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Conversant Capital Portfolio holdings

AUM $852M
1-Year Est. Return 49.41%
This Fund
S&P 500
This Quarter Est. Return
+7.26%
1 Year Est. Return
+49.41%
3 Year Est. Return
+227.79%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$590M
AUM Growth
-$31.5M
Cap. Flow
-$78.9M
Cap. Flow %
-13.38%
Top 10 Hldgs %
100%
Holding
21
New
4
Increased
1
Reduced
3
Closed
11

Top Buys

Rank Stock Value
1
CTRI icon
Centuri Holdings
CTRI
+$55.5M
2
WD icon
Walker & Dunlop
WD
+$28.4M
3
IRT icon
Independence Realty Trust
IRT
+$13M
4
GNL icon
Global Net Lease
GNL
+$6.37M

Top Sells

Rank Stock Value
1
SMA
SmartStop Self Storage REIT
SMA
+$36.1M
2
PFSI icon
PennyMac Financial
PFSI
+$26.5M
3
NPKI
NPK International
NPKI
+$23.1M
4
SILA
Sila Realty Trust
SILA
+$22M
5
JHX icon
James Hardie Industries
JHX
+$21.5M

Sector Composition

Rank Sector Weight
1 Healthcare 43.53%
2 Real Estate 23.11%
3 Miscellaneous 18.97%
4 Utilities 9.39%
5 Financials 5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SNDA icon
1
Sonida Senior Living
SNDA
$1.82B
$257M 43.53%
9,264,653
– –
TLT icon
2
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.5B
$112M 18.93%
+1,250,000
New +$109M
CTRI icon
3
Centuri Holdings
CTRI
$2.07B
$55.4M 9.39%
+2,615,737
New +$55.5M
RITM icon
4
Rithm Capital
RITM
$5.61B
$44.3M 7.51%
3,888,200
-72,300
-2% -$876K
GNL icon
5
Global Net Lease
GNL
$2.11B
$42.1M 7.14%
5,178,654
+835,154
+19% +$6.37M
WD icon
6
Walker & Dunlop
WD
$1.43B
$29.5M 5%
+353,110
New +$28.4M
HPP
7
Hudson Pacific Properties
HPP
$691M
$22.8M 3.87%
1,182,060
-346,511
-23% -$6.53M
SILA
8
DELISTED
Sila Realty Trust
SILA
$14.9M 2.52%
592,211
-885,458
-60% -$22M
IRT icon
9
Independence Realty Trust
IRT
$3.8B
$12.3M 2.08%
+750,000
New +$13M
RAC.WS
10
Rithm Acquisition Corp Warrants
RAC.WS
$220K 0.04%
333,333
– –
BTBT icon
11
Bit Digital
BTBT
$588M
– –
-2,275,000
Closed -$4.98M
FR icon
12
First Industrial Realty Trust
FR
$8.18B
– –
-390,000
Closed -$18.8M
IWM icon
13
PUT
iShares Russell 2000 ETF
IWM
$81B
– –
-300,000
Closed -$64.7M
JHX icon
14
James Hardie Industries
JHX
$17.2B
– –
-800,000
Closed -$21.5M
PFSI icon
15
PennyMac Financial
PFSI
$3.8B
– –
-266,000
Closed -$26.5M
SITC icon
16
SITE Centers
SITC
$151M
– –
-1,539,743
Closed -$17.4M
SLG icon
17
CALL
SL Green Realty
SLG
$3.89B
– –
-107,000
Closed -$6.62M
XLP icon
18
PUT
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.6B
– –
-300,000
Closed -$24.3M
NPKI
19
NPK International
NPKI
$1.11B
– –
-2,714,779
Closed -$23.1M
SMA
20
SmartStop Self Storage REIT
SMA
$1.83B
– –
-996,356
Closed -$36.1M
CEPT
21
DELISTED
Cantor Equity Partners II
CEPT
– –
-400,000
Closed -$4.41M

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F
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BEW
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DCM
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CAWM
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HG
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Conversant Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Conversant Capital held 21 positions worth $590M, down 5.1% from $622M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Conversant Capital withdrew a net $78.9M in Q3 2025, closing 11 positions and reducing 3 holdings. Its most notable exit was SmartStop Self Storage REIT, an estimated $36.1M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 44% of assets, up from 37% a quarter earlier, followed by Real Estate and Miscellaneous.

Against the trend, Conversant Capital opened a new position in Centuri Holdings worth $55.4M.

  • Conversant Capital's largest Q3 2025 buy was Centuri Holdings: 2,615,737 shares worth $55.4M.
  • Conversant Capital added most to Global Net Lease in Q3 2025, an estimated $6.37M increase.
  • Conversant Capital's biggest Q3 2025 reduction was Sila Realty Trust, cutting an estimated $22M.
  • Conversant Capital fully exited SmartStop Self Storage REIT in Q3 2025, selling an estimated $36.1M.
  • Conversant Capital's ten largest holdings make up 100% of its $590M portfolio in Q3 2025.
  • Conversant Capital opened 4 new positions and closed 11 in Q3 2025.
  • Conversant Capital's portfolio value fell 5.1% quarter-over-quarter to $590M.

Based on Conversant Capital's 13F filing for Q3 2025, filed 14 Nov 2025.