H/2 Credit Manager LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), H/2 Credit Manager LP reported 16 stock positions worth $449.9 million. Its top holding was Veris Residential (VRE) at 18.1% of the portfolio, followed by Diversified Healthcare Trust (DHC, 16.1%) and RLJ Lodging Trust (RLJ, 15.9%). Compared with Q3 2025, it opened 2 new positions, added to 2 and reduced 5. The biggest buy was RLJ Lodging Trust (RLJ, shares +52%) and the biggest sale Park Hotels & Resorts (PK, shares −19%).

Most Recent 13F
Q2 2026
Location
STAMFORD, CT
CIK
0001813784
Portfolio Value
$449.9M (Q4 2025)
SEC Filing
0001813784-26-000003 ↗ filed Feb 17, 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 $449.9M Q4 2025 Q1 2026: $492.9M Q1 2026 Q2 2026: $526.3M Q2 2026

Holdings 16 stocks · $449.9M
VRE Veris Residential Inc. 18.10% 5,472,814 $81.4M Add +27.4%
DHC Diversified Healthcare Trust 16.08% 14,917,366 $72.3M No change
RLJ RLJ Lodging Trust 15.87% 9,583,184 $71.4M Add +52.0%
INN Summit Hotel Properties Inc. 9.88% 9,126,700 $44.4M Reduce -2.5%
DRH Diamondrock Hospitality Co. 8.12% 4,075,150 $36.5M Reduce -19.7%
PK Park Hotels & Resorts Inc. 7.35% 3,162,710 $33.1M Reduce -19.0%
SHO Sunstone Hotel Investors Inc. 5.54% 2,788,210 $24.9M Reduce -6.7%
BXP BXP Inc. 4.02% 268,110 $18.1M New
SBRA Sabra Health Care REIT Inc. 3.79% 900,000 $17.0M No change
KRG Kite Realty Group Trust 2.98% 560,000 $13.4M No change
HHH Howard Hughes Holdings Inc. 2.49% 140,268 $11.2M New
HST Host Hotels & Resorts Inc. 2.31% 586,032 $10.4M No change
KIM Kimco Realty Corp. 1.35% 300,000 $6.1M Reduce -16.1%
BRX Brixmor Property Group Inc. 1.17% 200,000 $5.2M No change
CLDT Chatham Lodging Trust 0.90% 595,000 $4.1M No change
ALX Alexander's Inc. 0.05% 1,000 $218K No change
Other holdings (3): bonds, preferreds, convertibles and warrants · $6.7M (not counted above)
SecurityClassShares / PrincipalValueChange
PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) 6.3 CUM PFD SR F 246,483$4.7MNo change
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) 6.375 PFD SER E 104,015$2.0MNo change
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 2,000$50KNo change

Total filed on the 13F, all lines: $456.6M.

Portfolio Sells Q3 2025 → Q4 2025
PK Park Hotels & Resorts Inc. Reduce -19.0% 7.35% −3.56
INN Summit Hotel Properties Inc. Reduce -2.5% 9.88% −3.08
DRH Diamondrock Hospitality Co. Reduce -19.7% 8.12% −2.08
SHO Sunstone Hotel Investors Inc. Reduce -6.7% 5.54% −1.52
KIM Kimco Realty Corp. Reduce -16.1% 1.35% −0.62

Portfolio Buys Q3 2025 → Q4 2025
RLJ RLJ Lodging Trust Add +52.0% 15.87% +4.42
BXP BXP Inc. New 4.02% +4.02
HHH Howard Hughes Holdings Inc. New 2.49% +2.49
VRE Veris Residential Inc. Add +27.4% 18.10% +1.62

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