S | 10 percent owner | 40,000 | $4.40 | $176K | $59.20M |
Order Flow (FINRA, ~3w lag)
22.4%retail-2.9pp
16.5%dark+0.6pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Seritage Growth Properties: A Controlled Liquidation Haunted by Going Concern and Litigation Shadows
Overall Risk
9/10
Fraud
6/10
Dilution
4/10
Insolvency
10/10
Earnings Overstated
8/10
Hidden Liabilities
7/10
Legal
9/10
Audit Warnings
10/10
Hidden Upside
3/10
Contextually Acceptable
3/10