Investments in Unconsolidated Affiliated Entities (Tables)

6 Months Ended

Jun. 30, 2026

Brownmill 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 Brownmill Joint Venture:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2026				2025				2026				2025
Revenues		$	1,045			$	963			$	2,234			$	2,061

Property operating expenses			479				382				1,036				825
Depreciation and amortization			188				186				379				370

Operating income			378				395				819				866

Interest expense and other, net			(311	)			(148	)			(662	)			(296	)
Net income		$	67			$	247			$	157			$	570
Company’s share of net income (48.6%)		$	33			$	120			$	76			$	276
Additional depreciation and amortization expense ⁽¹⁾			(21	)			(20	)			(41	)			(41	)
Company’s earnings from investment		$	12			$	100			$	35			$	235

(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 June 30,				As of December 31,
		2026				2025

Investment properties, net		$	11,189			$	11,524
Cash and restricted cash			1,231				999
Other assets			976				726
Total assets		$	13,396			$	13,249

Mortgages payable, net		$	21,605			$	21,518
Other liabilities			773				763
Members’ deficit			(8,982	)			(9,032	)
Total liabilities and members’ deficit		$	13,396			$	13,249

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 Three Months Ended June 30,								For the Six Months Ended June 30,
		2026				2025				2026				2025
Revenues		$	3,583			$	3,475			$	6,108			$	5,563
Property operating expenses			2,074				1,956				3,980				3,726
General and administrative costs			17				9				31				29
Depreciation and amortization			440				434				891				1,036
Operating income			1,052				1,076				1,206				772
Interest expense and other, net			(712	)			(1,029	)			(1,260	)			(1,666	)
Net income/(loss)		$	340			$	47			$	(54	)		$	(894	)
Company’s share of earnings (50%)		$	170			$	24			$	(27	)		$	(447	)

Schedule of condensed balance sheets

The following table represents the condensed balance sheets for the Hilton Garden Inn Joint Venture:

		As of June 30,				As of December 31,
		2026				2025

Investment property, net		$	43,696			$	44,503
Cash and restricted cash			2,062				2,433
Other assets			1,345				1,189
Total assets		$	47,103			$	48,125

Mortgage payable, net		$	32,355			$	32,364
Other liabilities			1,044				1,293
Members’ capital			13,704				14,468
Total liabilities and members’ capital		$	47,103			$	48,125