In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Conversant Capital LLC reported 11 stock positions worth $476.4 million . Its top holding was Sonida Senior Living (SNDA) at 44.7% of the portfolio, followed by Target Hospitality (TH, 9.9% ) and Sila Realty Trust (SILA, 9.8% ). Compared with Q3 2024, it sold out of 4, added to 8 and reduced 2. The biggest buy was Target Hospitality (TH, shares +2% ) and the biggest sale an exit from Americold Realty Trust (COLD).
Location SUMMIT, NJ
CIK 0001850901
Portfolio Value $476.4M (Q4 2024) Holdings 11 stocks · $476.4M 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 Q3 2024 SNDA Sonida Senior Living Inc. 9,222,542 $212.9M Add +1.8% TH Target Hospitality Corp. 4,889,046 $47.3M Add +2.1% SILA Sila Realty Trust Inc. 1,924,033 $46.8M Add +6.4% RITM Rithm Capital Corp. 3,395,000 $36.8M No change NPKI NPK International Inc. 4,178,633 $32.1M Add +5.6% CURB Curbline Properties Corp. 1,308,000 $30.4M Add +14.2% JLL Jones Lang Lasalle Inc. 88,000 $22.3M Add +46.7% PFSI Pennymac Financial Services 195,150 $19.9M Reduce -2.4% BRSP Brightspire Capital Inc. 2,801,223 $15.8M Add +3.7% UHG United Homes Group Inc. 1,755,726 $7.4M Add +228.1% SITC Site Centers Corp. filed as SITE CTRS CORP 320,000 $4.9M Reduce -44.1%
Options reported separately and not counted above: SPY puts ($173.5M), IYR puts ($46.5M), IYR calls ($27.9M).
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ COLD Americold Realty Trust Inc. Sold out 0.00% −6.01 SITC Site Centers Corp. Reduce -44.1% 1.03% −5.44 NMIH Nmi Holdings Inc. Sold out 0.00% −2.66 AHRT Ah Realty Trust Inc. Sold out 0.00% −0.85 ARDT Ardent Health Inc. Sold out 0.00% −0.24 PFSI Pennymac Financial Services Reduce -2.4% 4.18% −0.07
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ TH Target Hospitality Corp. Add +2.1% 9.92% +2.96 JLL Jones Lang Lasalle Inc. Add +46.7% 4.68% +1.65 NPKI NPK International Inc. Add +5.6% 6.73% +1.61 CURB Curbline Properties Corp. Add +14.2% 6.38% +1.41 SILA Sila Realty Trust Inc. Add +6.4% 9.82% +1.28 UHG United Homes Group Inc. Add +228.1% 1.56% +0.95 BRSP Brightspire Capital Inc. Add +3.7% 3.32% +0.49 SNDA Sonida Senior Living Inc. Add +1.8% 44.68% −0.56
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -30.4% 296,000 $173.5M IWM iShares Russell 2000 ETF put Sold out 281,000 $62.1Mbefore exit IYR iShares US Real Estate ETF call New 300,000 $27.9M XLP SS Consumer Staples Sel Sect put Sold out 250,000 $20.8Mbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 100,000 $8.0Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 16 $851.9M SNDA, COMP, CTRI, INVH, JAN Q1 2026 15 $724.2M SNDA, INVH, JAN, CCI, SMA Q4 2025 12 $526.3M SNDA, RITM, CTRI, GNL, HPP Q3 2025 8 $478.1M SNDA, CTRI, RITM, GNL, WD Q2 2025 Amended 13 $525.8M SNDA, RITM, SMA, SILA, GNL Q1 2025 16 $490.6M SNDA, SILA, RITM, JLL, SITC Q4 2024 11 $476.4M SNDA, TH, SILA, RITM, NPKI Q3 2024 14 $535.6M SNDA, SILA, RITM, TH, SITC Q2 2024 14 $455.9M SNDA, TH, NPKI, SITC, PFSI Q1 2024 14 $427.0M SNDA, TH, NPKI, PFSI, DBRG