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)	1.66 mm	2.55 mm	9.91 mm	27.74 mm	9.77 mm	22.06 mm
Cash remaining	-1.60 mm	-2.50 mm	-9.86 mm	-27.68 mm	-9.71 mm	-22.00 mm
Runway (months of cash)	-27.3	-27.6	-28.1	-28.2	-28.1	-28.2

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Financial data from Appreciate earnings reports.

Institutional ownership, Q3 2023

SFRT institutional ownership history Ownership history

61.5% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	45	55	-18.2%
Opened positions	4	15	-73.3%
Closed positions	14	5	+180.0%
Increased positions	2	7	-71.4%
Reduced positions	10	8	+25.0%

13F shares	Current	Prev Q	Change
Total value	39.51 mm	2.07 bn	-98.1%
Total shares	29.69 mm	35.25 mm	-15.8%
Total puts	0.00	0.00
Total calls	845.92 k	865.41 k	-2.3%
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
Lake Street Landlords	24.12 mm	$0.00	0.0%
Cantor Fitzgerald & Co.	1.45 mm	$2.30 mm	0.0%
Citadel Advisors	918.60 k	$9.19 mm	-0.5%
Aristeia Capital	352.06 k	$4.40 mm	0.0%
Cantor Fitzgerald, L. P.	315.71 k	$3.16 mm	-76.9%
Ubs Oconnor	230.11 k	$2.88 mm	0.0%
Diametric Capital	217.23 k	$2.17 mm	0.0%
Polar Asset Management Partners	179.27 k	$2.24 mm	-94.5%
Linden Capital	175.45 k	$0.00	0.0%
Linden Advisors	170.66 k	$2.10 mm	0.0%

Largest transactions	Shares	Bought/sold	Change
Polar Asset Management Partners	179.27 k	-3.11 mm	-94.5%
Cantor Fitzgerald, L. P.	315.71 k	-1.05 mm	-76.9%
Meteora Capital	31.76 k	-912.22 k	-96.6%
Geode Capital Management	0.00	-160.59 k	EXIT
Shaolin Capital Management	66.67 k	+66.67 k	NEW
Charles Schwab Investment Management	0.00	-64.44 k	EXIT
PineBridge Investments	63.92 k	+63.92 k	NEW
Vanguard	0.00	-61.37 k	EXIT
HRT Financial	20.12 k	-52.47 k	-72.3%
Sona Asset Management	0.00	-45.03 k	EXIT

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.