Conversant Capital LLC Hedge Fund

CIK: 0001850901 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $526,485 (100.0% shares, 0.0% debt)

Holdings (13)

New Positions (6)

HPP Hudson Pacific Properties Inc 5.4%

Value ($000) $28,234 Shares 2,607,060 Est. Cost $10.83 Unrealized —

NSA National Storage Affiliates Trust 4.2%

Value ($000) $21,863 Shares 775,000 Est. Cost $28.21 Unrealized —

COLD Americold Realty Trust Inc 3.7%

Value ($000) $19,290 Shares 1,500,000 Est. Cost $12.86 Unrealized —

AVB AvalonBay Communities Inc 1.1%

Value ($000) $5,581 Shares 30,780 Est. Cost $179.77 Unrealized 0.0%

UDR UDR Inc 1.0%

Value ($000) $5,437 Shares 148,223 Est. Cost $35.52 Unrealized 0.0%

PKST Peakstone Realty Trust 0.0%

Value ($000) $1 Shares 100 Est. Cost $14.35 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HPP	Hudson Pacific Properties Inc	2,607,060	$28,234	5.4%	$10.83	—	COM	444097406
NSA	National Storage Affiliates Trust	775,000	$21,863	4.2%	$28.21	—	COM SHS BEN IN	637870106
COLD	Americold Realty Trust Inc	1,500,000	$19,290	3.7%	$12.86	—	COM	03064D108
AVB	AvalonBay Communities Inc	30,780	$5,581	1.1%	$179.77	0.0%	COM	053484101
UDR	UDR Inc	148,223	$5,437	1.0%	$35.52	0.0%	COM	902653104
PKST	Peakstone Realty Trust	100	$1	0.0%	$14.35	—	COMMON SHARES	39818P799

Increased Positions (2)

WD Walker & Dunlop Inc 4.8%

Value ($000) $25,346 (-14.2%) Shares 421,380 (+19.3%) Est. Cost $77.89 Unrealized -9.5%

IRT Independence Realty Trust Inc 2.8%

Value ($000) $14,858 (+20.9%) Shares 850,000 (+13.3%) Est. Cost $16.52 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WD	Walker & Dunlop Inc	421,380 (+19.3%)	$25,346 (-14.2%)	4.8%	$77.89	-9.5%	COM	93148P102
IRT	Independence Realty Trust Inc	850,000 (+13.3%)	$14,858 (+20.9%)	2.8%	$16.52	—	COM	45378A106

Exited Positions (3)

TLT ISHARES TR 21.2%

Value ($000) $111,713 Shares 1,250,000 Est. Cost — Unrealized —

— Hudson Pacific Properties Inc 4.3%

Value ($000) $22,837 Shares 8,274,420 Est. Cost $2.79 Unrealized —

SILA Sila Realty Trust Inc 2.8%

Value ($000) $14,864 Shares 592,211 Est. Cost $24.44 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TLT	ISHARES TR	1,250,000	$111,713	21.2%	—	—	PUT	464287432
—	Hudson Pacific Properties Inc	8,274,420	$22,837	4.3%	$2.79	—	—	444097109
SILA	Sila Realty Trust Inc	592,211	$14,864	2.8%	$24.44	—	—	146280508

Decreased Positions (3)

CTRI Centuri Holdings Inc 6.7%

Value ($000) $35,350 (-36.2%) Shares 1,400,000 (-46.5%) Est. Cost $21.22 Unrealized +5.4%

GNL Global Net Lease Inc 6.2%

Value ($000) $32,711 (-22.3%) Shares 3,803,654 (-26.6%) Est. Cost $7.89 Unrealized —

RITM Rithm Capital Corp 6.7%

Value ($000) $35,480 (-19.9%) Shares 3,255,000 (-16.3%) Est. Cost $11.34 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CTRI	Centuri Holdings Inc	1,400,000 (-46.5%)	$35,350 (-36.2%)	6.7%	$21.22	+5.4%	COM SHS	155923105
GNL	Global Net Lease Inc	3,803,654 (-26.6%)	$32,711 (-22.3%)	6.2%	$7.89	—	COM NEW	379378201
RITM	Rithm Capital Corp	3,255,000 (-16.3%)	$35,480 (-19.9%)	6.7%	$11.34	—	COM NEW	64828T201

Unchanged Positions (2)

SNDA Sonida Senior Living Inc 57.4%

Value ($000) $302,120 Shares 9,264,653 Est. Cost $22.13 Unrealized +34.0%

RAC/WS Rithm Acquisition Corp 0.0%

Value ($000) $214 Shares 333,333 Est. Cost $0.49 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNDA	Sonida Senior Living Inc	9,264,653	$302,120	57.4%	$22.13	+34.0%	COM	140475203
RAC/WS	Rithm Acquisition Corp	333,333	$214	0.0%	$0.49	—	*W EXP 99/99/999	G75751118