# EDGAR Filing Document

**Accession Number:** 0001043000
**File Stem:** 0000895345-25-000346
**Filing Date:** 2025-11
**Character Count:** 89997
**Document Hash:** 101043e5bbd0602c8e78b632aee390b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000895345-25-000346.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0000895345-25-000346

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SONIDA SENIOR LIVING, INC.
- **CENTRAL INDEX KEY:** 0001043000
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-NURSING & PERSONAL CARE FACILITIES [8050]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 752678809
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-53101
- **FILM NUMBER:** 251451896

**BUSINESS ADDRESS:**
- **STREET 1:** 16301 QUORUM DRIVE
- **STREET 2:** SUITE 160A
- **CITY:** ADDISON
- **STATE:** TX
- **ZIP:** 75001
- **BUSINESS PHONE:** 9727705600

**MAIL ADDRESS:**
- **STREET 1:** 16301 QUORUM DRIVE
- **STREET 2:** SUITE 160A
- **CITY:** ADDISON
- **STATE:** TX
- **ZIP:** 75001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPITAL SENIOR LIVING CORP
- **DATE OF NAME CHANGE:** 19970724
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Conversant Capital LLC
- **CENTRAL INDEX KEY:** 0001850901

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 25 DEFOREST AVENUE, 3RD FLOOR
- **CITY:** SUMMIT
- **STATE:** NJ
- **ZIP:** 07901
- **BUSINESS PHONE:** 9175153729

**MAIL ADDRESS:**
- **STREET 1:** 25 DEFOREST AVENUE, 3RD FLOOR
- **CITY:** SUMMIT
- **STATE:** NJ
- **ZIP:** 07901

## Exhibit 1.12

**Exhibit 1.12**<br>

#### VOTING AGREEMENT
This Voting Agreement (this "<u>Agreement</u>"), dated as of November 4, 2025, is entered into by and among CNL Healthcare Properties, Inc., a Maryland corporation (the "<u>Company</u>"), Conversant Dallas Parkway (A) LP ("<u>Conversant A</u>"), Conversant Dallas Parkway (B) LP ("<u>Conversant B</u>"), Conversant Dallas Parkway (D) LP ("<u>Conversant D</u>"), Conversant Dallas Parkway (F) LP ("<u>Conversant F</u>"), and Conversant PIF Aggregator A LP ("<u>CPIF</u>" and, together with Conversant A, Conversant B, Conversant D, and Conversant F, "<u>Conversant</u>") and, together with the Company, each a "<u>Party</u>" and together the "<u>Parties</u>"). Capitalized terms used but not defined herein shall have the meanings given to them in the Merger Agreement (as defined below).

#### RECITALS
WHEREAS, concurrently with the execution and delivery of this Agreement, (i) Sonida Senior Living, Inc., a Delaware corporation ("<u>Parent</u>"), (ii) the Company, (iii) Sparti Merger Sub, Inc., a Maryland corporation and an indirect wholly-owned subsidiary of Parent ("<u>SNDA Merger Sub</u>"), (iv) SSL Sparti LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Parent and (v) CHP Merger Corp., a Maryland corporation and a wholly-owned subsidiary of Company are entering into an Agreement and Plan of Merger (as may be amended, restated, modified or supplemented from time to time, the "<u>Merger Agreement</u>"), which provides for, among other things, a business combination of Parent and the Company, subject to the terms and conditions set forth therein (collectively, the "<u>Transactions</u>");

WHEREAS, as of the date hereof, Conversant is the record and/or "beneficial owner" (within the meaning of Rule 13d-3 under the Exchange Act) of, and has sole voting power over, the number of shares of (i) Series A Convertible Preferred Stock, par value $0.01 per share (the "<u>Series A Preferred Stock</u>") of Parent, and (ii) common stock, par value $0.01 per share of Parent (the "<u>Common Stock</u>", and together with the Series A Preferred Stock, the "<u>Parent Stock</u>") set forth opposite Conversant A's, Conversant B's, Conversant D's, Conversant F's, and CPIF's name on <u>Schedule A</u> hereto under the heading "Owned Shares" (such shares of Series A Preferred Stock and Common Stock, the "<u>Owned Shares</u>"), being all of the shares of the Parent Stock owned of record or beneficially by Conversant and its Affiliates as of the date hereof, other than the shares of Common Stock issuable upon conversion of the Series A Preferred Stock and the shares of Common Stock issuable upon the exercise of certain warrants to purchase shares of Common Stock at a price of $40.00 per share ("<u>Warrants</u>") held by Conversant;

WHEREAS, in connection with the Transactions, Parent is soliciting the vote of its stockholders with respect to certain matters described below;

WHEREAS, as a condition and an inducement to the Company's willingness to enter into the Merger Agreement, the Company has required that Conversant agree, and Conversant has agreed, to enter into this Agreement with respect to the Covered Shares (defined below); and

WHEREAS, the Company desires that Conversant agrees, and Conversant is willing to agree, subject to the limitations herein, not to Transfer (defined below) any of the Covered Shares, and to vote the Covered Shares in a manner so as to approve the Supported Matters (defined below).

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, Conversant and the Company hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Agreement to Vote the Owned Shares; Proxy</u>.

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1.1 <u>Agreement to Vote</u>. Beginning on the date hereof until the Termination Date (as defined below), at the Parent Stockholder Meeting or any other meeting of the stockholders of Parent ("<u>Parent Stockholders</u>") at which any of the Supported Matters (defined below) are presented for a vote of Parent Stockholders, including any postponement, recess or adjournment thereof, Conversant agrees to vote (including via proxy) (or cause to be voted (including via proxy)) all of the Owned Shares and any additional shares of Common Stock acquired by Conversant or any of its Affiliates, including upon the conversion or Series A Preferred Stock or exercise of Warrants, after the date hereof and prior to the Termination Date (collectively, and together with the Owned Shares and the New Parent Stock (defined below), the "<u>Covered Shares</u>") as follows: (a) in favor of (i) the issuance of shares of Common Stock in connection with the Transactions (the "<u>Share Issuance</u>"), (ii) the amendment to the Amended and Restated Certificate of Incorporation of Parent to increase the number of authorized shares of Common Stock thereunder, (iii) the approval of any proposal to adjourn or postpone any Parent Stockholder Meeting to a later date if Parent proposes or requests such postponement or adjournment due to insufficient votes to approve the matters contemplated by this <u>Section 1.1</u>, and (iv) the approval of any other proposal to be voted upon by the Parent Stockholders, the approval of which is necessary for the consummation of the Transactions, including the Equity Purchase, the First Merger and the Second Merger, but, in each case, only to the extent that such Covered Shares are entitled to be voted on such proposal by Conversant or its Affiliates; <u>provided</u>, <u>however</u>, that the foregoing shall not require Conversant to vote, or cause any of their Affiliates to vote, in favor of the Transactions, including the Equity Purchase, the First Merger and the Second Merger, and the Merger Agreement if the Company shall have amended or waived, prior to receipt of the Parent Stockholder Approval (other than any amendment or waiver that would require the further approval of the Parent Stockholders), any term or condition of the Merger Agreement in any manner that is or would reasonably be expected to be materially adverse to Conversant (a "<u>Conversant Adverse Amendment Proposal</u>") unless consented to in writing by Conversant (such consent not to be unreasonably withheld, conditioned or delayed), and (b) against (i) any proposal, action or agreement that would result in any condition set forth in the Merger Agreement not being satisfied or not being fulfilled prior to the Termination Date, or (ii) any other proposal, action or agreement that would reasonably be expected to prevent, materially impede, materially delay or adversely affect the consummation of the Transactions (clauses (a) and (b) collectively, the "<u>Supported Matters</u>", it being understood that a Conversant Adverse Amendment Proposal shall not constitute a Supported Matter). Conversant agrees to, and agrees to cause its applicable Affiliates to, be present, in person or by proxy, at every meeting of Parent Stockholders, including any postponement, recess or adjournment thereof, or in any other circumstance, however called, to vote on the Supported Matters (in the manner described in this <u>Section 1.1</u>) so that the Covered Shares will be counted for purposes of determining the presence of a quorum at such meeting, or otherwise cause the Covered Shares to be counted as present thereat for purposes of establishing a quorum, but, in each case, only if Conversant or its Affiliate, as applicable, is the holder of Covered Shares as of the record date for the applicable meeting of Parent Stockholders. For the avoidance of doubt, other than with respect to the Supported Matters, Conversant and its Affiliates do not have any obligation to vote the Covered Shares in any particular manner and, with respect to such other matters (other than the Supported Matters), Conversant and its Affiliates shall be entitled to vote the Covered Shares in its sole discretion. Conversant agrees its obligations pursuant to this <u>Section 1.1</u> shall not be changed or altered as a result of the Parent Board having withdrawn the Parent Board Recommendation or resolved to no longer make the Parent Board Recommendation or if the Joint Proxy Statement/Prospectus shall fail to contain the Parent Board Recommendation.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Irrevocable Proxy</u>. Conversant hereby revokes any and all previous proxies or powers of attorney with respect to the Covered Shares. Conversant hereby irrevocably constitutes and appoints as its true and lawful proxy and attorney-in-fact the Company, with full power of substitution and resubstitution, to cause the Covered Shares to be present, and to vote the Covered Shares, in accordance with <u>Section 1.1</u> at the Parent Stockholder Meeting or any other meeting of Parent Stockholders at which any of the Supported Matters are presented for a vote of Parent Stockholders (including any postponement, recess or adjournment thereof) prior to the Termination Date at which any Supported Matters are to be considered, if and only if Conversant (a) fails to be counted as present, to consent or to vote in a timely manner, (b) is prohibited from voting due to applicable Law, or (c) attempts to vote in a manner inconsistent with the terms of <u>Section 1.1</u>. The power of attorney granted hereunder shall authorize the Company to execute and deliver any documentation required by this Agreement on behalf of Conversant failing to do so within one Business Day after request of the Company. Conversant and the Company (or its substitute hereunder) shall have the right to vote the Covered Shares in accordance with this Agreement on the matters set forth in <u>Section 1.1</u> and Conversant shall be obligated to so vote the Covered Shares. Notwithstanding the foregoing, Conversant shall retain at all times the right to vote (or not vote) Covered Shares (or to direct how such Covered Shares shall be voted or not voted) in Conversant's sole discretion on matters other than Supported Matters. This proxy and power of attorney granted hereunder is coupled with an interest, is given as an additional inducement of the Company to enter into the Merger Agreement and shall be irrevocable prior to the Termination Date, at which time any such proxy shall automatically terminate. The Company may terminate this proxy with respect to Conversant at any time at its sole election by written notice provided to Conversant.

------

2. <u>Termination</u>. This Agreement shall terminate automatically and without further action of the parties hereto upon the earlier to occur of: (a) the valid termination of the Merger Agreement in accordance with its terms, (b) the Equity Purchase Effective Time (such date, the "<u>Termination Date</u>"), or (c) such date and time as any Conversant Adverse Amendment Proposal is effected without Conversant's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed); <u>provided</u>, that the provisions set forth in <u>Sections 3.2</u>, and <u>9</u> through <u>21</u> hereof shall survive the termination of this Agreement, and in the case of <u>Section 15</u>, only with respect to specific enforcement of covenants in the other surviving provisions; <u>provided</u>, that no such termination shall relieve any party from any liability or damages resulting from any willful and material breach of any of its covenants or agreements set forth in this Agreement prior to such termination of this Agreement. For purposes of this Agreement "<u>willful and material breach</u>" means a deliberate action taken by the breaching Party or a deliberate failure to act by the breaching Party that it is required to take under this Agreement that the breaching Party actually knows would, or would reasonably be expected to, be or cause a material breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Certain Covenants of Conversant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Restrictions on Transfers and Purchases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;3.1.1. Beginning on the date hereof until the earlier of (i) the Termination Date and (ii) the last day of the Closing VWAP period, Conversant hereby covenants and agrees that, except as expressly contemplated pursuant to this Agreement, Conversant shall not, directly or indirectly (a) Transfer (defined below) or enter into any contract or agreement for the Transfer of, any Covered Shares or the Warrants or beneficial ownership or voting power thereof or therein, (b) grant or purport to grant any proxies or powers of attorney, deposit any Covered Shares into a voting trust or enter into any similar agreement (other than this Agreement), arrangement, or understanding with any person with respect to any Covered Shares that is inconsistent with this Agreement, (c) acquire any Parent Stock or (d) commit or agree to take any of the foregoing actions. Notwithstanding anything to the contrary in this Agreement, Conversant may Transfer any or all of the Covered Shares to any of Conversant's Affiliates; provided, that, prior to and as a condition to the effectiveness of such Transfer, such transferee shall have executed and delivered to the Company a counterpart of this Agreement pursuant to which such transferee shall be bound by all of the terms and provisions of this Agreement. Any Transfer in violation of this Section 3.1 shall be void ab initio. If any involuntary Transfer of any Covered Shares shall occur, the transferee (which term, as used herein, shall include any and all transferees and subsequent transferees of the initial transferee) shall take and hold such Covered Shares subject to all of the restrictions, liabilities and rights under this Agreement, which shall continue in full force and effect until the Termination Date.<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2. Additional Purchases. Conversant agrees that any shares of Parent Stock and any other shares of capital stock or other equity that Conversant acquires beneficial ownership of after the execution of this Agreement and prior to the Termination Date (the "New Parent Stock") shall be subject to the terms and conditions of this Agreement to the extent as and shall constitute Covered Shares, and Conversant shall promptly notify the Company of the existence of any New Parent Stock.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3. "Transfer" as used herein, means any direct or indirect offer, sale, lease, assignment, encumbrance, loan, pledge, grant of a security interest, hypothecation, disposition or other transfer (by operation of law or otherwise) either voluntary or involuntary, or entry into any contract, option or other arrangement or understanding with respect to any offer, sale, lease, assignment, encumbrance, loan, pledge, hypothecation, disposition or other transfer (by operation of law or otherwise), of any capital stock or interest in any capital stock (or any security convertible or exchangeable into such capital stock), including in each case through the Transfer of any Person or any interest in any Person; provided, that any transaction shall not constitute a Transfer so long as such transaction does not in any way limit the ability of Conversant A, Conversant B, Conversant D, Conversant F, or CPIF to vote its Covered Shares in accordance with the terms of this Agreement. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Documentation and Information</u>. Conversant shall permit and hereby consents to and authorizes Parent and the Company to publish and disclose in all documents and schedules filed with the SEC, and any press release or other disclosure document that Parent and the Company reasonably determines to be necessary in connection with the Merger Agreement and any of the Transactions, including a copy of this Agreement, the identity of Conversant and its ownership of Covered Shares and the nature of Conversant's commitments and obligations under this Agreement. Conversant and its Affiliates shall reasonably cooperate with Parent and the Company, including providing such other information regarding Conversant and its Affiliates reasonably requested by Parent and the Company, in connection with the filings and notifications to be made with the SEC and other Governmental Authorities in connection with the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties of Conversant</u>. Each of Conversant A, Conversant B, Conversant D, Conversant F, and CPIF hereby represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Due Authority</u>. Each of Conversant A, Conversant B, Conversant D, Conversant F, and CPIF is a legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of formation. Each of Conversant A, Conversant B, Conversant D, Conversant F, and CPIF has all requisite corporate or other similar power and authority and has taken all corporate or other similar action necessary (including approval by the board of directors or applicable corporate or other bodies) to execute, deliver, comply with and perform its obligations under this Agreement in accordance with the terms hereof and to consummate the transactions contemplated hereby, and no other action on the part of or vote of holders of any equity securities of Conversant A, Conversant B, Conversant D, Conversant F, and CPIF is necessary to authorize the execution and delivery of, compliance with and performance by Conversant A, Conversant B, Conversant D, Conversant F, and CPIF of this Agreement. This Agreement has been duly executed and delivered by Conversant A, Conversant B, Conversant D, Conversant F, and CPIF and, assuming the due execution and delivery of this Agreement by the Company, constitutes a valid and binding agreement of each of Conversant A, Conversant B, Conversant D, Conversant F, and CPIF enforceable against each of Conversant A, Conversant B, Conversant D, Conversant F, and CPIF in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting or relating to creditors' rights generally.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>No Conflict</u>. The execution and delivery of, compliance with and performance of this Agreement by each of Conversant A, Conversant B, Conversant D, Conversant F, and CPIF do not and will not (a) conflict with or result in any violation or breach of any provision of the certificate of formation or operating agreement or similar organizational documents of Conversant A, Conversant B, Conversant D, Conversant F, and CPIF, (b) conflict with or result in a violation or breach of any applicable Law, or (c) require any consent by any Person under, constitute a default, or an event that, with or without notice or lapse of time or both, would constitute a default under, or cause or permit, or give to others any right to, the termination, cancellation, amendment or acceleration of, or result in the creation of a Lien on any of the Covered Shares under any contract, note, bond, mortgage, indenture, agreement, lease, license, permit, franchise or other instrument or obligation binding upon Conversant A, Conversant B, Conversant D, Conversant F, and CPIF, or to which any of its properties, rights or other assets are subject, except in the case of clauses (b) and (c) above, any such violation, breach, conflict, consent, default, termination, acceleration, cancellation or loss that would not, individually or in the aggregate, reasonably be expected to restrict, prohibit or impair or materially impede or delay the performance by Conversant A, Conversant B, Conversant D, Conversant F, and CPIF of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Consents</u>. No consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Authority or any other Person, is required by or with respect to Conversant A, Conversant B, Conversant D, Conversant F, and CPIF in connection with the execution and delivery of this Agreement or the performance by Conversant A, Conversant B, Conversant D, Conversant F, and CPIF of its obligations under this Agreement, except (a) as required by the rules and regulations promulgated under the Exchange Act, the Securities Act, or state securities, takeover and "blue sky" laws, (b) the applicable rules and regulations of the SEC or any applicable stock exchange, or (c) as would not, individually or in the aggregate, reasonably be expected to restrict in any material respect, prohibit, impair in any material respect or materially impede or delay the performance by any of Conversant A, Conversant B, Conversant D, Conversant F, and CPIF of its obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Absence of Litigation</u>. As of the date hereof, there is no legal action pending against, or, to the knowledge of Conversant, threatened against or affecting Conversant that would reasonably be expected to prevent or impair the ability of Conversant to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Non-Survival of Representations and Warranties</u>. The representations and warranties contained herein shall not survive the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Certain Adjustments</u>. In the event of a stock split, stock dividend or distribution, or any change in the Parent Stock by reason of any split-up, reverse stock split, recapitalization, combination, reclassification, exchange of shares or the like, the terms "Parent Stock", "Owned Shares" and "Covered Shares" shall be deemed to refer to and include such shares as well as all such stock dividends and distributions and any securities into which or for which any or all of such shares may be changed or exchanged or which are received in such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Further Assurances</u>. Conversant shall, from time to time, execute and deliver, or cause to be executed and delivered, such additional or further consents, documents and other instruments as the Company may reasonably request to the extent necessary to effect the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Notices</u>. All notices, requests, claims, consents, demands and other communications under this Agreement shall be in writing and delivered (i) in person, (ii) by electronic mail including a .pdf attachment, or (iii) sent by prepaid overnight courier, to the parties at the following addresses (or at such other addresses as shall be specified by the applicable party by like notice):

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if to Conversant to:

c/o Conversant Capital LLC

25 Deforest Avenue

Summit, NJ 07901

Attn: Paul Dumaine

Email: pdumaine@conversantcap.com

with a copy (which will not constitute notice) to:

Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, NY 10004

Attn: John M. Bibona

Email: john.bibona@friedfrank.com

if to the Company (prior to the Termination Date) to:

CNL Healthcare Properties, Inc.<br>

450 South Orange Avenue, Suite 1400<br>

Orlando, FL 32801

Attention: Tracey B. Bracco, Esq.

Email: tracey.bracco@cnl.com

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with a copy (which shall not constitute notice) to:

Arnold & Porter Kaye Scholer LLP

3 Embarcadero Center, 10<sup>th</sup> Floor

San Francisco, CA 94111

Attention: Edward A. Deibert

Email: edward.deibert@arnoldporter.com

<br> All notices, requests, claims, consents, demands and other communications under this Agreement shall be deemed duly given or made when delivered, which may be evidenced by a signed delivery receipt or notification of a refusal to accept notice from a delivery service. For the avoidance of doubt, counsel for any party may send notices, requests, claims, consents demands or other communications on behalf of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Interpretation</u>. Where a reference in this Agreement is made to a section or schedule, such reference shall be to a section of or schedule to this Agreement unless otherwise indicated. If a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech (such as a verb). Unless the context of this Agreement clearly requires otherwise, words importing the masculine gender shall include the feminine and neutral genders and vice versa, and the definitions of terms contained in this Agreement are applicable to the singular as well as the plural forms of such terms. The words "includes" or "including" shall mean "including without limitation," the words "hereof," "hereby," "herein," "hereunder" and similar terms in this Agreement shall refer to this Agreement as a whole and not any particular section or article in which such words appear, the word "extent" in the phrase "to the extent" shall mean the degree to which a subject or other thing extends and such phrase shall not mean simply "if," any reference to a law shall include any rules and regulations promulgated thereunder, and any reference to any law in this Agreement shall mean such law as from time to time amended, modified or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Entire Agreement</u>. This Agreement (along with the documents referenced herein) collectively constitute the entire agreement, and supersede all other prior agreements, understandings, representations and warranties both written and oral, among the parties hereto, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>No Third-Party Beneficiaries</u>. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. Notwithstanding the foregoing, Parent shall be an intended third-party beneficiary of this Agreement and shall be entitled to enforce the provisions of this Agreement that confer rights or benefits upon it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Governing Law; Waiver of Jury Trial</u>. This Agreement, and all Actions (whether at Law, in contract or in tort) that may be based upon, arise out of or be related to this Agreement or the negotiation, execution or performance of this Agreement, shall be governed by, and construed in accordance with, the laws of the State of Maryland, without giving effect to any choice or conflicts of Law principles (whether of the State of Maryland or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Maryland. Each of the parties (a) irrevocably consents to the service of the summons and complaint and any other process (whether inside or outside the territorial jurisdiction of the Chosen Courts) in any Action arising out of or relating to this Agreement, for and on behalf of itself or any of its properties or assets, in accordance with <u>Section 8</u> or in such other manner as may be permitted by applicable law, but nothing in this <u>Section 12</u> will affect the right of any party to serve legal process in any other manner permitted by applicable law, (b) irrevocably and unconditionally consents and submits itself and its properties and assets in any Action to the exclusive general jurisdiction of the Chosen Courts in the event that any dispute or controversy arises out of or relates to this Agreement, (c) irrevocably and unconditionally agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any Chosen Court, (d) agrees that any Action arising out of or relating to this Agreement will be brought, tried and determined only in the Chosen Courts, (e) waives any objection that it may now or hereafter have to the venue of any such Action in the Chosen Courts or that such Action was brought in an inconvenient court and agrees not to plead or claim the same, and (f) agrees that it will not bring any Action arising out of or relating to this Agreement in any court other than the Chosen Courts. Each of the parties agrees that a final judgment in any Action in the Chosen Courts will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT, BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION</u> <u>12</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Assignment; Successors</u>. Except in connection with a permitted Transfer pursuant to <u>Section 3.1</u> or as otherwise provided herein, neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by any party hereto without the prior written consent of the other parties hereto, and any such assignment without such prior written consent shall be null and void. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Enforcement</u>. The parties hereto agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy would occur in the event that the parties hereto do not perform the provisions of this Agreement (including any party hereto failing to take such actions that are required of it hereunder in order to perform its obligations under this Agreement) in accordance with its specified terms or otherwise breach such provisions. The parties hereto acknowledge and agree that (a) the parties hereto will be entitled, in addition to any other remedy to which they are entitled at law or in equity, to an injunction, specific performance and other equitable relief to prevent breaches (or threatened breaches) of this Agreement or to enforce specifically the terms and provisions hereof without the requirement of posting any bond, (b) the parties hereto will not assert that a remedy of monetary damages would provide an adequate remedy for such breach and (c) the right of specific enforcement is an integral part of the transactions contemplated hereby and without that right, neither the Company nor Conversant would have entered into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Non-Recourse</u>. This Agreement may only be enforced against, and any Action based upon, arising out of, or related to this Agreement, or the negotiation, execution or performance of this Agreement, may only be brought against the entities that are expressly named as parties hereto and then only with respect to the specific obligations set forth herein with respect to such party. No past, present or future director, officer, employee, incorporator, manager, member, general or limited partner, stockholder, equityholder, controlling person, Affiliate, agent, attorney or other Representative of any party hereto or any of their successors or permitted assigns or any direct or indirect director, officer, employee, incorporator, manager, member, general or limited partner, stockholder, equityholder, controlling person, Affiliate, agent, attorney, Representative, successor or permitted assign of any of the foregoing, shall have any liability to Conversant or the Company for any obligations or liabilities of any party under this Agreement or for any Action (whether in tort, contract or otherwise) based on, in respect of or by reason of the transactions contemplated hereby or in respect of any written or oral representations made or alleged to be made in connection herewith. <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Severability</u>. In the event that any provision of this Agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force and effect and the application of such provision to other Persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto. The parties hereto further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Counterparts</u>. This Agreement and any amendments hereto may be executed in counterparts, each of which shall be deemed an original and all of which together shall be deemed one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties (including by means of electronic delivery). Facsimile and electronic (e.g., .pdf format) transmission of any signed original document shall be deemed the same as delivery of an original. Each Party intends that any electronic signatures complying with the U.S. federal ESIGN Act of 2000 (including DocuSign) constitute original signatures binding upon such Party and that an electronic copy or counterpart of this Agreement containing signatures (original or electronic) of such Party shall be deemed to be an original counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Amendment; Waiver</u>. This Agreement may be amended by the parties hereto, and the terms and conditions hereof may be waived, only by an instrument in writing signed on behalf of each of the parties hereto, or, in the case of a waiver, by an instrument signed on behalf of the party waiving compliance and, to the extent any such waiver affects the rights or benefits conferred upon Parent, Parent. No failure or delay on the part of a party in the exercise of any right or remedy hereunder shall impair such right or power or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or of any other right or power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>No Presumption Against Drafting Party</u>. Each of the parties acknowledge that each party to this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of law or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party has no application and is expressly waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Action in Parent Stockholder Capacity Only</u>. The parties acknowledge that this Agreement is being entered into by Conversant solely in its capacity as a record and/or beneficial owner of the Covered Shares, and nothing in this Agreement shall in any way restrict or limit the ability of Conversant, any of its Affiliates or any of their respective Representatives who is a director or officer of Parent or any of Parent's Subsidiaries to take, or refrain from taking, any action in his or her capacity as a director or officer of Parent or any of Parent's Subsidiaries, including the exercise of fiduciary duties to Parent or Parent Stockholders, and any such action taken in such capacity or any such inaction shall not constitute a breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Obligation to Update Schedule A</u>. Each of Conversant A, Conversant B, Conversant D, Conversant F, and CPIF agrees that in connection with any acquisitions of New Parent Stock or Transfers (to the extent permitted) of Covered Shares by any of such party, such party will, as promptly as practicable following the completion thereof, notify Company in writing of such acquisition or Transfer and the parties will update Schedule A hereto to reflect the effect of such acquisition or Transfer.

[*Signature pages follow*]

------

**IN WITNESS WHEREOF**, the parties have caused this Agreement to be duly executed and delivered on the date and year first above written.

#### <br>

**---

| |
|:---|
| CNL HEALTHCARE PROPERTIES, INC. |
| By: <u>/s/ Stephen H. Mauldin</u><br>Name: Stephen H. Mauldin<br>Title: CEO and President<br>|

---

**

[*Signature Page to Voting Agreement*]

------

**IN WITNESS WHEREOF**, the parties have caused this Agreement to be duly executed and delivered on the date and year first above written.

**---

| |
|:---|
| CONVERSANT DALLAS PARKWAY (A) LP |
| By: Conversant GP Holdings LLC, its general partner |
| By: <u>/s/ Michael Simanovsky</u><br>Name: Michael Simanovsky<br>Title: Managing Member<br>|
| CONVERSANT DALLAS PARKWAY (B) LP |
| By: Conversant GP Holdings LLC, its general partner |
| By: <u>/s/ Michael Simanovsky</u><br> Name: Michael Simanovsky<br>Title: Managing Member |
| CONVERSANT DALLAS PARKWAY (D) LP |
| By: Conversant GP Holdings LLC, its general partner |
| By: <u>/s/ Michael Simanovsky</u><br> Name: Michael Simanovsky<br>Title: Managing Member |
| CONVERSANT DALLAS PARKWAY (F) LP |
| By: Conversant GP Holdings LLC, its general partner |
| By: <u>/s/ Michael Simanovsky</u><br> Name: Michael Simanovsky<br>Title: Managing Member |

---

**

[*Signature Page to Voting Agreement*]

------

---

| |
|:---|
| CONVERSANT PIF AGGREGATOR A LP |
| By: Conversant Private GP LLC, its general partner <br>|
| By: <u>/s/ Michael Simanovsky</u><br> Name: Michael Simanovsky<br>Title: Managing Member |

---

[*Signature Page to Voting Agreement*]

------

**<u>Schedule A</u>

#### Owned Shares

---

| | | | |
|:---|:---|:---|:---|
| Party | Stockholder | Owned Shares | Owned Shares |
| Party | Stockholder | Series A Preferred Stock | Common Stock |
| Conversant A | Conversant Dallas Parkway (A) LP | 38742 | 5266159 |
| Conversant B | Conversant Dallas Parkway (B) LP | 2508 | 709744 |
| Conversant D | Conversant Dallas Parkway (D) LP |  | 1032216 |
| Conversant F | Conversant Dallas Parkway (F) LP |  | 648942 |
| CPIF | Conversant PIF Aggregator A LP |  | 1607592 |

---

**

#### <br>

####    

#### <br>

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 7)**

**SONIDA SENIOR LIVING, INC.**

*(Name of Issuer)*

**Common Stock, $0.01 par value per share**

*(Title of Class of Securities)*

**140475203**

*(CUSIP Number)*

**Conversant Capital LLC**<br>25 Deforest Avenue<br>Attn: Paul Dumaine<br>Summit NJ 07901<br>908-466-5100

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/04/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **140475203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Conversant Dallas Parkway (A) LP** | Name of reporting person<br>**Conversant Dallas Parkway (A) LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7438005.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7438005.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7438005.00** | Aggregate amount beneficially owned by each reporting person<br>**7438005.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**35.3%** | Percent of class represented by amount in Row (11)<br>**35.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) The shared voting and dispositive power identified in rows (8) and (10), and the aggregate amount of shares identified as beneficially owned in row (11), each reflect the sum of (i) 5,266,159 shares of Common Stock, (ii) 1,203,308 shares of Common Stock issuable upon conversion of 38,742 shares of Series A Preferred Stock of the Issuer, and (iii) 968,538 shares of Common Stock issuable upon exercise of warrants of the Issuer.

(2) The percent of class identified in row (13) is calculated based on the sum of (i) 18,770,006 outstanding shares of Common Stock as of October 31, 2025, per the Issuer, plus (ii) 1,281,205 shares of Common Stock issuable in the aggregate upon conversion of the Series A Preferred Stock held by Conversant Dallas Parkway (A) L.P. and Conversant Dallas Parkway (B) LP, plus (iii) 1,031,250 shares of Common Stock issuable in the aggregate upon exercise of the Issuer warrants held by Conversant Dallas Parkway (A) LP and Conversant Dallas Parkway (B) LP.

| **CUSIP No.** | **140475203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Conversant Dallas Parkway (B) LP** | Name of reporting person<br>**Conversant Dallas Parkway (B) LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**850353.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**850353.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**850353.00** | Aggregate amount beneficially owned by each reporting person<br>**850353.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4%** | Percent of class represented by amount in Row (11)<br>**4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) The shared voting and dispositive power identified in rows (8) and (10), and the aggregate amount of shares identified as beneficially owned in row (11), each reflect the sum of (i) 709,744 shares of Common Stock, (ii) 77,897 shares of Common Stock issuable upon conversion of 2,508 shares of Series A Preferred Stock of the Issuer, and (iii) 62,712 shares of Common Stock issuable upon exercise of warrants of the Issuer.

(2) The percent of class identified in row (13) is calculated based on the sum of (i) 18,770,006 outstanding shares of Common Stock as of October 31, 2025, per the Issuer, plus (ii) 1,281,205 shares of Common Stock issuable in the aggregate upon conversion of the Series A Preferred Stock held by Conversant Dallas Parkway (A) L.P. and Conversant Dallas Parkway (B) LP, plus (iii) 1,031,250 shares of Common Stock issuable in the aggregate upon exercise of the Issuer warrants held by Conversant Dallas Parkway (A) LP and Conversant Dallas Parkway (B) LP.

| **CUSIP No.** | **140475203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Conversant Dallas Parkway (D) LP** | Name of reporting person<br>**Conversant Dallas Parkway (D) LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1032216.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1032216.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1032216.00** | Aggregate amount beneficially owned by each reporting person<br>**1032216.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.9%** | Percent of class represented by amount in Row (11)<br>**4.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) The shared voting and dispositive power identified in rows (8) and (10), and the aggregate amount of shares identified as beneficially owned in row (11), each reflect an aggregate of 1,032,216 shares of Common Stock.

(2) The percent of class identified in row (13) is calculated based on the sum of (i) 18,770,006 outstanding shares of Common Stock as of October 31, 2025, per the Issuer, plus (ii) 1,281,205 shares of Common Stock issuable in the aggregate upon conversion of the Series A Preferred Stock held by Conversant Dallas Parkway (A) L.P. and Conversant Dallas Parkway (B) LP, plus (iii) 1,031,250 shares of Common Stock issuable in the aggregate upon exercise of the Issuer warrants held by Conversant Dallas Parkway (A) LP and Conversant Dallas Parkway (B) LP.

| **CUSIP No.** | **140475203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Conversant Dallas Parkway (F) LP** | Name of reporting person<br>**Conversant Dallas Parkway (F) LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**648942.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**648942.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**648942.00** | Aggregate amount beneficially owned by each reporting person<br>**648942.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.1%** | Percent of class represented by amount in Row (11)<br>**3.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) The shared voting and dispositive power identified in rows (8) and (10), and the aggregate amount of shares identified as beneficially owned in row (11), each reflect an aggregate of 648,942 shares of Common Stock.

(2) The percent of class identified in row (13) is calculated based on the sum of (i) 18,770,006 outstanding shares as of October 31, 2025, per the Issuer, plus (ii) 1,281,205 shares of Common Stock issuable in the aggregate upon conversion of the Series A Preferred Stock held by Conversant Dallas Parkway (A) L.P. and Conversant Dallas Parkway (B) LP, plus (iii) 1,031,250 shares of Common Stock issuable in the aggregate upon exercise of the Issuer warrants held by Conversant Dallas Parkway (A) LP and Conversant Dallas Parkway (B) LP.

| **CUSIP No.** | **140475203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Conversant PIF Aggregator A, LP** | Name of reporting person<br>**Conversant PIF Aggregator A, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1607592.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1607592.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1607592.00** | Aggregate amount beneficially owned by each reporting person<br>**1607592.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.6%** | Percent of class represented by amount in Row (11)<br>**7.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) The shared voting and dispositive power identified in rows (8) and (10), and the aggregate amount of shares identified as beneficially owned in row (11), each reflect an aggregate of 1,607,592 shares of Common Stock.

(2) The percent of class identified in row (13) is calculated based on the sum of (i) 18,770,006 outstanding shares of Common Stock as of October 31, 2025, per the Issuer, plus (ii) 1,281,205 shares of Common Stock issuable in the aggregate upon conversion of the Series A Preferred Stock held by Conversant Dallas Parkway (A) L.P. and Conversant Dallas Parkway (B) LP, plus (iii) 1,031,250 shares of Common Stock issuable in the aggregate upon exercise of the Issuer warrants held by Conversant Dallas Parkway (A) LP and Conversant Dallas Parkway (B) LP.

| **CUSIP No.** | **140475203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Conversant GP Holdings LLC** | Name of reporting person<br>**Conversant GP Holdings LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**9969516.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**9969516.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**9969516.00** | Aggregate amount beneficially owned by each reporting person<br>**9969516.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**47.3%** | Percent of class represented by amount in Row (11)<br>**47.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** (1) The shared voting and dispositive power identified in rows (8) and (10), and the aggregate amount of shares identified as beneficially owned in row (11), each reflect the sum of (i) 7,657,061 shares of Common Stock, (ii) 1,281,205 shares of Common Stock issuable upon conversion of 41,250 shares of Series A Preferred Stock of the Issuer, and (iii) 1,031,250 shares of Common Stock issuable upon exercise of warrants of the Issuer.

(2) The percent of class identified in row (13) is calculated based on the sum of (i) 18,770,006 outstanding shares of Common Stock as of October 31, 2025, per the Issuer, plus (ii) 1,281,205 shares of Common Stock issuable in the aggregate upon conversion of the Series A Preferred Stock held by Conversant Dallas Parkway (A) L.P. and Conversant Dallas Parkway (B) LP, plus (iii) 1,031,250 shares of Common Stock issuable in the aggregate upon exercise of the Issuer warrants held by Conversant Dallas Parkway (A) LP and Conversant Dallas Parkway (B) LP.

| **CUSIP No.** | **140475203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Simanovsky Michael** | Name of reporting person<br>**Simanovsky Michael** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**11407779.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**11407779.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**11407779.00** | Aggregate amount beneficially owned by each reporting person<br>**11407779.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**54.1%** | Percent of class represented by amount in Row (11)<br>**54.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) The shared voting and dispositive power identified in rows (8) and (10), and the aggregate amount of shares identified as beneficially owned in row (11), each reflect the sum of (i) 9,095,324 shares of Common Stock, (ii) 1,281,205 shares of Common Stock issuable upon conversion of 41,250 shares of Series A Preferred Stock of the Issuer, and (iii) 1,031,250 shares of Common Stock issuable upon exercise of warrants of the Issuer.

(2) The percent of class identified in row (13) is calculated based on the sum of (i) 18,770,006 outstanding shares of Common Stock as of October 31, 2025, per the Issuer, plus (ii) 1,281,205 shares of Common Stock issuable in the aggregate upon conversion of the Series A Preferred Stock held by Conversant Dallas Parkway (A) L.P. and Conversant Dallas Parkway (B) LP, plus (iii) 1,031,250 shares of Common Stock issuable in the aggregate upon exercise of the Issuer warrants held by Conversant Dallas Parkway (A) LP and Conversant Dallas Parkway (B) LP.

| **CUSIP No.** | **140475203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Conversant Capital LLC** | Name of reporting person<br>**Conversant Capital LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**11407779.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**11407779.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**11407779.00** | Aggregate amount beneficially owned by each reporting person<br>**11407779.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**54.1%** | Percent of class represented by amount in Row (11)<br>**54.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** (1) The shared voting and dispositive power identified in rows (8) and (10), and the aggregate amount of shares identified as beneficially owned in row (11), each reflect the sum of (i) 9,095,324 shares of Common Stock, (ii) 1,281,205 shares of Common Stock issuable upon conversion of 41,250 shares of Series A Preferred Stock of the Issuer, and (iii) 1,031,250 shares of Common Stock issuable upon exercise of warrants of the Issuer.

(2) The percent of class identified in row (13) is calculated based on the sum of (i) 18,770,006 outstanding shares of Common Stock as of October 31, 2025, per the Issuer, plus (ii) 1,281,205 shares of Common Stock issuable in the aggregate upon conversion of the Series A Preferred Stock held by Conversant Dallas Parkway (A) L.P. and Conversant Dallas Parkway (B) LP, plus (iii) 1,031,250 shares of Common Stock issuable in the aggregate upon exercise of the Issuer warrants held by Conversant Dallas Parkway (A) LP and Conversant Dallas Parkway (B) LP.

| **CUSIP No.** | **140475203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Conversant Private GP LLC** | Name of reporting person<br>**Conversant Private GP LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1607592.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1607592.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1607592.00** | Aggregate amount beneficially owned by each reporting person<br>**1607592.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.6%** | Percent of class represented by amount in Row (11)<br>**7.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** (1) The shared voting and dispositive power identified in rows (8) and (10), and the aggregate amount of shares identified as beneficially owned in row (11), each reflect the aggregate of 1,607,592 shares of Common Stock.

(2) The percent of class identified in row (13) is calculated based on the sum of (i) 18,770,006 outstanding shares of Common Stock as of October 31, 2025, per the Issuer, plus (ii) 1,281,205 shares of Common Stock issuable in the aggregate upon conversion of the Series A Preferred Stock held by Conversant Dallas Parkway (A) L.P. and Conversant Dallas Parkway (B) LP, plus (iii) 1,031,250 shares of Common Stock issuable in the aggregate upon exercise of the Issuer warrants held by Conversant Dallas Parkway (A) LP and Conversant Dallas Parkway (B) LP.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.01 par value per share

**(b) Name of Issuer:**
SONIDA SENIOR LIVING, INC.

**(c) Address of Issuer's Principal Executive Offices:**
Conversant Capital LLC, 25 Deforest Avenue, Attn: Paul Dumaine, Summit, NJ, 07901

This Amendment No. 7 ("Amendment No. 7") further amends and supplements the original statement on Schedule 13D filed by Conversant Dallas Parkway (A), L.P. ("Investor A"), Conversant Dallas Parkway (B), L.P. ("Investor B"), Conversant GP Holdings LLC ("Conversant GP"), Conversant Capital LLC ("Conversant Capital"), and Michael J. Simanovsky on November 12, 2021 (the "Original Schedule 13D"), as previously amended by them by the amended statement on Schedule 13D filed on October 17, 2024 ("Amendment No. 6"), Amendment No. 5 filed on August 21, 2024 ("Amendment No. 5"), Amendment No. 4 filed on March 26, 2024 ("Amendment No. 4"), Amendment No. 3 filed on February 6, 2024 ("Amendment No. 3"), Amendment No. 2 filed on November 6, 2023 ("Amendment No. 2") and Amendment No. 1 filed on July 7, 2023 ("Amendment No. 1"). Amendment No. 4 was the initial statement on Schedule 13D for Conversant Dallas Parkway (D), L.P. ("Investor D") regarding the Issuer. Amendment No. 5 was the initial statement on Schedule 13D for Conversant PIF Aggregator A L.P. ("Aggregator A") and Conversant Private GP LLC ("Conversant Private GP") regarding the Issuer. Amendment No. 6 was the initial statement on Schedule 13D for Conversant Dallas Parkway (F), L.P. ("Investor F") regarding the Issuer. Investor A, Investor B, Investor D, Aggregator A and Investor F together are the "Conversant Investors," and they, together with Conversant GP, Conversant Capital, Conversant Private GP and Mr. Simanovsky are, the "Reporting Persons". The Original Schedule 13D, as previously amended, remains in effect except to the extent that it is amended, restated or superseded by information contained in this Amendment No. 7, provided that with respect to any Item amended herein, if such Item is incorporated by reference into any other Item in the Original Schedule 13D, as previously amended, such incorporation by reference is also amended hereby. Capitalized terms used and not defined in this Amendment No. 7 have the meanings set forth in the Original Schedule 13D, as previously amended.

**Item 4. Purpose of Transaction**

Item 4 of the Original Schedule 13D, as previously amended, is hereby amended by the addition of the following description of events involving the Reporting Persons and the Issuer.

As disclosed on a Current Report on Form 8-K filed by the Issuer with the Commission on November 5, 2025 ("Issuer 8-K"), the Issuer entered into a definitive agreement and plan of merger (the "Merger Agreement") with SSL Sparti LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Issuer ("Holdco"), Sparti Merger Sub, Inc., a Maryland corporation and a wholly-owned subsidiary of Holdco ("SNDA Merger Sub"), CNL Healthcare Properties, Inc., a Maryland corporation ("CNL") and CHP Merger Corp., a Maryland corporation and a wholly-owned subsidiary of CNL. The Merger Agreement provides, among other things and subject to the terms and conditions in the Merger Agreement, for a business combination of the Issuer and CNL, through a series of steps ending with a forward merger of SNDA Merger Sub with and into CNL, with SNDA Merger Sub surviving the merger (the "CNL Merger"), as a result of which the Issuer will own 100% of the issued and outstanding shares of CNL. In connection with the execution of the Merger Agreement and the transactions contemplated thereby, Investor A and Investor B granted certain consents and waived certain antidilution rights arising under the existing Investor Rights Agreement and the Certificate of Designation of the Series A Preferred Stock. Concurrently with the execution of the Merger Agreement, the Issuer entered into an investment agreement (the "Investment Agreement") with Investor A, Aggregator A, CPIF Sparti SAF, L.P. ("CPIF"), and CPIF K Co-Invest SPT A, L.P. ("CPIF K" and, together with Aggregator A, Investor A and CPIF, collectively, the "IA Conversant Investors"), pursuant to which the IA Conversant Investors agreed to fund to the Issuer an aggregate amount of $100,000,005.84 in exchange for the issuance by the Issuer of 3,739,716 shares of Common Stock at a price of $26.74 per share immediately prior to the CNL Merger (the "Equity Financing"). Proceeds from the Equity Financing will be used by the Issuer to fund a portion of the cash merger consideration payable under the Merger Agreement. The Investment Agreement includes representations and warranties by the Issuer substantially similar to those under the Merger Agreement and representations and warranties by the IA Conversant Investors customary for a private financing of this type, and customary covenants of the parties, including the Issuer's compliance with interim operating covenants subject to the IA Conversant Investors' consent (not be unreasonably withheld, conditioned or delayed). The IA Conversant Investors' closing on the Equity Financing is conditioned on the execution of the Merger Agreement, satisfaction or waiver of mutual closing conditions and the Issuer's closing conditions under the Merger Agreement, and the Issuer's confirmation of occurrence of the CNL Merger substantially concurrently with the issuance of Common Stock in connection with the Equity Financing. The Issuer's closing conditions include a bringdown of the IA Conversant Investors' representations and warranties and material compliance with their covenants, and delivery by the IA Conversant Investors of the purchase price and IRS Forms W-9. The Investment Agreement may be terminated by the parties only upon their mutual agreement or upon certain customary conditions, including that the Equity Financing shall have been enjoined, that the Merger Agreement shall have been terminated, or that the CNL Merger shall not have been consummated by May 29, 2026. The Investment Agreement contains mutual indemnities by parties for breach of certain representation and warranties and post-closing covenants capped at the purchase price. The Issuer is responsible for the IA Conversant Investors' legal and other expenses in connection with the Equity Financing subject to the $2,000,000 cap. The IA Conversant Investors are entitled to 15% of the Company Termination Fee (as defined in the Merger Agreement) if the Issuer becomes entitled to such fee under the Merger Agreement. The Issuer entered into a substantially similar investment agreement with the other current investor in the Issuer, Silk Partners, LP ("Silk").

At the closing of the Equity Financing, the IA Conversant Investors, Investor B, Investor D and Investor F (collectively, the "Post-Merger Conversant Investors"), Silk and the Issuer will enter into an amended and restated Investor Rights Agreement (the "IRA") to be effective as of the CNL Merger. Pursuant to the IRA, among other things, prior to the date that is (A) on or prior to the Company's 2029 annual meeting of stockholders, the date on which the Post-Merger Conversant Investors and their affiliates (the "Conversant Parties") beneficially own less than the lesser of (I) 4% of the outstanding shares of Common Stock and (II) the number of shares of Common Stock owned by Silk and its affiliates as of the Equity Financing closing date), and (B) after the Company's 2029 annual meeting of stockholders, the date on which the Conversant Parties beneficially own less than 5% of the outstanding shares of Common Stock, the Conversant Parties will have the right to designate a member of the Issuer's board of directors (the "Board"). If the Conversant Parties beneficially own at least 15% of the outstanding shares of Common Stock, they will have the right to designate two members of the Board, and they will have the right to designate three members of the Board if they beneficially own at least 20% of outstanding shares of Common Stock. Additionally, the Conversant Parties will have the right to designate the Board's chairperson so long as the Conversant Parties own at least 5% of Common Stock and the right to designate a member of the Board's Nominating and Governance Committee so long as the Conversant Parties own at least 10% of Common Stock. Although no designations to the Board will be effective before the effective time of the CNL Merger, the Conversant Parties expect to appoint Michael Simanovsky, Conversant Capital's Managing Partner, as a member and the chairperson of the Board, to join Robert Grove, Conversant Capital's Principal, and Benjamin P. Harris, who now serve on the Board. These individuals would represent the Conversant Parties' three designees. The Reporting Persons anticipate that the Conversant Parties' designees to the Board will, in performance of their duties as members of the Board, participate in discussions with the other members of the Board, as well as with the Issuer's management, employees, advisors and investors, and other persons, that may relate to any or all of the matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

The IRA will also provide that for so long as the Conversant Parties beneficially own at least 15% of the outstanding shares of Common Stock, the Issuer will not without Investor A's consent undertake certain fundamental or significant actions or transactions, such as changing the Issuer's business, entering into any merger or acquisition in excess of certain agreed limits, issuing debt or equity beyond certain agreed limits, transferring equity of the Issuer's subsidiaries, entering into change of control agreements, liquidating or dissolving the Issuer, or engaging in certain preferential transactions in respect of the Issuer securities ranked junior to its Series A Preferred Stock. Further, the IRA will provide that for so long as the Conversant Parties beneficially own at least 14.9% of the outstanding shares of Common Stock, the Conversant Parties will remain entitled to certain pre-emptive rights with respect to certain issuances of the Issuer equity securities. Common Stock held by the Conversant Parties will not be subject to the contractual transfer restrictions, however, for eighteen months following the closing of the Equity Financing, the Conversant Parties will be subject to standstill pursuant to which they will not (i) participate in nominating or removing any Board member (other than a director designees by the Conversant Parties) or in changing the composition of the Board, or engaging in a proxy solicitation, and (ii) initiating or proposing to call a special meeting of the Issuer's stockholders.

The Post-Merger Conversant Investors, Silk, PF Investors, LLC (together with Silk, the "Silk Investors"), and, together with the Post-Merger Conversant Investors, collectively, the "Investors") and the Issuer have also agreed that at the closing of the Equity Financing they will enter into an amended and restated Registration Rights Agreement (the "RRA") to be effective as of the CNL Merger, pursuant to which, among other things, the Issuer will be obligated to prepare and file, as soon as reasonably practicable following the Equity Financing closing and no later than three (3) months thereafter, a shelf registration statement registering the resale of all Issuer equity securities acquired by the Conversant Parties prior to and pursuant to the Equity Financing. The Issuer will further agree to use its reasonable best efforts to cause the registration statement to become effective as soon as practicable after the filing and to maintain the effectiveness of the registration statement until the termination of the RRA. If the shelf registration described above is not effective and not available for use by the Investors then the Investors will be entitled to "demand" registration of their Issuer equity securities, with the Post-Merger Conversant Investors having 2 demand registration rights. Additionally, the Investors may request up to 4 takedowns within any 12-month period, subject to certain limitations, including a minimum aggregate offering price of $10,000,000. The Investors will have piggyback registration rights whenever the Issuer proposes to register its equity securities. In connection with the foregoing, the Post-Merger Conversant Investors will also agree that for so long as they beneficially own 5% or more of Common Stock, they will agree to enter into customary lock-up agreements (not to exceed 60 days) with managing underwriters in connection with underwritten offerings of the Issuer's equity securities. The RRA will terminate upon the earlier of (1) the date when all securities held by the Investors have been sold, and (2)  the later of (i) the date when the Post-Merger Conversant Investors or the Silk Investors, as applicable, are able to sell all of its securities pursuant to Rule 144 without being subject to volume or manner of sale limitations thereunder and (ii) the Post-Merger Conversant Investors or the Silk Investors, as applicable, together with their affiliates, beneficially own less than 10% of Common Stock.

The Reporting Persons expect to review from time to time their investment in the Issuer and may, depending on the market and other conditions, determine to: (i) subject to the terms and conditions of the RRA, increase or decrease their position in the Issuer through, among other things, the purchase or sale of shares of Common Stock and/or other equity, debt, derivative securities or other instruments that are convertible into Common Stock, or are based upon or relate to the value of shares of Common Stock (collectively, "Securities") on the open market or in private transactions, including through a trading plan created under Rule 10b5-1(c) or otherwise, on such terms and at such times as the Reporting Persons may deem advisable and/or (ii) enter into transactions that increase or hedge its economic exposure to shares of Common Stock or other Securities without affecting the Reporting Persons' beneficial ownership of Common Stock or other Securities. Such transactions may take place at any time and without prior notice. There can be no assurance, however, that any Reporting Person or any of their affiliates will take any such actions.

The Reporting Persons may, from time to time, engage in discussions with members of the Issuer's management and Board, other current and prospective holders of the Issuer's equity and debt securities, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, equity and debt financing sources and other third parties regarding a variety of matters relating to the Issuer, which (in addition to the matters discussed above) may include, among other things, the Issuer's business, management, capital structure, capital allocation, corporate governance, board composition and strategic alternatives and direction, and may take other steps seeking to bring about changes to increase shareholder value as well as pursue other plans or proposals that relate to or could result in any of the matters set forth in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D.

Except as set forth herein and to the extent that the Reporting Persons may have influence over the corporate activities of the Issuer, including activities of the Conversant Parties' designees to the Board, that may relate to the items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D, the Reporting Persons do not have any present plan or proposal that relate to or would result in any of the matters set forth in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Subject to the terms and conditions of the Investment Agreement, IRA and RRA, the Reporting Persons reserve the right to change their intention with respect to any and all matters referred to in this Item 4.

The foregoing description of the Investment Agreement, IRA, RRA and the Equity Financing set forth herein and in Item 3 does not purport to be complete and is subject to, and is qualified in its entirety by, reference to the full texts of the Investment Agreement, and substantially final forms of the IRA and the RRA which are attached to the Investment Agreement, filed by the Issuer with the Commission on November 5, 2025, as Exhibit 10.1 to the Issuer's Current Report on Form 8-K and incorporated herein by reference.

**Item 5. Interest in Securities of the Issuer**

**(a)**
With respect to each Reporting Person, the information set forth in rows 11 and 13 of the applicable cover page is incorporated herein by reference.

**(b)**
With respect to each Reporting Person, the information set forth in rows 7-10 of the applicable cover page is incorporated herein by reference.

**(c)**
Not applicable.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The disclosure set forth above in Item 4 regarding the Investment Agreement, the IRA and the RRA is incorporated herein by reference, but qualified in its entirety by reference to the full texts of the Investment Agreement, and substantially final forms of the IRA and the RRA which are attached to the Investment Agreement. See Item 7.

### 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.

**Reporting Person:** Conversant Dallas Parkway (A) LP

**Signature:** /s/ Paul Dumaine

**Name/Title:** Conversant GP Holdings LLC, its general partner, By Paul Dumaine, General Counsel and Chief Compliance Officer

**Date:** 11/05/2025

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.

**Reporting Person:** Conversant Dallas Parkway (B) LP

**Signature:** /s/ Paul Dumaine

**Name/Title:** Conversant GP Holdings LLC, its general partner, By Paul Dumaine, General Counsel and Chief Compliance Officer

**Date:** 11/05/2025

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.

**Reporting Person:** Conversant Dallas Parkway (D) LP

**Signature:** /s/ Paul Dumaine

**Name/Title:** Conversant GP Holdings LLC, its general partner, By Paul Dumaine, General Counsel and Chief Compliance Officer

**Date:** 11/05/2025

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.

**Reporting Person:** Conversant Dallas Parkway (F) LP

**Signature:** /s/ Paul Dumaine

**Name/Title:** Conversant GP Holdings LLC, its general partner, By Paul Dumaine, General Counsel and Chief Compliance Officer

**Date:** 11/05/2025

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.

**Reporting Person:** Conversant PIF Aggregator A, LP

**Signature:** /s/ Paul Dumaine

**Name/Title:** Conversant Private GP LLC, its general partner, By Paul Dumaine, General Counsel and Chief Compliance Officer

**Date:** 11/05/2025

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.

**Reporting Person:** Conversant GP Holdings LLC

**Signature:** /s/ Paul Dumaine

**Name/Title:** Paul Dumaine, General Counsel and Chief Compliance Officer

**Date:** 11/05/2025

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.

**Reporting Person:** Simanovsky Michael

**Signature:** /s/ Paul Dumaine

**Name/Title:** Paul Dumaine, Attorney-in-fact for Michael J. Simanovsky

**Date:** 11/05/2025

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.

**Reporting Person:** Conversant Capital LLC

**Signature:** /s/ Paul Dumaine

**Name/Title:** Paul Dumaine, General Counsel and Chief Compliance Officer

**Date:** 11/05/2025

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.

**Reporting Person:** Conversant Private GP LLC

**Signature:** /s/ Paul Dumaine

**Name/Title:** Paul Dumaine, General Counsel and Chief Compliance Officer

**Date:** 11/05/2025