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  4. [Form 4] SONIDA SENIOR LIVING, INC. Insider Trading Activity

Sonida Senior Living (NYSE: SNDA) Conversant-linked seller sells 145K shares

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

SONIDA SENIOR LIVING, INC. (SNDA) had insider activity reported by Michael Simanovsky and Conversant Capital LLC, who are treated as directors and ten percent owners. A third-party seller associated with funds advised by Conversant Capital sold an aggregate 145,086 shares of Common Stock in open-market transactions on August 25–27, 2026, at volume-weighted average prices around $39–$41 per share. The reporting persons may be deemed beneficial owners through advisory and general-partner relationships but disclaim beneficial ownership except to the extent of their pecuniary interests, and several investment vehicles (including Conversant Dallas Parkway funds and CPIF-related entities) are identified as the actual holders of various indirect positions.

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Insider Simanovsky Michael, Conversant Capital LLC
Role Director, 10% Owner | Director, 10% Owner
Sold 145,086 shs ($5.88M)
Type Security Shares Price Value
Sale Common Stock F2 15,000 $39.00 $585K
Sale Common Stock F3, F2 15,086 $40.9373 $618K
Sale Common Stock F1, F2 115,000 $40.7115 $4.68M
holding Common Stock F4, F5 -- -- --
holding Common Stock F4, F6 -- -- --
holding Common Stock F4, F7 -- -- --
holding Common Stock F4, F8 -- -- --
holding Common Stock F9, F10 -- -- --
holding Common Stock F9, F11 -- -- --
holding Common Stock F9, F12 -- -- --
Holdings After Transaction: Common Stock — 224,361 shares (Indirect, See footnote); Common Stock — 13,423,279 shares (Indirect, See footnotes)
Footnotes (12)
  1. F1. Price is the volume weighted average selling price of all sales by the seller on the indicated transaction date. Actual prices ranged from $40.50 to $41.00. The Reporting Persons (as defined below) hereby undertake to provide upon request of the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
  2. F2. The changes in beneficial ownership reported hereby are a result of various sales made by a third-party seller that was previously a limited partner of CPIF Sparti SAF, L.P., a Delaware limited partnership ("CPIF SAF"), and received a distribution of shares of Common Stock in connection with its withdrawal from CPIF SAF. Conversant Capital LLC ("Conversant Capital") has a non-discretionary investment advisory relationship with, and an ongoing interest in the proceeds of the sale of shares of Common Stock by the third-party seller of these shares of Common Stock. By virtue of this advisory relationship and the relationship of Mr. Simanovsky and Conversant Capital, each of Conversant Capital and Mr. Simanovsky may be deemed a beneficial owner of such shares of Common Stock, but each disclaims such beneficial ownership except to the extent of his or its pecuniary interest therein. Mr. Simanovsky and Conversant Capital are referred to as the "Reporting Persons" within this statement.
  3. F3. Price is the volume weighted average selling price of all sales by the seller on the indicated transaction date. Actual prices ranged from $40.50 to $41.40. The Reporting Persons hereby undertake to provide upon request of the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
  4. F4. Conversant GP Holdings LLC ("Conversant GP") is the general partner of each of Conversant Dallas Parkway (A) LP, a Delaware limited partnership ("Investor A"), Conversant Dallas Parkway (B) LP, a Delaware limited partnership ("Investor B"), Conversant Dallas Parkway (D) LP, a Delaware limited partnership ("Investor D"), and Conversant Dallas Parkway (F) LP, a Delaware limited partnership ("Investor F"). Conversant Capital is the investment manager to each of Investor A, Investor B, Investor D, and Investor F. Mr. Simanovsky is the managing member of Conversant Capital and Conversant GP. By virtue of these relationships, each of Mr. Simanovsky and Conversant Capital may be deemed a beneficial owner of these securities, but each disclaims such beneficial ownership except to the extent of his or its pecuniary interest therein.
  5. F5. Securities are held by Investor A.
  6. F6. Securities are held by Investor B.
  7. F7. Securities are held by Investor D.
  8. F8. Securities are held by Investor F.
  9. F9. Conversant Private GP LLC ("Conversant Private GP") is the general partner of CPIF K Co-Invest SPT A, L.P., a Cayman Islands exempted limited partnership ("CPIF K"), Conversant PIF Aggregator A LP, a Delaware limited partnership ("Aggregator A") and CPIF SAF. Conversant Capital is the investment manager to each of Aggregator A, CPIF K and CPIF SAF. Mr. Simanovsky is the managing member of Conversant Capital and Conversant Private GP. By virtue of these relationships, each of Mr. Simanovsky and Conversant Capital may be deemed a beneficial owner of these securities, but each disclaims such beneficial ownership except to the extent of his or its pecuniary interest therein.
  10. F10. Securities are held by Aggregator A.
  11. F11. Securities are held by CPIF K.
  12. F12. Securities are held by CPIF SAF.
Total shares sold 145,086 shares of Common Stock Aggregate of reported sales on August 25–27, 2026
Shares sold on August 25, 2026 115,000 shares at $40.7115 per share Volume-weighted average selling price; actual prices $40.50–$41.00
Shares sold on August 26, 2026 15,086 shares at $40.9373 per share Volume-weighted average selling price; actual prices $40.50–$41.40
Shares sold on August 27, 2026 15,000 shares at $39.0000 per share Open-market or private sale transaction
Net buy/sell direction 145,086 net shares sold Form-level transaction summary shows net-sell activity
Number of holding entries 7 holding entries Indirect positions through various Conversant-related investment vehicles
volume weighted average selling price financial
"Price is the volume weighted average selling price of all sales"
beneficial owner financial
"may be deemed a beneficial owner of such shares of Common Stock"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
pecuniary interest financial
"disclaims such beneficial ownership except to the extent of his or its pecuniary interest"
non-discretionary investment advisory relationship financial
"Conversant Capital LLC has a non-discretionary investment advisory relationship"
limited partner financial
"previously a limited partner of CPIF Sparti SAF, L.P."
A limited partner is an investor in a pooled investment vehicle—such as a private equity, venture capital, or real estate fund—who provides capital but does not take part in day‑to‑day management and whose financial responsibility is capped at the amount invested. For investors, being a limited partner matters because it defines how much control they have, how much risk they bear, and how returns are distributed; think of a limited partner as a silent co‑owner who shares in profits and losses while leaving operations to the fund managers.

FAQ

What insider sales in SNDA stock were reported in this Form 4?
The filing reports 145,086 shares of Sonida Senior Living Common Stock sold indirectly in open-market transactions on August 25–27, 2026 by a third-party seller associated with funds advised by Conversant Capital.

What prices were the SNDA shares sold at in these transactions?
On August 25, 2026, 115,000 shares were sold at a volume-weighted average price of $40.7115 (range $40.50–$41.00). On August 26, 15,086 shares at $40.9373 (range $40.50–$41.40). On August 27, 15,000 shares at $39.00.

Who is identified as the seller in the SNDA Form 4 transactions?
The sales are attributed to a third-party seller that was previously a limited partner of CPIF Sparti SAF, L.P. and received a distribution of SNDA Common Stock upon its withdrawal from that partnership.

Do the reporting persons directly hold the SNDA shares involved?
No. The filing explains that the securities are held by various investment vehicles, including Investor A, Investor B, Investor D, Investor F, Aggregator A, CPIF K, and CPIF SAF. The reporting persons’ interests are through advisory and general-partner roles, with beneficial ownership disclaimed beyond pecuniary interests.

Are the SNDA transactions under a Rule 10b5-1 trading plan?
The document-level Rule 10b5-1 checkbox is not checked (aff_10b5_one is false), and the footnotes do not state that the reported sales were made pursuant to a Rule 10b5-1 trading plan.

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Simanovsky Michael
(Last)(First)(Middle)
25 DEFOREST AVENUE
3RD FLOOR
(Street)
SUMMIT NEW JERSEY 07901
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
SONIDA SENIOR LIVING, INC. [ SNDA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/25/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock08/25/2026S115,000D$40.7115(1)254,447ISee footnote(2)
Common Stock08/26/2026S15,086D$40.9373(3)239,361ISee footnote(2)
Common Stock08/27/2026S15,000D$39224,361ISee footnote(2)
Common Stock6,857,823ISee footnotes(4)(5)
Common Stock807,115ISee footnotes(4)(6)
Common Stock1,032,216ISee footnotes(4)(7)
Common Stock648,942ISee footnotes(4)(8)
Common Stock3,199,998ISee footnotes(9)(10)
Common Stock224,829ISee footnotes(9)(11)
Common Stock652,356ISee footnotes(9)(12)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
1. Name and Address of Reporting Person*
Simanovsky Michael
(Last)(First)(Middle)
25 DEFOREST AVENUE
3RD FLOOR
(Street)
SUMMIT NEW JERSEY 07901
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Conversant Capital LLC
(Last)(First)(Middle)
25 DEFOREST AVENUE
3RD FLOOR
(Street)
SUMMIT NEW JERSEY 07901
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. Price is the volume weighted average selling price of all sales by the seller on the indicated transaction date. Actual prices ranged from $40.50 to $41.00. The Reporting Persons (as defined below) hereby undertake to provide upon request of the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
2. The changes in beneficial ownership reported hereby are a result of various sales made by a third-party seller that was previously a limited partner of CPIF Sparti SAF, L.P., a Delaware limited partnership ("CPIF SAF"), and received a distribution of shares of Common Stock in connection with its withdrawal from CPIF SAF. Conversant Capital LLC ("Conversant Capital") has a non-discretionary investment advisory relationship with, and an ongoing interest in the proceeds of the sale of shares of Common Stock by the third-party seller of these shares of Common Stock. By virtue of this advisory relationship and the relationship of Mr. Simanovsky and Conversant Capital, each of Conversant Capital and Mr. Simanovsky may be deemed a beneficial owner of such shares of Common Stock, but each disclaims such beneficial ownership except to the extent of his or its pecuniary interest therein. Mr. Simanovsky and Conversant Capital are referred to as the "Reporting Persons" within this statement.
3. Price is the volume weighted average selling price of all sales by the seller on the indicated transaction date. Actual prices ranged from $40.50 to $41.40. The Reporting Persons hereby undertake to provide upon request of the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
4. Conversant GP Holdings LLC ("Conversant GP") is the general partner of each of Conversant Dallas Parkway (A) LP, a Delaware limited partnership ("Investor A"), Conversant Dallas Parkway (B) LP, a Delaware limited partnership ("Investor B"), Conversant Dallas Parkway (D) LP, a Delaware limited partnership ("Investor D"), and Conversant Dallas Parkway (F) LP, a Delaware limited partnership ("Investor F"). Conversant Capital is the investment manager to each of Investor A, Investor B, Investor D, and Investor F. Mr. Simanovsky is the managing member of Conversant Capital and Conversant GP. By virtue of these relationships, each of Mr. Simanovsky and Conversant Capital may be deemed a beneficial owner of these securities, but each disclaims such beneficial ownership except to the extent of his or its pecuniary interest therein.
5. Securities are held by Investor A.
6. Securities are held by Investor B.
7. Securities are held by Investor D.
8. Securities are held by Investor F.
9. Conversant Private GP LLC ("Conversant Private GP") is the general partner of CPIF K Co-Invest SPT A, L.P., a Cayman Islands exempted limited partnership ("CPIF K"), Conversant PIF Aggregator A LP, a Delaware limited partnership ("Aggregator A") and CPIF SAF. Conversant Capital is the investment manager to each of Aggregator A, CPIF K and CPIF SAF. Mr. Simanovsky is the managing member of Conversant Capital and Conversant Private GP. By virtue of these relationships, each of Mr. Simanovsky and Conversant Capital may be deemed a beneficial owner of these securities, but each disclaims such beneficial ownership except to the extent of his or its pecuniary interest therein.
10. Securities are held by Aggregator A.
11. Securities are held by CPIF K.
12. Securities are held by CPIF SAF.
Remarks:
Michael Simanovsky, Conversant Capital's Managing Partner, and Robert T. Grove, a Principal of Conversant Capital, serve as members of the Issuer's board of directors. On the basis of the relationship between Messrs. Simanovsky and Grove and the Reporting Persons, each of the Reporting Persons may be considered a director of the Issuer for purposes of Section 16 of the Securities Exchange Act of 1934, as amended.
CONVERSANT CAPITAL LLC /s/ Paul Dumaine by: Paul Dumaine,, General Counsel and Chief Compliance Officer08/27/2026
MICHAEL J. SIMANOVSKY /s/ Paul Dumaine by: Paul Dumaine,, Attorney-in-fact for Michael J.Simanovsky08/27/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR