# H/2 CREDIT MANAGER LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1813784. Source: https://holderbook.com/funds/1813784-h-2-credit-manager-lp/

- Reported value: $526.3M
- Positions: 16
- Weight of the ten largest: 93.9%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| DIVERSIFIED HEALTHCARE TR | [DHC](https://holderbook.com/stocks/DHC/) | $119.2M | 12,817,366 | 22.6% | 23 |
| RLJ LODGING TR | [RLJ](https://holderbook.com/stocks/RLJ/) | $113.6M | 9,583,184 | 21.6% | 23 |
| SUMMIT HOTEL PPTYS | [INN](https://holderbook.com/stocks/INN/) | $64.0M | 9,126,700 | 12.2% | 20 |
| DIAMONDROCK HOSPITALITY CO | [DRH](https://holderbook.com/stocks/DRH/) | $48.5M | 3,982,284 | 9.2% | 13 |
| PARK HOTELS & RESORTS INC | [PK](https://holderbook.com/stocks/PK/) | $45.1M | 3,162,710 | 8.6% | 17 |
| SUNSTONE HOTEL INVS INC NEW | [SHO](https://holderbook.com/stocks/SHO/) | $38.8M | 3,386,394 | 7.4% | 20 |
| BXP INC | [BXP](https://holderbook.com/stocks/BXP/) | $17.8M | 268,110 | 3.4% | 3 |
| SABRA HEALTH CARE REIT INC | [SBRA](https://holderbook.com/stocks/SBRA/) | $17.6M | 900,000 | 3.3% | 14 |
| KITE REALTY GROUP TRUST | [KRG](https://holderbook.com/stocks/KRG/) | $15.9M | 560,000 | 3.0% | 4 |
| HOST HOTELS & RESORTS INC | [HST](https://holderbook.com/stocks/HST/) | $13.9M | 586,032 | 2.6% | 23 |
| HOWARD HUGHES HOLDINGS INC | [HHH](https://holderbook.com/stocks/HHH/) | $10.0M | 140,268 | 1.9% | 3 |
| CHATHAM LODGING TR | [CLDT](https://holderbook.com/stocks/CLDT/) | $7.9M | 595,000 | 1.5% | 10 |
| KIMCO REALTY CORP | [KIM](https://holderbook.com/stocks/KIM/) | $7.6M | 300,000 | 1.4% | 10 |
| BRIXMOR PPTY GROUP INC | [BRX](https://holderbook.com/stocks/BRX/) | $6.3M | 200,000 | 1.2% | 23 |
| ALEXANDERS INC | [ALX](https://holderbook.com/stocks/ALX/) | $276.0K | 1,000 | 0.1% | 6 |
| RLJ LODGING TR | [RLJPRA](https://holderbook.com/stocks/RLJPRA/) | $49.0K | 2,000 | 0.0% | 18 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +38.0% | +14.8% | +23.2% | 79% |
| Q1 2026 | +9.4% | -4.6% | +14.1% | 100% |
| Q4 2025 | +0.7% | +2.4% | -1.7% | 100% |
| Q3 2025 | +7.2% | +7.8% | -0.6% | 100% |
| Q2 2025 | +0.1% | +10.5% | -10.4% | 100% |
| Q1 2025 | -13.3% | -4.6% | -8.7% | 100% |
| Q4 2024 | -6.2% | +2.1% | -8.3% | 100% |
| Q3 2024 | +12.9% | +5.4% | +7.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $526.3M | 16 |
| Q1 2026 | $499.7M | 19 |
| Q4 2025 | $456.6M | 19 |
| Q3 2025 | $403.5M | 17 |
| Q2 2025 | $364.6M | 16 |
| Q1 2025 | $376.5M | 16 |
| Q4 2024 | $391.4M | 13 |
| Q3 2024 | $387.2M | 13 |
| Q2 2024 | $371.4M | 15 |
| Q1 2024 | $390.1M | 15 |
| Q4 2023 | $405.1M | 13 |
| Q3 2023 | $361.1M | 13 |