HC
H/2 Credit Manager LP's 13F Portfolio ($526.3M, Q2 2026)
H/2 Credit Manager LPCIK: 0001813784
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$526.3M
Reporting period: 2026-06-30 · Number of holdings: 16
H/2 CREDIT MANAGER LP disclosed 16 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $526.3M and a quarterly turnover rate of 48.1%.
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Personality snowflake
- Concentration
- 55.47
- Portfolio Stability
- 48.09
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 32
- Sizing Uniformity
- 88.6
H/2 Credit Manager LP's disclosed holdings carry a Herfindahl concentration index of 0.139 — mathematically equivalent to about 7 equally-sized positions, well below its 16 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.14), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 5.0 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 25% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out VRSK
Add RLJ
0.0% $42.5M
Add INN
0.0% $23.6M
Add DHC
-14.1% $20.2M
Add SHO
+21.5% $13.7M
Add PK
0.0% $11.8M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | DHC | Diversified Healthcare Trust | Stock-Other | 22.65% | +2.83% | -14.08% | |
| 2 | RLJ | Rlj Lodging Trust | Stock-Other | 21.58% | +7.35% | — | |
| 3 | INN | Summit Hotel Properties Inc | Stock-Other | 12.16% | +4.09% | — | |
| 4 | DRH | Diamondrock Hospitality Co | Stock-Other | 9.22% | +1.58% | -2.28% | |
| 5 | PK | Park Hotels & Resorts Inc | Stock-Real Estate | 8.56% | +1.90% | — | |
| 6 | SHO | Sunstone Hotel Investors Inc | Stock-Other | 7.37% | +2.34% | +21.45% | |
| 7 | BXP | Bxp Inc | Stock-Real Estate | 3.38% | +0.60% | — | |
| 8 | SBRA | Sabra Health Care Reit Inc | Stock-Real Estate | 3.34% | -0.12% | — | |
| 9 | KRG | Kite Realty Group Trust | Stock-Real Estate | 3.02% | +0.27% | — | |
| 10 | HST | Host Hotels & Resorts Inc | Stock-Real Estate | 2.64% | +0.39% | — | |
| 11 | HHH | Howard Hughes Holdings Inc | Stock-Real Estate | 1.91% | +0.13% | — | |
| 12 | CLDT | Chatham Lodging Trust | Stock-Other | 1.50% | +0.56% | — | |
| 13 | KIM | Kimco Realty CORP | Stock-Real Estate | 1.44% | +0.09% | — | |
| 14 | BRX | Brixmor Property Group Inc | Stock-Real Estate | 1.20% | +0.05% | — | |
| 15 | ALX | Alexander's Inc | Stock-Other | 0.05% | — | — | |
| 16 | RLJ 1.95 PERP ABond | Rlj Lodging Trust | Bond | 0.01% | — | — |
Portfolio Performance
Performance for Q3 2026
+9.2%
Performance Last 4 Quarters
-12.2%
- Stdev
- +17.3%
- Beta
- +0.58
- Alpha
- -10.1%
- Max Drawdown
- -27.8%
- Annualized Perf
- 0%
- Batting Avg vs S&P
- +36.1%
- Sortino
- +0.13
- Stutzer
- +0.03
- Treynor
- +0.03
- Sterling
- 0
- Calmar
- 0
- Information Ratio
- -1.12
- Tracking Error
- +16.5%
- Stdev Down
- +11.7%
- Winning Months %
- +44.4%
- Losing Months %
- +55.6%
- Best 12 Months
- +25.5%
- Worst 12 Months
- -27.3%
- Efficiency Ratio
- 0
- Sharpe
- +0.09
- Stdev Sectors
- 0%
- Skewness
- +0.02
- Kurtosis
- -0.12
- Upside Potential
- +2.04
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 16 | $526.3M | 48 | ||
| 2026 Q1 | 19 | $499.7M | 14 | ||
| 2025 Q4 | 19 | $456.6M | 25 | ||
| 2025 Q3 | 17 | $403.5M | 20 | ||
| 2025 Q2 | 16 | $364.6M | 0 | ||
| 2025 Q1 | 16 | $376.5M | 100 | ||
| 2024 Q4 | 13 | $391.4M | 0 | ||
| 2024 Q3 | 13 | $387.2M | 0 | ||
| 2024 Q2 | 15 | $371.4M | 0 | ||
| 2024 Q1 | 15 | $390.1M | 0 | ||
| 2023 Q4 | 13 | $405.1M | 0 | ||
| 2023 Q3 | 13 | $361.1M | 0 | ||
| 2023 Q2 | 14 | $328.3M | 0 | ||
| 2023 Q1 | 13 | $280.7M | 0 | ||
| 2022 Q4 | 12 | $224.8M | 0 | ||
| 2022 Q3 | 13 | $189.8M | 0 | ||
| 2022 Q2 | 13 | $232.1M | 0 | ||
| 2022 Q1 | 10 | $251.8M | 0 | ||
| 2021 Q4 | 10 | $290.0M | 0 | ||
| 2021 Q3 | 12 | $358.0M | 0 | ||
| 2021 Q2 | 10 | $297.1M | 97 | ||
| 2021 Q1 | 10 | $278.4M | 31 | ||
| 2020 Q4 | 11 | $252.9M | 0 |
Holding changes this quarter
H/2 Credit Manager LP's most significant position changes for 2026-06-30: Sold out: Verisk Analytics, Inc. (VRSK); Sold out: Pebblebrook Hotel Trust (PEB 6.3 PERP F); Sold out: Pebblebrook Hotel Trust (PEB 6.375 PERP E); Trim: Diversified Healthcare Trust (DHC) — shares -14.08%; Add: Sunstone Hotel Investors Inc (SHO) — shares +21.45%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RLJ | Rlj Lodging Trust | +7.4% | — | Unchanged |
| 2 | INN | Summit Hotel Properties Inc | +4.1% | — | Unchanged |
| 3 | DHC | Diversified Healthcare Trust | +2.8% | -14.08% | Trim |
| 4 | SHO | Sunstone Hotel Investors Inc | +2.3% | +21.45% | Add |
| 5 | PK | Park Hotels & Resorts Inc | +1.9% | — | Unchanged |
| 6 | DRH | Diamondrock Hospitality Co | +1.6% | -2.28% | Trim |
| 7 | BXP | Bxp Inc | +0.6% | — | Unchanged |
| 8 | CLDT | Chatham Lodging Trust | +0.6% | — | Unchanged |
| 9 | HST | Host Hotels & Resorts Inc | +0.4% | — | Unchanged |
| 10 | KRG | Kite Realty Group Trust | +0.3% | — | Unchanged |
| 11 | HHH | Howard Hughes Holdings Inc | +0.1% | — | Unchanged |
| 12 | KIM | Kimco Realty CORP | +0.1% | — | Unchanged |
| 13 | BRX | Brixmor Property Group Inc | +0.1% | — | Unchanged |
| 14 | ALX | Alexander's Inc | — | — | Unchanged |
| 15 | RLJ 1.95 PERP ABond | Rlj Lodging Trust | — | — | Unchanged |
| 16 | SBRA | Sabra Health Care Reit Inc | -0.1% | — | Unchanged |
| 17 | PEB 6.375 PERP EBond | Pebblebrook Hotel Trust | -0.4% | EXIT | Sold out |
| 18 | PEB 6.3 PERP FBond | Pebblebrook Hotel Trust | -1% | EXIT | Sold out |
| 19 | VRSK | Verisk Analytics, Inc. | -20.7% | EXIT | Sold out |
Filing History
FAQ
What is H/2 Credit Manager LP and what type of investor is it?
H/2 Credit Manager LP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $526.3M, spread across 16 disclosed positions.
What are H/2 Credit Manager LP's largest equity positions?
Based on the latest 13F filing, H/2 Credit Manager LP's top holdings by market value are:
1. Diversified Healthcare Trust (DHC) — $119.2M (22.6%)
2. Rlj Lodging Trust (RLJ) — $113.6M (21.6%)
3. Summit Hotel Properties Inc (INN) — $64.0M (12.2%)
4. Diamondrock Hospitality Co (DRH) — $48.5M (9.2%)
5. Park Hotels & Resorts Inc (PK) — $45.1M (8.6%)
What changes did H/2 Credit Manager LP make in its most recent portfolio filing?
In the latest reported quarter, H/2 Credit Manager LP made 6 notable position adjustments: 0 new positions were initiated, 1 existing holdings were added to, 2 positions were partially reduced, and 3 were completely exited. The largest of these moves: Sold out: Verisk Analytics, Inc. (VRSK); Sold out: Pebblebrook Hotel Trust (PEB 6.3 PERP F); Sold out: Pebblebrook Hotel Trust (PEB 6.375 PERP E); Trim: Diversified Healthcare Trust (DHC) — shares -14.08%; Add: Sunstone Hotel Investors Inc (SHO) — shares +21.45%
What sectors does H/2 Credit Manager LP focus on?
H/2 Credit Manager LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Real Estate: 100.0%
Investment Profile
H/2 Credit Manager LP returned an annualized 0.0% over the trailing 36 months — underperforming the S&P 500 by 10.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.58 (less volatile than the market) and a 36% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 100.0% of the portfolio concentrated in Real Estate.
Its turnover score has risen from 0 to 48 over the past 4 quarters — a shift toward more active trading.
It has added to its DHC position for two straight quarters, increasing it by $46.9M to reach $119.2M.
Peer Institutions
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M&
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Sector conviction100.0
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View detail
UC
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IM
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CIK 0001009022
Total reported value
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Portfolio Stability0.0
Sector conviction53.3
AUM within 0.0% of this institution
View detail
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Developer Access
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