T. Rowe Price Associates discloses 5.4% Pebblebrook Hotel Trust (PEB) stake

Rhea-AI Filing Summary

Pebblebrook Hotel Trust reported a significant shareholder on its register. T. Rowe Price Associates, Inc. filed a Schedule 13G showing beneficial ownership of 6,180,800 shares of Pebblebrook Hotel Trust as of 12/31/2025, representing 5.4% of the REIT’s outstanding class.

T. Rowe Price Associates reported sole power to vote 6,167,541 shares and sole power to dispose of 6,180,800 shares, with no shared voting or dispositive power. The firm states the holdings 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, and it expressly denies beneficial ownership beyond what is required to be reported.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

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 Associates, 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 6,167,541.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,180,800.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,180,800.00

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)

5.4 %

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 Associates, 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: 6180800
(b)	Percent of class: 5.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6167541
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6180800
	(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 Associates, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Associates 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 Associates, Inc.

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

FAQ

What does T. Rowe Price Associates’ 5.4% stake in Pebblebrook Hotel Trust (PEB) mean?

T. Rowe Price Associates reported beneficial ownership of 6,180,800 Pebblebrook Hotel Trust shares, or 5.4% of the class, as of December 31, 2025. This crosses the 5% threshold that requires public disclosure on a Schedule 13G for institutional investors.

How many Pebblebrook Hotel Trust (PEB) shares can T. Rowe Price Associates vote?

T. Rowe Price Associates reported sole voting power over 6,167,541 shares of Pebblebrook Hotel Trust as of December 31, 2025. It reported no shared voting power, indicating it alone can vote those shares under its discretionary authority, subject to any underlying client arrangements.

Does T. Rowe Price Associates seek to control Pebblebrook Hotel Trust (PEB) with this holding?

The filing states the securities were acquired and are held in the ordinary course of business and not for changing or influencing control of Pebblebrook Hotel Trust. It also notes they are not held in connection with any transaction intended to affect control, other than certain nomination-related activities.

What type of investor is T. Rowe Price Associates in relation to Pebblebrook Hotel Trust (PEB)?

T. Rowe Price Associates identifies itself as an investment adviser eligible to file on Schedule 13G under Rule 13d-1(b). This status typically reflects discretionary authority over client accounts rather than proprietary trading as a broker-dealer or bank holding company.

What dispositive power does T. Rowe Price Associates have over its Pebblebrook Hotel Trust (PEB) position?

T. Rowe Price Associates reported sole dispositive power over 6,180,800 shares and no shared dispositive power. This means it can decide whether and when to sell or otherwise dispose of those shares, consistent with its obligations to underlying clients.

Why did T. Rowe Price Associates file a Schedule 13G for Pebblebrook Hotel Trust (PEB)?

A Schedule 13G is required when an institutional investor exceeds 5% beneficial ownership and qualifies for a passive filing. T. Rowe Price Associates crossed this threshold in Pebblebrook Hotel Trust and certified that the position is held in the ordinary course, without a control intent.