Vault-13

PEBBLEBROOK HOTEL TR PEB 1.75 12.15.26

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

39 institutional holders -1 vs Q4 2025
6,539,0006.5m shares reported held*
$288.0mreported value*
4 new 6 added 10 reduced 5 sold out net sold ≈ $25.0m (+2.6m 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 ($3.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $44.62.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 59Q4 22: 61Q1 23: 54Q2 23: 53Q3 23: 60Q4 23: 62Q1 24: 58Q2 24: 58Q3 24: 64Q4 24: 62Q1 25: 65Q2 25: 57Q3 25: 43Q4 25: 40Q1 26: 3939Q3 22Q3 23Q3 24Q3 25Q1 26
Numbers
QuarterHolders
Q3 202259
Q4 202261
Q1 202354
Q2 202353
Q3 202360
Q4 202362
Q1 202458
Q2 202458
Q3 202464
Q4 202462
Q1 202565
Q2 202557
Q3 202543
Q4 202540
Q1 202639

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 24: 18 bought or addedQ2 24: 21 cut or sold outQ3 24: 31 bought or addedQ3 24: 24 cut or sold outQ3 24Q4 24: 22 bought or addedQ4 24: 27 cut or sold outQ1 25: 31 bought or addedQ1 25: 29 cut or sold outQ1 25Q2 25: 22 bought or addedQ2 25: 30 cut or sold outQ3 25: 14 bought or addedQ3 25: 35 cut or sold outQ3 25Q4 25: 9 bought or addedQ4 25: 20 cut or sold outQ1 26: 10 bought or addedQ1 26: 15 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20241821
Q3 20243124
Q4 20242227
Q1 20253129
Q2 20252230
Q3 20251435
Q4 2025920
Q1 20261015

Biggest buyers

OSTERWEIS CAPITAL MANAGEMENT INC Added +25,000,000+25.0m
OAKTREE CAPITAL MANAGEMENT LP Added +18,030,000+18.0m
SSI INVESTMENT MANAGEMENT LLC New +2,156,000+2.2m
BlackRock, Inc. Added +1,800,000+1.8m
Russell Investments Group, Ltd. Added +1,649,000+1.6m
HB Wealth Management, LLC New +422,000+422.0k
PALISADE CAPITAL MANAGEMENT, LP Added +352,000+352.0k
BARCLAYS PLC Added +198,000+198.0k
BRIGHTON JONES LLC New +45,000+45.0k
BANK OF MONTREAL /CAN/ New +17,000+17.0k

Biggest sellers

MORGAN STANLEY Reduced -33,029,000-33.0m
Walleye Capital LLC Reduced -30,000,000-30.0m
LAZARD ASSET MANAGEMENT LLC Reduced -4,978,000-5.0m
WELLS FARGO & COMPANY/MN Reduced -4,179,000-4.2m
SUSQUEHANNA ADVISORS GROUP, INC. Sold out -2,500,000-2.5m
SSI INVESTMENT MANAGEMENT LLC Sold out -2,392,000-2.4m
CITIGROUP INC Sold out -1,531,000-1.5m
HB Wealth Management, LLC Sold out -1,360,000-1.4m
CORBYN INVESTMENT MANAGEMENT INC/MD Reduced -1,064,000-1.1m
BANK OF AMERICA CORP /DE/ Reduced -510,000-510.0k

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 OAKTREE CAPITAL MANAGEMENT LP 0.95% of their portfolio LOS ANGELES, CA 57,736,00057.7m $56.4m $56.4m 0.95% Added +18.0m +18,030,000
2 TENOR CAPITAL MANAGEMENT Co., L.P. 0.71% of their portfolio NEW YORK, NY 46,734,00046.7m $46.2m $46.2m 0.71% Unchanged
3 Walleye Capital LLC 0.23% of their portfolio NEW YORK, NY 38,306,00038.3m $37.4m $37.4m 0.23% Reduced -30.0m -30,000,000
4 OSTERWEIS CAPITAL MANAGEMENT INC 1.71% of their portfolio SAN FRANCISCO, CA 33,871,00033.9m $33.1m $33.1m 1.71% Added +25.0m +25,000,000
5 CAMDEN ASSET MANAGEMENT L P /CA 0.63% of their portfolio Los Angeles, CA 19,085,00019.1m $18.6m $18.6m 0.63% Unchanged
6 Thrivent Financial for Lutherans 0.04% of their portfolio Minneapolis, MN 18,980,00019.0m $18.6m $18.6m 0.04% Unchanged
7 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 16,583,00016.6m $16.2m $16.2m 0.01% Unchanged
8 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 13,287,00013.3m $129.8k $129.8k 0.00% Reduced -5.0m -4,978,000
9 CORBYN INVESTMENT MANAGEMENT INC/MD 4.24% of their portfolio Lutherville, MD 13,063,00013.1m $12.7m $12.7m 4.24% Reduced -1.1m -1,064,000
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 7,150,0007.2m $7.0m $7.0m 0.00% Reduced -425.0k -425,000
11 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 6,348,0006.3m $6.2m $6.2m 0.01% Added +1.6m +1,649,000
12 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 5,500,0005.5m $5.4m $5.4m 0.00% Unchanged
13 BlackRock, Inc. 0.00% of their portfolio New York, NY 5,135,0005.1m $5.0m $5.0m 0.00% Added +1.8m +1,800,000
14 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 4,635,0004.6m $4.5m $4.5m 0.00% Reduced -430.0k -430,000
15 AVIVA PLC 0.01% of their portfolio LONDON, X0 3,250,0003.2m $3.2m $3.2m 0.01% Reduced -150.0k -150,000
16 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $2.9m $2.9m 0.01% Unchanged
17 PALISADE CAPITAL MANAGEMENT, LP 0.09% of their portfolio FORT LEE, NJ 2,702,0002.7m $2.6m $2.6m 0.09% Added +352.0k +352,000
18 SSI INVESTMENT MANAGEMENT LLC 0.14% of their portfolio Los Angeles, CA 2,156,0002.2m $2.1m $2.1m 0.14% New
19 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,961,0002.0m $1.9m $1.9m 0.00% Reduced -33.0m -33,029,000
20 FINANCIAL CONSULATE, INC 0.11% of their portfolio HUNT VALLEY, MD 894,000894.0k $881.8k $881.8k 0.11% Unchanged
21 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 776,000776.0k $762.4k $762.4k 0.00% Unchanged
22 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 514,000514.0k $500.6k $500.6k 0.00% Reduced -510.0k -510,000
23 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $491.8k $491.8k 0.00% Unchanged
24 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 422,000422.0k $414.0k $414.0k 0.00% New
25 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 322,000322.0k $314.0k $314.0k 0.00% Unchanged
26 Cutler Capital Management, LLC 0.08% of their portfolio WORCESTER, MA 300,000300.0k $292.2k $292.2k 0.08% Unchanged
27 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 202,000202.0k $196.7k $196.7k 0.00% Added +198.0k +198,000
28 PIPER SANDLER & CO. 0.08% of their portfolio MINNEAPOLIS, MN 84,00084.0k $81.8k $81.8k 0.08% Unchanged
29 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 67,00067.0k $65.7k $65.7k 0.00% Unchanged
30 Oaktree Fund Advisors, LLC 0.11% of their portfolio LOS ANGLES, CA 62,00062.0k $60.5k $60.5k 0.11% Unchanged
31 BRIGHTON JONES LLC 0.00% of their portfolio SEATTLE, WA 45,00045.0k $44.1k $44.1k 0.00% New
32 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 38,00038.0k $37.1k $37.1k 0.00% Reduced -4.2m -4,179,000
33 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 37,00037.0k $36.0k $36.0k 0.00% Unchanged
34 Wealthspire Advisors, LLC 0.00% of their portfolio NEW YORK, NY 22,00022.0k $21.7k $21.7k 0.00% Reduced -38.0k -38,000
35 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 17,00017.0k $16.7k $16.7k 0.00% New
36 K2 PRINCIPAL FUND, L.P. 0.77% of their portfolio TORONTO, A6 7,4737.5k $7.3m $7.3m 0.77% Unchanged
37 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 5,0005.0k $4.9k $4.9k 0.00% Unchanged
38 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 5,0005.0k $4.9k $4.9k 0.00% Unchanged
39 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,3301.3k $1.3k $1.3k 0.00% Unchanged