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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 holdings worth $456,614,000 (the sum of its rows) across 19 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. The total stated on the cover page is $53,029,042. Its ten largest share positions make up 90.38% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001813784-26-000003

The cover page states a total of $53,029,042, 88% less than the sum of the rows, $456,614,000. This page uses the sum of the rows.

Period
2025-12-31
Value, sum of rows
$457M
Stated on the cover page
$53M
Holdings
19
Top 10 weight
90.38%
New
2
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
RLJadded+3,278,927$24.4M
BXPnew+268,110$18.1M
VREadded+1,175,500$17.5M
HHHnew+140,268$11.2M

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

SecurityShares changeApprox. value
DRHreduced-1,000,000-$8.96M
PKreduced-741,040-$7.75M
SHOreduced-200,000-$1.79M
KIMreduced-57,500-$1.17M
INNreduced-232,800-$1.13M

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.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001813784-26-000003, largest first. % of portfolio is the value over $456,614,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VREVERIS RESIDENTIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,472,814 shares 5,472,814$81.4M17.83%+1,175,500Timeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 14,917,366 shares 14,917,366$72.3M15.84%0Timeline
RLJRLJ LODGING TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 9,583,184 shares 9,583,184$71.4M15.64%+3,278,927Timeline
INNSUMMIT HOTEL PPTYSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 9,126,700 shares 9,126,700$44.4M9.73%-232,800Timeline
DRHDIAMONDROCK HOSPITALITY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,075,150 shares 4,075,150$36.5M8%-1,000,000Timeline
PKPARK HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,162,710 shares 3,162,710$33.1M7.25%-741,040Timeline
SHOSUNSTONE HOTEL INVS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,788,210 shares 2,788,210$24.9M5.46%-200,000Timeline
BXPBXP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 268,110 shares 268,110$18.1M3.96%newTimeline
SBRASABRA HEALTH CARE REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 900,000 shares; 2024Q4: 900,000 shares; 2025Q1: 900,000 shares; 2025Q2: 900,000 shares; 2025Q3: 900,000 shares; 2025Q4: 900,000 shares 900,000$17M3.73%0Timeline
KRGKITE REALTY GROUP TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 560,000 shares; 2025Q4: 560,000 shares 560,000$13.4M2.94%0Timeline
HHHHOWARD HUGHES HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 140,268 shares 140,268$11.2M2.45%newTimeline
HSTHOST HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 586,032 shares; 2024Q4: 586,032 shares; 2025Q1: 586,032 shares; 2025Q2: 586,032 shares; 2025Q3: 586,032 shares; 2025Q4: 586,032 shares 586,032$10.4M2.28%0Timeline
KIMKIMCO REALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 357,500 shares; 2024Q4: 357,500 shares; 2025Q1: 357,500 shares; 2025Q2: 357,500 shares; 2025Q3: 357,500 shares; 2025Q4: 300,000 shares 300,000$6.08M1.33%-57,500Timeline
BRXBRIXMOR PPTY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,000 shares; 2024Q4: 200,000 shares; 2025Q1: 200,000 shares; 2025Q2: 200,000 shares; 2025Q3: 200,000 shares; 2025Q4: 200,000 shares 200,000$5.24M1.15%0Timeline
PEBBLEBROOK HOTEL TRPEBBLEBROOK HOTEL TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 246,483 shares; 2025Q2: 246,483 shares; 2025Q3: 246,483 shares; 2025Q4: 246,483 shares 246,483$4.7M1.03%0
CLDTCHATHAM LODGING TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 595,000 shares; 2024Q4: 595,000 shares; 2025Q1: 595,000 shares; 2025Q2: 595,000 shares; 2025Q3: 595,000 shares; 2025Q4: 595,000 shares 595,000$4.05M0.89%0Timeline
PEBBLEBROOK HOTEL TRPEBBLEBROOK HOTEL TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 104,015 shares; 2025Q2: 104,015 shares; 2025Q3: 104,015 shares; 2025Q4: 104,015 shares 104,015$1.99M0.43%0
ALXALEXANDERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 65,322 shares; 2025Q2: 1,000 shares; 2025Q3: 1,000 shares; 2025Q4: 1,000 shares 1,000$218K0.05%0Timeline
RLJ LODGING TRRLJ LODGING TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000 shares; 2024Q4: 2,000 shares; 2025Q1: 2,000 shares; 2025Q2: 2,000 shares; 2025Q3: 2,000 shares; 2025Q4: 2,000 shares 2,000$50K0.01%0

How Q4 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 0001813784-26-000003 base2026-02-17acceptance time not in the bulk data set