H/2 Credit Manager LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), H/2 Credit Manager LP reported 14 stock positions worth $396.3 million. Its top holding was Diversified Healthcare Trust (DHC) at 16.6% of the portfolio, followed by Veris Residential (VRE, 16.5%) and Summit Hotel Properties (INN, 13.0%). Compared with Q2 2025, it opened 1 new position. The biggest buy was a new position in Kite Realty Group Trust (KRG).

Most Recent 13F
Q2 2026
Location
STAMFORD, CT
CIK
0001813784
Portfolio Value
$396.3M (Q3 2025)
SEC Filing
0001813784-25-000008 ↗ filed Nov 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 Q2 2025 Q3 2025: $396.3M $396.3M Q3 2025 Q4 2025: $449.9M Q4 2025 Q1 2026: $492.9M Q1 2026 Q2 2026: $526.3M Q2 2026

Holdings 14 stocks · $396.3M
DHC Diversified Healthcare Trust 16.60% 14,917,366 $65.8M No change
VRE Veris Residential Inc. 16.48% 4,297,314 $65.3M No change
INN Summit Hotel Properties Inc. 12.96% 9,359,500 $51.4M No change
RLJ RLJ Lodging Trust 11.45% 6,304,257 $45.4M No change
PK Park Hotels & Resorts Inc. 10.91% 3,903,750 $43.3M No change
DRH Diamondrock Hospitality Co. 10.19% 5,075,150 $40.4M No change
SHO Sunstone Hotel Investors Inc. 7.06% 2,988,210 $28.0M No change
SBRA Sabra Health Care REIT Inc. 4.23% 900,000 $16.8M No change
KRG Kite Realty Group Trust 3.15% 560,000 $12.5M New
HST Host Hotels & Resorts Inc. 2.52% 586,032 $10.0M No change
KIM Kimco Realty Corp. 1.97% 357,500 $7.8M No change
BRX Brixmor Property Group Inc. 1.40% 200,000 $5.5M No change
CLDT Chatham Lodging Trust 1.01% 595,000 $4.0M No change
ALX Alexander's Inc. 0.06% 1,000 $234K No change
Other holdings (3): bonds, preferreds, convertibles and warrants · $7.1M (not counted above)
SecurityClassShares / PrincipalValueChange
PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) 6.3 CUM PFD SR F 246,483$5.0MNo change
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) 6.375 PFD SER E 104,015$2.1MNo change
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 2,000$50KNo change

Total filed on the 13F, all lines: $403.5M.

Portfolio Sells Q2 2025 → Q3 2025
None this quarter.

Portfolio Buys Q2 2025 → Q3 2025
KRG Kite Realty Group Trust New 3.15% +3.15

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