Diversified Healthcare Trust received an updated ownership report from FF Hybrid, LP, Flat Footed LLC and Marc Andersen. FF Hybrid, LP reports beneficial ownership of 18,054,554 common shares, representing 7.5% of the class. Flat Footed LLC and Marc Andersen each report beneficial ownership of 23,487,002 common shares, or 9.7% of the class, based on 242,106,926 shares outstanding as of April 30, 2026.
The reporting persons indicate shared voting and dispositive power over their reported shares and no sole voting or dispositive power. Flat Footed LLC is an SEC-registered investment adviser and acts as investment manager to FF Hybrid, LP and other funds, which hold the securities for the benefit of their investors. The funds have the right to receive dividends and sale proceeds, and they expressly disclaim beneficial ownership under Rule 13d-4.
Positive
None.
Negative
None.
Key Figures
FF Hybrid, LP shares owned:18,054,554 sharesFF Hybrid, LP ownership percentage:7.5%Flat Footed LLC and Marc Andersen shares:23,487,002 shares+2 more
5 metrics
FF Hybrid, LP shares owned18,054,554 sharesBeneficial ownership of Diversified Healthcare Trust common shares
FF Hybrid, LP ownership percentage7.5%Percent of Diversified Healthcare Trust common stock class
Flat Footed LLC and Marc Andersen shares23,487,002 sharesBeneficial ownership of Diversified Healthcare Trust common shares for each
Flat Footed LLC and Marc Andersen ownership9.7%Percent of Diversified Healthcare Trust common stock for each
Shares outstanding242,106,926 sharesDiversified Healthcare Trust common shares outstanding as of April 30, 2026
Key Terms
beneficial owner, shared voting power, shared dispositive power, Investment Advisers Act of 1940, +1 more
5 terms
beneficial ownerfinancial
"may be deemed to be the beneficial owner of all shares of Common Stock"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
shared voting powerfinancial
"Shared Voting Power 23,487,002.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 23,487,002.00"
Investment Advisers Act of 1940regulatory
"an investment adviser that is registered under the Investment Advisers Act of 1940"
A U.S. federal law that sets rules for people and firms who give investment advice, requiring them to register with regulators, be honest about conflicts, keep records, and follow basic standards of care. It matters to investors because those rules act like licensing and consumer protections — similar to having safety standards for a mechanic — helping ensure advisers act in clients’ financial interests and reducing the risk of fraud or misuse of funds.
Rule 13d-4regulatory
"Pursuant to Rule 13d-4 , as amended, each of the Funds expressly disclaim"
FAQ
What ownership stake in DHC does FF Hybrid, LP report?
FF Hybrid, LP reports beneficial ownership of 18,054,554 Diversified Healthcare Trust (DHC) common shares. This represents 7.5% of the outstanding common stock, based on 242,106,926 shares outstanding as of April 30, 2026, as referenced in the filing.
How many DHC shares do Flat Footed LLC and Marc Andersen report owning?
Flat Footed LLC and Marc Andersen each report beneficial ownership of 23,487,002 Diversified Healthcare Trust (DHC) common shares. This corresponds to 9.7% of the company’s common stock, using the issuer’s reported 242,106,926 shares outstanding as of April 30, 2026.
What is the total share count used to calculate DHC ownership percentages?
The reported ownership percentages for Diversified Healthcare Trust (DHC) are calculated using 242,106,926 common shares outstanding. This share count is as of April 30, 2026, as represented by the issuer in its Form 10-Q filed on May 4, 2026.
Do the reporting persons have sole or shared voting power over DHC shares?
The reporting persons disclose no sole voting or dispositive power over DHC shares. They report shared voting and shared dispositive power over their respective holdings, reflecting investment management and control structures described in the ownership statement.
Who has rights to dividends and sale proceeds from the reported DHC shares?
The filing states that the Funds have the right to receive, or direct the receipt of, dividends and sale proceeds from the Diversified Healthcare Trust (DHC) shares. Flat Footed LLC manages these Funds, which hold the securities for the benefit of their investors.
How does Flat Footed LLC describe its role in relation to DHC shares?
Flat Footed LLC is described as an investment adviser registered under the Investment Advisers Act of 1940. It serves as investment manager to FF Hybrid, LP and various private funds and may be deemed a beneficial owner of DHC shares held by those Funds.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
DIVERSIFIED HEALTHCARE TRUST
(Name of Issuer)
Common Shares of Beneficial Interest
(Title of Class of Securities)
25525P107
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
25525P107
1
Names of Reporting Persons
FF Hybrid, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,054,554.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,054,554.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,054,554.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
25525P107
1
Names of Reporting Persons
Flat Footed LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
23,487,002.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
23,487,002.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
23,487,002.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.7 %
12
Type of Reporting Person (See Instructions)
IA, HC, OO
SCHEDULE 13G
CUSIP Number(s):
25525P107
1
Names of Reporting Persons
Marc Andersen
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
23,487,002.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
23,487,002.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
23,487,002.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.7 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
DIVERSIFIED HEALTHCARE TRUST
(b)
Address of issuer's principal executive offices:
TWO NEWTON PLACE, 255 WASHINGTON STREET, SUITE 300, NEWTON, MASSACHUSETTS, 02458.
Item 2.
(a)
Name of person filing:
FF Hybrid, LP
Flat Footed LLC
Marc Andersen
(b)
Address or principal business office or, if none, residence:
FF Hybrid, LP
c/o Flat Footed LLC
3415 North Pines Way, Suite 205
Wilson, WY 83014
Flat Footed LLC
3415 North Pines Way, Suite 205
Wilson, WY 83014
Marc Andersen
c/o Flat Footed LLC
3415 North Pines Way, Suite 205
Wilson, WY 83014
(c)
Citizenship:
FF Hybrid, LP - DE
Flat Footed LLC - DE
Marc Andersen - USA
(d)
Title of class of securities:
Common Shares of Beneficial Interest
(e)
CUSIP No.:
25525P107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Flat Footed LLC is an investment adviser that is registered under the Investment Advisers Act of 1940. Flat Footed LLC, which serves as the investment manager to FF Hybrid, LP and various private funds (collectively, the "Funds"), which holds securities for the benefit of their investors and Mr. Marc Andersen, as Managing Member of Flat Footed LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, each of the Funds expressly disclaim beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that any of the Funds are the beneficial owner of any of the securities reported herein.
FF Hybrid, LP - 18,054,554
Flat Footed LLC - 23,487,002
Marc Andersen - 23,487,002
(b)
Percent of class:
Ownership percentage is based on 242,106,926 shares of Common Stock outstanding as of April 30, 2026, as represented by the Issuer in the Form 10-Q filed with the Securities and Exchange Commission on May 4, 2026.
FF Hybrid, LP - 7.5%
Flat Footed LLC - 9.7%
Marc Andersen - 9.7%
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Note above.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
FF Hybrid, LP
Signature:
/s/ Marc Andersen
Name/Title:
Marc Andersen, Managing Member of Flat Footed II GP, LLC, its General Partner
