PEBBLEBROOK HOTEL TR

CUSIP: 70509VAA8 Class: Convertible Debt

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (2)

Institution	Shares	Value ($000)
PIPER SANDLER & CO.	84,000	$81
Jefferies Financial Group Inc.	46,000	$44

Increased Positions (6)

OAKTREE CAPITAL MANAGEMENT LP

Value ($000) $38,416 (+48.5%) Shares 39,706,000 (+51.7%)

OSTERWEIS CAPITAL MANAGEMENT INC

Value ($000) $8,583 (+30.2%) Shares 8,871,000 (+33.0%)

Russell Investments Group, Ltd.

Value ($000) $4,560 (+75.8%) Shares 4,699,000 (+75.4%)

STATE STREET CORP

Value ($000) $7,329 (+9.8%) Shares 7,575,000 (+10.2%)

BANK OF AMERICA CORP /DE/

Value ($000) $988 (+62.0%) Shares 1,024,000 (+65.4%)

Wealthspire Advisors, LLC

Value ($000) $58 (+167.3%) Shares 60,000 (+172.7%)

Institution	Prev Shares	Curr Shares	Change
OAKTREE CAPITAL MANAGEMENT LP	26,176,000	39,706,000	+13,530,000 (+51.7%)
OSTERWEIS CAPITAL MANAGEMENT INC	6,671,000	8,871,000	+2,200,000 (+33.0%)
Russell Investments Group, Ltd.	2,679,000	4,699,000	+2,020,000 (+75.4%)
STATE STREET CORP	6,875,000	7,575,000	+700,000 (+10.2%)
BANK OF AMERICA CORP /DE/	619,000	1,024,000	+405,000 (+65.4%)
Wealthspire Advisors, LLC	22,000	60,000	+38,000 (+172.7%)

Decreased Positions (13)

CORBYN INVESTMENT MANAGEMENT INC/MD

Value ($000) $13,633 (-1.5%) Shares 14,127,000 (-1.8%)

BARCLAYS PLC

Value ($000) $4 (-99.9%) Shares 4,000 (-99.9%)

WELLS FARGO & COMPANY/MN

Value ($000) $4,085 (-61.9%) Shares 4,217,000 (-61.9%)

WELLINGTON MANAGEMENT GROUP LLP

Value ($000) $752 (-73.8%) Shares 776,000 (-73.8%)

FINANCIAL CONSULATE, INC

Value ($000) $864 (-4.6%) Shares 894,000 (-3.4%)

AVIVA PLC

Value ($000) $3,282 (-17.7%) Shares 3,400,000 (-17.1%)

MORGAN STANLEY

Value ($000) $33,765 (-5.8%) Shares 34,990,000 (-3.8%)

SSI INVESTMENT MANAGEMENT LLC

Value ($000) $2,308 (-0.9%) Shares 2,392,000 (-1.2%)

JPMORGAN CHASE & CO

Value ($000) $4,907 (-7.6%) Shares 5,065,000 (-7.7%)

PALISADE CAPITAL MANAGEMENT, LP

Value ($000) $2,275 (-1.8%) Shares 2,350,000 (-2.1%)

HB Wealth Management, LLC

Value ($000) $1,313 (-2.5%) Shares 1,360,000 (-1.7%)

ROYAL BANK OF CANADA

Value ($000) $311 (-4.0%) Shares 322,000 (-2.1%)

Thrivent Financial for Lutherans

Value ($000) $18 (-3.8%) Shares 18,980,000 (-1.4%)

Institution	Prev Shares	Curr Shares	Change
CORBYN INVESTMENT MANAGEMENT INC/MD	14,393,000	14,127,000	-266,000 (-1.8%)
BARCLAYS PLC	7,200,000	4,000	-7,196,000 (-99.9%)
WELLS FARGO & COMPANY/MN	11,080,000	4,217,000	-6,863,000 (-61.9%)
WELLINGTON MANAGEMENT GROUP LLP	2,966,000	776,000	-2,190,000 (-73.8%)
FINANCIAL CONSULATE, INC	925,000	894,000	-31,000 (-3.4%)
AVIVA PLC	4,100,000	3,400,000	-700,000 (-17.1%)
MORGAN STANLEY	36,363,000	34,990,000	-1,373,000 (-3.8%)
SSI INVESTMENT MANAGEMENT LLC	2,422,000	2,392,000	-30,000 (-1.2%)
JPMORGAN CHASE & CO	5,490,000	5,065,000	-425,000 (-7.7%)
PALISADE CAPITAL MANAGEMENT, LP	2,400,000	2,350,000	-50,000 (-2.1%)
HB Wealth Management, LLC	1,383,000	1,360,000	-23,000 (-1.7%)
ROYAL BANK OF CANADA	329,000	322,000	-7,000 (-2.1%)
Thrivent Financial for Lutherans	19,240,000	18,980,000	-260,000 (-1.4%)

Exited Positions (6)

MACKAY SHIELDS LLC

Value ($000) $4,852 Shares 4,923,000

FIFTH THIRD BANCORP

Value ($000) $887 Shares 9,000

OPPENHEIMER ASSET MANAGEMENT INC.

Value ($000) $154 Shares 156,000

Balboa Wealth Partners

Value ($000) $25 Shares 26,000

BRIGHTON JONES LLC

Value ($000) $45 Shares 45,000

STEPHENS INC /AR/

Value ($000) $48 Shares 49,000

Institution	Prev Shares	Prev Value ($000)
MACKAY SHIELDS LLC	4,923,000	$4,852
FIFTH THIRD BANCORP	9,000	$887
OPPENHEIMER ASSET MANAGEMENT INC.	156,000	$154
Balboa Wealth Partners	26,000	$25
BRIGHTON JONES LLC	45,000	$45
STEPHENS INC /AR/	49,000	$48