{ "ok": true, "cik": "1628063", "ticker": "SRG-PA", "name": "SERITAGE GROWTH PROPERTIES", "filings": [ { "form": "8-K", "filed": "2026-10-02", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers" ], "url": "https://www.sec.gov/Archives/edgar/data/1628063/000119312526411217/0001193125-26-411217-index.htm" }, { "form": "8-K", "filed": "2026-08-14", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1628063/000119312526352377/0001193125-26-352377-index.htm" }, { "form": "10-Q", "filed": "2026-08-14", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1628063/000119312526352329/0001193125-26-352329-index.htm" }, { "form": "8-K", "filed": "2026-07-28", "items": [ "1.01 Entry into a Material Definitive Agreement", "1.02 Termination of a Material Definitive Agreement", "2.03 Creation of a Direct Financial Obligation", "8.01 Other Events" ], "url": "https://www.sec.gov/Archives/edgar/data/1628063/000119312526321213/0001193125-26-321213-index.htm" }, { "form": "8-K", "filed": "2026-07-08", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1628063/000119312526298565/0001193125-26-298565-index.htm" }, { "form": "8-K", "filed": "2026-06-11", "items": [ "5.07 Submission of Matters to a Vote of Security Holders", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1628063/000119312526267880/0001193125-26-267880-index.htm" } ], "events12m": 15, "healthWatch": { "window": "last 12 months", "since": "2025-10-05", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 3, "latest": { "filed": "2026-10-02", "url": "https://www.sec.gov/Archives/edgar/data/1628063/000119312526411217/0001193125-26-411217-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001628063.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1628063" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up SERITAGE GROWTH PROPERTIES ($SRG-PA). Last filing: 8-K (5.02 Departure or Election of Directors; Appointment of Officers), 2026-10-02. 15 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 18204000, "revenueGrowth1y": 0.03302689819543758, "revenueGrowthPerYear": -0.3715223902364837, "yearsOfData": 5, "operatingMargin": null, "operatingMarginPrior": null, "netMargin": -3.7472533509118877, "operatingCashFlow": -34903000, "capitalSpending": null, "freeCashFlow": null, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 48088000, "longTermDebt": null, "longTermDebtChange": null, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 116683000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 107055000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 20779000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 17622000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 18204000 } ], "totalEquity": 331416000, "totalAssets": 393779000, "equityRatio": 0.8416294418950732, "returnOnEquity": -0.20582892799382047, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": 0.25, "dividendYearsRising": 0, "dividendCut": true, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -1.3, "sharesOutstanding": 56314000, "bookValuePerShare": 5.885144013921938, "revenuePerShare": 0.3232588699080158, "range80": { "low": 9009116.777031355, "high": 22210967.872389983, "baseline": 14445237.169312678, "n": 2483, "band": "b000", "bandLabel": "under $50M", "method": "v4.1", "credibility": 0.5714285714285714, "growthYears": 5, "ownVolatility": 0.16093561281519242, "classVolatility": 0.3000583276631395, "volatility": 0.23105536933471355 }, "ifPaceHeld": { "low": 9009116.777031355, "high": 22210967.872389983 } }, "edgarette": "🔖 Exposure: revenue $18.2M (FY2025). Experience: revenue up 3.3% on the year, down 37.2% a year over 4 years. Soundness: equity 84.2% of assets, return on equity -20.6%, the dividend per share fell in the latest year on record. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $9.0M and $22.2M next year (method v4.1: its own 5-year record of growth weighed at 57% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $8.5M to $23.7M. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, real estate): growth 3.3% against 6.1%.", "peers": { "sic": 6500, "sicDescription": "Real Estate", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "6500", "growth": [ 0.0606, 17 ], "opMargin": [ 0.2105, 8 ], "equityRatio": [ 0.5278, 14 ], "returnOnEquity": [ 0.064, 13 ] }, "summary": "Seritage Growth Properties (SRG-PA) grew revenue 3.3% in FY2025 to $18 million, equity 84.2% of assets, and its dividend per share fell in the latest year on record. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
SERITAGE GROWTH PROPERTIES against its own record and its peers
Revenue, on the yearPeer median 6.1%3.3%Equity of assetsPeer median 52.8%84.2%Return on equityPeer median 6.4%-20.6%Gold tick: the median of 13–14 peers with $50M+ revenue in real estate
", "chartHorizon": "
Handed back now, or kept to compound · of each dollar of profit
Handed back per share$0.25cut in the latest year

Gold paid out, navy kept. Kept share × return on equity = the growth it can fund itself. Facts from the filings, not a recommendation.

", "backtest": { "tests": 6, "hits": 3, "rate": 0.5, "method": "v4", "byYear": { "2020": [ 1, 1 ], "2021": [ 0, 1 ], "2022": [ 1, 1 ], "2023": [ 0, 1 ], "2024": [ 0, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-10-05T14:33:21.287Z", "hash": "171d295e8c4e02df", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Seritage Growth Properties (SRG-PA) grew revenue 3.3% in FY2025 to $18 million, equity 84.2% of assets, and its dividend per share fell in the latest year on record. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 18204000, "totalDebt": null, "cash": 48088000 }, "experience": { "revenueGrowth1y": 0.03302689819543758, "revenueGrowthPerYear": -0.3715223902364837, "operatingMargin": null, "operatingMarginPrior": null, "netMargin": -3.7472533509118877, "freeCashFlow": null }, "soundness": { "equityRatio": 0.8416294418950732, "returnOnEquity": -0.20582892799382047, "payoutRatio": null, "dividendPerShare": 0.25, "dividendYearsRising": 0, "dividendCut": true, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 6500, "sicDescription": "Real Estate", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "6500", "growth": [ 0.0606, 17 ], "opMargin": [ 0.2105, 8 ], "equityRatio": [ 0.5278, 14 ], "returnOnEquity": [ 0.064, 13 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-10-05", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 3, "latest": { "filed": "2026-10-02", "url": "https://www.sec.gov/Archives/edgar/data/1628063/000119312526411217/0001193125-26-411217-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 9009116.777031355, "high": 22210967.872389983, "baseline": 14445237.169312678, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 2483, "sizeBand": "under $50M", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341, "coverageAllYears": 0.6904374799277399, "stressCoverageAllYears": 0.819004992974709, "outcomeYears": [ 2019, 2025 ] }, "credibility": { "weightOnOwnRecord": 0.571, "growthYears": 5, "ownVolatility": 0.16093561281519242, "classVolatility": 0.3000583276631395, "pricedVolatility": 0.23105536933471355, "k": 3 }, "stress": { "low": 8468537.488199325, "high": 23679653.722657368, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 6, "hits": 3, "rate": 0.5, "method": "v4", "byYear": { "2020": [ 1, 1 ], "2021": [ 0, 1 ], "2022": [ 1, 1 ], "2023": [ 0, 1 ], "2024": [ 0, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-10-05T14:33:21.287Z", "hash": "171d295e8c4e02df", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001628063.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1628063" }, "speedCash": { "fiscalYear": 2025, "cashConversion": -1.9173, "growth3y": -0.446, "volatility": 0.1609, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.8416, "quadrant": { "code": "ss", "label": "Slow and steady", "plain": "growing slower than its size class, with steadier revenue" }, "compass": { "code": "between", "inside": "Turns -191.7% of revenue into operating cash; revenue shrinking 44.6% a year over three years; no common dividend.", "outside": "Among under $50M companies: 22nd percentile for cash, 6th for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "under $50M", "cashPctInClass": 22, "growthPctInClass": 6, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "cash", "text": "operating cash flow was negative" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±42%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 2, "name": "Weathered boat", "plain": "two warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": -34903000, "investing": 198468000, "financing": -198989000, "capitalSpending": null, "free": null, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": -135996000, "free": null }, { "fiscalYearEnd": "2022-12-31", "operating": -117923000, "free": null }, { "fiscalYearEnd": "2023-12-31", "operating": -53061000, "free": null }, { "fiscalYearEnd": "2024-12-31", "operating": -53548000, "free": null }, { "fiscalYearEnd": "2025-12-31", "operating": -34903000, "free": null } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 48088000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 393779000, "ladder": null, "currentRatio": null, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": -1.9173, "growth3y": -0.446, "volatility": 0.1609, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.8416, "quadrant": { "code": "ss", "label": "Slow and steady", "plain": "growing slower than its size class, with steadier revenue" }, "compass": { "code": "between", "inside": "Turns -191.7% of revenue into operating cash; revenue shrinking 44.6% a year over three years; no common dividend.", "outside": "Among under $50M companies: 22nd percentile for cash, 6th for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "under $50M", "cashPctInClass": 22, "growthPctInClass": 6, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "cash", "text": "operating cash flow was negative" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±42%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 2, "name": "Weathered boat", "plain": "two warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": -34903000, "investing": 198468000, "financing": -198989000, "capitalSpending": null, "free": null, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": -135996000, "free": null }, { "fiscalYearEnd": "2022-12-31", "operating": -117923000, "free": null }, { "fiscalYearEnd": "2023-12-31", "operating": -53061000, "free": null }, { "fiscalYearEnd": "2024-12-31", "operating": -53548000, "free": null }, { "fiscalYearEnd": "2025-12-31", "operating": -34903000, "free": null } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 48088000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 393779000, "ladder": null, "currentRatio": null, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }