Conversant Capital LLC

Name: Conversant Capital LLC 13F holdings, Q2 2025
Creator: Conversant Capital LLC
Published: 2025-08-15

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 15, 2025), Conversant Capital LLC reported 13 stock positions worth $525.8 million. Its top holding was Sonida Senior Living (SNDA) at 44.0% of the portfolio, followed by Rithm Capital (RITM, 8.5%) and Smartstop Self Storage REIT (SMA, 6.9%). Compared with Q1 2025, it opened 5 new positions, sold out of 8, added to 4 and reduced 2. The biggest buy was a new position in Smartstop Self Storage REIT (SMA) and the biggest sale an exit from Jones Lang Lasalle (JLL).

Most Recent 13F: Q2 2026
Location: SUMMIT, NJ
CIK: 0001850901
Portfolio Value: $525.8M (Q2 2025)
SEC Filing: 0001850901-25-000007 ↗ filed Aug 15, 2025

Holdings Value

Holdings 13 stocks · $525.8M


SNDA Sonida Senior Living Inc.	43.97%	9,264,653	$231.2M	No change
RITM Rithm Capital Corp.	8.50%	3,960,500	$44.7M	Add +16.7%
SMA Smartstop Self Storage REIT	6.87%	996,356	$36.1M	New
SILA Sila Realty Trust Inc.	6.65%	1,477,669	$35.0M	No change
GNL Global Net Lease Inc.	6.24%	4,343,500	$32.8M	Add +69.9%
HUDSON PAC PPTYS INC	5.58%	10,700,000	$29.3M	Add +293.6%
PFSI Pennymac Financial Services	5.04%	266,000	$26.5M	Add +8.9%
NPKI NPK International Inc.	4.39%	2,714,779	$23.1M	Reduce -35.0%
JHX James Hardie Ord	4.09%	800,000	$21.5M	New
FR First Industrial Realty TR	3.57%	390,000	$18.8M	New
SITC Site Centers Corp. filed as SITE CTRS CORP	3.31%	1,539,743	$17.4M	Reduce -20.7%
BTBT Bit Digital Inc.	0.95%	2,275,000	$5.0M	New
CEPT Cantor Equity Partners Class A	0.84%	400,000	$4.4M	New

Options reported separately and not counted above: IWM puts ($64.7M), XLP puts ($24.3M), SLG calls ($6.6M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $163K (not counted above)

Security	Class	Shares / Principal	Value	Change
RAC.WS Rithm Acquisition Corp. - 30	*W EXP 99/99/999	333,333	$163K	No change

Total filed on the 13F, all lines: $525.9M.

Portfolio Sells Q1 2025 → Q2 2025


JLL Jones Lang Lasalle Inc.	Sold out	0.00%	−5.58
GVA Granite Construction Inc.	Sold out	0.00%	−4.38
DBRG Digitalbridge Group Inc.	Sold out	0.00%	−2.16
RAC.U Rithm Acquisition Corp.	Sold out	0.00%	−2.06
KKR KKR & Co. Inc.	Sold out	0.00%	−2.03
ARES Ares Management Corp. Class A	Sold out	0.00%	−1.97
SITC Site Centers Corp.	Reduce -20.7%	3.31%	−1.77
UHG United Homes Group Inc.	Sold out	0.00%	−0.94
NPKI NPK International Inc.	Reduce -35.0%	4.39%	−0.55
KFIIU K&F Growth Acquisition Corp.	Sold out	0.00%	−0.09

Portfolio Buys Q1 2025 → Q2 2025


SMA Smartstop Self Storage REIT	New	6.87%	+6.87
JHX James Hardie Ord	New	4.09%	+4.09
HUDSON PAC PPTYS INC	Add +293.6%	5.58%	+3.94
FR First Industrial Realty TR	New	3.57%	+3.57
GNL Global Net Lease Inc.	Add +69.9%	6.24%	+2.05
BTBT Bit Digital Inc.	New	0.95%	+0.95
CEPT Cantor Equity Partners Class A	New	0.84%	+0.84
RITM Rithm Capital Corp.	Add +16.7%	8.50%	+0.58
PFSI Pennymac Financial Services	Add +8.9%	5.04%	+0.06

Options Activity Q1 2025 → Q2 2025


SPY SS SPDR S&P 500 ETF Trust-US	put	Sold out	125,000	$69.9Mbefore exit
IWM iShares Russell 2000 ETF	put	New	300,000	$64.7M
XLP SS Consumer Staples Sel Sect	put	Reduce -45.5%	300,000	$24.3M
SLG SL Green Realty Corp.	call	New	107,000	$6.6M

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 2025Amended	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