H/2 CREDIT MANAGER LP

STAMFORD, CT · CIK 1813784 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited partnership

Assets managed$4.5bn
Staff18 · 9 in investment roles
Main clients (by assets)Private funds 100%
Private funds6 (6 hedge) · $4.5bn gross assets
Form ADV · 2026-03-31SEC adviser record

Legal entityH/2 CREDIT MANAGER LP (US)

$526.3m reported value +5.3% vs Q1 2026

16positions

93.9%in top 10

0 new 1 added 2 reduced 3 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	DIVERSIFIED HEALTHCARE TR COM SH BEN INT DHC	DHC	12,817,366	$119.2m22.65%	22.65%	Reduced -2.1m	-2,100,000 -14.1%
2	RLJ LODGING TR COM RLJ	RLJ	9,583,184	$113.6m21.58%	21.58%	Unchanged
3	SUMMIT HOTEL PPTYS INC COM INN	INN	9,126,700	$64.0m12.16%	12.16%	Unchanged
4	DIAMONDROCK HOSPITALITY CO COM DRH	DRH	3,982,284	$48.5m9.22%	9.22%	Reduced -92.9k	-92,866 -2.3%
5	PARK HOTELS & RESORTS INC COM PK	PK	3,162,710	$45.1m8.56%	8.56%	Unchanged
6	SUNSTONE HOTEL INVS INC NEW COM SHO	SHO	3,386,394	$38.8m7.37%	7.37%	Added +598.2k	+598,184 21.4%
7	BXP INC COM BXP	BXP	268,110	$17.8m3.38%	3.38%	Unchanged
8	SABRA HEALTH CARE REIT INC COM SBRA	SBRA	900,000	$17.6m3.34%	3.34%	Unchanged
9	KITE RLTY GROUP TR COM NEW KRG	KRG	560,000	$15.9m3.02%	3.02%	Unchanged
10	HOST HOTELS & RESORTS INC COM HST	HST	586,032	$13.9m2.64%	2.64%	Unchanged
11	HOWARD HUGHES HOLDINGS INC COM HHH	HHH	140,268	$10.0m1.91%	1.91%	Unchanged
12	CHATHAM LODGING TR COM CLDT	CLDT	595,000	$7.9m1.50%	1.50%	Unchanged
13	KIMCO RLTY CORP COM KIM	KIM	300,000	$7.6m1.44%	1.44%	Unchanged
14	BRIXMOR PPTY GROUP INC COM BRX	BRX	200,000	$6.3m1.20%	1.20%	Unchanged
15	ALEXANDERS INC COM ALX	ALX	1,000	$276.0k0.05%	0.05%	Unchanged
16	RLJ LODGING TR CUM CONV PFD A RLJ 1.95 PERP A	RLJ 1.95 PERP A	2,000	$49.0k0.01%	0.01%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
VERIS RESIDENTIAL INC		5,472,814	$103.3m5.5m shares
PEBBLEBROOK HOTEL TR PEB 6.3 PERP F	PEB 6.3 PERP F	246,483	$4.8m246.5k shares
PEBBLEBROOK HOTEL TR PEB 6.375 PERP E	PEB 6.375 PERP E	104,015	$2.0m104.0k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
SUMMIT HOTEL PPTYS INC INN · 13G · filed 2025-02-14	INN	8.3%≈ $62.5m		13G	2025-02-14
RLJ LODGING TR RLJ · 13G · filed 2026-02-17	RLJ	6.3%≈ $113.6m	new	13G	2026-02-17