RLJ Lodging Trust received an updated ownership report for its $1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share (CUSIP 74965L200), as of June 30, 2026. The filing is made by Infrastructure Capital Advisors, LLC, Virtus InfraCap U.S. Preferred Stock ETF, Jay Hatfield, and InfraCap Equity Income Fund ETF.
Virtus InfraCap U.S. Preferred Stock ETF reports beneficial ownership of 1,985,178 preferred shares, representing 15.78% of this class, with shared voting and dispositive power over those shares. InfraCap Equity Income Fund ETF reports beneficial ownership of 47,645 preferred shares, or 0.37%, also with shared voting and dispositive power. Infrastructure Capital Advisors, LLC and Jay Hatfield each report 0 shares beneficially owned.
All reported preferred shares are held in client accounts of Infrastructure Capital Advisors, LLC, and, other than Virtus InfraCap U.S. Preferred Stock ETF, no individual client is stated to own more than 5% of this preferred class. The reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest.
Positive
None.
Negative
None.
Key Figures
Virtus InfraCap U.S. Preferred Stock ETF holdings:1,985,178 sharesVirtus InfraCap ownership percentage:15.78%InfraCap Equity Income Fund ETF holdings:47,645 shares+2 more
5 metrics
Virtus InfraCap U.S. Preferred Stock ETF holdings1,985,178 sharesBeneficial ownership of RLJ $1.95 Series A preferred shares; 15.78% of class
Virtus InfraCap ownership percentage15.78%Percentage of RLJ $1.95 Series A Cumulative Convertible Preferred Shares
InfraCap Equity Income Fund ETF holdings47,645 sharesBeneficial ownership of RLJ $1.95 Series A preferred shares; 0.37% of class
InfraCap Equity Income Fund ETF ownership percentage0.37%Percentage of RLJ $1.95 Series A Cumulative Convertible Preferred Shares
Infrastructure Capital Advisors direct holdings0 sharesBeneficial ownership of RLJ $1.95 Series A preferred shares reported by the adviser
"Title of class of securities: $1.95 Series A Cumulative Convertible Preferred Shares"
Cumulative convertible preferred shares are a hybrid security that pays a fixed dividend which, if skipped, accumulates and must be paid before common shareholders receive dividends, and can later be converted into a company’s common stock at a set rate. Investors care because these shares combine income protection (the accumulating dividend is like a tab the company must settle) with potential upside and dilution risk from converting into common stock.
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerfinancial
"Shared Dispositive Power 1,985,178.00 ... Shared Dispositive Power 47,645.00"
pecuniary interestfinancial
"disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest"
Ownership of more than 5 Percentregulatory
"Ownership of more than 5 Percent on Behalf of Another Person."
FAQ
What percentage of RLJ Lodging Trust (RLJ) $1.95 Series A preferred shares does Virtus InfraCap U.S. Preferred Stock ETF own?
Virtus InfraCap U.S. Preferred Stock ETF reports beneficial ownership of 1,985,178 RLJ $1.95 Series A preferred shares, representing 15.78% of that class. The ETF has shared voting and shared dispositive power over these shares.
How many RLJ (RLJ) $1.95 Series A preferred shares are held by InfraCap Equity Income Fund ETF?
InfraCap Equity Income Fund ETF reports beneficial ownership of 47,645 RLJ $1.95 Series A preferred shares, equal to 0.37% of the class. It has shared voting and shared dispositive power over these shares, with no sole voting or dispositive authority reported.
Does Infrastructure Capital Advisors, LLC report any direct ownership of RLJ (RLJ) $1.95 Series A preferred shares?
Infrastructure Capital Advisors, LLC reports beneficial ownership of 0 RLJ $1.95 Series A preferred shares. All reported shares are held in client accounts, and the firm disclaims beneficial ownership except to the extent of any pecuniary interest it may have.
Who holds the RLJ (RLJ) $1.95 Series A preferred shares reported in this Schedule 13G/A?
All reported RLJ $1.95 Series A preferred shares are held in accounts of Infrastructure Capital Advisors, LLC’s clients. Other than Virtus InfraCap U.S. Preferred Stock ETF, no individual client is stated to own more than 5% of the preferred class.
What voting and dispositive powers are reported over RLJ (RLJ) $1.95 Series A preferred shares?
Virtus InfraCap U.S. Preferred Stock ETF reports 1,985,178 shares with shared voting and shared dispositive power; InfraCap Equity Income Fund ETF reports 47,645 shares with shared voting and shared dispositive power. No reporting person claims sole voting or sole dispositive power.
Do the reporting persons claim full beneficial ownership of RLJ (RLJ) preferred shares?
The reporting persons disclaim beneficial ownership of the RLJ $1.95 Series A preferred shares except to the extent of their pecuniary interest. The shares are held in client accounts, and the disclaimer applies for securities law purposes, including Section 16.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 9)
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)
06/30/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
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)
0.0 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP Number(s):
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
1,985,178.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,985,178.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,985,178.00
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)
15.78 %
12
Type of Reporting Person (See Instructions)
IV, OO
SCHEDULE 13G
CUSIP Number(s):
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)
0.0 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
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
47,645.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
47,645.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
47,645.00
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)
0.37 %
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 - 1,985,178
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 47,645
(b)
Percent of class:
Infrastructure Capital Advisors, LLC - 0.0%
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I - 15.78%
Jay Hatfield - 0.0%
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 0.37%
(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 - 1,985,178
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 47,645
(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 - 1,985,178
Jay Hatfield - 0
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust - 47,645
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:
/s/ Samuel Caffrey-Agoglia
Name/Title:
Samuel Caffrey-Agoglia, General Counsel and Chief Compliance Officer
Date:
08/14/2026
Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I
Signature:
/s/ Samuel Caffrey-Agoglia
Name/Title:
Samuel Caffrey-Agoglia, General Counsel and Chief Compliance Officer
Date:
08/14/2026
Jay Hatfield
Signature:
/s/ Jay Hatfield
Name/Title:
Jay Hatfield
Date:
08/14/2026
InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust
Signature:
/s/ Samuel Caffrey-Agoglia
Name/Title:
Samuel Caffrey-Agoglia, General Counsel and Chief Compliance Officer
Date:
08/14/2026
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.
