H/2 Credit Manager LP

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), H/2 Credit Manager LP reported 15 stock positions worth $526.3 million. Its top holding was Diversified Healthcare Trust (DHC) at 22.6% of the portfolio, followed by RLJ Lodging Trust (RLJ, 21.6%) and Summit Hotel Properties (INN, 12.2%). Compared with Q1 2026, it sold out of 1, added to 1 and reduced 2. The biggest buy was Sunstone Hotel Investors (SHO, shares +21%) and the biggest sale an exit from Veris Residential (VRE).

Most Recent 13F
Q2 2026
Location
STAMFORD, CT
CIK
0001813784
Portfolio Value
$526.3M (Q2 2026)
SEC Filing
0001813784-26-000006 ↗ filed Aug 14, 2026

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $390.1M Q1 2024 Q2 2024: $371.3M Q2 2024 Q3 2024: $387.2M Q3 2024 Q4 2024: $391.3M Q4 2024 Q1 2025: $370.3M Q1 2025 Q2 2025: $358.4M Q2 2025 Q3 2025: $396.3M Q3 2025 Q4 2025: $449.9M Q4 2025 Q1 2026: $492.9M Q1 2026 Q2 2026: $526.3M $526.3M Q2 2026

Holdings 15 stocks · $526.3M
DHC Diversified Healthcare Trust 22.65% 12,817,366 $119.2M Reduce -14.1%
RLJ RLJ Lodging Trust 21.58% 9,583,184 $113.6M No change
INN Summit Hotel Properties Inc. 12.16% 9,126,700 $64.0M No change
DRH Diamondrock Hospitality Co. 9.22% 3,982,284 $48.5M Reduce -2.3%
PK Park Hotels & Resorts Inc. 8.56% 3,162,710 $45.1M No change
SHO Sunstone Hotel Investors Inc. 7.37% 3,386,394 $38.8M Add +21.4%
BXP BXP Inc. 3.38% 268,110 $17.8M No change
SBRA Sabra Health Care REIT Inc. 3.34% 900,000 $17.6M No change
KRG Kite Realty Group Trust 3.02% 560,000 $15.9M No change
HST Host Hotels & Resorts Inc. 2.64% 586,032 $13.9M No change
HHH Howard Hughes Holdings Inc. 1.91% 140,268 $10.0M No change
CLDT Chatham Lodging Trust 1.50% 595,000 $7.9M No change
KIM Kimco Realty Corp. 1.45% 300,000 $7.6M No change
BRX Brixmor Property Group Inc. 1.20% 200,000 $6.3M No change
ALX Alexander's Inc. 0.05% 1,000 $276K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $49K (not counted above)
SecurityClassShares / PrincipalValueChange
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 2,000$49KNo change

Total filed on the 13F, all lines: $526.3M.

Portfolio Sells Q1 2026 → Q2 2026
VRE Veris Residential Inc. Sold out 0.00% −20.95
DRH Diamondrock Hospitality Co. Reduce -2.3% 9.22% +1.47
DHC Diversified Healthcare Trust Reduce -14.1% 22.65% +2.55

Portfolio Buys Q1 2026 → Q2 2026
SHO Sunstone Hotel Investors Inc. Add +21.4% 7.37% +2.27

Notes & Other Activity Q1 2026 → Q2 2026
PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) 6.3 CUM PFD SR F Sold out 246,483 $4.8Mbefore exit
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) 6.375 PFD SER E Sold out 104,015 $2.0Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 15$526.3MDHC, RLJ, INN, DRH, PK
Q1 2026 16$492.9MVRE, DHC, RLJ, INN, DRH
Q4 2025 16$449.9MVRE, DHC, RLJ, INN, DRH
Q3 2025 14$396.3MDHC, VRE, INN, RLJ, PK
Q2 2025 13$358.4MVRE, DHC, INN, RLJ, PK
Q1 2025 13$370.3MVRE, RLJ, INN, PK, DRH
Q4 2024 12$391.3MVRE, RLJ, INN, PK, DHC
Q3 2024 12$387.2MVRE, DHC, RLJ, INN, PK
Q2 2024 14$371.3MVRE, RLJ, PK, DHC, INN
Q1 2024 14$390.1MRLJ, VRE, PK, DHC, INN