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Conversant Capital Portfolio holdings

AUM $745M
1-Year Est. Return 20.03%
This Fund
S&P 500
This Quarter Est. Return
+4.11%
1 Year Est. Return
+20.03%
3 Year Est. Return
+177.96%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$622M
AUM Growth
+$16.1M
Cap. Flow
-$9.97M
Cap. Flow %
-1.6%
Top 10 Hldgs %
88.11%
Holding
26
New
8
Increased
4
Reduced
3
Closed
9

Top Buys

1
SMA
SmartStop Self Storage REIT
SMA
+$35.1M
2
JHX icon
James Hardie Industries
JHX
+$19.3M
3
FR icon
First Industrial Realty Trust
FR
+$19M
4
HPP
Hudson Pacific Properties
HPP
+$18.5M
5
GNL icon
Global Net Lease
GNL
+$13.6M

Top Sells

1
JLL icon
Jones Lang LaSalle
JLL
+$27.4M
2
GVA icon
Granite Construction
GVA
+$21.5M
3
NPKI
NPK International
NPKI
+$10.7M
4
DBRG icon
DigitalBridge
DBRG
+$10.6M
5
RAC.U
Rithm Acquisition Corp Units
RAC.U
+$10.1M

Sector Composition

1 Healthcare 37.19%
2 Real Estate 34.44%
3 Financials 5.78%
4 Industrials 3.72%
5 Materials 3.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SNDA icon
1
Sonida Senior Living
SNDA
$1.92B
$231M 37.19%
9,264,653
– –
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$82.2B
$64.7M 10.42%
+300,000
New +$60.4M
RITM icon
3
Rithm Capital
RITM
$5.26B
$44.7M 7.19%
3,960,500
+565,500
+17% +$6.23M
SMA
4
SmartStop Self Storage REIT
SMA
$1.94B
$36.1M 5.81%
+996,356
New +$35.1M
SILA
5
DELISTED
Sila Realty Trust
SILA
$35M 5.63%
1,477,669
– –
GNL icon
6
Global Net Lease
GNL
$1.99B
$32.8M 5.28%
4,343,500
+1,786,902
+70% +$13.6M
HPP
7
Hudson Pacific Properties
HPP
$873M
$29.3M 4.72%
1,528,571
+1,140,225
+294% +$18.5M
PFSI icon
8
PennyMac Financial
PFSI
$4.51B
$26.5M 4.26%
266,000
+21,850
+9% +$2.12M
XLP icon
9
PUT
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.6B
$24.3M 3.91%
300,000
-250,000
-45% -$20.3M
NPKI
10
NPK International
NPKI
$1.21B
$23.1M 3.72%
2,714,779
-1,463,854
-35% -$10.7M
JHX icon
11
James Hardie Industries
JHX
$15.6B
$21.5M 3.46%
+800,000
New +$19.3M
FR icon
12
First Industrial Realty Trust
FR
$9.1B
$18.8M 3.02%
+390,000
New +$19M
SITC icon
13
SITE Centers
SITC
$232M
$17.4M 2.8%
1,539,743
-400,836
-21% -$4.8M
SLG icon
14
CALL
SL Green Realty
SLG
$3.68B
$6.62M 1.07%
+107,000
New +$6.12M
BTBT icon
15
Bit Digital
BTBT
$519M
$4.98M 0.8%
+2,275,000
New +$5.02M
CEPT
16
DELISTED
Cantor Equity Partners II
CEPT
$4.41M 0.71%
+400,000
New +$4.52M
RAC.WS
17
Rithm Acquisition Corp Warrants
RAC.WS
$163K 0.03%
+333,333
New +$140K
ARES icon
18
Ares Management
ARES
$28.3B
– –
-66,000
Closed -$9.68M
DBRG icon
19
DigitalBridge
DBRG
$2.92B
– –
-1,200,000
Closed -$10.6M
GVA icon
20
Granite Construction
GVA
$5.5B
– –
-285,010
Closed -$21.5M
JLL icon
21
Jones Lang LaSalle
JLL
$15.6B
– –
-110,440
Closed -$27.4M
KKR icon
22
KKR & Co
KKR
$92.3B
– –
-86,000
Closed -$9.94M
SPY icon
23
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$774B
– –
-125,000
Closed -$69.9M
UHG
24
DELISTED
United Homes Group
UHG
– –
-1,655,726
Closed -$4.64M
KFIIU
25
K&F Growth Acquisition Corp II Unit
KFIIU
– –
-44,848
Closed -$453K
1
2

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PCOC
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HI
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SIA
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KAM
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EIG
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APG
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HCP
Holt Capital Partners Fort Worth, Texas $742M AUM 18.42% 1-Year Est. Return

Conversant Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Conversant Capital held 26 positions worth $622M, up 2.7% from $605M the previous quarter. Its ten largest holdings account for 88% of the portfolio.

Conversant Capital's Q2 2025 filing shows 8 new, 4 increased, 3 reduced and 9 closed positions. Its largest new stake was SmartStop Self Storage REIT: 996,356 shares worth $36.1M. The largest sale was Jones Lang LaSalle, an estimated $27.4M.

By sector, the portfolio is most concentrated in Healthcare at 37% of assets, up from 36% a quarter earlier, followed by Real Estate and Financials.

  • Conversant Capital's largest Q2 2025 buy was SmartStop Self Storage REIT: 996,356 shares worth $36.1M.
  • Conversant Capital added most to Hudson Pacific Properties in Q2 2025, an estimated $18.5M increase.
  • Conversant Capital's biggest Q2 2025 reduction was NPK International, cutting an estimated $10.7M.
  • Conversant Capital fully exited Jones Lang LaSalle in Q2 2025, selling an estimated $27.4M.
  • Conversant Capital's ten largest holdings make up 88% of its $622M portfolio in Q2 2025.
  • Conversant Capital opened 8 new positions and closed 9 in Q2 2025.
  • Conversant Capital's portfolio value rose 2.7% quarter-over-quarter to $622M.

Based on Conversant Capital's 13F filing for Q2 2025, filed 14 Aug 2025.