Pebblebrook Hotel Trust (NYSE: PEB) holder T. Rowe Price discloses 6.4% stake

Rhea-AI Filing Summary

T. Rowe Price Investment Management, Inc. reports beneficial ownership of 7,303,706 Pebblebrook Hotel Trust shares, representing 6.4% of the REIT’s outstanding securities.

The firm has sole voting power over 7,260,442 shares and sole dispositive power over 7,303,706 shares, with no shared voting or dispositive power. It certifies the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Pebblebrook Hotel Trust, and expressly denies being the beneficial owner of the securities.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

PEBBLEBROOK HOTEL TRUST

(Name of Issuer)

REIT

(Title of Class of Securities)

70509V100

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 70509V100

1

Names of Reporting Persons

T. Rowe Price Investment Management, Inc.

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

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,260,442.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,303,706.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,303,706.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PEBBLEBROOK HOTEL TRUST
(b)	Address of issuer's principal executive offices: 4747 BETHESDA AVENUE, SUITE 1100, BETHESDA, MD, 20814
Item 2.
(a)	Name of person filing: T. Rowe Price Investment Management, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: REIT
(e)	CUSIP No.: 70509V100
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: 7303706
(b)	Percent of class: 6.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 7260442
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 7303706
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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. T. Rowe Price Investment Management, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Investment Management is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

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.

T. Rowe Price Investment Management, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	02/17/2026

FAQ

What does the Schedule 13G/A filing reveal about T. Rowe Price’s stake in PEB?

The filing shows T. Rowe Price Investment Management, Inc. beneficially owns 7,303,706 Pebblebrook Hotel Trust shares. This position represents 6.4% of the REIT’s outstanding securities, indicating it is a significant institutional holder above the 5% reporting threshold.

How large is T. Rowe Price’s ownership percentage in Pebblebrook Hotel Trust (PEB)?

T. Rowe Price Investment Management, Inc. reports owning 6.4% of Pebblebrook Hotel Trust’s class of securities. This percentage reflects its 7,303,706 beneficially owned shares, making it a notable institutional investor in the REIT based on the disclosed ownership level.

How many Pebblebrook Hotel Trust (PEB) shares does T. Rowe Price control?

T. Rowe Price Investment Management, Inc. beneficially owns 7,303,706 Pebblebrook Hotel Trust shares. It has sole voting power over 7,260,442 shares and sole dispositive power over 7,303,706 shares, with no shared voting or dispositive authority reported in the filing.

Is T. Rowe Price reporting its PEB position as a passive investment?

Yes. T. Rowe Price Investment Management, Inc. certifies the Pebblebrook Hotel Trust securities were acquired and are held in the ordinary course of business. It states they were not acquired or held to change or influence control of the issuer, indicating a passive investment posture.

What does T. Rowe Price say about beneficial ownership of PEB shares in this filing?

T. Rowe Price Investment Management, Inc. declares that the filing should not be construed as an admission of beneficial ownership. It expressly denies being the beneficial owner of the Pebblebrook Hotel Trust securities, despite reporting beneficial ownership figures for regulatory disclosure purposes.

Where is T. Rowe Price Investment Management, Inc. based in this PEB disclosure?

The filing lists T. Rowe Price Investment Management, Inc.’s principal business office at 1307 Point Street, Baltimore, Maryland 21231. It also identifies the firm’s citizenship or place of organization as Maryland, confirming it as a U.S.-based institutional investment manager.