Net loss decreased significantly to $4.4 million in 2025 from $9.9 million in 2024. Net Asset Value (NAV) per Common Share declined to $9.38 as of December 31, 2025, from $9.50 as of December 31, 2024. Total hotel revenues increased by $0.8 million to $30.5 million in 2025, driven by higher occupancy (92% vs 90%) and Average Daily Rate (ADR) ($291.79 vs $285.30) at the Williamsburg Moxy Hotel. Hotel operating expenses decreased by $1.7 million to $19.7 million in 2025, primarily due to better cost management in food and beverage. The company recognized a net casualty gain of $0.5 million in 2025, recovering from a $0.5 million net casualty loss in 2024 due to a fire at the Williamsburg Moxy Hotel. Interest expense decreased to $10.3 million in 2025 from $11.8 million in 2024, mainly due to the refinancing of the Moxy Hotel's construction loan and changes in market interest rates. Earnings from the unconsolidated 40 East End Ave. Joint Venture turned positive, with income of $0.3 million in 2025 compared to a loss of $0.4 million in 2024. One of the two remaining unsold luxury condominium units at the 40 East End Avenue Project was sold in February 2026, resulting in a $2.7 million pro rata distribution. The Williamsburg Moxy Hotel Joint Venture met its prescribed minimum Debt Service Coverage Ratio (DSCR) as of December 31, 2025, after not meeting it as of September 30, 2025. No distributions have been declared or paid on Common Shares for any monthly periods subsequent to March 2020. The company repurchased 82,229 Common Shares at a weighted average price of $9.49 per share in 2025.