Multi-Billion-Dollar Cold Storage Giant Draws $19 Million Bet Despite Shares Tumbling 46% in a Year

On February 17, 2026, Conversant Capital disclosed a new position in Americold Realty Trust (NYSE:COLD), acquiring 1,500,000 shares worth $19.29 million during the fourth quarter.

What happened

Conversant Capital disclosed a new investment in Americold Realty Trust (NYSE:COLD), acquiring 1,500,000 shares during the fourth quarter, according to an SEC filing dated February 17, 2026. The fund’s quarter-end position in the company reflects a $19.29 million increase in value.

What else to know

• This was a new position for Conversant Capital and accounted for 3.66% of reportable AUM as of December 31, 2025.
• Top five holdings after the filing:
  • NYSE:SNDA: $302.12 million (57.4% of AUM)
  • NYSE:RITM: $35.48 million (6.7% of AUM)
  • NYSE:CTRI: $35.35 million (6.7% of AUM)
  • NYSE:GNL: $32.71 million (6.2% of AUM)
  • NYSE:HPP: $28.23 million (5.4% of AUM)
• As of Thursday, shares of Americold Realty Trust were priced at $11.28, down a staggering 46% over the past year and well underperforming the S&P 500’s roughly 20% gain in the same period.

Company overview

Company snapshot

• Americold operates temperature-controlled warehouses, providing refrigerated storage and logistics solutions for the food supply chain.
• The company generates revenue through the ownership, operation, acquisition, and development of cold storage facilities, primarily leasing space and offering value-added services to food producers, processors, distributors, and retailers.
• Americold's primary customers include food manufacturers, processors, distributors, and retailers requiring large-scale, reliable cold storage and supply chain services.

Americold Realty Trust is the world's largest publicly traded REIT specializing in temperature-controlled warehousing. The company leverages its extensive network of refrigerated storage to serve critical food supply chain needs across multiple continents. Americold's scale and integrated logistics offerings position it as a key infrastructure provider within the global food distribution industry.

What this transaction means for investors

Americold’s recent results highlight both the challenges and the durability of its business. The firm generated roughly $658.5 million in revenue during the fourth quarter, down 1.2% year oer year, and about $2.6 billion for the full year, down 2.4%. Meanwhile, adjusted funds from operations came in at $0.38 per share for the quarter, up a modest 3% year over year, while core EBITDA reached $162.9 million as margins improved despite industry headwinds. Management now expects 2026 AFFO between $1.20 and $1.30 per share as operational improvements and cost reductions take hold. The firm’s CFO framed the outlook as a “prudent approach.”

Ultimately, cold storage warehouses may not sound glamorous, but they serve as critical infrastructure connecting the global food industry, and that positioning makes companies like Americold particularly interesting when the market starts pricing them like a cyclical real estate play instead of a logistics backbone. If much of the damage to the firm’s stock has been priced in, it’s reasonable to see why smart money might be eyeing a turnaround.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.