Pebblebrook (PEB) Co-President Martz awarded 56,218 LTIP Class B units

Rhea-AI Filing Summary

Pebblebrook Hotel Trust officer Raymond D. Martz, Co-President, CFO, Treasurer and Secretary, received an award of 56,218 LTIP Class B Units on February 5, 2026 at a price of $0 under the company’s 2009 Equity Incentive Plan.

These LTIP Class B Units are restricted partnership units in Pebblebrook Hotel, L.P. that can later be exchanged one-for-one for common units or an equivalent amount of cash once they achieve parity, and have no expiration date. Tranches of 18,740, 18,739, and 18,739 units will vest on January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued employment. After this grant, Martz directly holds 434,197 LTIP Class B Units and 254,952 common shares.

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

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hours per response:			0.5

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^*

Martz Raymond D

(Last) (First) (Middle)

4747 BETHESDA AVE

SUITE 1100

(Street)

BETHESDA MD 20814

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Pebblebrook Hotel Trust [ PEB ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-President,CFO,Treasurer,Sec

3. Date of Earliest Transaction (Month/Day/Year)
02/05/2026

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								254,952	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
LTIP Class B Units	(1)	02/05/2026		A		56,218		(1)	(1)	Common Shares	56,218	$0(1)	434,197	D

Explanation of Responses:

1. Represents restricted units of limited partnership interest ("LTIP Class B Units") in Pebblebrook Hotel, L.P. (the "Operating Partnership"), of which the Issuer is the general partner. Vested LTIP Class B Units, upon achieving parity with the Operating Partnership's common units pursuant to the terms of the partnership agreement, may be exchanged at any time, at the election of the holder, for the Operating Partnership's common units on a one-for-one basis or, at the Operating Partnership's option, an equivalent amount of cash. 18,740, 18,739, and 18,739 LTIP Class B Units will vest on each of January 1, 2027, January 1, 2028, and January 1, 2029, respectively, subject to the reporting person's continued service as an employee of the Issuer. The LTIP Class B Units have no expiration date. The LTIP Class B Units were issued pursuant to the Issuer's 2009 Equity Incentive Plan as amended and restated.

Remarks:

	/s/ Andrew H. Dittamo, as attorney-in-fact for Raymond D. Martz	02/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did PEB disclose for Raymond D. Martz?

Pebblebrook Hotel Trust reported that officer Raymond D. Martz received 56,218 LTIP Class B Units on February 5, 2026. These are equity-based awards in the operating partnership, granted at a price of $0 under the company’s 2009 Equity Incentive Plan as amended and restated.

How do Raymond Martz’s LTIP Class B Units at PEB vest over time?

The LTIP Class B Units vest in three annual tranches, contingent on continued service. 18,740 units vest on January 1, 2027, and 18,739 units vest on each of January 1, 2028, and January 1, 2029, aligning compensation with longer-term employment at Pebblebrook.

What can PEB’s LTIP Class B Units be exchanged for by Raymond Martz?

Once vested LTIP Class B Units reach parity with common units, Martz may exchange them one-for-one for Pebblebrook Hotel, L.P. common units or, at the partnership’s option, receive an equivalent amount of cash. This structure links his incentives directly to the partnership’s value.

How many LTIP Class B Units does Raymond Martz hold after this PEB grant?

Following the February 5, 2026 award, Martz beneficially owns 434,197 LTIP Class B Units directly. These units are part of Pebblebrook’s long-term incentive program and represent restricted partnership interests in Pebblebrook Hotel, L.P., without any stated expiration date.

How many Pebblebrook (PEB) common shares does Raymond Martz own directly?

In addition to his LTIP units, Martz directly beneficially owns 254,952 common shares of Pebblebrook Hotel Trust. This common share position reflects his direct equity stake in the REIT itself, separate from the partnership LTIP Class B Units awarded under the incentive plan.

Under what plan were the PEB LTIP Class B Units granted to Raymond Martz?

The LTIP Class B Units granted to Martz were issued under Pebblebrook Hotel Trust’s 2009 Equity Incentive Plan, as amended and restated. This plan authorizes equity-based awards that align executive compensation with the long-term performance of the operating partnership and the REIT.