[Form 4] DIVERSIFIED HEALTHCARE TRUST Insider Trading Activity

Rhea-AI Filing Summary

Christopher J. Bilotto, who serves as President and CEO and a director of Diversified Healthcare Trust (ticker shown in filing as NASDAQ:DHC), reported a transaction on 09/16/2025 disposing of 17,091 common shares at a price of $4.37 per share. The filing states the shares were withheld to pay a tax liability related to the vesting of previously issued securities. After the withholding, the report shows 245,899.89 common shares beneficially owned by Mr. Bilotto. The Form 4 is signed by the reporting person for this single-person filing.

Insights

Financial Analyst

TL;DR: A routine tax-withholding share disposition by the CEO, small relative to total holdings and not a sale for liquidity.

This transaction is reported as a disposition of 17,091 shares via withholding to satisfy tax obligations on vested awards, at $4.37 per share. Such transactions typically reflect payroll-tax mechanics rather than open-market selling and therefore are usually neutral for near-term trading impact. The reported post-transaction beneficial ownership is 245,899.89 shares, which provides context on the executive's retained stake. No additional compensation changes, open-market sales, or new grants are disclosed in this Form 4.

Corporate Governance Expert

TL;DR: The Form 4 documents a standard withholding of shares to cover taxes upon vesting; disclosure appears complete and routine.

The filing identifies the reporting person as both an officer (President and CEO) and a director and indicates the form was filed by one reporting person. The explanation explicitly cites tax withholding under Rule 16b-3. There are no indications of departures, additional related-party transactions, or governance actions disclosed here. As a governance disclosure, this is procedural and of limited material consequence beyond confirming compliance with Section 16 reporting.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Bilotto Christopher J.

(Last) (First) (Middle)

C/O THE RMR GROUP LLC

TWO NEWTON PL., 255 WASH. ST., STE. 300

(Street)

NEWTON MA 02458

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DIVERSIFIED HEALTHCARE TRUST [ NASDAQ:DHC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares of Beneficial Interest	09/16/2025		F(1)		17,091	D	$4.37	245,899.89	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Payment of tax liability by withholding securities incident to the vesting of the security issued in accordance with Rule 16b-3.

	/s/ Christopher J. Bilotto	09/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did DHCNL insider Christopher Bilotto report on his Form 4?

He reported a disposition of 17,091 common shares at $4.37 per share on 09/16/2025, with an explanation that the shares were withheld to pay a tax liability related to vesting.

What is Christopher Bilotto's role at Diversified Healthcare Trust (DHCNL)?

The Form 4 lists him as both a Director and an Officer with the title President and CEO.

How many shares does Bilotto beneficially own after the reported transaction?

The Form 4 reports 245,899.89 common shares beneficially owned following the reported transaction.

Why were shares disposed of according to the filing?

The filing explanation states the disposition was a payment of tax liability by withholding securities incident to the vesting of previously issued securities under Rule 16b-3.

Was this Form 4 filed jointly or by one reporting person?

The form indicates it was filed by one reporting person.