Vault-13

PEBBLEBROOK HOTEL TR PEB 1.75 12.15.26

NOTE 1.750%12/1 · US DOMESTIC · CUSIP 70509VAA8

54 institutional holders -7 vs Q4 2022
40,212,00040.2m shares reported held*
$629.7mreported value*
5 new 13 added 18 reduced 12 sold out net sold ≈ $1.4m (-3.6m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $15.66. Options: 0 managers hold calls (— notional), 2 hold puts ($56.8m).

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 59Q4 22: 61Q1 23: 5454Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 202259
Q4 202261
Q1 202354

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 22: 20 bought or addedQ4 22: 26 cut or sold outQ4 22Q1 23: 18 bought or addedQ1 23: 30 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222026
Q1 20231830

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$20m$40m$60mQ3 22 calls: $0Q3 22 puts: $17.9mQ3 22P/C —Q4 22 calls: $0Q4 22 puts: $20.6mQ4 22P/C —Q1 23 calls: $0Q1 23 puts: $56.8mQ1 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$17.9m—
Q4 2022$0$20.6m—
Q1 2023$0$56.8m—

Biggest buyers

Linden Advisors LP Added +54,591,000+54.6m
Shaolin Capital Management LLC Added +15,647,000+15.6m
BARCLAYS PLC Added +6,547,000+6.5m
FMR LLC Added +4,200,000+4.2m
LAZARD ASSET MANAGEMENT LLC Added +4,195,000+4.2m
JANE STREET GROUP, LLC Added +2,267,000+2.3m
HighTower Advisors, LLC New +2,000,000+2.0m
CAMDEN ASSET MANAGEMENT L P /CA Added +1,500,000+1.5m
Calamos Advisors LLC Added +271,000+271.0k
BNP PARIBAS FINANCIAL MARKETS Added +236,000+236.0k

Biggest sellers

CITADEL ADVISORS LLC Reduced -22,100,000-22.1m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -12,152,000-12.2m
Alberta Investment Management Corp Sold out -10,000,000-10.0m
Invesco Ltd. Sold out -7,876,000-7.9m
JPMORGAN CHASE & CO Reduced -5,507,000-5.5m
Nuveen Asset Management, LLC Sold out -5,000,000-5.0m
WELLINGTON MANAGEMENT GROUP LLP Reduced -4,681,000-4.7m
BlackRock Inc. Reduced -3,075,000-3.1m
ZAZOVE ASSOCIATES LLC Reduced -3,070,000-3.1m
BANK OF AMERICA CORP /DE/ Reduced -3,007,000-3.0m

Biggest calls

None

Biggest puts

DAVIDSON KEMPNER PARTNERS First filing $28.4m33.5m shares
Davidson Kempner Capital Management LP Added $28.4m33.5m shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.09% of their portfolio ATLANTA, GA 95,060,00095.1m $80.9m $80.9m 0.09% Unchanged
2 LAZARD ASSET MANAGEMENT LLC 0.09% of their portfolio NEW YORK, NY 76,450,00076.5m $65.1m $65.1m 0.09% Added +4.2m +4,195,000
3 Linden Advisors LP 0.57% of their portfolio New York, NY 63,887,00063.9m $54.4m $54.4m 0.57% Added +54.6m +54,591,000
4 CAMDEN ASSET MANAGEMENT L P /CA 1.48% of their portfolio Los Angeles, CA 52,191,00052.2m $44.2m $44.2m 1.48% Added +1.5m +1,500,000
5 BNP PARIBAS FINANCIAL MARKETS 0.09% of their portfolio PARIS, I0 48,068,00048.1m $40.7m $40.7m 0.09% Added +236.0k +236,000
6 Shaolin Capital Management LLC 1.16% of their portfolio Miami, FL 45,647,00045.6m $38.9m $38.9m 1.16% Added +15.6m +15,647,000
7 ADVENT CAPITAL MANAGEMENT /DE/ 0.64% of their portfolio NEW YORK, NY 39,198,00039.2m $33.4m $33.4m 0.64% Reduced -12.2m -12,152,000
8 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 35,000,00035.0m $29.8m $29.8m 0.01% Unchanged
9 Calamos Advisors LLC 0.15% of their portfolio NAPERVILLE, IL 34,644,00034.6m $29.4m $29.4m 0.15% Added +271.0k +271,000
10 CITADEL ADVISORS LLC 0.03% of their portfolio MIAMI, FL 28,400,00028.4m $24.2m $24.2m 0.03% Reduced -22.1m -22,100,000
11 Thrivent Financial for Lutherans 0.05% of their portfolio Minneapolis, MN 25,390,00025.4m $21.5m $21.5m 0.05% Reduced -85.0k -85,000
12 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 25,097,00025.1m $21.3m $21.3m 0.00% Reduced -5.5m -5,507,000
13 ZAZOVE ASSOCIATES LLC 1.74% of their portfolio INCLINE VILLAGE, NV 22,535,00022.5m $19.1m $19.1m 1.74% Reduced -3.1m -3,070,000
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 15,100,00015.1m $12.8m $12.8m 0.00% Reduced -2.9m -2,900,000
15 MacKay Shields LLC 0.32% of their portfolio New York, NY 13,702,00013.7m $11.6m $11.6m 0.32% Reduced -84.0k -84,000
16 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 13,000,00013.0m $11.0m $11.0m 0.00% Reduced -122.0k -122,000
17 SSI INVESTMENT MANAGEMENT LLC 0.74% of their portfolio Los Angeles, CA 12,530,00012.5m $10.6m $10.6m 0.74% Reduced -97.0k -97,000
18 FMR LLC 0.00% of their portfolio BOSTON, MA 10,400,00010.4m $8.8m $8.8m 0.00% Added +4.2m +4,200,000
19 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 10,328,00010.3m $8.8m $8.8m 0.00% Reduced -4.7m -4,681,000
20 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.03% of their portfolio Los Angeles, CA 8,320,0008.3m $7.1m $7.1m 0.03% Reduced -70.0k -70,000
21 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 6,908,0006.9m $5.9m $5.9m 0.01% Added +2.3m +2,267,000
22 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 6,692,0006.7m $5.7m $5.7m 0.01% Added +6.5m +6,547,000
23 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 6,593,0006.6m $5.6m $5.6m 0.00% Reduced -1.6m -1,556,000
24 Man Group plc 0.02% of their portfolio LONDON, X0 6,150,0006.2m $5.2m $5.2m 0.02% Unchanged
25 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 4,925,0004.9m $4.2m $4.2m 0.00% Reduced -3.0m -3,007,000
26 BlackRock Inc. 0.00% of their portfolio New York, NY 4,370,0004.4m $3.7m $3.7m 0.00% Reduced -3.1m -3,075,000
27 GABELLI FUNDS LLC 0.02% of their portfolio Rye, NY 3,400,0003.4m $2.9m $2.9m 0.02% Unchanged
28 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 3,338,0003.3m $2.8m $2.8m 0.00% Reduced -1.3m -1,266,000
29 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 3,250,0003.2m $2.8m $2.8m 0.00% Unchanged
30 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 2,950,0003.0m $2.5m $2.5m 0.00% Reduced -800.0k -800,000
31 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 2,197,0002.2m $1.9m $1.9m 0.00% Added +9.0k +9,000
32 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 2,000,0002.0m $1.7m $1.7m 0.00% New
33 Liberty Mutual Group Asset Management Inc. 0.30% of their portfolio Boston, MA 1,575,0001.6m $1.3m $1.3m 0.30% Reduced -1.8m -1,775,000
34 Calamos Wealth Management LLC 0.04% of their portfolio NAPERVILLE, IL 592,000592.0k $501.6k $501.6k 0.04% Added +64.0k +64,000
35 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 500,000500.0k $424.9k $424.9k 0.00% Added +200.0k +200,000
36 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 334,000334.0k $282.7k $282.7k 0.00% Unchanged
37 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 320,000320.0k $270.9k $270.9k 0.00% Unchanged
38 KBC Group NV 0.00% of their portfolio Brussels, C9 200,000200.0k $171.0k $171.0k 0.00% Unchanged
39 Teton Advisors, Inc. 0.05% of their portfolio Rye, NY 200,000200.0k $169.5k $169.5k 0.05% Unchanged
40 FIRST HAWAIIAN BANK 0.01% of their portfolio HONOLULU, HI 199,000199.0k $168.4k $168.4k 0.01% Unchanged
41 Amundi 0.00% of their portfolio Paris, I0 168,000168.0k $140.9k $140.9k 0.00% Unchanged
42 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 158,000158.0k $134.5k $134.5k 0.00% Unchanged
43 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 150,000150.0k $124.5k $124.5k 0.00% Unchanged
44 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 120,000120.0k $101.6k $101.6k 0.00% Added +12.0k +12,000
45 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 51,00051.0k $43.2k $43.2k 0.00% Unchanged
46 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 43,00043.0k $36.4k $36.4k 0.00% Unchanged
47 Balboa Wealth Partners 0.01% of their portfolio SCOTTSDALE, AZ 38,00038.0k $32.0k $32.0k 0.01% Unchanged
48 SG Americas Securities, LLC 0.02% of their portfolio NEW YORK, NY 19,14019.1k $1.6m $1.6m 0.02% Reduced -10.5k -10,500
49 Iron Horse Wealth Management, LLC 0.01% of their portfolio JOHSTON, IA 17,00017.0k $14.4k $14.4k 0.01% New
50 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 10,00010.0k $8.5k $8.5k 0.00% New
51 Raymond James Financial Services Advisors, Inc. 0.00% of their portfolio ST. PETERSBURG, FL 10,00010.0k $8.5k $8.5k 0.00% New
52 K2 PRINCIPAL FUND, L.P. 1.47% of their portfolio TORONTO, A6 6,3006.3k $5.4m $5.4m 1.47% Unchanged
53 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 4,0004.0k $338.6k $338.6k 0.00% New
54 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged