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H/2 CREDIT MANAGER LP

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13F filer, CIK 1813784, STAMFORD, CT

H/2 CREDIT MANAGER LP reported $403,474,000 across 17 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 93.88% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001813784-25-000008

Period
2025-09-30
Reported value
$403M
Holdings
17
Top 10 weight
93.88%
New
1
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
KRGnew+560,000$12.5M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

None.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001813784-25-000008, largest first. % of portfolio is the value over $403,474,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,917,366 shares; 2024Q4: 14,917,366 shares; 2025Q1: 14,917,366 shares; 2025Q2: 14,917,366 shares; 2025Q3: 14,917,366 shares 14,917,366$65.8M16.3%0Timeline
VREVERIS RESIDENTIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,297,314 shares; 2024Q4: 4,297,314 shares; 2025Q1: 4,297,314 shares; 2025Q2: 4,297,314 shares; 2025Q3: 4,297,314 shares 4,297,314$65.3M16.19%0Timeline
INNSUMMIT HOTEL PPTYSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,167,331 shares; 2024Q4: 8,909,500 shares; 2025Q1: 8,909,500 shares; 2025Q2: 9,359,500 shares; 2025Q3: 9,359,500 shares 9,359,500$51.4M12.74%0Timeline
RLJRLJ LODGING TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,304,257 shares; 2024Q4: 6,304,257 shares; 2025Q1: 6,304,257 shares; 2025Q2: 6,304,257 shares; 2025Q3: 6,304,257 shares 6,304,257$45.4M11.25%0Timeline
PKPARK HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,428,750 shares; 2024Q4: 3,428,750 shares; 2025Q1: 3,903,750 shares; 2025Q2: 3,903,750 shares; 2025Q3: 3,903,750 shares 3,903,750$43.3M10.72%0Timeline
DRHDIAMONDROCK HOSPITALITY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,741,445 shares; 2024Q4: 3,741,445 shares; 2025Q1: 5,075,150 shares; 2025Q2: 5,075,150 shares; 2025Q3: 5,075,150 shares 5,075,150$40.4M10.01%0Timeline
SHOSUNSTONE HOTEL INVS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,188,210 shares; 2024Q4: 2,788,210 shares; 2025Q1: 2,988,210 shares; 2025Q2: 2,988,210 shares; 2025Q3: 2,988,210 shares 2,988,210$28M6.94%0Timeline
SBRASABRA HEALTH CARE REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 900,000 shares; 2024Q4: 900,000 shares; 2025Q1: 900,000 shares; 2025Q2: 900,000 shares; 2025Q3: 900,000 shares 900,000$16.8M4.16%0Timeline
KRGKITE REALTY GROUP TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 560,000 shares 560,000$12.5M3.1%newTimeline
HSTHOST HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 586,032 shares; 2024Q4: 586,032 shares; 2025Q1: 586,032 shares; 2025Q2: 586,032 shares; 2025Q3: 586,032 shares 586,032$9.97M2.47%0Timeline
KIMKIMCO REALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 357,500 shares; 2024Q4: 357,500 shares; 2025Q1: 357,500 shares; 2025Q2: 357,500 shares; 2025Q3: 357,500 shares 357,500$7.81M1.94%0Timeline
BRXBRIXMOR PPTY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,000 shares; 2024Q4: 200,000 shares; 2025Q1: 200,000 shares; 2025Q2: 200,000 shares; 2025Q3: 200,000 shares 200,000$5.54M1.37%0Timeline
PEBBLEBROOK HOTEL TRPEBBLEBROOK HOTEL TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 246,483 shares; 2025Q2: 246,483 shares; 2025Q3: 246,483 shares 246,483$4.98M1.23%0
CLDTCHATHAM LODGING TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 595,000 shares; 2024Q4: 595,000 shares; 2025Q1: 595,000 shares; 2025Q2: 595,000 shares; 2025Q3: 595,000 shares 595,000$3.99M0.99%0Timeline
PEBBLEBROOK HOTEL TRPEBBLEBROOK HOTEL TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 104,015 shares; 2025Q2: 104,015 shares; 2025Q3: 104,015 shares 104,015$2.1M0.52%0
ALXALEXANDERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 65,322 shares; 2025Q2: 1,000 shares; 2025Q3: 1,000 shares 1,000$234K0.06%0Timeline
RLJ LODGING TRRLJ LODGING TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000 shares; 2024Q4: 2,000 shares; 2025Q1: 2,000 shares; 2025Q2: 2,000 shares; 2025Q3: 2,000 shares 2,000$50K0.01%0

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001813784-25-000008 base2025-11-14acceptance time not in the bulk data set