Appreciate (SFRT)

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	56.80 k	56.80 k	56.80 k	56.80 k	56.80 k	56.80 k
Cash burn (monthly)	58.75 k	90.33 k	350.62 k	981.28 k	345.65 k	780.32 k
Cash used (since last report)	1.57 mm	2.42 mm	9.40 mm	26.30 mm	9.26 mm	20.91 mm
Cash remaining	-1.52 mm	-2.36 mm	-9.34 mm	-26.24 mm	-9.21 mm	-20.86 mm
Runway (months of cash)	-25.8	-26.2	-26.6	-26.7	-26.6	-26.7

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Financial data from Appreciate earnings reports.

Institutional ownership, Q2 2023

SFRT institutional ownership history Ownership history

73.0% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	55	45	+22.2%
Opened positions	15	39	-61.5%
Closed positions	5	1	+400.0%
Increased positions	7	0	NEW
Reduced positions	8	3	+166.7%

13F shares	Current	Prev Q	Change
Total value	2.07 bn	90.58 mm	+2189.8%
Total shares	35.25 mm	32.87 mm	+7.2%
Total puts	0.00	0.00
Total calls	865.41 k	739.67 k	+17.0%
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
Lake Street Landlords	24.12 mm	$0.00	0.0%
Polar Asset Management Partners	3.29 mm	$1.12 bn	+1734.1%
Cantor Fitzgerald & Co.	1.45 mm	$2.30 mm	0.0%
Cantor Fitzgerald, L. P.	1.37 mm	$388.63 mm	+333.4%
Meteora Capital	943.98 k	$329.53 mm	+2872.1%
Citadel Advisors	922.79 k	$23.26 mm	-7.2%
Aristeia Capital	352.06 k	$9.75 mm	0.0%
Ubs Oconnor	230.11 k	$6.37 mm	-3.2%
Diametric Capital	217.23 k	$6.52 mm	0.0%
Radcliffe Capital Management	200.00 k	$5.54 mm	0.0%

Largest transactions	Shares	Bought/sold	Change
Polar Asset Management Partners	3.29 mm	+3.11 mm	+1734.1%
Vellar Opportunities Fund Master	10.00 k	-3.06 mm	-99.7%
Cantor Fitzgerald, L. P.	1.37 mm	+1.05 mm	+333.4%
Meteora Capital	943.98 k	+912.22 k	+2872.1%
Geode Capital Management	160.59 k	+160.59 k	NEW
Kepos Capital	116.67 k	+116.67 k	NEW
Citadel Advisors	922.79 k	-71.26 k	-7.2%
Shaolin Capital Management	0.00	-66.67 k	EXIT
Charles Schwab Investment Management	64.44 k	+64.44 k	NEW
Vanguard	61.37 k	+61.37 k	NEW

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

SFRT insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
13 Nov 23	Polar Asset Management Partners	Class A Common Stock, par value $0.0001 per share	Other	Dispose J	Yes	No	9.41	2,942,049	27.68 mm	166,666

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.