D.E. Shaw Amends Stake in Diversified Healthcare Trust

TL;DR

D.E. Shaw updated its 13D filing for Diversified Healthcare Trust on 10/9/24. Watch this space.

AI Summary

D. E. Shaw & Co., L.P. filed an amendment (No. 3) to its Schedule 13D on October 9, 2024, regarding its beneficial ownership of Diversified Healthcare Trust. The filing indicates a change in the reporting person's holdings, though specific new percentages or dollar amounts are not detailed in this excerpt. The filing is an update to previous submissions concerning the company's securities.

Why It Matters

This amendment signals a potential shift in the investment strategy or holdings of a significant institutional investor in Diversified Healthcare Trust, which could influence the company's stock performance and strategic direction.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings often indicate changes in significant beneficial ownership, which can lead to increased volatility or strategic shifts for the subject company.

Key Players & Entities

• D. E. Shaw & Co., L.P. (company) — Reporting Person
• Diversified Healthcare Trust (company) — Subject Company
• D. E. Shaw Adviser II, L.L.C. (company) — Group Member
• D. E. Shaw Galvanic Portfolios, L.L.C. (company) — Group Member
• D. E. Shaw Manager II, L.L.C. (company) — Group Member
• David E. Shaw (person) — Group Member
• The RMR Group (company) — Agent for Subject Company

FAQ

Key Financial Figures

• $0.01 — hares of Beneficial Interest, par value $0.01 per share (Title of Class of Securiti
• $3.0441 — old) Galvanic Portfolios 08/12/2024 $3.0441 2 (18,303) Galvanic Portfolios 08/1
• $3.1042 — 303) Galvanic Portfolios 08/13/2024 $3.1042 3 (11,328) Galvanic Portfolios 08/1
• $3.0939 — 328) Galvanic Portfolios 08/14/2024 $3.0939 4 (13,300) Galvanic Portfolios 08/1
• $3.1906 — 300) Galvanic Portfolios 08/15/2024 $3.1906 5 (18,100) Galvanic Portfolios 08/1
• $3.1700 — 100) Galvanic Portfolios 08/16/2024 $3.1700 6 (7,300) Galvanic Portfolios 08/19
• $3.2227 — 300) Galvanic Portfolios 08/19/2024 $3.2227 7 (11,000) Galvanic Portfolios 08/2
• $3.2045 — 000) Galvanic Portfolios 08/20/2024 $3.2045 8 (8,130) Galvanic Portfolios 08/21
• $3.2402 — 130) Galvanic Portfolios 08/21/2024 $3.2402 9 (14,800) Galvanic Portfolios 08/2
• $3.2154 — 800) Galvanic Portfolios 08/22/2024 $3.2154 10 (16,706) Galvanic Portfolios 08/
• $3.4432 — 706) Galvanic Portfolios 08/23/2024 $3.4432 11 (30,100) Galvanic Portfolios 08/
• $3.5188 — 100) Galvanic Portfolios 08/26/2024 $3.5188 12 (17,271) Galvanic Portfolios 08/
• $3.6291 — 271) Galvanic Portfolios 08/27/2024 $3.6291 13 (8,002) Galvanic Portfolios 08/2
• $3.5241 — 002) Galvanic Portfolios 08/28/2024 $3.5241 14 (12,939) Galvanic Portfolios 08/
• $3.4971 — 939) Galvanic Portfolios 08/29/2024 $3.4971 15 (9,684) Galvanic Portfolios 08/3

Filing Documents

• tm2425891d1_sc13da.htm (SC 13D/A) — 146KB
• tm2425891d1_ex-2.htm (EX-99.2) — 6KB
• tm2425891d1_ex-3.htm (EX-99.3) — 6KB
• 0001104659-24-107426.txt ( ) — 160KB

(b) of the Schedule 13D is hereby amended and restated as follows

Item 2(b) of the Schedule 13D is hereby amended and restated as follows: (b) The business address and principal office, as applicable, of all Reporting Persons and of each of the other persons named in this Item 2 is Two Manhattan West, 375 Ninth Avenue, 52nd floor, New York, NY 10001. Item 5. INTEREST IN SECURITIES OF THE ISSUER.

(a), (b) of the Schedule 13D is hereby amended and restated

Item 5(a), (b) of the Schedule 13D is hereby amended and restated as follows: (a), (b) Based upon the Issuer’s Form 10-Q filed with the SEC on August 1, 2024, there were 240,574,611 Shares issued and outstanding of the Issuer as of July 31, 2024. The 11,994,400 Shares beneficially owned by Galvanic Portfolios (the “Subject Shares”) represent approximately 4.99% of the Shares issued and outstanding. Manager II, as the manager of Galvanic Portfolios, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares. Adviser II, as the investment adviser of Galvanic Portfolios, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares. DESCO LLC, as the managing member of Manager II, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares. DESCO LP, as the managing member of Adviser II, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares. On October 9, 2024, the Reporting Persons beneficially owned 4.99% of the Shares issued and outstanding. None of Manager II, Adviser II, DESCO LLC, or DESCO LP owns any of the Subject Shares directly, and each of Manager II, Adviser II, DESCO LLC, and DESCO LP disclaims beneficial ownership of the Subject Shares. David E. Shaw does not own any Shares directly. By virtue of David E. Shaw’s position as President and sole shareholder of DESCO Inc., which is the general partner of DESCO LP, which in turn is the managing member of Adviser II, which in turn is the investment adviser of Galvanic Portfolios, and by virtue of David E. Shaw’s position as President and sole shareholder of DESCO II Inc., which is the managing member of DESCO LLC, wh

(c) of the Schedule 13D is hereby amended and supplemented as

Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows: (c) The trading dates, price per Share, and number of Shares purchased or sold for all transactions by the Reporting Persons or, to the best knowledge of any Reporting Person, any of the persons set forth in Item 2, in the Shares from August 10, 2024 through October 9, 2024 are set forth below. All such transactions were brokered transactions. CUSIP No. 25525P107 SCHEDULE 13D/A Page 9 of 11 Name Date Price per Share 1 Number of Shares Purchased/(Sold) Galvanic Portfolios 08/12/2024 $3.0441 2 (18,303) Galvanic Portfolios 08/13/2024 $3.1042 3 (11,328) Galvanic Portfolios 08/14/2024 $3.0939 4 (13,300) Galvanic Portfolios 08/15/2024 $3.1906 5 (18,100) Galvanic Portfolios 08/16/2024 $3.1700 6 (7,300) Galvanic Portfolios 08/19/2024 $3.2227 7 (11,000) Galvanic Portfolios 08/20/2024 $3.2045 8 (8,130) Galvanic Portfolios 08/21/2024 $3.2402 9 (14,800) Galvanic Portfolios 08/22/2024 $3.2154 10 (16,706) Galvanic Portfolios 08/23/2024 $3.4432 11 (30,100) Galvanic Portfolios 08/26/2024 $3.5188 12 (17,271) Galvanic Portfolios 08/27/2024 $3.6291 13 (8,002) Galvanic Portfolios 08/28/2024 $3.5241 14 (12,939) Galvanic Portfolios 08/29/2024 $3.4971 15 (9,684) Galvanic Portfolios 08/30/2024 $3.4428 16 (10,610) Galvanic Portfolios 09/03/2024 $3.3899 17 (11,759) Galvanic Portfolios 09/04/2024 $3.3268 18 (11,410) Galvanic Portfolios 09/05/2024 $3.2921 19 (7,360) Galvanic Portfolios 09/06/2024 $3.2203 20 (14,200) Galvanic Portfolios 09/09/2024 $3.2195 21 (9,100) Galvanic Portfolios 09/10/2024 $3.2007 22 (9,187) Galvanic Portfolios 09/11/2024 $3.2735 23 (13,800) Galvanic Portfolios 09/12/2024 $3.3992 24 (9,504) Galvanic Portfolios 09/13/2024 $3.5372 25 (17,808) Galvanic Portfolios 09/16/2024 $3.5687 26 (20,730) Galvanic Portfolios 09/17/2024 $3.6571 27 (34,700) Galvanic Portfol

(e) of the Schedule 13D is hereby amended and restated as follows

Item 5(e) of the Schedule 13D is hereby amended and restated as follows: (e) On October 7, 2024, Galvanic Portfolios, Manager II, Adviser II, DESCO LLC, DESCO LP, and David E. Shaw ceased to be the beneficial owners of more than 5% of the outstanding Shares. Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. The first paragraph of Item 6 of the Schedule 13D is hereby amended and restated as follows: Galvanic Portfolios holds an aggregate principal amount of $15,016,000 of the Issuer’s 9.75% Senior Notes due 2025 (the “Bonds”). These Bonds do not give the Reporting Persons direct or indirect voting, investment, or dispositive control over any securities of the Issuer. Accordingly, the Reporting Persons disclaim any beneficial ownership in any securities that may be referenced in such Bonds. Item 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit 1: Joint Filing Agreement, by and among the Reporting Persons, dated June 12, 2023 (incorporated by reference to the Schedule 13D filed on June 12, 2023). Exhibit 2: Power of Attorney, granted by David E. Shaw relating to D. E. Shaw & Co., Inc., in favor of the signatories hereto, among others, dated August 1, 2024. Exhibit 3: Power of Attorney, granted by David E. Shaw relating to D. E. Shaw & Co. II, Inc., in favor of the signatories hereto, among others, dated August 1, 2024. CUSIP No. 25525P107 SCHEDULE 13D/A Page 11 of 11 SIGNATURE After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned, severally and not jointly, certifies that the information set forth in this statement is true, complete, and correct. Powers of Attorney, dated August 1, 2024, granted by David E. Shaw in favor of Daniel R. Marcus, are attached hereto as Exhibits 2 and 3 and incorporated herein by reference. Dated: October 9, 2024 D. E. Shaw Galvanic Portfolios, L.L.C. By: /s/ Daniel R. Marcus

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