RLJ Lodging Trust Schedule 13G/A reports beneficial ownership of the companys $1.95 Series A Cumulative Convertible Preferred Shares as of 12/31/2025. The filing shows Virtus InfraCap U.S. Preferred Stock ETF holds 1,729,609 shares (13.76%) and InfraCap Equity Income Fund ETF holds 43,149 shares (0.34%); other reporting persons listed beneficial ownership of 0 shares.
The shares are held in accounts managed by Infrastructure Capital Advisors, LLC on behalf of clients, and the filing disclaims beneficial ownership by the reporting persons except to the extent of pecuniary interest. Exhibits include a joint filing agreement and control person identification.
Positive
None.
Negative
None.
Insights
Schedule 13G/A discloses a >5% passive stake by an ETF manager in RLJs preferred series.
The filing identifies 1,729,609 shares held by Virtus InfraCap U.S. Preferred Stock ETF, representing 13.76% of the $1.95 Series A Cumulative Convertible Preferred Shares as of 12/31/2025. The reporter is Infrastructure Capital Advisors, LLC, which holds the positions in client accounts.
The statement includes the required joint filing and control-person exhibits and a standard disclaimer that reporting persons disavow broader beneficial ownership except for pecuniary interest. Subsequent filings may clarify any changes in ownership or control status.
An ETF holds a meaningful preferred-share position; other reported holders are immaterial.
The excerpt shows Virtus InfraCap U.S. Preferred Stock ETF with shared voting and dispositive power over 1,729,609 shares (13.76%) and InfraCap Equity Income Fund ETF with 43,149 shares (0.34%), both held via Infrastructure Capital Advisors, LLC as of 12/31/2025.
Holder decisions will determine future trading of these preferred shares; the filing lists ownership details but does not attach operational mandates or redemption schedules for the securities.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 7)
RLJ Lodging Trust
(Name of Issuer)
$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share
(Title of Class of Securities)
74965L200
(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.
74965L200
1
Names of Reporting Persons
Infrastructure Capital Advisors, 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
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
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)
0 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP No.
74965L200
1
Names of Reporting Persons
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I
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
1,729,609.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,729,609.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,729,609.00
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)
13.76 %
12
Type of Reporting Person (See Instructions)
IV, OO
SCHEDULE 13G
CUSIP No.
74965L200
1
Names of Reporting Persons
Jay Hatfield
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
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
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)
0 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP No.
74965L200
1
Names of Reporting Persons
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust
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
43,149.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
43,149.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
43,149.00
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)
0.34 %
12
Type of Reporting Person (See Instructions)
IV, OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
RLJ Lodging Trust
(b)
Address of issuer's principal executive offices:
7373 WISCONSIN AVE, SUITE 1500, BETHESDA, MD, 20814
Item 2.
(a)
Name of person filing:
Infrastructure Capital Advisors, LLC
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I
Jay Hatfield
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust
(b)
Address or principal business office or, if none, residence:
Infrastructure Capital Advisors, LLC
1325 AVENUE OF THE AMERICAS, 28TH FLOOR, NEW YORK, NY, 10019
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I
1325 AVENUE OF THE AMERICAS, 28TH FLOOR, NEW YORK, NY, 10019
Jay Hatfield
1325 AVENUE OF THE AMERICAS, 28TH FLOOR, NEW YORK, NY, 10019
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust
1325 AVENUE OF THE AMERICAS, 28TH FLOOR, NEW YORK, NY, 10019
(c)
Citizenship:
Infrastructure Capital Advisors, LLC - New York
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - Delaware
Jay Hatfield - United States
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - Delaware
(d)
Title of class of securities:
$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share
(e)
CUSIP No.:
74965L200
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:
Infrastructure Capital Advisors, LLC - 0
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 1,729,609
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 43,149
(b)
Percent of class:
Infrastructure Capital Advisors, LLC - 0.0%
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 13.76%
Jay Hatfield - 0.0%
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 0.34%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Infrastructure Capital Advisors, LLC - 0
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 0
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 0
(ii) Shared power to vote or to direct the vote:
Infrastructure Capital Advisors, LLC - 0
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 1,729,609
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 43,149
(iii) Sole power to dispose or to direct the disposition of:
Infrastructure Capital Advisors, LLC - 0
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 0
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 0
(iv) Shared power to dispose or to direct the disposition of:
Infrastructure Capital Advisors, LLC - 0
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 1,729,609
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 43,149
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.
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.
All of the shares of $1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share reported in this Schedule 13G are held in the accounts of Infrastructure Capital Advisors, LLC's clients, none of which, other than Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I, individually owns more than 5% of the $1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share.
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.
Please see Exhibit B attached hereto.
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.
Infrastructure Capital Advisors, LLC
Signature:
By: /s/ Samuel Caffrey-Agoglia
Name/Title:
Samuel Caffrey-Agoglia / General Counsel and Chief Compliance Officer
Date:
02/17/2026
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I
Signature:
By: /s/ Samuel Caffrey-Agoglia
Name/Title:
Samuel Caffrey-Agoglia / General Counsel and Chief Compliance Officer
Date:
02/17/2026
Jay Hatfield
Signature:
By: /s/ Jay Hatfield
Name/Title:
Jay Hatfield
Date:
02/17/2026
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust
Signature:
By: /s/ Samuel Caffrey-Agoglia
Name/Title:
Samuel Caffrey-Agoglia / General Counsel and Chief Compliance Officer
Date:
02/17/2026
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
Exhibit Information
Material to be Filed as Exhibit:
Exhibit A - Joint Filing Agreement
Exhibit B - Control Person Identification
What stake does Virtus InfraCap hold in RLJ Lodging Trust preferred (RLJ)?
Virtus InfraCap U.S. Preferred Stock ETF holds 1,729,609 shares, representing 13.76% of the Series A preferred as of 12/31/2025. This position is reported as held in accounts of Infrastructure Capital Advisors, LLC clients.
How many Series A preferred shares does InfraCap Equity Income Fund ETF hold in RLJ (RLJ)?
InfraCap Equity Income Fund ETF holds 43,149 shares, or 0.34% of the Series A preferred as of 12/31/2025. The shares are reported under Infrastructure Capital Advisors, LLCs client accounts.
Who filed the Schedule 13G/A for RLJ Lodging Trust (RLJ)?
The filing was made by Infrastructure Capital Advisors, LLC, listing clients including Virtus InfraCap U.S. Preferred Stock ETF and InfraCap Equity Income Fund ETF, and individual filer Jay Hatfield, with signatures dated 02/17/2026.
Are the reporting persons claiming beneficial ownership of the RLJ preferred shares (RLJ)?
Each reporting person disclaims beneficial ownership except to the extent of pecuniary interest; the filing includes that disclaimer and notes shares are held in client accounts of Infrastructure Capital Advisors, LLC.
Does any single client other than Virtus InfraCap own more than 5% of RLJ Series A preferred?
The filing states that, other than Virtus InfraCap U.S. Preferred Stock ETF, no individual client account reported by Infrastructure Capital Advisors, LLC owns more than 5% of the Series A preferred shares as of 12/31/2025.
