In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Conversant Capital LLC reported 8 stock positions worth $478.1 million . Its top holding was Sonida Senior Living (SNDA) at 53.7% of the portfolio, followed by Centuri (CTRI, 11.6% ) and Rithm Capital (RITM, 9.3% ). Compared with Q2 2025, it opened 3 new positions, sold out of 8, added to 1 and reduced 3. The biggest buy was a new position in Centuri (CTRI) and the biggest sale an exit from Smartstop Self Storage REIT (SMA).
Location SUMMIT, NJ
CIK 0001850901
Portfolio Value $478.1M (Q3 2025) Holdings 8 stocks · $478.1M 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 Q2 2025 SNDA Sonida Senior Living Inc. 9,264,653 $256.8M No change CTRI Centuri Holdings Inc. 2,615,737 $55.4M New RITM Rithm Capital Corp. 3,888,200 $44.3M Reduce -1.8% GNL Global Net Lease Inc. 5,178,654 $42.1M Add +19.2% WD Walker & Dunlop Inc. 353,110 $29.5M New HUDSON PAC PPTYS INC 8,274,420 $22.8M Reduce -22.7% SILA Sila Realty Trust Inc. 592,211 $14.9M Reduce -59.9% IRT Independence Realty Trust Inc. 750,000 $12.3M New
Options reported separately and not counted above: TLT puts ($111.7M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $220K (not counted above) Security Class Shares / Principal Value Change RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 333,333 $220K No change
Total filed on the 13F, all lines: $478.3M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ SMA Smartstop Self Storage REIT Sold out 0.00% −6.87 PFSI Pennymac Financial Services Sold out 0.00% −5.04 NPKI NPK International Inc. Sold out 0.00% −4.39 JHX James Hardie Ord Sold out 0.00% −4.09 FR First Industrial Realty TR Sold out 0.00% −3.57 SILA Sila Realty Trust Inc. Reduce -59.9% 3.11% −3.54 SITC Site Centers Corp. Sold out 0.00% −3.31 BTBT Bit Digital Inc. Sold out 0.00% −0.95 CEPT Cantor Equity Partners Class A Sold out 0.00% −0.84 HUDSON PAC PPTYS INC Reduce -22.7% 4.78% −0.80 RITM Rithm Capital Corp. Reduce -1.8% 9.26% +0.76
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ CTRI Centuri Holdings Inc. New 11.58% +11.58 WD Walker & Dunlop Inc. New 6.18% +6.18 IRT Independence Realty Trust Inc. New 2.57% +2.57 GNL Global Net Lease Inc. Add +19.2% 8.81% +2.57
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ TLT iShares 20+ Year Treasury BD put New 1,250,000 $111.7M IWM iShares Russell 2000 ETF put Sold out 300,000 $64.7Mbefore exit XLP SS Consumer Staples Sel Sect put Sold out 300,000 $24.3Mbefore exit SLG SL Green Realty Corp. call Sold out 107,000 $6.6Mbefore 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