SCHEDULE: RLJ Lodging Trust Preferred Shares Ownership Update

An amendment to Schedule 13G reveals updated beneficial ownership of RLJ Lodging Trust's preferred shares by investment entities managed by Infrastructure Capital Advisors, LLC.

Summary

• Virtus InfraCap U.S. Preferred Stock ETF, a Series of ETFis Series Trust I, beneficially owns 1,628,247 shares of RLJ Lodging Trust's $1.95 Series A Cumulative Convertible Preferred Shares, representing 12.64% of the class.
• InfraCap Equity Income Fund ETF, a series of Series Portfolios Trust, beneficially owns 53,202 shares of the same preferred share class, representing 0.4% of the class.
• Infrastructure Capital Advisors, LLC and Jay Hatfield each report 0.0% beneficial ownership of the preferred shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of RLJ Lodging Trust.
• This filing is Amendment No. 6 to the Schedule 13G, indicating previous ownership disclosures.

Sentiment

Score: 5

Explanation: This is a routine beneficial ownership disclosure (Schedule 13G Amendment) and does not contain information that would typically alter the sentiment towards the issuer's operational or financial performance. The reporting persons explicitly state no intent to influence control.

Positives

• NA

Negatives

• NA

Risks

• NA

Future Outlook

NA

Management Comments

• The undersigned agree that this Schedule 13G Amendment No. 6 dated November 14, 2025 relating to the $1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share, of RLJ Lodging Trust shall be filed on behalf of the undersigned.
• 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.
• 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.

Industry Context

NA

Stakeholder Impact

• Shareholders of RLJ Lodging Trust: Provides transparency regarding significant institutional ownership of preferred shares, confirming that a substantial portion (12.64%) is held by Virtus InfraCap U.S. Preferred Stock ETF.

Key Dates

Keywords

RLJ Lodging Trust, Preferred Shares, Schedule 13G, Beneficial Ownership, Infrastructure Capital Advisors, Virtus InfraCap, ETF, Investment Fund, SEC Filing