H/2 CREDIT MANAGER LP Long-Term Concentrated

CIK: 0001813784 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $457 (100.0% shares, 0.0% debt)

Holdings (19)

New Positions (2)

BXP BXP INC 4.0%

Value ($000) $18 Shares 268,110 Est. Cost $70.38 Unrealized 0.0%

HHH HOWARD HUGHES HOLDINGS 2.5%

Value ($000) $11 Shares 140,268 Est. Cost $82.83 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BXP	BXP INC	268,110	$18	4.0%	$70.38	0.0%	COM	101121101
HHH	HOWARD HUGHES HOLDINGS	140,268	$11	2.5%	$82.83	0.0%	COM	44267T102

Increased Positions (2)

RLJ RLJ LODGING TR 15.6%

Value ($000) $71 (+57.3%) Shares 9,583,184 (+52.0%) Est. Cost $6.66 Unrealized —

VRE VERIS RESIDENTIAL INC 17.8%

Value ($000) $81 (+24.7%) Shares 5,472,814 (+27.4%) Est. Cost $10.10 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RLJ	RLJ LODGING TR	9,583,184 (+52.0%)	$71 (+57.3%)	15.6%	$6.66	—	COM	74965L101
VRE	VERIS RESIDENTIAL INC	5,472,814 (+27.4%)	$81 (+24.7%)	17.8%	$10.10	—	COM	554489104

Decreased Positions (5)

PK PARK HOTELS & RESORTS INC 7.2%

Value ($000) $33 (-23.5%) Shares 3,162,710 (-19.0%) Est. Cost $3.77 Unrealized —

INN SUMMIT HOTEL PROPERTIES INC 9.7%

Value ($000) $44 (-13.5%) Shares 9,126,700 (-2.5%) Est. Cost $0.20 Unrealized —

DRH DIAMONDROCK HOSPITALITY CO 8.0%

Value ($000) $37 (-9.6%) Shares 4,075,150 (-19.7%) Est. Cost $0.01 Unrealized —

SHO SUNSTONE HOTEL INVS INC NEW 5.5%

Value ($000) $25 (-11.0%) Shares 2,788,210 (-6.7%) Est. Cost $4.01 Unrealized —

KIM KIMCO RLTY CORP 1.3%

Value ($000) $6 (-22.1%) Shares 300,000 (-16.1%) Est. Cost $18.05 Unrealized +14.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PK	PARK HOTELS & RESORTS INC	3,162,710 (-19.0%)	$33 (-23.5%)	7.2%	$3.77	—	COM	700517105
INN	SUMMIT HOTEL PROPERTIES INC	9,126,700 (-2.5%)	$44 (-13.5%)	9.7%	$0.20	—	COM	866082100
DRH	DIAMONDROCK HOSPITALITY CO	4,075,150 (-19.7%)	$37 (-9.6%)	8.0%	$0.01	—	COM	252784301
SHO	SUNSTONE HOTEL INVS INC NEW	2,788,210 (-6.7%)	$25 (-11.0%)	5.5%	$4.01	—	COM	867892101
KIM	KIMCO RLTY CORP	300,000 (-16.1%)	$6 (-22.1%)	1.3%	$18.05	+14.0%	COM	49446R109

Unchanged Positions (10)

DHC DIVERSIFIED HEALTHCARE TR 15.8%

Value ($000) $72 Shares 14,917,366 Est. Cost $2.37 Unrealized —

KRG KITE RLTY GROUP TR 2.9%

Value ($000) $13 Shares 560,000 Est. Cost $0.02 Unrealized —

HST HOST HOTELS & RESORTS INC 2.3%

Value ($000) $10 Shares 586,032 Est. Cost $11.10 Unrealized +52.6%

BRX BRIXMOR PPTY GROUP INC 1.1%

Value ($000) $5 Shares 200,000 Est. Cost $16.55 Unrealized —

— PEBBLEBROOK HOTEL TR 1.0%

Value ($000) $5 Shares 246,483 Est. Cost $0.02 Unrealized —

SBRA SABRA HEALTH CARE REIT INC 3.7%

Value ($000) $17 Shares 900,000 Est. Cost $0.01 Unrealized —

— PEBBLEBROOK HOTEL TR 0.4%

Value ($000) $2 Shares 104,015 Est. Cost $0.02 Unrealized —

CLDT CHATHAM LODGING TR 0.9%

Value ($000) $4 Shares 595,000 Est. Cost $0.01 Unrealized —

ALX ALEXANDERS INC 0.0%

Value ($000) $0 Shares 1,000 Est. Cost $0.21 Unrealized —

— RLJ LODGING TR 0.0%

Value ($000) $0 Shares 2,000 Est. Cost $23.10 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHC	DIVERSIFIED HEALTHCARE TR	14,917,366	$72	15.8%	$2.37	—	COM SH BEN INT	25525P107
KRG	KITE RLTY GROUP TR	560,000	$13	2.9%	$0.02	—	COM	49803T300
HST	HOST HOTELS & RESORTS INC	586,032	$10	2.3%	$11.10	+52.6%	COM	44107P104
BRX	BRIXMOR PPTY GROUP INC	200,000	$5	1.1%	$16.55	—	COM	11120U105
—	PEBBLEBROOK HOTEL TR	246,483	$5	1.0%	$0.02	—	6.3 CUM PFD SR F	70509V704
SBRA	SABRA HEALTH CARE REIT INC	900,000	$17	3.7%	$0.01	—	COM	78573L106
—	PEBBLEBROOK HOTEL TR	104,015	$2	0.4%	$0.02	—	6.375 PFD SER E	70509V605
CLDT	CHATHAM LODGING TR	595,000	$4	0.9%	$0.01	—	COM	16208T102
ALX	ALEXANDERS INC	1,000	$0	0.0%	$0.21	—	COM	014752109
—	RLJ LODGING TR	2,000	$0	0.0%	$23.10	—	CUM CONV PFD A	74965L200