In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Conversant Capital LLC reported 16 stock positions worth $490.6 million . Its top holding was Sonida Senior Living (SNDA) at 44.0% of the portfolio, followed by Sila Realty Trust (SILA, 8.0% ) and Rithm Capital (RITM, 7.9% ). Compared with Q4 2024, it opened 8 new positions, sold out of 3, added to 4 and reduced 2. The biggest buy was a new position in Granite Construction (GVA) and the biggest sale an exit from Target Hospitality (TH).
Location SUMMIT, NJ
CIK 0001850901
Portfolio Value $490.6M (Q1 2025) Holdings 16 stocks · $490.6M 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 2024 SNDA Sonida Senior Living Inc. 9,264,653 $215.8M Add +0.5% SILA Sila Realty Trust Inc. 1,477,669 $39.5M Reduce -23.2% RITM Rithm Capital Corp. 3,395,000 $38.9M No change JLL Jones Lang Lasalle Inc. 110,440 $27.4M Add +25.5% SITC Site Centers Corp. filed as SITE CTRS CORP 1,940,579 $24.9M Add +506.4% PFSI Pennymac Financial Services 244,150 $24.4M Add +25.1% NPKI NPK International Inc. 4,178,633 $24.3M No change GVA Granite Construction Inc. 285,010 $21.5M New GNL Global Net Lease Inc. 2,556,598 $20.6M New DBRG Digitalbridge Group Inc. 1,200,000 $10.6M New RAC.U Rithm Acquisition Corp. 1,000,000 $10.1M New KKR KKR & Co. Inc. 86,000 $9.9M New ARES Ares Management Corp. Class A 66,000 $9.7M New HUDSON PAC PPTYS INC 2,718,420 $8.0M New UHG United Homes Group Inc. 1,655,726 $4.6M Reduce -5.7% KFIIU K&F Growth Acquisition Corp. 44,848 $453K New
Options reported separately and not counted above: SPY puts ($69.9M), XLP puts ($44.9M).
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ TH Target Hospitality Corp. Sold out 0.00% −9.92 CURB Curbline Properties Corp. Sold out 0.00% −6.38 BRSP Brightspire Capital Inc. Sold out 0.00% −3.32 SILA Sila Realty Trust Inc. Reduce -23.2% 8.05% −1.78 UHG United Homes Group Inc. Reduce -5.7% 0.94% −0.61
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ GVA Granite Construction Inc. New 4.38% +4.38 GNL Global Net Lease Inc. New 4.19% +4.19 SITC Site Centers Corp. Add +506.4% 5.08% +4.05 DBRG Digitalbridge Group Inc. New 2.16% +2.16 RAC.U Rithm Acquisition Corp. New 2.06% +2.06 KKR KKR & Co. Inc. New 2.03% +2.03 ARES Ares Management Corp. Class A New 1.97% +1.97 HUDSON PAC PPTYS INC New 1.63% +1.63 JLL Jones Lang Lasalle Inc. Add +25.5% 5.58% +0.91 PFSI Pennymac Financial Services Add +25.1% 4.98% +0.80 KFIIU K&F Growth Acquisition Corp. New 0.09% +0.09 SNDA Sonida Senior Living Inc. Add +0.5% 43.98% −0.70
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -57.8% 125,000 $69.9M IYR iShares US Real Estate ETF put Sold out 500,000 $46.5Mbefore exit XLP SS Consumer Staples Sel Sect put New 550,000 $44.9M IYR iShares US Real Estate ETF call Sold out 300,000 $27.9Mbefore 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