SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Ursa Fund Management, LLC

CIK 0001693838 · 156 DIABLO RD, STE 250, DANVILLE, CA, 94526 · 415-529-6040

Reported Value
$89M
Q3 2025
Positions
18
Filings on Record
31
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Ursa Fund Management, LLC reported $89M in U.S.-listed holdings across 18 positions for Q3 2025.

The portfolio is heavily concentrated: AIV alone accounts for 27.6% of reported value.

Compared with Q2 2025, the fund opened 11 new positions and exited 21.

Portfolio Metrics

Turnover
+91.3%
vs prior filed quarter
Top-10 Concentration
+57.9%
share of reported value
Largest Position
+27.6%
Apartment Invt Mgmt
New / Exited
11 / 21
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $2.4BQ4 ’18Q1 ’19: $1.2BQ2 ’19: $1.6BQ3 ’19: $141MQ4 ’19: $2.4BQ4 ’19Q1 ’20: $347MQ2 ’20: $1.7BQ3 ’20: $193MQ4 ’20: $1.6BQ4 ’20Q1 ’21: $92MQ2 ’21: $78MQ3 ’21: $281MQ4 ’21: $4.2BQ4 ’21Q1 ’22: $256MQ2 ’22: $587MQ3 ’22: $148MQ4 ’22: $67MQ4 ’22Q1 ’23: $269MQ2 ’23: $413MQ3 ’23: $20MQ4 ’23: $58MQ4 ’23Q1 ’24: $49MQ2 ’24: $36MQ3 ’24: $76MQ4 ’24: $1.3BQ4 ’24Q1 ’25: $39MQ2 ’25: $80MQ3 ’25: $89MQ4 ’25: $2.4BQ4 ’25Q1 ’26: $108Mfilingsflow.com

Portfolio Composition

By security type
REIT: 45.4%Common Stock: 35.8%ETP: 15.9%Other: 1.9%PUBLIC: 0.9%Other: 0.0%
  • REIT · 45.4% · $40M
  • Common Stock · 35.8% · $32M
  • ETP · 15.9% · $14M
  • Other · 1.9% · $2M
  • PUBLIC · 0.9% · $834,545
  • Other · 0.0% · $37,757

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AIVAPARTMENT INVT & MGMT CONEW+5.10M5.10M+$40M$40M
MR COOPER GROUP INCNEW+92.7K92.7K+$20M$20M
RKTROCKET COS INCNEW+491.7K491.7K+$10M$10M
FBTCFIDELITY WISE ORIGIN BITCOINNEW+70.0K70.0K+$7M$7M
ISHARES TRNEW+15.0K15.0K+$4M$4M
STRIVE INCNEW+623.7K623.7K+$2M$2M
RIOTRIOT PLATFORMS INCNEW+50.0K50.0K+$951,500$951,500
SRGSERITAGE GROWTH PPTYSNEW+170.0K170.0K+$722,500$722,500

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2025

11 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AIVAPARTMENT INVT & MGMT COhistory →CL A27.58%$25M3.10M
2MR COOPER GROUP INCCOM21.92%$20M92.7K
3IBITISHARES BITCOIN TRUST ETFhistory →SHS BEN INT4.01%$4M55.0K
4FBTCFIDELITY WISE ORIGIN BITCOINhistory →SHS1.12%$998,10010.0K
5WHEELER REAL ESTATE INVT TRCV PFD SER B0.94%$834,545197.3K
6SRGSERITAGE GROWTH PPTYSCL A0.81%$722,500170.0K
7SMLRSEMLER SCIENTIFIC INCCOM0.59%$525,00017.5K
8PLUNPLUG POWER INCCOM NEW0.52%$466,000200.0K
9SPCEVIRGIN GALACTIC HOLDINGS INCCOM NEW0.22%$193,00050.0K
10DDC ENTERPRISE LTDCL A ORD SHS0.15%$130,90015.4K
11MSPRWMSP RECOVERY INC*W EXP 05/20/2020.04%$37,75718.88M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$108M20May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$2.4B44Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$89M18Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$80M31Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$39M21May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.3B19Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$76M17Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$36M9Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$49M23May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$58M37Feb 1, 202413F-HRchanges · EDGAR ↗
Q3 2023$20M27Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$413M20Aug 9, 202313F-HRchanges · EDGAR ↗
Q1 2023$269M17May 3, 202313F-HRchanges · EDGAR ↗
Q4 2022$67M19Jan 26, 202313F-HRchanges · EDGAR ↗
Q3 2022$148M31Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$587M23Jul 28, 202213F-HRchanges · EDGAR ↗
Q1 2022$256M69May 18, 2022RESTATEMENTchanges · EDGAR ↗
Q4 2021$4.2B86Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$281M19Nov 5, 202113F-HRchanges · EDGAR ↗
Q2 2021$78M15Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$92M20May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.6B29Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$193M34Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.7B22Aug 4, 202013F-HRchanges · EDGAR ↗
Q1 2020$347M12May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$2.4B15Jan 29, 202013F-HRchanges · EDGAR ↗
Q3 2019$141M14Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.6B16Jul 30, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.2B11May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018$2.4B25Jan 8, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.