H/2 Credit Manager LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), H/2 Credit Manager LP reported 13 stock positions worth $370.3 million. Its top holding was Veris Residential (VRE) at 19.6% of the portfolio, followed by RLJ Lodging Trust (RLJ, 13.4%) and Summit Hotel Properties (INN, 13.0%). Compared with Q4 2024, it opened 1 new position and added to 3. The biggest buy was a new position in Alexander's (ALX).

Most Recent 13F
Q2 2026
Location
STAMFORD, CT
CIK
0001813784
Portfolio Value
$370.3M (Q1 2025)
SEC Filing
0001813784-25-000005 ↗ filed May 15, 2025

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 $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 Q2 2026

Holdings 13 stocks · $370.3M
VRE Veris Residential Inc. 19.64% 4,297,314 $72.7M No change
RLJ RLJ Lodging Trust 13.43% 6,304,257 $49.7M No change
INN Summit Hotel Properties Inc. 13.02% 8,909,500 $48.2M No change
PK Park Hotels & Resorts Inc. 11.26% 3,903,750 $41.7M Add +13.8%
DRH Diamondrock Hospitality Co. 10.58% 5,075,150 $39.2M Add +35.6%
DHC Diversified Healthcare Trust 9.67% 14,917,366 $35.8M No change
SHO Sunstone Hotel Investors Inc. 7.59% 2,988,210 $28.1M Add +7.2%
SBRA Sabra Health Care REIT Inc. 4.25% 900,000 $15.7M No change
ALX Alexander's Inc. 3.69% 65,322 $13.7M New
HST Host Hotels & Resorts Inc. 2.25% 586,032 $8.3M No change
KIM Kimco Realty Corp. 2.05% 357,500 $7.6M No change
BRX Brixmor Property Group Inc. 1.43% 200,000 $5.3M No change
CLDT Chatham Lodging Trust 1.15% 595,000 $4.2M No change
Other holdings (3): bonds, preferreds, convertibles and warrants · $6.1M (not counted above)
SecurityClassShares / PrincipalValueChange
PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) 6.3 CUM PFD SR F 246,483$4.3MNew
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) 6.375 PFD SER E 104,015$1.8MNew
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 2,000$49KNo change

Total filed on the 13F, all lines: $376.5M.

Portfolio Sells Q4 2024 → Q1 2025
None this quarter.

Portfolio Buys Q4 2024 → Q1 2025
ALX Alexander's Inc. New 3.69% +3.69
DRH Diamondrock Hospitality Co. Add +35.6% 10.58% +1.95
SHO Sunstone Hotel Investors Inc. Add +7.2% 7.59% −0.84
PK Park Hotels & Resorts Inc. Add +13.8% 11.26% −1.07

Notes & Other Activity Q4 2024 → Q1 2025
PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) 6.3 CUM PFD SR F New 246,483 $4.3M
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) 6.375 PFD SER E New 104,015 $1.8M

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