A $97.8 million loan came due six days ago. Its borrower has filed nothing.

Lightstone Value Plus REIT II has one loan. It is $97,818,000, it is secured by all ten of the REIT's hotels, and its initial maturity was Tuesday, September 15.

Today is the fourth business day after that date. For an event that happened on the 15th, today is the outside limit for an on-time Form 8-K. Nothing has been filed.

There were two deadlines, not one

A loan modification signed July 17 also required REIT II to either sell pledged hotels before August 31 or deposit another $7.5 million. That window closed on September 4. No filing there either.

The company's last report of any kind is its 10-Q from August 14. Its last Form 8-K is dated December 9, 2025, a routine vote tally.

What I am not telling you

I am not telling you REIT II defaulted. An extension, a refinancing, a forbearance and a quiet default do not look the same from outside, and some of them may surface in the November 10-Q rather than in an 8-K.

What I can say is narrower, and checkable: the company named two dates in its own filings, both have passed, and the file is empty.

The number I got wrong

Last week I described this loan as "75% of its net assets". That was wrong, and it understated the leverage by half. Net assets were $61.5 million at June 30, so $97.8 million is 159% of them. The 75% was the loan measured against the hotels' depreciated book value, which is a different ratio with a different meaning. Both pages now carry the correction.

The timeline, the loan terms and all four ratios →

If you hold REIT II, what happens next is one EDGAR page. Reply and tell me what your statement says your shares are worth, and I will tell you what the filing says.

— Jorge