bp_activity_format_activity_action_custom_post_type_post( string $action, object $activity )

function bp_activity_format_activity_action_custom_post_type_post( $action, $activity ) {
	$bp = buddypress();

	// Fetch all the tracked post types once.
	if ( empty( $bp->activity->track ) ) {
		$bp->activity->track = bp_activity_get_post_types_tracking_args();
	}

	if ( empty( $activity->type ) || empty( $bp->activity->track[ $activity->type ] ) ) {
		return $action;
	}

	$user_link = bp_core_get_userlink( $activity->user_id );
	$blog_url  = get_home_url( $activity->item_id );

	if ( empty( $activity->post_url ) ) {
		$post_url = add_query_arg( 'p', $activity->secondary_item_id, trailingslashit( $blog_url ) );
	} else {
		$post_url = $activity->post_url;
	}

	if ( is_multisite() ) {
		$blog_link = '<a href="' . esc_url( $blog_url ) . '">' . get_blog_option( $activity->item_id, 'blogname' ) . '</a>';

		if ( ! empty( $bp->activity->track[ $activity->type ]->new_post_type_action_ms ) ) {
			$action = sprintf( $bp->activity->track[ $activity->type ]->new_post_type_action_ms, $user_link, $post_url, $blog_link );
		} else {
			$action = sprintf( __( '%1$s wrote a new <a href="%2$s">item</a>, on the site %3$s', 'buddyboss' ), $user_link, esc_url( $post_url ), $blog_link );
		}
	} else {
		if ( ! empty( $bp->activity->track[ $activity->type ]->new_post_type_action ) ) {
			$action = sprintf( $bp->activity->track[ $activity->type ]->new_post_type_action, $user_link, $post_url );
		} else {
			$action = sprintf( __( '%1$s wrote a new <a href="%2$s">item</a>', 'buddyboss' ), $user_link, esc_url( $post_url ) );
		}
	}

	/**
	 * Filters the formatted custom post type activity post action string.
	 *
	 * @since BuddyPress 2.2.0
	 *
	 * @param string               $action   Activity action string value.
	 * @param BP_Activity_Activity $activity Activity item object.
	 */
	return apply_filters( 'bp_activity_custom_post_type_post_action', $action, $activity );
}