In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Conversant Capital LLC reported 15 stock positions worth $724.2 million . Its top holding was Sonida Senior Living (SNDA) at 65.0% of the portfolio, followed by Invitation Homes (INVH, 4.3% ) and Janus Living Inc. Class-A-1 (JAN, 3.9% ). Compared with Q4 2025, it opened 9 new positions, sold out of 6, added to 2 and reduced 3. The biggest buy was Sonida Senior Living (SNDA, shares +58% ) and the biggest sale an exit from Global Net Lease (GNL).
Location SUMMIT, NJ
CIK 0001850901
Portfolio Value $724.2M (Q1 2026) Holdings 15 stocks · $724.2M 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 2025 SNDA Sonida Senior Living Inc. 14,605,874 $471.0M Add +57.6% INVH Invitation Homes Inc. 1,250,000 $31.1M New JAN Janus Living Inc. Class-A-1 1,210,000 $28.5M New CCI Crown Castle Inc. 334,000 $27.2M New SMA Smartstop Self Storage REIT 857,715 $26.0M New CTRI Centuri Holdings Inc. 855,000 $25.0M Reduce -38.9% WD Walker & Dunlop Inc. 560,316 $24.9M Add +33.0% RITM Rithm Capital Corp. 2,500,000 $23.7M Reduce -23.2% CDNL Cardinal Infrastructure GR-A 471,609 $18.7M New DRVN Driven Brands Holdings Inc. 1,000,000 $12.6M New COLD Americold Realty Trust Inc. 1,100,000 $12.6M Reduce -26.7% KREF KKR Real Estate Finance Trus 1,470,600 $9.0M New H Hyatt Hotels Corp. Class A 60,000 $8.6M New APC Arko Petroleum Corp. 300,000 $5.4M New PKST Peakstone Realty Trust 100 $2K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $540K (not counted above) Security Class Shares / Principal Value Change RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 868,333 $540K Add +160.5%
Total filed on the 13F, all lines: $724.7M.
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ GNL Global Net Lease Inc. Sold out 0.00% −6.22 HPP Hudson Pacific Properties Inc. Sold out 0.00% −5.37 NSA National Storage Affiliates Sold out 0.00% −4.15 RITM Rithm Capital Corp. Reduce -23.2% 3.27% −3.47 CTRI Centuri Holdings Inc. Reduce -38.9% 3.45% −3.27 IRT Independence Realty Trust Inc. Sold out 0.00% −2.82 COLD Americold Realty Trust Inc. Reduce -26.7% 1.74% −1.92 AVB Avalonbay Communities Inc. Sold out 0.00% −1.06 UDR Udr Inc. Sold out 0.00% −1.03
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ SNDA Sonida Senior Living Inc. Add +57.6% 65.04% +7.63 INVH Invitation Homes Inc. New 4.29% +4.29 JAN Janus Living Inc. Class-A-1 New 3.94% +3.94 CCI Crown Castle Inc. New 3.75% +3.75 SMA Smartstop Self Storage REIT New 3.59% +3.59 CDNL Cardinal Infrastructure GR-A New 2.58% +2.58 DRVN Driven Brands Holdings Inc. New 1.74% +1.74 KREF KKR Real Estate Finance Trus New 1.24% +1.24 H Hyatt Hotels Corp. Class A New 1.19% +1.19 APC Arko Petroleum Corp. New 0.74% +0.74 WD Walker & Dunlop Inc. Add +33.0% 3.43% −1.38
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 Add +160.5% 868,333 $540K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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