Investments in Unconsolidated Affiliated Entities (Tables)

9 Months Ended

Sep. 30, 2025

Investments in Unconsolidated Affiliated Entities (Tables) [Line Items]

Schedule of condensed statements of operations

The following table represents the condensed statements of operations for the Brownmill Joint Venture for the periods indicated:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue	$	1,000		$	965		$	3,061		$	2,802

Property operating expenses		418			390			1,243			1,276
Depreciation and amortization		185			185			555			558
Operating income		397			390			1,263			968

Interest expense and other, net		(369	)		(153	)		(665	)		(450	)
Net income	$	28		$	237		$	598		$	518

Company’s share of earnings (48.6%)	$	14		$	115		$	291		$	251

Additional depreciation and amortization expense ⁽¹⁾		(20	)		(21	)		(62	)		(62	)
Company’s earnings from investment	$	(6	)	$	94		$	229		$	189

(1)

Additional depreciation and amortization relates to the amortization of the difference between the cost of the interest in the Brownmill Joint Venture and the amount of the underlying equity in net assets of the Brownmill Joint Venture.

Schedule of condensed balance sheets

The following table represents the condensed balance sheets for the Brownmill Joint Venture as of the dates indicated:

	As of September 30, 2025			As of December 31, 2024

Investment properties, net	$	11,701		$	11,867
Cash and restricted cash		1,446			1,135
Other assets		1,192			961
Total assets	$	14,339		$	13,963

Mortgages payable, net	$	21,305		$	12,798
Other liabilities		1,032			590
Members’ (deficit)/capital		(7,998	)		575
Total liabilities and members’ capital	$	14,339		$	13,963

Hilton Garden Inn Joint Venture [Member]

Investments in Unconsolidated Affiliated Entities (Tables) [Line Items]

Schedule of condensed statements of operations

The following table represents the condensed statements of operations for the Hilton Garden Inn Joint Venture for the periods indicated:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024

Revenues	$	3,788		$	3,698		$	9,351		$	9,473

Property operating expenses		2,191			2,082			5,917			5,885
General and administrative costs		18			23			47			58
Depreciation and amortization		426			597			1,462			1,803
Operating income		1,153			996			1,925			1,727
Interest expense and other, net		(281	)		(823	)		(1,947	)		(2,212	)

Net income/(loss)	$	872		$	173		$	(22	)	$	(485	)

Company’s share of earnings (50.0%)	$	436		$	87		$	(11	)	$	(243	)

Schedule of condensed balance sheets

The following table represents the condensed balance sheets for the Hilton Garden Inn Joint Venture as of the dates indicated:

	As of September 30, 2025		As of December 31, 2024

Investment property, net	$	44,887	$	45,833
Cash and restricted cash		2,459		1,702
Other assets		864		739
Total assets	$	48,210	$	48,274

Mortgage payable, net	$	32,350	$	32,308
Other liabilities		941		1,364
Members’ capital		14,919		14,602
Total liabilities and members’ capital	$	48,210	$	48,274

Lightstone Value Plus REIT II, Inc. 10-Q