Ursa Fund Management SC 13G Seritage Growth Properties / Ursa Fund Management ownership change

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No.__)*

Seritage Growth Properties

(Name of Issuer)

7.00% Series A Cumulative Redeemable Preferred Shares

(Title of Class of Securities)

81752R308

(CUSIP Number)

November 30, 2023

(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

x	Rule 13d-1(b)
¨	Rule 13d-1(c)
¨	Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Continued on following pages

Page 1 of 11 Pages

CUSIP NO. 81752R308

Page 2 of 11 Pages

CUSIP No. 81752R308
(1) Names of reporting persons	Ursa Fund Management LLC
(2) Check the appropriate box if a member of a group	(a)
(see instructions)	(b)
(3) SEC use only
(4) Citizenship or place of organization	DE
Number of shares beneficially owned by each reporting person with:
(5) Sole voting power	0
(6) Shared voting power	339,843*
(7) Sole dispositive power	0
(8) Shared dispositive power	339,843*
(9) Aggregate amount beneficially owned by each reporting person	339,843*
(10) Check if the aggregate amount in Row (9) excludes certain shares (see instructions)
(11) Percent of class represented by amount in Row (9)	12.14%†
(12) Type of reporting person (see instructions)	IA

* Ursa Fund Management LLC is the General Partner and Investment Manager of Ursa Fund Partners LP (the “Fund”) in which such shares referred to above are held. As a result, Ursa Fund Management LLC possesses the power to vote and dispose or direct the disposition of all the shares owned by the Fund.

† Based on a total of 2,800,000 shares outstanding of the Issuer as of September 30, 2023, as set forth in the Issuer’s most recent Form 10-Q, filed November 8, 2023.

CUSIP NO. 81752R308

Page 3 of 11 Pages

CUSIP No. 81752R308
(1) Names of reporting persons	Ursa Fund Partners LP
(2) Check the appropriate box if a member of a group	(a)
(see instructions)	(b)
(3) SEC use only
(4) Citizenship or place of organization	DE
Number of shares beneficially owned by each reporting person with:
(5) Sole voting power	0
(6) Shared voting power	339,843
(7) Sole dispositive power	0
(8) Shared dispositive power	339,843
(9) Aggregate amount beneficially owned by each reporting person	339,843
(10) Check if the aggregate amount in Row (9) excludes certain shares (see instructions)
(11) Percent of class represented by amount in Row (9)	12.14% †
(12) Type of reporting person (see instructions)	PN

† Based on a total of 2,800,000 shares outstanding of the Issuer as of September 30, 2023, as set forth in the Issuer’s most recent Form 10-Q, filed November 8, 2023.

CUSIP NO. 81752R308

Page 4 of 11 Pages

CUSIP No. 81752R308
(1) Names of reporting persons	Andrew Hahn
(2) Check the appropriate box if a member of a group	(a)
(see instructions)	(b)
(3) SEC use only
(4) Citizenship or place of organization	United States of America
Number of shares beneficially owned by each reporting person with:
(5) Sole voting power	0
(6) Shared voting power	339,843*
(7) Sole dispositive power	0
(8) Shared dispositive power	339,843*
(9) Aggregate amount beneficially owned by each reporting person	339,843
(10) Check if the aggregate amount in Row (9) excludes certain shares (see instructions)
(11) Percent of class represented by amount in Row (9)	12.14%†
(12) Type of reporting person (see instructions)	IN

* Mr. Hahn is a Managing Member of Ursa Fund Management LLC. As a result, Mr. Hahn possesses the power to vote and dispose or direct the disposition of all the shares beneficially owned by Ursa Fund Management LLC as General Partner and Investment Manager to the Fund. Mr. Hahn disclaims beneficial ownership of any of the shares held by the Fund.

† Based on a total of 2,800,000 shares outstanding of the Issuer as of September 30, 2023, as set forth in the Issuer’s most recent Form 10-Q, filed November 8, 2023.

CUSIP NO. 81752R308

Page 5 of 11 Pages

CUSIP No. 81752R308
(1) Names of reporting persons	Russell Douglas
(2) Check the appropriate box if a member of a group	(a)
(see instructions)	(b)
(3) SEC use only
(4) Citizenship or place of organization	United States of America
Number of shares beneficially owned by each reporting person with:
(5) Sole voting power	0
(6) Shared voting power	339,843*
(7) Sole dispositive power	0
(8) Shared dispositive power	339,843*
(9) Aggregate amount beneficially owned by each reporting person	339,843
(10) Check if the aggregate amount in Row (9) excludes certain shares (see instructions)
(11) Percent of class represented by amount in Row (9)	12.14%†
(12) Type of reporting person (see instructions)	IN

* Mr. Douglas is a Managing Member of Ursa Fund Management LLC. As a result, Mr. Douglas possesses the power to vote and dispose or direct the disposition of all the shares beneficially owned by Ursa Fund Management LLC as Investment Manager to the Fund. Mr. Douglas disclaims beneficial ownership of any of the shares held by the Fund.

† Based on a total of 2,800,000 shares outstanding of the Issuer as of September 30, 2023, as set forth in the Issuer’s most recent Form 10-Q, filed November 8, 2023.

CUSIP NO. 81752R308

Page 6 of 11 Pages

Item 1(a).	Name of Issuer:

	Seritage Growth Properties (the “Issuer”).

Item 1(b).	Address of the Issuer's Principal Executive Offices:

	500 Fifth Avenue, Suite 1530 New York, NY 10110

Item 2(a).	Name of Person Filing

	The names of the person filing this statement on Schedule 13G (collectively, the “Reporting Persons”) are: ·         Ursa Fund Management, LLC ·         Ursa Fund Partners, LP ·         Andrew Hahn ·         Russell Douglas

Item 2(b).	Address of Principal Business Office or, if None, Residence:

	51 Moraga Way, Suite 8, Orinda, CA 94563

Item 2(c).	Citizenship:

	Ursa Fund Management, LLC is a Delaware limited liability company and Ursa Fund Partners, LP is a Delaware limited partnership. Andrew Hahn and Russell Douglas are citizens of the United States.

Item 2(d).	Title of Class of Securities:
	7.00% Series A Cumulative Redeemable Preferred Shares (the “Shares”)

Item 2(e).	CUSIP Number:
	81752R308

CUSIP NO. 81752R308

Page 7 of 11 Pages

Item 3.	If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:
	(a) ¨ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) ¨ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) ¨ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) ¨ Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). (e) x An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); (f) ¨ An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); (g) ¨ A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); (h) ¨ A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) ¨ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);Page 5 of 6 pages (j) ¨ Group, in accordance with §240.13d-1(b)(1)(ii)(J)
Item 4.	Ownership:

Item 4(a).	Amount Beneficially Owned: Aggregate of all Reporting Persons: 339,843 Ursa Fund Management LLC – 339,843 Ursa Fund Partners LP – 339,843 Andrew Hahn – 339,843* Russell Douglas – 339,843*

Item 4(b).	Percent of Class: Aggregate of all Reporting Persons: 12.14% Ursa Fund Management LLC – 12.14% Ursa Fund Partners LP – 12.14% Andrew Hahn – 12.14%* Russell Douglas – 12.14%*

CUSIP NO. 81752R308

Page 8 of 11 Pages

Item 4(c).	Number of shares as to which such person has:
	(i)	Sole power to vote or direct the vote: Ursa Fund Management LLC – 0 Ursa Fund Partners LP – 0 Andrew Hahn – 0 Russell Douglas – 0
	(ii)	Shared power to vote or to direct the vote: Ursa Fund Management LLC – 339,843 Ursa Fund Partners LP – 339,843 Andrew Hahn – 339,843* Russell Douglas – 339,843*
	(iii)	Sole power to dispose or to direct the disposition of Ursa Fund Management LLC – 0 Ursa Fund Partners LP – 0 Investment Opportunities 14 Segregated Portfolio – 0 Andrew Hahn – 0 Russell Douglas – 0
	(iv)	Shared power to dispose or to direct the disposition of Ursa Fund Management LLC – 339,843 Ursa Fund Partners LP – 339,843 Andrew Hahn – 339,843* Russell Douglas – 339,843*

*Mr. Hahn and Mr. Douglas are the Managing Members of Ursa Fund Management LLC. As a result, Mr. Hahn and Mr. Douglas possess the power to vote and dispose or direct the disposition of all the shares beneficially owned by Ursa Fund Management LLC as Investment Manager to the Fund. Mr. Hahn and Mr. Douglas disclaim beneficial ownership of any of the shares held by the Fund.

CUSIP NO. 81752R308

Page 9 of 11 Pages

Item 5.	Ownership of Five Percent or Less of a Class:

	This Item 5 is not applicable.
Item 6.	Ownership of More than Five Percent on Behalf of Another Person:

	This Item 6 is not applicable.

Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company:

	This Item 7 is not applicable.

Item 8.	Identification and Classification of Members of the Group:

	See Exhibit A.

Item 9.	Notice of Dissolution of Group:

	This Item 9 is not applicable.

Item 10.	Certification:
	By signing below the Reporting Persons certify that, to the best of such persons’ knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having such purpose or effect.

CUSIP NO. 81752R308

Page 10 of 11 Pages

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Date: January 18, 2024

Ursa Fund Management LLC

By:	/s/ Andrew Hahn
	Andrew Hahn
	Managing Member

Ursa Fund Partners LP

By:	/s/ Ursa Fund Management LLC
	General Partner of Ursa Fund Partners LP

By:	/s/ Andrew Hahn
	Managing Member of Ursa Fund Management LLC

By:	/s/ Andrew Hahn
	Andrew Hahn

CUSIP NO. 81752R308

Page 11 of 11 Pages

EXHIBIT A

Joint Filing Agreement

The Undersigned agree that the statements on Schedule 13G with respect to the 7.00% Series A Cumulative Redeemable Preferred Shares of Seritage Growth Properties, dated as of January 18, 2024, is, and any amendment thereto signed by each of the undersigned shall be, filed on behalf of each of them pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.

Date: January 18, 2024

Signature:	/s/ Andrew Hahn
Name:	Andrew Hahn

Signature:	/s/ Russell Douglas
Name:	Russell Douglas

Ursa Fund Partners LP

By:	/s/ Andrew Hahn
Name:	Andrew Hahn
Title:	Managing Member of Ursa Fund Management LLC, General Partner of Ursa Fund Partners LP

Ursa Fund Management LLC

By:	/s/ Andrew Hahn
Name:	Andrew Hahn
Title:	Managing Member

Ursa Fund Management SC 13GSeritage Growth Properties / Ursa Fund Management ownership change