Ursa Fund Management, LLC In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Ursa Fund Management, LLC reported 12 stock positions worth $28.5 million . Its top holding was Seritage Growth Prop- A (SRG) at 28.0% of the portfolio, followed by Endeavor Group Hold Class A (EDR, 18.2% ) and Star (STHO, 16.9% ). Compared with Q4 2023, it opened 3 new positions, sold out of 8, added to 4 and reduced 2. The biggest buy was Seritage Growth Prop- A (SRG, shares +11% ) and the biggest sale an exit from iShares 20+ Year Treasury BD (TLT).
Location Danville, CA
CIK 0001693838
Portfolio Value $28.5M (Q1 2024) Holdings 12 stocks · $28.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 SRG Seritage Growth Prop- A 827,500 $8.0M Add +10.7% EDR Endeavor Group Hold Class A 202,250 $5.2M Reduce -3.6% STHO Star Holdings filed as STAR HLDGS 372,337 $4.8M Add +28.4% MANU Manchester United PLC Class A 260,000 $3.6M Reduce -35.4% NLOP Net Lease Office Property 117,723 $2.8M New SCRM Screaming Eagle Acq Class A 122,500 $1.3M No change LGF.B Lions Gate Entertainment-B 121,500 $1.1M Add +62.0% HAPN Happen Inc. filed as LENDINGCLUB CORP 122,500 $1.1M Add +44.1% DDD 3D Systems Corp. filed as 3-D SYS CORP DEL 60,000 $266K New BE Bloom Energy Corp. Class A 15,000 $169K No change STEM Stem Inc. 50,000 $110K No change XTIA Xti Aerospace Inc. 21,980 $38K New
Options reported separately and not counted above: SRG calls ($7.8M), ACI calls ($4.9M), EDR calls ($4.7M), ETRN calls ($687K), SIRI puts ($583K), DJT puts ($310K), SIRI calls ($1K).
Other holdings (4): bonds, preferreds, convertibles and warrants · $1.2M (not counted above) Security Class Shares / Principal Value Change SAVAW Cassava Sciences Inc.-28 *W EXP 11/15/202 192,960 $778K New SCRMW Screaming Eagle Acq Class A -27 *W EXP 99/99/999 503,092 $238K New MSPRW MSP Recovery Inc. -27 *W EXP 05/20/202 22,008,134 $87K No change ETWOW E2OPEN Parent Ho -CW25 *W EXP 02/04/202 174,794 $66K Reduce -24.0%
Total filed on the 13F, all lines: $29.7M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ TLT iShares 20+ Year Treasury BD Sold out 0.00% −25.37 KWEB Kranesh Csi China Internet Sold out 0.00% −10.67 MANU Manchester United PLC Class A Reduce -35.4% 12.72% −3.50 CLM Cornerstone Strategic Invest Sold out 0.00% −2.59 BOX Box Inc. Class A Sold out 0.00% −2.48 ACI Albertsons Cos Inc. Class A Sold out 0.00% −2.44 BIPC Brookfield Infrastructure-A Sold out 0.00% −1.08 GAMESQUARE HLDGS INC Sold out 0.00% −0.41 INPIXON Sold out 0.00% −0.12 EDR Endeavor Group Hold Class A Reduce -3.6% 18.24% +8.40
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ SRG Seritage Growth Prop- A Add +10.7% 27.99% +14.17 NLOP Net Lease Office Property New 9.82% +9.82 STHO Star Holdings Add +28.4% 16.86% +8.27 LGF.B Lions Gate Entertainment-B Add +62.0% 3.96% +2.45 HAPN Happen Inc. Add +44.1% 3.77% +2.31 DDD 3D Systems Corp. New 0.93% +0.93 XTIA Xti Aerospace Inc. New 0.13% +0.13
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ SRG Seritage Growth Prop- A call Add +37.6% 813,000 $7.8M ACI Albertsons Cos Inc. Class A call Reduce -63.9% 229,900 $4.9M EDR Endeavor Group Hold Class A call Reduce -83.9% 182,200 $4.7M MANU Manchester United PLC Class A put Sold out 435,300 $3.2Mbefore exit ETRN Equitrans Midstream Corp. call New 55,000 $687K SIRI Sirius XM Holdings Inc. put Reduce -65.7% 150,300 $583K DJT Trump Media & Technology Gro put New 5,000 $310K X United States Steel Corp. call Sold out 90,900 $284Kbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Sold out 57,900 $269Kbefore exit BOX Box Inc. Class A call Sold out 122,000 $269Kbefore exit ATMU Atmus Filtration Technologie put Sold out 171,800 $82Kbefore exit ATMU Atmus Filtration Technologie call Sold out 59,200 $77Kbefore exit BIPC Brookfield Infrastructure-A put Sold out 102,500 $46Kbefore exit KWEB Kranesh Csi China Internet put Sold out 200,000 $35Kbefore exit MANU Manchester United PLC Class A call Sold out 71,000 $27Kbefore exit EDR Endeavor Group Hold Class A put Sold out 142,300 $21Kbefore exit TLT iShares 20+ Year Treasury BD put Sold out 130,000 $4Kbefore exit BIPC Brookfield Infrastructure-A call Sold out 36,100 $4Kbefore exit SAFE Safehold Inc. call Sold out 60,000 $2Kbefore exit SIRI Sirius XM Holdings Inc. call New 300 $1K MBI Mbia Inc. put Sold out 29,800 $3before exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ SAVAW Cassava Sciences Inc.-28 *W EXP 11/15/202 New 192,960 $778K SCRMW Screaming Eagle Acq Class A -27 *W EXP 99/99/999 New 503,092 $238K ETWOW E2OPEN Parent Ho -CW25 *W EXP 02/04/202 Reduce -24.0% 174,794 $66K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 19 $608.9M MSFT, MU, TSLA, AMZN, GAB Q1 2026 9 $31.4M PEN, CLBK, IBIT, GAB, SGOV Q4 2025 21 $1.2B MSFT, AAPL, JPM, NVDA, AMZN Q3 2025 9 $50.7M AIV, COOP, IBIT, FBTC, SRG Q2 2025 21 $39.5M KWEB, SKX, CRF, IBIT, CLM Q1 2025 14 $28.2M EQC, AB, LIONS GATE ENTMNT CORP, IBIT, FBTC Q4 2024 9 $556.2M MSFT, AAPL, MSTR, EQC, EDR Q3 2024 8 $32.4M SGOV, BOXX, EDR, SIRI, HHH Q2 2024 5 $32.6M SGOV, BOXX, STHO, LSXMK, SRG Q1 2024 12 $28.5M SRG, EDR, STHO, MANU, NLOP