[Form 4] Diversified Healthcare Trust Insider Trading Activity

Rhea-AI Filing Summary

Christopher J. Bilotto, President and CEO and a director of Diversified Healthcare Trust (NASDAQ: DHC), reported an equity award and additional share acquisitions. On 09/09/2025 Mr. Bilotto was awarded 81,775 common shares under the issuer's equity compensation plan. Following the award and prior reported activity, he beneficially owned 262,990.89 shares. The filing also notes 394.05 shares were acquired under a dividend reinvestment plan since his last Section 16 filing.

This Form 4 discloses a routine, compensation-related share award and reinvested dividends that increase an insider's stake; the report was signed on 09/11/2025.

Positive

• Insider alignment: Large equity award (81,775 shares) increases the CEO's ownership stake, aligning management incentives with shareholders.
• Transparency: Filing discloses dividend reinvestment of 394.05 shares and post-transaction beneficial ownership (262,990.89 shares).
• Timely reporting: Transaction dated 09/09/2025 and Form 4 signed 09/11/2025, indicating prompt disclosure.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine executive equity award disclosed; increases insider alignment with shareholders.

The filing documents a grant of 81,775 common shares to the CEO and director under the company's equity compensation plan and records dividend reinvestment of 394.05 shares. Such disclosures are standard practice for senior executives and serve to align management incentives with shareholder interests. The reported post-transaction beneficial ownership of 262,990.89 shares provides transparency on the insider's stake. No departures from normal reporting conventions or unusual transfer mechanisms are indicated in the filing.

Securities Analyst

TL;DR: Materiality appears limited; transaction is compensation-related and was properly reported.

The transaction code indicates an award under the issuer's equity compensation plan on 09/09/2025. The filing separately discloses 394.05 shares from a dividend reinvestment plan executed since the last Section 16 filing. The report is narrowly focused on ownership change and does not include trading for cash proceeds or derivative activity. For investors, the entry updates insider ownership levels but does not by itself reveal operational or financial performance changes.

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

OMB APPROVAL

OMB Number:			3235-0287
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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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
09/09/2025

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	09/09/2025		A		81,775	A	(1)	262,990.89(2)	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. Transaction reported is award of shares pursuant to the Issuer's equity compensation plan.

2. Includes 394.05 shares acquired under a dividend reinvestment plan since the last Section 16 filing by Mr. Bilotto.

	/s/ Christopher J. Bilotto	09/11/2025
	** 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 transaction did Christopher J. Bilotto report on Form 4 for DHC?

He reported an award of 81,775 common shares under the issuer's equity compensation plan dated 09/09/2025.

How many DHC shares does Christopher J. Bilotto beneficially own after the reported transaction?

The filing reports 262,990.89 shares beneficially owned following the reported transaction.

Were any shares acquired through dividend reinvestment?

Yes, the report states 394.05 shares were acquired under a dividend reinvestment plan since the last Section 16 filing.

What is Mr. Bilotto's role at Diversified Healthcare Trust (DHC)?

The Form 4 identifies Christopher J. Bilotto as President and CEO and a Director of the issuer.

When was the Form 4 signed?

The signature block shows the form was signed by Christopher J. Bilotto on 09/11/2025.