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Cardinal Infrastructure Group Inc. (CDNL) is the subject of a Schedule 13G showing 1,179,659 shares of Class A common stock beneficially owned by each of four reporting persons: Conversant Opportunity Master Fund LP, Conversant GP Holdings LLC (its general partner), Conversant Capital LLC (its investment manager), and Michael Simanovsky (sole managing member of Conversant GP and Conversant Capital). Each reports 5.5% of the class, with shared voting power and shared dispositive power over the same 1,179,659 shares. The percentage calculations use a 21,435,406-share denominator, based on 20,428,610 shares outstanding as of August 3, 2026, plus 1,006,796 shares issued on October 1, 2026.
Key Figures
Beneficial ownership:1,179,659 sharesPercent of class:5.5%Shares used as percentage denominator:21,435,406 shares+2 more
5 metrics
Beneficial ownership1,179,659 sharesReported by each of the four reporting persons
Percent of class5.5%Reported by each of the four reporting persons
Shares used as percentage denominator21,435,406 sharesBasis stated for the percentage calculations
Shares outstanding20,428,610 sharesAs of August 3, 2026
Shares issued1,006,796 sharesOctober 1, 2026
Key Terms
beneficially owned, Shared Voting Power, Shared Dispositive Power
3 terms
beneficially ownedregulatory
"Amount beneficially owned"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Shared Voting Powerregulatory
"Shared Voting Power 1,179,659.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
Shared Dispositive Powerregulatory
"Shared Dispositive Power 1,179,659.00"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many CDNL shares does Conversant report beneficially owning?
Each of the four reporting persons reports 1,179,659 shares, or 5.5% of the class, with shared voting and dispositive power over the same securities.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Cardinal Infrastructure Group Inc.
(Name of Issuer)
Class A Common Stock, $0.0001 Par Value
(Title of Class of Securities)
14154A102
(CUSIP Number)
10/09/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
14154A102
1
Names of Reporting Persons
Conversant Capital LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,179,659.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,179,659.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,179,659.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.5 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP Number(s):
14154A102
1
Names of Reporting Persons
Conversant Opportunity Master Fund LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,179,659.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,179,659.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,179,659.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
14154A102
1
Names of Reporting Persons
Conversant GP Holdings LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,179,659.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,179,659.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,179,659.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
14154A102
1
Names of Reporting Persons
Michael Simanovsky
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,179,659.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,179,659.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,179,659.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.5 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Cardinal Infrastructure Group Inc.
(b)
Address of issuer's principal executive offices:
100 E. Six Forks Road, #300, Raleigh, North Carolina, 27609
Item 2.
(a)
Name of person filing:
This statement is filed by:
(i) Conversant Opportunity Master Fund LP, a Cayman Islands exempted limited partnership ("Opportunity Master");
(ii) Conversant GP Holdings LLC, a Delaware limited liability company ("Conversant GP"), which serves as the general partner of Opportunity Master;
(iii) Conversant Capital LLC, a Delaware limited liability company ("Conversant Capital"), which serves as the investment manager to Opportunity Master; and
(iv) Michael Simanovsky, an individual, who serves as sole managing member of Conversant GP and Conversant Capital.
Opportunity Master, Conversant GP, Conversant Capital, and Mr. Simanovsky are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.
The Reporting Persons are filing this statement jointly with respect to the same securities as contemplated by Rule 13d-1(k)(1), not as members of a group.
(b)
Address or principal business office or, if none, residence:
25 Deforest Ave., Summit, NJ 07901
(c)
Citizenship:
Opportunity Master is organized under the laws of the Cayman Islands. Conversant GP and Conversant Capital are organized under the laws of the State of Delaware. Mr. Simanovsky is a citizen of the United States of America.
(d)
Title of class of securities:
Class A Common Stock, $0.0001 Par Value
(e)
CUSIP Number(s):
14154A102
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See Item 9 of the attached cover pages.
(b)
Percent of class:
See Item 11 of the attached cover pages.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Item 5 of the attached cover pages.
(ii) Shared power to vote or to direct the vote:
See Item 6 of the attached cover pages.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 of the attached cover pages.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 of the attached cover pages.
The percentages used herein are calculated based upon 21,435,406 shares of Common Stock outstanding, the sum of 20,428,610 shares of Common Stock outstanding as of August 3, 2026, as reported in the Form 10-Q filed by the Company on August 12, 2026, and 1,006,796 shares of Common Stock issued on October 1, 2026, as reported in the Form 8-K filed by the Company on the same date.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
The information in Item 2 is hereby incorporated by reference.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Conversant Capital LLC
Signature:
/s/ Paul Dumaine
Name/Title:
Paul Dumaine, General Counsel and Chief Compliance Officer
Date:
10/19/2026
Conversant Opportunity Master Fund LP
Signature:
/s/ Paul Dumaine
Name/Title:
Paul Dumaine, General Counsel and Chief Compliance Officer
Date:
10/19/2026
Conversant GP Holdings LLC
Signature:
/s/ Paul Dumaine
Name/Title:
Paul Dumaine, General Counsel and Chief Compliance Officer
Date:
10/19/2026
Michael Simanovsky
Signature:
/s/ Paul Dumaine
Name/Title:
Paul Dumaine, Attorney-in-fact for Michael J. Simanovsky
