Conversant Capital LLC — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Conversant Capital LLC initiated 9 new positions, increased allocation to 3 existing positions, trimmed 3 positions, and exited 6 positions entirely. The fund's 13F equity book grew from $0.53B to $0.75B (+41.5% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $0.53BPrior quarter
- $0.75BCurrent quarter
- + $0.22BNet delta
- +41.5%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| INVITATION HOMES INC | INVH | 4.17% | History → |
| JANUS LIVING, INC. | JAN | 3.83% | History → |
| CROWN CASTLE INC | CCI | 3.64% | History → |
| SMARTSTOP SELF STORAG REIT I | SMA | 3.49% | History → |
| CARDINAL INFRASTRU CL A ORD | CDNL | 2.51% | History → |
| DRIVEN BRANDS HOLDINGS INC | DRVN | 1.69% | Holders → |
| KKR REAL ESTATE FIN TR INC | KREF | 1.21% | Holders → |
| HYATT HOTELS CORP | H | 1.16% | Holders → |
| ARKO PETROLEUM CL A ORD | APC | 0.72% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| RITHM ACQUISITION EQY WARRANT | RAC/WS | +0.03% | +160.50% | Holders → |
| SONIDA SENIOR LIVING ORD | SNDA | +5.83% | +57.65% | History → |
| WALKER & DUNLOP ORD | WD | +-1.48% | +32.97% | History → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| CENTURI HOLDINGS ORD | CTRI | -3.36% | -38.93% | History → |
| AMERICOLD REALTY TRUST INC | COLD | -1.97% | -26.67% | Holders → |
| RITHM CAPITAL ORD | RITM | -3.56% | -23.20% | History → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| GLOBAL NET LEASE INC | GNL | 6.21% |
| HUDSON PACIFIC PROPERTIES IN | HPP | 5.36% |
| NATIONAL STORAGE AFFILIATES | NSA | 4.15% |
| INDEPENDENCE RLTY TR INC | IRT | 2.82% |
| AVALONBAY CMNTYS INC | AVB | 1.06% |
| UDR INC | UDR | 1.03% |
Methodology & FAQ
How Conversant Capital LLC Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Conversant Capital LLC against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did Conversant Capital LLC initiate in Q1 2026?
Conversant Capital LLC established 9 new positions in Q1 2026: INVITATION HOMES INC (INVH, 4.17%), JANUS LIVING, INC. (JAN, 3.83%), CROWN CASTLE INC (CCI, 3.64%), SMARTSTOP SELF STORAG REIT I (SMA, 3.49%), CARDINAL INFRASTRU CL A ORD (CDNL, 2.51%), DRIVEN BRANDS HOLDINGS INC (DRVN, 1.69%), KKR REAL ESTATE FIN TR INC (KREF, 1.21%), HYATT HOTELS CORP (H, 1.16%), ARKO PETROLEUM CL A ORD (APC, 0.72%).
Which existing positions saw the largest allocation increases for Conversant Capital LLC in Q1 2026?
The largest portfolio-weight increases in existing positions were: RITHM ACQUISITION EQY WARRANT (RAC/WS, +0.03% weight, +160.50% shares), SONIDA SENIOR LIVING ORD (SNDA, +5.83% weight, +57.65% shares), WALKER & DUNLOP ORD (WD, +-1.48% weight, +32.97% shares).
Which positions did Conversant Capital LLC fully exit in Q1 2026?
Conversant Capital LLC fully exited 6 positions in Q1 2026: GLOBAL NET LEASE INC (GNL, last-reported weight 6.21%), HUDSON PACIFIC PROPERTIES IN (HPP, last-reported weight 5.36%), NATIONAL STORAGE AFFILIATES (NSA, last-reported weight 4.15%), INDEPENDENCE RLTY TR INC (IRT, last-reported weight 2.82%), AVALONBAY CMNTYS INC (AVB, last-reported weight 1.06%), UDR INC (UDR, last-reported weight 1.03%).
Which existing positions saw the largest allocation reductions for Conversant Capital LLC in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: CENTURI HOLDINGS ORD (CTRI, -3.36% weight, -38.93% shares), AMERICOLD REALTY TRUST INC (COLD, -1.97% weight, -26.67% shares), RITHM CAPITAL ORD (RITM, -3.56% weight, -23.20% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.