In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Conversant Capital LLC reported 12 stock positions worth $526.3 million . Its top holding was Sonida Senior Living (SNDA) at 57.4% of the portfolio, followed by Rithm Capital (RITM, 6.7% ) and Centuri (CTRI, 6.7% ). Compared with Q3 2025, it opened 5 new positions, sold out of 1, added to 3 and reduced 3. The biggest buy was a new position in National Storage Affiliates (NSA) and the biggest sale Centuri (CTRI, shares −46% ).
Location SUMMIT, NJ
CIK 0001850901
Portfolio Value $526.3M (Q4 2025) Holdings 12 stocks · $526.3M 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 2025 SNDA Sonida Senior Living Inc. 9,264,653 $302.1M No change RITM Rithm Capital Corp. 3,255,000 $35.5M Reduce -16.3% CTRI Centuri Holdings Inc. 1,400,000 $35.4M Reduce -46.5% GNL Global Net Lease Inc. 3,803,654 $32.7M Reduce -26.6% HPP Hudson Pacific Properties Inc. 2,607,060 $28.2M Add +120.3% WD Walker & Dunlop Inc. 421,380 $25.3M Add +19.3% NSA National Storage Affiliates 775,000 $21.9M New COLD Americold Realty Trust Inc. 1,500,000 $19.3M New IRT Independence Realty Trust Inc. 850,000 $14.9M Add +13.3% AVB Avalonbay Communities Inc. 30,780 $5.6M New UDR Udr Inc. 148,223 $5.4M New PKST Peakstone Realty Trust 100 $1K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $214K (not counted above) Security Class Shares / Principal Value Change RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 333,333 $214K No change
Total filed on the 13F, all lines: $526.5M.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ CTRI Centuri Holdings Inc. Reduce -46.5% 6.72% −4.87 SILA Sila Realty Trust Inc. Sold out 0.00% −3.11 GNL Global Net Lease Inc. Reduce -26.6% 6.22% −2.59 RITM Rithm Capital Corp. Reduce -16.3% 6.74% −2.52
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ NSA National Storage Affiliates New 4.15% +4.15 COLD Americold Realty Trust Inc. New 3.67% +3.67 AVB Avalonbay Communities Inc. New 1.06% +1.06 UDR Udr Inc. New 1.03% +1.03 HPP Hudson Pacific Properties Inc. Add +120.3% 5.37% +0.59 IRT Independence Realty Trust Inc. Add +13.3% 2.82% +0.25 PKST Peakstone Realty Trust New 0.00% +0.00 WD Walker & Dunlop Inc. Add +19.3% 4.82% −1.36
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ TLT iShares 20+ Year Treasury BD put Sold out 1,250,000 $111.7Mbefore 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