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

Rhea-AI Filing Summary

T. Rowe Price Investment Management, Inc. filed an amended Schedule 13G reporting beneficial ownership of 7,303,706 shares of Pebblebrook Hotel Trust, representing 6.4% of the REIT’s outstanding class. The firm reports sole voting power over 7,260,442 shares and sole dispositive power over 7,303,706 shares.

The filer certifies the securities were acquired and are held in the ordinary course of business, and not for the purpose of changing or influencing control of Pebblebrook Hotel Trust, nor in connection with any control-related transaction, other than activities solely in connection with a nomination under Rule 14a-11.

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 ownership stake does T. Rowe Price Investment Management report in PEB?

T. Rowe Price Investment Management reports beneficial ownership of 7,303,706 shares of Pebblebrook Hotel Trust, representing 6.4% of the outstanding class. This makes it a significant institutional holder, with the position disclosed via an amended Schedule 13G filing.

How much voting power does T. Rowe Price Investment Management have in Pebblebrook Hotel Trust (PEB)?

The firm reports sole voting power over 7,260,442 shares of Pebblebrook Hotel Trust and no shared voting power. It also reports sole dispositive power over 7,303,706 shares, indicating it alone can decide how these shares are voted and disposed.

Is T. Rowe Price Investment Management’s PEB stake intended to influence control of the company?

No. The filer certifies the Pebblebrook Hotel Trust securities were acquired and are held in the ordinary course of business, and not for changing or influencing control, except for activities solely related to a nomination under Rule 14a-11, as expressly stated.

What type of investor is T. Rowe Price Investment Management in relation to PEB?

T. Rowe Price Investment Management files as an institutional investor on Schedule 13G, reporting its stake in Pebblebrook Hotel Trust. It provides ownership details, including percentage of class and voting and dispositive powers, consistent with a non-control-seeking, ordinary-course investment.

When was the ownership event for T. Rowe Price Investment Management’s PEB position dated?

The Schedule 13G/A identifies December 31, 2025 as the date of the event requiring the filing. This date anchors when the reported 7,303,706 shares and 6.4% ownership level in Pebblebrook Hotel Trust were measured for disclosure purposes.

What is the relationship between the reported shares and beneficial ownership in this PEB filing?

The filing lists 7,303,706 shares as beneficially owned and provides detailed voting and dispositive powers. At the same time, T. Rowe Price Investment Management states that the filing should not be construed as an admission of beneficial ownership, which it expressly denies in its certification language.