Max J. Levy
About Max J. Levy
Max J. Levy is Senior Vice President and Chief Investment Officer of Sonida Senior Living (SNDA), appointed effective June 1, 2024 after resigning his board seat to take the role; he is 34 with a BA in Intellectual History from the University of Pennsylvania (summa cum laude, Phi Beta Kappa) . He leads Sonida’s sourcing strategy and investment/capital allocation process, bringing prior experience as a Principal at Conversant Capital (largest SNDA shareholder) and real estate investing roles at The Baupost Group and Henschel/Hentschel & Co. . Company performance under his tenure context: 2024 cumulative TSR value rose to $259.33 on a $100 base, with revenue of $252.9M, operating margin 27.23%, and Adjusted AFFO of $(2.0)M—metrics that drove the annual incentive framework, and the Compensation Committee exercised discretion to pay 100% of target bonuses given the strong acquisition program in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Conversant Capital | Principal | 2020–2024 | Led major investments across sectors including healthcare real estate in public and private markets |
| The Baupost Group | Analyst | 2015–2020 | Sourced/evaluated debt and equity investments across all property types in North America/Europe, private real estate and public securities |
| Henschel & Co. / Hentschel & Company | Investment Banking Analyst | Early career | Advised public REITs/private real estate companies on M&A and capital raising |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Crossroads Impact Corp. | Director; Investment Committee | 2022–2024 | Served on investment committee of impact-focused specialty finance company |
Fixed Compensation
- Executive-specific compensation (base salary, target/actual bonus) for Max J. Levy is not disclosed in the 2025 proxy or related filings; he is not listed as a named executive officer in 2024 .
- As a director in 2024, Levy did not receive director fees pursuant to an arrangement with Conversant; he resigned from the Board effective June 1, 2024 .
Performance Compensation
- Company incentive design (applies broadly to executives; Levy’s individual payouts are not disclosed): 2024 STI Plan used four corporate goals with specified weightings, thresholds, targets, and maximums; actual results and payout factors are below. The Compensation Committee exercised discretion to pay 100% of target for NEOs given the significant positive impact of the acquisition program in 2024 .
| Corporate Goal | Weighting (% of Target Bonus) | Threshold | Target | Max | Actual Result | Payout Factor |
|---|---|---|---|---|---|---|
| Revenue | 30% | $243,125,900 | $255,922,000 | $268,718,100 | $252,866,232 | 26.4% |
| Operating Margin | 35% | 26.50% | 27.54% | 28.75% | 27.23% | 29.8% |
| Adjusted AFFO | 30% | $(4,563,596) | $(2,399,192) | $1,929,616 | $(2,018,613) | 32.6% |
| Employee Retention Index | 5% | 104.3 | 107.3 | 110.3 | 109 | 7.8% |
- Committee discretion: payout factors aggregated to 96.6%, but committee increased to 100% of target for NEOs due to acquisition program impact .
Equity Ownership & Alignment
- Beneficial ownership: As of April 19, 2024 (while still a director), Max J. Levy reported 0 shares beneficially owned; the table lists him as 0 and not part of the 2024 aggregate executive/director holdings. 2025 proxy beneficial ownership tables do not include Levy (now an officer, not a director) .
- Hedging/pledging: Company prohibits hedging; pledging is prohibited absent pre-approval by the Board. Compensation practices explicitly prohibit hedging and pledging by directors and officers .
- Ownership guidelines: Stock ownership guidelines exist for executives and directors; individual compliance status for Levy is not disclosed .
- Clawbacks: Robust recoupment policy applies to cash and equity-based incentive compensation in event of restatement; supplemental policy allows clawback for misconduct—applies to covered employees, including named executive officers .
Employment Terms
- Appointment and role: Appointed Senior Vice President & Chief Investment Officer effective June 1, 2024; resigned from Board (and Compensation Committee) in connection with appointment; leads investment process and multi-faceted sourcing strategy .
- Employment agreement, severance, and change-of-control terms: Not disclosed for Levy in available filings; change-in-control equity treatment is governed by the company’s 2019 Omnibus Stock and Incentive Plan (double-trigger mechanics and performance-award treatment) but individual awards for Levy are not disclosed .
- Non-compete/other covenants: No Levy-specific covenants disclosed; company-wide insider trading policy in place .
Investment Implications
- Alignment and potential conflicts: Levy’s transition from Conversant Capital (SNDA’s largest shareholder with board designation rights) to CIO supports strategic capital allocation capability but underscores related-party sensitivity; Investor Rights Agreement provides Conversant significant governance rights, and 2024 private placement involved Conversant/Silk, approved by the Audit Committee under related-party policy .
- Execution signals: 2024 incentives tied to revenue/margin/AFFO/retention—actuals near target and committee discretion tied to acquisition program indicate emphasis on inorganic growth consistent with Levy’s remit; TSR improvement to $259.33 in 2024 further supports value-creation momentum during his early tenure .
- Retention/compensation risk: Lack of disclosed salary/bonus/equity award details for Levy limits assessment of pay-for-performance alignment and severance/change-in-control economics; monitor subsequent proxies and any 8-K Item 5.02 filings for employment agreement terms .
- Governance safeguards: No hedging/pledging, double-trigger vesting for equity, clawback policies, and stock ownership guidelines are positive alignment features; verify individual compliance once disclosed .
Note: Director compensation for Levy in 2024 was $0 under an arrangement with Conversant; he resigned from the Board effective June 1, 2024 .