Service Properties Trust reports a 13G disclosure showing FF Hybrid, LP (managed by Flat Footed LLC and Marc Andersen) beneficially owns 55,019,156 shares, representing 9.4% of common shares. The filing ties the percentage to 584,721,237 shares outstanding as of April 2, 2026 as represented in the issuer's prospectus. The statement lists shared voting and dispositive power for the reported shares and includes the Rule 13d-4 disclaimer from the Funds.
Positive
None.
Negative
None.
Insights
Major passive stake disclosed: 55,019,156 shares (9.4%).
The schedule 13G indicates an institutional investor structure where Flat Footed LLC, FF Hybrid, LP and Marc Andersen report shared voting and dispositive power over 55,019,156 shares. The ownership percentage is explicitly tied to 584,721,237 shares outstanding as of April 2, 2026.
The filing includes the Rule 13d-4 disclaimer; the Funds disclaim beneficial ownership while the adviser and managing member report power to vote/direct disposition. Subsequent filings could change the public ownership picture if holdings are traded or reclassified.
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.
Rule 13d-4regulatory
"Pursuant to Rule 13d-4 , as amended, each of the Funds and Other Fund expressly disclaims"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Service Properties Trust
(Name of Issuer)
Common Shares of Beneficial Interest
(Title of Class of Securities)
81761L102
(CUSIP Number)
04/01/2026
(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):
81761L102
1
Names of Reporting Persons
FF Hybrid, LP
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
55,019,156.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
55,019,156.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
55,019,156.00
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)
9.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
81761L102
1
Names of Reporting Persons
Flat Footed 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
55,019,156.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
55,019,156.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
55,019,156.00
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)
9.4 %
12
Type of Reporting Person (See Instructions)
IA, HC, OO
SCHEDULE 13G
CUSIP Number(s):
81761L102
1
Names of Reporting Persons
Marc Andersen
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
55,019,156.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
55,019,156.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
55,019,156.00
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)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Service Properties Trust
(b)
Address of issuer's principal executive offices:
C/O THE RMR GROUP, TWO NEWTON PL., 255 WASH. ST., STE. 300, NEWTON, MASSACHUSETTS, 02458.
Item 2.
(a)
Name of person filing:
FF Hybrid, LP
Flat Footed LLC
Marc Andersen
(b)
Address or principal business office or, if none, residence:
FF Hybrid, LP
c/o Flat Footed LLC
3415 North Pines Way, Suite 205
Wilson, WY 83014
Flat Footed LLC
3415 North Pines Way, Suite 205
Wilson, WY 83014
Marc Andersen
c/o Flat Footed LLC
3415 North Pines Way, Suite 205
Wilson, WY 83014
(c)
Citizenship:
FF Hybrid, LP - DE
Flat Footed LLC - DE
Marc Andersen - USA
(d)
Title of class of securities:
Common Shares of Beneficial Interest
(e)
CUSIP Number(s):
81761L102
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:
Flat Footed LLC is an investment adviser that is registered under the Investment Advisers Act of 1940. Flat Footed LLC, which serves as the investment manager to FF Hybrid, LP and various private funds (collectively, the "Funds"), which holds securities for the benefit of their investors and Mr. Marc Andersen, as Managing Member of Flat Footed LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds and by the Other Fund. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, each of the Funds and Other Fund expressly disclaims beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that any of the Funds or Other Fund are the beneficial owner of any of the securities reported herein.
FF Hybrid, LP - 55,019,156
Flat Footed LLC - 55,019,156
Marc Andersen - 55,019,156
(b)
Percent of class:
Ownership percentage is based on 584,721,237 shares of the registrant's common shares outstanding as represented by the Issuer in the Prospectus filed with the Securities and Exchange Commission on April 2, 2026.
FF Hybrid, LP - 9.4%
Flat Footed LLC - 9.4%
Marc Andersen - 9.4%
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.
The Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement.
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.
See Note Above.
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 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.
FF Hybrid, LP
Signature:
/s/ Marc Andersen
Name/Title:
Marc Andersen, Managing Member of Flat Footed II GP, LLC, its General Partner
What stake does FF Hybrid/Flat Footed LLC report in SVC?
FF Hybrid/Flat Footed LLC reports beneficial ownership of 55,019,156 shares. This equals 9.4% of the class based on 584,721,237 shares outstanding as of April 2, 2026, per the filing's stated prospectus figure.
Who holds voting and dispositive power over the reported shares?
The filing reports shared voting and shared dispositive power of 55,019,156 shares for FF Hybrid, Flat Footed LLC, and Marc Andersen. No party is shown with sole voting or sole dispositive power in the disclosure.
Does the filing say the Funds are the beneficial owners?
No. The filing includes a Rule 13d-4 disclaimer where the Funds expressly disclaim beneficial ownership. The adviser and Marc Andersen report power to vote and direct disposition for the shares held by the Funds.
What outstanding share count is the ownership percentage based on?
The percentage is based on 584,721,237 common shares outstanding as represented in the issuer's prospectus on April 2, 2026. The filing cites that figure when computing the 9.4% ownership share.
When was this Schedule 13G signed and filed?
The signatures in the filing are dated April 8, 2026. The prospectus figure used for outstanding shares is shown as of April 2, 2026, per the filing text.
