H/2 Credit Manager LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), H/2 Credit Manager LP reported 13 stock positions worth $358.4 million. Its top holding was Veris Residential (VRE) at 17.9% of the portfolio, followed by Diversified Healthcare Trust (DHC, 14.9%) and Summit Hotel Properties (INN, 13.3%). Compared with Q1 2025, it added to 1 and reduced 1. The biggest buy was Summit Hotel Properties (INN, shares +5%) and the biggest sale Alexander's (ALX, shares −98%).

Most Recent 13F
Q2 2026
Location
STAMFORD, CT
CIK
0001813784
Portfolio Value
$358.4M (Q2 2025)
SEC Filing
0001813784-25-000006 ↗ filed Aug 14, 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 Q1 2025 Q2 2025: $358.4M $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 · $358.4M
VRE Veris Residential Inc. 17.86% 4,297,314 $64.0M No change
DHC Diversified Healthcare Trust 14.90% 14,917,366 $53.4M No change
INN Summit Hotel Properties Inc. 13.29% 9,359,500 $47.6M Add +5.0%
RLJ RLJ Lodging Trust 12.81% 6,304,257 $45.9M No change
PK Park Hotels & Resorts Inc. 11.14% 3,903,750 $39.9M No change
DRH Diamondrock Hospitality Co. 10.85% 5,075,150 $38.9M No change
SHO Sunstone Hotel Investors Inc. 7.24% 2,988,210 $25.9M No change
SBRA Sabra Health Care REIT Inc. 4.63% 900,000 $16.6M No change
HST Host Hotels & Resorts Inc. 2.51% 586,032 $9.0M No change
KIM Kimco Realty Corp. 2.10% 357,500 $7.5M No change
BRX Brixmor Property Group Inc. 1.45% 200,000 $5.2M No change
CLDT Chatham Lodging Trust 1.16% 595,000 $4.1M No change
ALX Alexander's Inc. 0.06% 1,000 $225K Reduce -98.5%
Other holdings (3): bonds, preferreds, convertibles and warrants · $6.2M (not counted above)
SecurityClassShares / PrincipalValueChange
PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) 6.3 CUM PFD SR F 246,483$4.3MNo change
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) 6.375 PFD SER E 104,015$1.8MNo change
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 2,000$47KNo change

Total filed on the 13F, all lines: $364.6M.

Portfolio Sells Q1 2025 → Q2 2025
ALX Alexander's Inc. Reduce -98.5% 0.06% −3.63

Portfolio Buys Q1 2025 → Q2 2025
INN Summit Hotel Properties Inc. Add +5.0% 13.29% +0.28

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