# EDGAR Filing Document

**Accession Number:** 0001387061
**File Stem:** 0001185185-26-001870
**Filing Date:** 2026-5
**Character Count:** 122846
**Document Hash:** bec5f34bafe38580e3b994a7c9247c64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-26-001870.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001185185-26-001870

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lightstone Value Plus REIT V, Inc.
- **CENTRAL INDEX KEY:** 0001387061
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 208198863
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-53650
- **FILM NUMBER:** 26982256

**BUSINESS ADDRESS:**
- **STREET 1:** 1985 CEDAR BRIDGE AVENUE, SUITE 1
- **CITY:** LAKEWOOD
- **STATE:** NJ
- **ZIP:** 08701
- **BUSINESS PHONE:** (888) 808-7348

**MAIL ADDRESS:**
- **STREET 1:** 1985 CEDAR BRIDGE AVENUE, SUITE 1
- **CITY:** LAKEWOOD
- **STATE:** NJ
- **ZIP:** 08701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lightstone Value Plus Real Estate Investment Trust V, Inc.
- **DATE OF NAME CHANGE:** 20170724

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Behringer Harvard Opportunity REIT II, Inc.
- **DATE OF NAME CHANGE:** 20070118

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

(Mark One)

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended March 31, 2026

OR

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026** 

**Commission File Number: 000-53650**

**Lightstone Value Plus REIT V, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| **Maryland** | **20-8198863** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer <br> Identification No.) |

---

**1985 Cedar Bridge Avenue, Suite 1, Lakewood, New Jersey 08701**

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: **(888) 808-7348**

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of May 7, 2026, the Registrant had approximately 16.1 million shares of common stock outstanding.

**LIGHTSTONE VALUE PLUS REIT V, INC.**

**INDEX**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I** | **[FINANCIAL INFORMATION](#a_001)** |  |
| Item 1. | [Financial Statements (Unaudited)](#a_002) |  |
|  | [Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#a_003) | 3 |
|  | [Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2026 and 2025](#a_004) | 4 |
|  | [Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2026 and 2025](#a_005) | 5 |
|  | [Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025](#a_006) | 6 |
|  | [Notes to Consolidated Financial Statements](#a_007) | 7 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_008) | 17 |
| Item 4. | [Controls and Procedures](#a_009) | 28 |
| **PART II** | **[OTHER INFORMATION](#a_010)** |  |
| Item 1. | [Legal Proceedings](#a_011) | 29 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_012) | 29 |
| Item 3. | [Defaults Upon Senior Securities](#a_013) | 29 |
| Item 4. | [Mine Safety Disclosures](#a_014) | 29 |
| Item 5. | [Other Information](#a_015) | 29 |
| Item 6. | [Exhibits](#a_016) | 29 |

---

[**Table of Contents**](#TableOfContents)

**PART I**

**FINANCIAL INFORMATION**

 **Item 1. Financial Statements.**

**Lightstone Value Plus REIT V, Inc.**

**Consolidated Balance Sheets**

**(Dollars in thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31,<br> 2025** |
|  | **(unaudited)** |  |
| ***Assets*** |  |  |
| Investment property: |  |  |
| &nbsp;&nbsp;&nbsp;Land and improvements | $88793 | $88744 |
| &nbsp;&nbsp;&nbsp;Building and improvements | 362243 | 361677 |
| &nbsp;&nbsp;&nbsp;Furniture, fixtures and equipment | 13362 | 13227 |
| Gross investment property | 464398 | 463648 |
| Less accumulated depreciation | (89682) | (85932) |
| Net investment property | 374716 | 377716 |
| Cash and cash equivalents | 66989 | 58044 |
| Marketable securities, available for sale | 4000 | 4057 |
| Restricted cash | 4730 | 5727 |
| Prepaid expenses and other assets | 2413 | 1468 |
| **Total Assets** | $452848 | $447012 |
| ***Liabilities and Stockholders' Equity*** |  |  |
| Notes payable, net | $350711 | $310474 |
| Accounts payable and accrued and other liabilities | 6404 | 7140 |
| Total liabilities | 357115 | 317614 |
| Commitments and Contingencies |  |  |
| Stockholders' Equity: |  |  |
| Company's stockholders' equity: |  |  |
| Preferred stock, $.0001 par value per share; 50.0 million shares authorized, none issued and outstanding |  |  |
| Convertible stock, $.0001 par value per share; 1,000 shares authorized, issued and outstanding |  |  |
| Common stock, $.0001 par value per share; 350.0 million shares authorized, 16.1 million and 18.3 million shares issued and outstanding, respectively | 2 | 2 |
| Additional paid-in-capital | 116766 | 147824 |
| Accumulated other comprehensive income | 72 | 101 |
| Accumulated deficit | (21107) | (18529) |
| Total Stockholders' Equity | 95733 | 129398 |
| **Total Liabilities and Stockholders' Equity** | $452848 | $447012 |

---

*See Notes to Consolidated Financial Statements.*

 

[**Table of Contents**](#TableOfContents)

**Lightstone Value Plus REIT V, Inc.**

**Consolidated Statements of Operations and Comprehensive Income** 

**(Dollars and shares in thousands, except per share amounts)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months<br> Ended March 31,** | **For the Three Months<br> Ended March 31,** |
|  | **2026** | **2025** |
| **Rental revenues** | $12559 | $13608 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Property operating expenses | 4072 | 4435 |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 1545 | 1918 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 2010 | 1977 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 3750 | 4284 |
| **Total expenses** | 11377 | 12614 |
| Interest expense, net | (4589) | (4328) |
| Gain on sale of investment property |  | 18112 |
| Interest and other income, net | 829 | 224 |
| **Net (loss)/income** | $(2578) | $15002 |
| Weighted average shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 17729 | 18836 |
| **Basic and diluted (loss)/income per share** | $(0.15) | $0.80 |
| **Comprehensive income/(loss):** |  |  |
| Net(loss)/income | $(2578) | $15002 |
| Other comprehensive income/(loss): |  |  |
| &nbsp;&nbsp;&nbsp;Holding (loss)/gain on marketable securities, available for sale | (23) | 39 |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for (gain)/loss on sale of marketable securities included in net (loss)/income | (6) | 1 |
| Total other comprehensive (loss)/income | (29) | 40 |
| Comprehensive (loss)/income | $(2607) | $15042 |

---

*See Notes to Consolidated Financial Statements.*

 

[**Table of Contents**](#TableOfContents)

**Lightstone Value Plus REIT V, Inc.**

**Consolidated Statements of Stockholders' Equity**

**(Dollars and shares in thousands)**

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Convertible** | **Convertible** | | | | | | |
|  | **Stock** | **Stock** | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** |<br> **Additional**<br> **Paid-In**<br> **Capital** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income** |<br>**Accumulated**<br>**Deficit** |<br> **Total**<br> **Stockholders'**<br> **Equity** |
| **BALANCE, December 31, 2024** | 1 | $&nbsp;&nbsp;&nbsp;&nbsp; - | 18941 | $2 | $155846 | $(31) | $(22163) | $133654 |
| Net income |  |  |  |  |  |  | 15002 | 15002 |
| Redemption and cancellation of common stock |  |  | (148) |  | (2000) |  |  | (2000) |
| Other comprehensive loss: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Holding gain on marketable securities, available for sale |  |  |  |  |  | 39 |  | 39 |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for loss on sale of marketable securities included in net income | - | - | - | - | - | 1 | - | 1 |
| **BALANCE, March 31, 2025** | 1 | $- | 18793 | $2 | $153846 | $9 | $(7161) | $146696 |

---

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Convertible** | **Convertible** | | | | | | |
|  | **Stock** | **Stock** | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** |<br> **Additional**<br> **Paid-In**<br> **Capital** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income** |<br>**Accumulated**<br>**Deficit** |<br> **Total**<br> **Stockholders'**<br> **Equity** |
| **BALANCE, December 31, 2025** | 1 | $&nbsp;&nbsp;&nbsp;&nbsp; - | 18347 | $2 | $147824 | $101 | $(18529) | $129398 |
| Net loss |  |  |  |  |  |  | (2578) | (2578) |
| Tender of common stock |  |  | (2200) |  | (31058) |  |  | (31058) |
| Other comprehensive loss: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Holding loss on marketable securities, available for sale |  |  |  |  |  | (23) |  | (23) |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for gain on sale of marketable securities included in net loss | - | - | - | - | - | (6) | - | (6) |
| **BALANCE, March 31, 2026** | 1 | $- | 16147 | $2 | $116766 | $72 | $(21107) | $95733 |

---

*See Notes to Consolidated Financial Statements.*

 

[**Table of Contents**](#TableOfContents)

**Lightstone Value Plus REIT V, Inc.**

**Consolidated Statements of Cash Flows**

**(Dollars in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months<br> Ended March 31,** | **For the Three Months<br> Ended March 31,** |
|  | **2026** | **2025** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss)/income | $(2578) | $15002 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net (loss)/income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3750 | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing fees | 355 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of investment property |  | (18112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark to market adjustment on derivative financial instruments | 16 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash adjustments | (6) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid expenses and other assets | (961) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accounts payable and accrued and other liabilities | (807) | (2766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (231) | (955) |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of investment property | (679) | (647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (449) | (185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of marketable securities | 483 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investment property, net of closing costs | - | 59228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in)/provided by investing activities | (645) | 58581 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from notes payable | 120480 |  |
| &nbsp;&nbsp;&nbsp;Payments on notes payable | (77873) | (28551) |
| &nbsp;&nbsp;&nbsp;Payment of loan fees and expenses | (2725) |  |
| &nbsp;&nbsp;&nbsp;Redemption, cancellation and tender of common stock | (31058) | (2000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by/(used in) financing activities | 8824 | (30551) |
| **Change in cash, cash equivalents and restricted cash** | 7948 | 27075 |
| **Cash, cash equivalents and restricted cash, beginning of year** | 63771 | 27797 |
| **Cash, cash equivalents and restricted cash, end of period** | $71719 | $54872 |
| **Supplemental cash flow information for the periods indicated is as follows:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $4264 | $4256 |
| **The following is a summary of the Company's cash, cash equivalents, and restricted cash total as presented in its balance sheets for the periods presented:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $66989 | $18106 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 4730 | 36766 |
| &nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $71719 | $54872 |

---

*See Notes to Consolidated Financial Statements.*

 

[**Table of Contents**](#TableOfContents)

**Lightstone Value Plus REIT V, Inc.**

**Notes to Consolidated Financial Statements (Unaudited)**

**(Dollar amounts in thousands, except per share/unit data and where indicated in millions)**

**1. Business and Organization**

 ****

***Business***

Lightstone Value Plus REIT V, Inc. ("Lightstone REIT V," which may also be referred to as the "Company," "we," "us," or "our"), was organized as a Maryland corporation on January 9, 2007 and has elected to be taxed, and currently qualifies, as a real estate investment trust ("REIT") for United States ("U.S"). federal income tax purposes.

The Company was formed primarily to acquire and operate commercial real estate and real estate-related assets on an opportunistic and value-add basis. In particular, the Company has focused generally on acquiring commercial properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment, or repositioning, those located in markets and submarkets with high growth potential, and those available from sellers who are distressed or face time-sensitive deadlines. Since its inception, the Company has acquired a wide variety of commercial properties, including office, industrial, retail, hospitality, multifamily residential and student housing. The Company has purchased existing, income-producing properties, and newly-constructed properties. The Company has also invested in other real estate-related investments such as mortgage and mezzanine loans. The Company has made its investments in or in respect of real estate assets located in the U.S. and other countries based on its view of existing market conditions.

Substantially all of the Company's business is conducted through Lightstone REIT V OP LP, a limited partnership organized in Delaware (the "Operating Partnership"). As of March 31, 2026, the Company's wholly-owned subsidiary, BHO II, Inc., a Delaware corporation, owned a 0.1% partnership interest in the Operating Partnership as its sole general partner. As of March 31, 2026, the Company's wholly-owned subsidiary, BHO Business Trust II, a Maryland business trust, was the sole limited partner of the Operating Partnership and owned the remaining 99.9% interest in the Operating Partnership.

All of the Company's current investments are located in the U.S. The Company currently intends to hold its various real properties until such time as its board of directors (the "Board of Directors") determines that a sale or other disposition appears to be advantageous to achieve the Company's investment objectives or until it appears that the objectives will not be met. The Company currently has one operating segment. As of March 31, 2026, the Company wholly owned and consolidated eight multifamily residential properties containing an aggregate of 2,480 apartment units.

The Company's business is externally managed by LSG Development Advisor LLC (the "Advisor"), an affiliate of the Lightstone Group LLC ("Lightstone"), which provides advisory services to us. Lightstone is majority owned by David Lichtenstein, a member of the Board of Directors. Pursuant to the terms of an advisory agreement and subject to the oversight of the Board of Directors, the Advisor is responsible for managing the Company's day-to-day affairs and for services related to the management of its assets.

The Company has no employees. The Company is dependent on the Advisor and its affiliates for performing a full range of services that are essential to it, including asset management, property management, property management oversight (for those of its properties which are managed by an unrelated third-party property manager) and acquisition, disposition and financing activities, and other general administrative responsibilities; such as tax, accounting, legal, information technology and investor relations services. If the Advisor and its affiliates are unable to provide these services to the Company, it would be required to provide the services itself or obtain the services from another party or other parties.

***Organization***

In connection with the Company's initial capitalization, the Company issued 22,500 shares of its common stock ("Common Shares") and 1,000 shares of its convertible stock ("Convertible Shares") to the Company's former advisor on January 19, 2007. The 1,000 Convertible Shares were subsequently transferred to an affiliate of Lightstone on February 10, 2017 and remain outstanding. As of March 31, 2026, the Company had 16.1 million Common Shares outstanding.

The Company's Common Shares are not currently listed on any national securities exchange. The timing of a liquidity event for the Company's stockholders will depend upon then prevailing market conditions and the Board of Directors' assessment of the Company's investment objectives and liquidity options for the Company's stockholders. The Board of Directors has established June 30, 2033 as the targeted timeline for the Company to commence a liquidity event based on their assessment of the Company's investment objectives and liquidity options for the Company's stockholders. However, the Company can provide no assurances as to the actual timing of the commencement of a liquidity event, the duration of a liquidation event, or the ultimate liquidation of the Company. Furthermore, the Company is required to seek stockholder approval prior to liquidating its entire portfolio.

[**Table of Contents**](#TableOfContents)

**Lightstone Value Plus REIT V, Inc.**

**Notes to Consolidated Financial Statements (Unaudited)**

**(Dollar amounts in thousands, except per share/unit data and where indicated in millions)**

***Current Environment***

The Company's operating results and financial condition are substantially impacted by the overall health of local, U.S. national and global economies and may be influenced by market and other challenges. Additionally, its business and financial performance may be adversely affected by current and future economic and other conditions; including, but not limited to, new and existing competition, inflation, the impact of tariffs and global trade disruptions, recessionary pressures, supply chain disruptions, wars and acts of war, geopolitical tensions, political upheaval or uncertainty, potential violence, civil unrest, criminal activity or terrorism, the availability and cost of comprehensive insurance coverage, the effects of climate change, environmental liabilities, natural and other disasters, security breaches and cybercrime, any disruptions in the financial markets that may adversely affect the availability or terms of financings, unfavorable changes in laws, ordinances and regulations, technological advances and challenges, such as the use and impact of artificial intelligence and machine learning, and loss of key relationships.

The Company's overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on consumer behavior. Worsening economic conditions, increases in costs due to inflation or tariffs, higher interest rates, labor and supply chain challenges, and other changes in economic conditions, could adversely affect the Company's future results of operations and financial condition.

 **2. Summary of Significant Accounting Policies**

***Interim Unaudited Financial Information***

The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K"), which was filed with the U.S. Securities and Exchange Commission (the "SEC") on March 26, 2026. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone REIT V, Inc. have been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.

 ****

***Principles of Consolidation and Basis of Presentation***

The Company's consolidated financial statements includes its accounts and the accounts of other subsidiaries over which the Company has control. All inter-company transactions, balances, and profits have been eliminated in consolidation.

The consolidated balance sheet as of December 31, 2025 included herein has been derived from the consolidated balance sheet included in the 2025 Form 10-K.

The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period.

 ****

***Earnings per Share***

The Company's basic and fully diluted earnings per share for all periods presented are the same as the Convertible Shares are included in the calculation and the Company had no other potentially dilutive securities outstanding during the periods presented. Accordingly, basic and fully diluted net income/(loss) per share were both calculated by dividing net income/(loss) during the applicable period by the weighted-average number of Common Shares outstanding during the applicable period.

 ****

[**Table of Contents**](#TableOfContents)

 ****

**Lightstone Value Plus REIT V, Inc.**

**Notes to Consolidated Financial Statements (Unaudited)**

**(Dollar amounts in thousands, except per share/unit data and where indicated in millions)**

 ****

***Tax Status and Income Tax Provision/Benefit***

The Company elected to be taxed as a REIT commencing with the taxable year ended December 31, 2008. If the Company remains qualified as a REIT, it generally will not be subject to U.S. federal income tax on its net taxable income that it distributes currently to its stockholders. To maintain its REIT qualification under the Internal Revenue Code of 1986, as amended, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If the Company fails to remain qualified for taxation as a REIT in any subsequent year and does not qualify for certain statutory relief provisions, its income for that year will be taxed at regular corporate rates, and it may be precluded from qualifying for treatment as a REIT for the four-year period following its failure to qualify as a REIT. Such an event could materially adversely affect its earnings and net cash available for distribution to its stockholders, if any. Additionally, even if the Company continues to qualify as a REIT for U.S. federal income tax purposes, it may still be subject to some U.S. federal, state and local taxes on its taxable income and property and to U.S. federal income taxes and excise taxes on its undistributed taxable income, if any.

To maintain its qualification as a REIT, the Company may engage in certain activities through a wholly-owned taxable REIT subsidiary ("TRS"). As such, the Company may be subject to U.S. federal and state income and franchise taxes from these activities.

The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

During the three months ended March 31, 2026 and 2025, there was no deferred income tax expense and de minimis current income tax expense. These amounts are included in "interest and other income, net" on the consolidated statements of operations.

 ****

***Concentration of Credit Risk***

As of March 31, 2026 and December 31, 2025, the Company had cash deposited in certain financial institutions in excess of U.S. federally insured levels. The Company regularly monitors the financial stability of these financial institutions and currently believes that it is not exposed to any significant credit risk for its cash and cash equivalents or restricted cash.

 ****

***Reclassifications***

Certain prior period amounts may have been reclassified to conform to the current year presentation.

 **

***Segment Disclosure***

 **

The Company's operations are reported within one reportable segment and constitutes all of the consolidated entities which are reported in the consolidated financial statements. The Company owns and operates multifamily residential properties and makes other real estate-related investments, principally in the U.S.

The Company's chief operating decision maker ("CODM") is the Chief Executive Officer. The CODM assesses entity-wide operating results and performance and decides how to allocate resources based on consolidated net income/loss which is reported on the consolidated statements of operations. Additionally, the measure of segment assets is reported on the consolidated balance sheets as total assets.

[**Table of Contents**](#TableOfContents)

**Lightstone Value Plus REIT V, Inc.**

**Notes to Consolidated Financial Statements (Unaudited)**

**(Dollar amounts in thousands, except per share/unit data and where indicated in millions)**

The accounting policies for the reportable segment are the same as those described above. The CODM uses net income/loss to evaluate earnings generated from assets to assess performance and make decisions about allocating resources. The CODM also uses net income/loss to monitor the budget versus actual results, which is used in assessing the Company's entity-wide operating results and performance.

The revenue, costs and expenses, and net income/loss for the reportable segment are the same as those presented on the consolidated statements of operations.

Significant expense categories, including property operating expenses, real estate taxes, general and administrative, depreciation and amortization and interest, are included on the Company's consolidated statements of operations.

 ****

***New Accounting Pronouncements***

In November 2024, the Financial Accounting Standards Board issued accounting standards update ("ASU") 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses." ASU 2024-03 will require public business entities to provide more detailed information in the notes to their financial statements about the types of expenses included in commonly presented expense captions. ASU 2024-03 does not require any changes to the expense captions a public business entity presents on the face of its income statement. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact adoption of ASU 2024-03 will have on its consolidated financial statements and related disclosures.

 **3. Real Estate Properties**

The following table presents certain information about the Company's wholly owned and consolidated multifamily real estate properties as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Property Name** | **Location** | **Date Acquired** | **Number of<br> Units** |
| Arbors Harbor Town | Memphis, Tennessee | December 20, 2011 | 345 |
| The Aster Apartments | Sugar Land, Texas | August 8, 2013 | 240 |
| Axis at Westmont | Westmont, Illinois | November 27, 2018 | 400 |
| Valley Ranch Apartments | Ann Arbor, Michigan | February 14, 2019 | 384 |
| BayVue Apartments | Tampa, Florida | July 7, 2021 | 368 |
| Citadel Apartments | Houston, Texas | October 6, 2021 | 293 |
| Camellia Apartments | St. Augustine, Florida | December 19, 2023 | 210 |
| Discovery at Space Coast Apartments | Rockledge, Florida | December 19, 2024 | 240 |
|  |  |  | 2480 |

---

**4. Marketable Securities, Derivative Financial Instruments and Fair Value Measurements** 

 ****

***Marketable Securities***

The following is a summary of the Company's available for sale marketable securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Adjusted<br> Cost** | **Gross<br> Unrealized<br> Gains** | **Gross<br> Unrealized<br> Losses** | **Fair<br> Value** |
| <br>***Debt securities:*** | | | | |
| Corporate and Government Bonds | $3929 | $113 | $(42) | $4000 |

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[**Table of Contents**](#TableOfContents)

**Lightstone Value Plus REIT V, Inc.**

**Notes to Consolidated Financial Statements (Unaudited)**

**(Dollar amounts in thousands, except per share/unit data and where indicated in millions)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Adjusted<br> Cost** | **Gross<br> Unrealized<br> Gains** | **Gross<br> Unrealized<br> Losses** | **Fair<br> Value** |
| <br>***Debt securities:*** | | | | |
| Corporate and Government Bonds | $3956 | $139 | $(38) | $4057 |

---

As of March 31, 2026, the Company has not recognized an allowance for expected credit losses related to available-for-sale debt securities as the Company has not identified any unrealized losses for these investments attributable to credit factors. The Company's unrealized loss on investments in debt securities was primarily caused by changes in interest rates. The Company does not currently intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis.

The following table summarizes the estimated fair value of the Company's investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities:

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| | |
|:---|:---|
|  | **As of<br> March 31,<br> 2026** |
| Due in 1 year | $554 |
| Due in 1 year through 5 years | 3424 |
| Due in 5 years through 10 years | 22 |
| Due after 10 years | - |
| Total | $4000 |

---

***Derivative Financial Instruments***

 ****

The Company enters into interest rate cap contracts with unrelated financial institutions in order to reduce the effect of interest rate fluctuations associated with certain of its variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to these derivative financial instruments. However, management currently believes the risk of loss due to non-performance by the unrelated financial institutions is remote.

The Company accounts for its interest rate cap contracts as economic hedges marking them to their fair value taking into account present interest rates compared to the contracted fixed rate over the remaining term of the contract. Changes in the fair value of these economic hedges represent unrealized gains or losses which are included in interest and other income, net on the consolidated statements of operations.

As of March 31, 2026 and December 31, 2025, the Company had two interest rate cap contracts and one interest rate cap contract, respectively.

On March 30, 2026 the Company entered into an interest rate cap contract with a notional amount of $60.0 million that effectively caps SOFR at 5.50% from March 30, 2026 through April 15, 2028 at a cost of $0.1 million. See Note 5.

Additionally, on October 10, 2024, the Company entered into a one-year interest rate cap contract with a notional amount of $44.0 million that effectively capped SOFR at 3.00% from October 11, 2024 through October 11, 2025 at a cost of $0.5 million. On October 9, 2025, the Company extended the term of this interest rate cap contract through October 11, 2026 at a cost of $0.3 million. See Note 5.

The fair value of the Company's interest rate cap contracts was $0.3 million and $0.2 million as of March 31, 2026 and December 31, 2025, respectively, and is included in prepaid expenses and other assets on the consolidated balance sheets.

For the three months ended March 31, 2026 and 2025, the Company recorded negative mark to market adjustments on derivative financial instruments of $16 and $0.3 million, respectively. These mark to market adjustments represented the change in the fair values of the Company's interest rate cap contracts during such periods.

[**Table of Contents**](#TableOfContents)

**Lightstone Value Plus REIT V, Inc.**

**Notes to Consolidated Financial Statements (Unaudited)**

**(Dollar amounts in thousands, except per share/unit data and where indicated in millions)**

During the three months ended March 31, 2026 and 2025, respectively, the Company earned $0.1 million and $0.4 million, respectively, from its interest rate cap contracts. Earnings from interest rate cap contracts are recorded in interest expense, net on the consolidated statements of operations.

***Fair Value Measurements***

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

**●** Level 1 – Quoted prices in active markets for identical assets or liabilities.

**●** Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

**●** Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair values of the Company's investments in debt securities are measured using quoted prices for these investments; however, the markets for these assets are not active. The fair values of the Company's interest rate cap contracts are measured using other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. As of March 31, 2026 and December 31, 2025, all of the Company's debt securities and interest rate cap contracts were classified as Level 2 assets and there were no transfers between the level classifications during the three months ended March 31, 2026 and 2025.

As of March 31, 2026 and December 31, 2025, management estimated that the carrying value of the Company's cash and cash equivalents, restricted cash, prepaid expenses and other assets (exclusive of interest rate cap contracts) and accounts payable and accrued and other liabilities were at amounts that reasonably approximated their fair value based on their highly-liquid nature and/or short-term maturities.

The fair values of the Company's notes payable are categorized as a Level 2 in the fair value hierarchy. The fair values were estimated using a discounted cash flow analysis valuation on the estimated borrowing rates available for loans with similar terms and maturities. The fair values of the notes payable were determined by discounting the future contractual interest and principal payments by a market rate. Disclosure about fair values of financial instruments is based on pertinent information available to management as of March 31, 2026 and December 31, 2025.

Carrying amounts of the Company's notes payable and the related estimated fair value are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Carrying<br> Amount** | **Estimated<br> Fair Value** | **Carrying<br> Amount** | **Estimated<br> Fair Value** |
| Notes payable | $358333 | $352247 | $315726 | $317218 |

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[**Table of Contents**](#TableOfContents)

**Lightstone Value Plus REIT V, Inc.**

**Notes to Consolidated Financial Statements (Unaudited)**

**(Dollar amounts in thousands, except per share/unit data and where indicated in millions)**

**5. Notes Payable**

Notes payable consists of the following:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Interest Rate** | **Weighted<br> Average<br> Interest<br> Rate for the Three<br> Months<br> Ended<br> March 31,<br> 2026** | **Maturity <br> Date** | **Amount Due at<br> Maturity** | **As of<br> March 31, 2026** | **As of<br> December 31,<br> 2025** |
| Arbors Harbor Town | 5.21% | 5.21% | January 1, 2031 | 43617 | 46254 | 46254 |
| The Aster Apartments | 5.20% | 5.20% | June 1, 2030 | 21765 | 21765 | 21765 |
| Axis at Westmont (Repaid in full) |  |  |  |  |  | 34459 |
| Axis at Westmont | SOFR + 2.35%<br> (floor 4.85%) | 6.14% | April 9, 2028 | 60000 | 60000 |  |
| Valley Ranch Apartments (Repaid in full) |  |  |  |  |  | 43414 |
| Valley Ranch Apartments | 5.23% | 5.23% | March 1, 2033 | 58740 | 60480 |  |
| BayVue Apartments | 4.98% | 4.98% | July 1, 2030 | 47232 | 48188 | 48188 |
| Citadel Apartments Senior | SOFR + 1.61%<br> (floor 1.71%) | 5.28% | October 11, 2026 | 35200 | 35200 | 35200 |
| Citadel Apartments Junior | SOFR + 8.86%<br> (floor 8.96%) | 12.53% | October 11, 2026 | 8800 | 8800 | 8800 |
| Camellia Apartments | 6.05% | 6.05% | January 1, 2030 | 33911 | 33911 | 33911 |
| Discovery at Space Coast Apartments | 5.60% | 5.60% | January 1, 2030 | 42668 | 43735 | 43735 |
| Total notes payable |  | 5.59% |  | $351933 | 358333 | 315726 |
| Less: Deferred financing costs |  |  |  |  | (7622) | (5252) |
| Total notes payable, net |  |  |  |  | $350711 | $310474 |

---

SOFR as of March 31, 2026 and December 31, 2025 was 3.68% and 3.79%, respectively. The Company's loans are secured by the indicated real estate and are non-recourse to the Company, unless otherwise indicated.

 **

***Arbors Harbor Town Mortgage***

 **

On December 11, 2025, the Company entered into a five-year $46.3 million non-recourse mortgage loan (the "Arbors Harbor Town Mortgage") scheduled to mature on January 1, 2031. The Arbors Harbor Town Mortgage bears interest at 5.21% and requires monthly interest-only payments through December 31, 2026, monthly principal and interest payments of approximately $0.3 million thereafter, and the unpaid principal balance due upon maturity. The Arbors Harbor Town Mortgage is collateralized by Arbors Harbor Town. A substantial portion of the proceeds from the Arbors Harbor Town Mortgage were used to repay in full prior aggregate mortgage indebtedness of $34.4 million, which was also collateralized by Arbors Harbor Town. In connection with the Arbors Harbor Town Apartments Mortgage, the Company paid the Advisor a debt financing fee of $0.5 million.

***BayVue Apartments Mortgage***

On June 30, 2025, the Company entered into a five-year $48.2 million non-recourse mortgage loan (the "BayVue Apartments Mortgage") scheduled to mature on July 1, 2030. The BayVue Apartments Mortgage bears interest at 4.98% and requires monthly interest-only payments through June 30, 2028, monthly principal and interest payments of approximately $0.2 million thereafter, and the unpaid principal balance due upon maturity. The BayVue Apartments Mortgage is collateralized by the BayVue Apartments. The majority of the proceeds from the BayVue Apartments Mortgage were used to repay in full prior aggregate mortgage indebtedness of $47.4 million, which was also collateralized by the BayVue Apartments. In connection with the BayVue Apartments Mortgage, the Company paid the Advisor a debt financing fee of $0.5 million.

[**Table of Contents**](#TableOfContents)

 ****

**Lightstone Value Plus REIT V, Inc.**

**Notes to Consolidated Financial Statements (Unaudited)**

**(Dollar amounts in thousands, except per share/unit data and where indicated in millions)**

 ****

***Aster Apartments Mortgage***

On May 30, 2025, the Company entered into a five-year $21.8 million non-recourse mortgage loan (the "Aster Apartments Mortgage") scheduled to mature on June 1, 2030. The Aster Apartments Mortgage bears interest at 5.20% and requires monthly interest-only payments with the unpaid principal balance due upon maturity. The Aster Apartments Mortgage is collateralized by The Aster Apartments. The majority of the proceeds from the Aster Apartments Mortgage were used to repay in full prior mortgage indebtedness of $15.9 million, which was also collateralized by The Aster Apartments. In connection with the Aster Apartments Mortgage, the Company paid the Advisor a debt financing fee of $0.2 million.

 ****

***Citadel Apartments Mortgages***

On October 6, 2021, the Company simultaneously entered into non-recourse mortgage loan facilities for up to $39.2 million (the "Citadel Apartments Senior Mortgage")and for up to $9.8 million (the "Citadel Apartments Junior Mortgage" and together with the Citadel Apartments Senior Mortgage, the "Citadel Apartments Mortgages"), respectively. The Citadel Apartments Mortgages require monthly interest-only payments with the unpaid principal balance due upon maturity.

The Citadel Apartments Mortgages were initially scheduled to mature on October 11, 2024, and had two one-year extension options, subject to the satisfaction of certain conditions. The Citadel Apartments Mortgages are both collateralized by the Citadel Apartments, however, the Citadel Apartments Junior Mortgage is subordinate to the Citadel Apartments Senior Mortgage.

Pursuant to the terms of the Citadel Apartments Mortgages, the Company was required to enter into one or more interest rate cap contracts in the aggregate notional amount of $49.0 million pursuant to which the SOFR rate was to be capped at 2.00% for as long as the Citadel Apartments Mortgages remain outstanding.

On September 26, 2024, the maturity dates of the Citadel Apartments Mortgages were both extended from October 11, 2024 to October 11, 2026 and as a result, no extension options remain. In connection with these extensions, the Company made an aggregate principal paydown of $5.0 million, which reduced the outstanding principal balances of the Citadel Apartments Senior Mortgage from $39.2 million to $35.2 million and the Citadel Apartments Junior Mortgage from $9.8 million to $8.8 million. Additionally, the lender allowed for the notional amount of the interest rate contracts to be reduced from $49.0 million to $44.0 million (as a result of the aggregate principal paydown of $5.0 million) and for SOFR to be capped at 3.00%, rather than 2.00%, through the maturity of the Citadel Apartments Mortgages. See Note 4.

***Valley Ranch Apartments Mortgage***

 ****

On February 14, 2019, the Company entered into a seven-year $43.4 million non-recourse mortgage loan which was scheduled to mature on March 1, 2026. This mortgage loan bore interest at 4.16% and required monthly interest-only payments with the unpaid principal balance due upon maturity. This mortgage loan was collateralized by the Valley Ranch Apartments.

On February 27, 2026, the Company entered into a $60.5 million non-recourse mortgage loan (the "Valley Ranch Apartments Mortgage") scheduled to mature on March 1, 2033. The Valley Ranch Apartments Mortgage bears interest at 5.23% and requires monthly interest-only payments through April 1, 2030, monthly principal and interest payments of approximately $0.3 million thereafter, and the unpaid principal balance due upon maturity. The Valley Ranch Apartments Mortgage is collateralized by the Valley Ranch Apartments. A substantial portion of the proceeds from the Valley Ranch Apartments Mortgage were used to repay in full the above noted prior mortgage indebtedness of $43.4 million. In connection with the Valley Ranch Apartments Mortgage, the Company paid the Advisor a debt financing fee of $0.6 million.

 ****

***Axis at Westmont Mortgage***

On November 27, 2018, the Company assumed an existing non-recourse mortgage loan collateralized by the Axis at Westmont Apartments in the amount of $37.6 million which was initially scheduled to mature on February 1, 2026, however, the Company obtained a short-term extension until April 2, 2026 to provide additional time for it to refinance the maturing loan. The Axis at Westmont Mortgage bore interest at a fixed annual rate of 4.39% and required monthly interest only payments until March 1, 2021, monthly principal and interest payments of $0.2 million thereafter, and the unpaid principal balance due upon maturity.

[**Table of Contents**](#TableOfContents)

**Lightstone Value Plus REIT V, Inc. Notes to Consolidated Financial Statements (Unaudited) (Dollar amounts in thousands, except per share/unit data and where indicated in millions)**

On March 30, 2026, the Company entered into a $60.0 million non-recourse mortgage loan (the "Axis at Westmont Apartments Mortgage") scheduled to initially mature on April 9, 2028, which has three, one-year extension options, subject to the satisfaction of certain conditions. The Axis at Westmont Apartments Mortgage bears interest at SOFR + 2.35%, subject to a floor of 4.85%, and provides for monthly interest-only payments with the unpaid principal balance due at maturity. The Axis at Westmont Apartments Mortgage is collateralized by the Axis at Westmont Apartments. A substantial portion of the proceeds from the Axis at Westmont Apartments Mortgage were used to repay in full the above noted prior mortgage indebtedness of $34.5 million. In connection with the Axis at Westmont Apartments Mortgage, the Company paid the Advisor a debt financing fee of $0.6 million.

Pursuant to the terms of the Axis at Westmont Apartments Mortgage, the Company is required to maintain an interest rate cap contract in the notional amount of $60.0 million pursuant to which the SOFR rate is capped at 5.50% for as long as the Axis at Westmont Apartments Mortgage remains outstanding. See Note 4.

The following table provides information with respect to the contractual maturities and scheduled principal repayments of the Company's indebtedness as of March 31, 2026.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** |
| Principal maturities | $44000 | $574 | $61336 | $1761 | $146565 | $104097 | $358333 |
| Less: deferred financing costs |  |  |  |  |  |  | (7622) |
| Total notes payable, net |  |  |  |  |  |  | $350711 |

---

As of March 31, 2026, the Company was in compliance with all of its financial covenants.

 ****

***Mortgage Debt Maturities***

The Citadel Apartments Mortgages (aggregate outstanding principal balance of $44.0 million as of March 31, 2026) are scheduled to mature on October 11, 2026. The Company currently intends to seek to extend or refinance the Citadel Apartments Mortgages on or before their scheduled maturity date although there can be no assurances that it will be able to do so. If the Company is unable to successfully extend or refinance its maturing mortgage indebtedness, it may also consider repaying the then outstanding principal balances due at their respective maturity dates with available cash on hand and/or proceeds from selective asset sales even though such mortgage indebtedness is not recourse to it. Other than the Citadel Apartments Mortgages, the Company has no additional maturities of mortgage debt over the next 12 months from the date of these consolidated financial statements.

**6. Stockholders' Equity**

 ****

***Tender Offer***

On December 30, 2025, the Board of Directors approved an issuer self-tender offer (the "Tender Offer") to commence on or about December 31, 2025, for up to 2.2 million of the Company's Common Shares at a price of $14.08 per Common Share, or approximately $31.1 million.

The Company commenced the Tender Offer on December 31, 2025 and a total of approximately 3.9 million Common Shares were properly tendered and not withdrawn before the expiration of the Tender Offer on February 13, 2026. In accordance with the terms and conditions of the Tender Offer, on March 5, 2026 the Company accepted and purchased approximately 2.2 million Common Shares at a purchase price of $14.08 per Common Share, for an aggregate cost of approximately $31.1 million.

Due to the oversubscription of the Tender Offer, the Company accepted for purchase on a pro rata basis approximately 56.5% of the Common Shares validly tendered and not withdrawn (other than "odd lot" stockholders, whose Common Shares were purchased in full on a priority basis).

[**Table of Contents**](#TableOfContents)

**Lightstone Value Plus REIT V, Inc. Notes to Consolidated Financial Statements (Unaudited) (Dollar amounts in thousands, except per share/unit data and where indicated in millions)**

***Amended SRP***

On November 10, 2022, the Board of Directors adopted a Seventh Amended and Restated Share Redemption Program (the "Amended SRP"), which became effective on January 1, 2023. Under the terms of the Amended SRP, any stockholder may request redemption of their Common Shares, subject to significant conditions and limitations.

Pursuant to the terms of the Amended SRP, any Common Shares approved for redemption are redeemed on a periodic basis as determined by the Board of Directors, generally shortly after the end of each quarterly period. However, the Company will not redeem, during any year, more than 5% of the number of Common Shares outstanding on last day of the previous year (the "5% Limitation"). The cash available for redemption of Common Shares is set by the Board of Directors not less often than at least annually (the "Funding Limitation" and, together with the 5% Limitation, the "Redemption Limitations"). The Company may change the amount of the Redemption Limitations upon 10 business days of notice to its stockholders and may provide notice of any change to the Redemption Limitations by either including such information in (a) a current report on Form 8-K, an annual report on Form 10-K or a quarterly report on Form 10-Q, all which are publicly filed with the U.S. Securities and Exchange Commission or (b) a separate mailing to the Company's stockholders.

Redemption requests may be subject to proration due to the above noted Redemption Limitations and are not considered on a first come, first served basis.

The Board of Directors reserves the right in its sole discretion at any time and from time to time, subject to any notice requirements described in the Amended SRP, to (i) reject any request for redemption of Common Shares, (ii) change the purchase price for redemption of Common Shares, (iii) limit the funds to be used for redemption of Common Shares under the Amended SRP or otherwise change the Redemption Limitations, or (iv) amend, suspend (in whole or in part) or terminate the Amended SRP.

In connection with the approval of the Tender Offer and as required by the rules of the Securities Exchange Act of 1934, as amended, the Board of Directors approved the immediate suspension of the Amended SRP effective December 30, 2025. While the Amended SRP was suspended, the Company did not accept any requests for redemption and any such requests and all pending requests were not honored or retained.

On March 26, 2026, the Board of Directors reinstated the Amended SRP and determined it would consider the amount of cash available for redemption of Common Shares on a quarterly basis throughout 2026. On the same date, the Board of Directors approved that an amount up to $2.0 million would be made available for consideration of redemption requests for the second, third and fourth quarters of 2026.

For the three months ended March 31, 2025, the Company repurchased 148,258 Common Shares, pursuant to its Amended SRP at a weighted average price per share of $13.49.

**7. Related Party Transactions**

The Company's business is externally managed by the Advisor, an affiliate of Lightstone which provides advisory services to the Company and the Company has no employees. Lightstone is majority owned by David Lichtenstein, a member of the Board of Directors. Pursuant to the terms of an advisory agreement and subject to the oversight of the Board of Directors, the Advisor is responsible for managing the Company's day-to-day affairs and for services related to the management of the Company's assets.

The Company has agreements with the Advisor and its affiliates to pay certain fees and reimburse certain expenses in connection with services performed and costs incurred by these entities and other related parties. The Company is dependent on the Advisor and its affiliates for performing a full range of services that are essential to it, including asset management, property management, property management oversight (for those of its properties which are managed by an unrelated third-party property manager) and acquisition, disposition and financing activities, and other general administrative responsibilities; such as tax, accounting, legal, information technology and investor relations services. If the Advisor and its affiliates are unable to provide these services to it, the Company would be required to provide the services itself or obtain the services from another party or other parties.

The advisory agreement has a one-year term and is renewable annually upon the mutual consent of the Advisor and the Company's independent directors.

The following table represents the fees incurred associated with the payments to the Advisor:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br> March 31,** | **For the Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| Property management oversight fees (property operating expenses) | $134 | $132 |
| Debt financing fees<sup>(1)</sup> | 1205 |  |
| Administrative services reimbursement (general and administrative costs) | 414 | 404 |
| Asset management fees (general and administrative costs) | 966 | 998 |
| Total | $2719 | $1534 |

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(1) Capitalized
upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding
loan and amortized over the initial term of the corresponding loan.

**8. Commitments and Contingencies**

 ****

***Legal Proceedings***

From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes.

As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss.

[**Table of Contents**](#TableOfContents)

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements and the notes thereto. Dollar and share amounts are presented in thousands, except per share data and where indicated in millions.

**Forward-Looking Statements**

Certain statements in this Quarterly Report on Form 10-Q constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements include discussion and analysis of the financial condition of Lightstone Value Plus REIT V, Inc. and our subsidiaries (which may be referred to herein as the "Company," "we," "us" or "our"), including our ability to make accretive real estate or real estate-related investments, rent space on favorable terms, to address our debt maturities and to fund our liquidity requirements, to sell our assets when we believe advantageous to achieve our investment objectives, our anticipated capital expenditures, the amount and timing of future cash distributions, if any, to our stockholders, the estimated net asset value ("NAV") per Common Share ("NAV per Share"), and other matters. Words such as "may," "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "would," "could," "should" and variations of these words and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are not historical facts but reflect the intent, belief or current expectations of our management based on their knowledge and understanding of the business and industry, the economy and other future conditions. These statements are not guarantees of future performance, and we caution stockholders not to place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or forecasted in the forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the factors described below:

● market and economic challenges experienced by the United States ("U.S.") and global economies or real estate industry as a whole and the local economic conditions in the markets in which our investments are located. Additionally, our business and financial performance may be adversely affected by current and future economic and other conditions; such as inflation, tariffs, recession, political upheaval or uncertainty, terrorism and acts of war, natural and man-made disasters, cybercrime, and outbreaks of contagious diseases;

● the availability of cash flow from operating activities for distributions, if required to maintain our status as a real estate investment trust ("REIT");

● conflicts of interest arising out of our relationships with our advisor and its affiliates;

● our ability to retain our executive officers and other key individuals who provide advisory, property management and property management oversight services to us;

● our level of debt and the terms and limitations imposed on us by our debt agreements;

● the availability of credit generally, and any failure to obtain debt financing at favorable terms or a failure to satisfy the conditions and requirements of that debt;

● our ability to make accretive investments;

● our ability to diversify our portfolio of assets;

● changes in market factors that could impact our rental rates and operating costs;

● our ability to secure leases at favorable rental rates;

● our ability to sell our assets at a price and on a timeline consistent with our investment objectives;

● impairment charges;

● unfavorable changes in laws, regulations or ordinances impacting our business, our assets or our key relationships; and

● factors that could affect our ability to continue to qualify as a REIT.

[**Table of Contents**](#TableOfContents)

**Cautionary Note**

The representations, warranties, and covenants made by us in any agreement filed as an exhibit to this Quarterly Report on Form 10-Q are made solely for the benefit of the parties to the agreement, including, in some cases, for the purpose of allocating risk among the parties to the agreement, and should not be deemed to be representations, warranties, or covenants to or with any other parties. Moreover, these representations, warranties, or covenants should not be relied upon as accurately describing or reflecting the current state of our affairs.

**Executive Overview**

We were formed primarily to acquire and operate commercial real estate and real estate-related assets on an opportunistic and value-add basis. In particular, we have focused generally on acquiring commercial properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment or repositioning, those located in markets and submarkets with high growth potential, and those available from sellers who were distressed or faced time-sensitive deadlines. In addition, our opportunistic and value-add investment strategy has included investments in real estate-related assets that present opportunities for higher current income. Since our inception, we have acquired a wide variety of commercial properties, including office, industrial, retail, hospitality, multifamily residential and student housing. We have purchased existing, income-producing properties and newly constructed properties. We have also invested in mortgage and mezzanine loans. We have made our investments in or in respect of real estate assets located in the U.S. and other countries based on our view of existing market conditions.

All of our current investments are located in the U.S. We currently intend to hold our various real estate properties until such time as our board of directors (the "Board of Directors") determines that a sale or other disposition appears to be advantageous to achieve our investment objectives or until it appears that the objectives will not be met. We currently have one operating segment. As of March 31, 2026, we wholly owned and consolidated eight multifamily residential properties containing an aggregate 2,480 apartment units.

**Current Environment**

Our operating results and financial condition are substantially impacted by the overall health of local, U.S. national and global economies and may be influenced by market and other challenges. Additionally, our business and financial performance may be adversely affected by current and future economic and other conditions; including, but not limited to, new and existing competition, inflation, the impact of tariffs and global trade disruptions, recessionary pressures, supply chain disruptions, wars and acts of war, geopolitical tensions, political upheaval or uncertainty, potential violence, civil unrest, criminal activity or terrorism, the availability and cost of comprehensive insurance coverage, the effects of climate change, environmental liabilities, natural and other disasters, security breaches and cybercrime, any disruptions in the financial markets that may adversely affect the availability or terms of financings, unfavorable changes in laws, ordinances and regulations, technological advances and challenges, such as the use and impact of artificial intelligence and machine learning, and loss of key relationships.

Our overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on consumer behavior. Worsening economic conditions, increases in costs due to inflation or tariffs, higher interest rates, labor and supply chain challenges, and other changes in economic conditions, could adversely affect our future results of operations and financial condition.

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**Liquidity and Capital Resources**

As of March 31, 2026, we had cash and cash equivalents of $67.0 million, marketable securities, available for sale of $4.0 million and restricted cash of $4.7 million.

Our principal demands for funds going forward are expected to be for the payment of (a) our anticipated operating expenses, including capital expenditures, and (b) scheduled debt service (excluding any balloon payments due at maturity) on our outstanding indebtedness including any required replacement interest rate cap contracts and including our current expectation that we will successfully extend or refinance the Citadel Apartments Mortgages on or before their scheduled maturity date (see "Mortgage Debt Maturities"). We also may, at our discretion, use funds for (a) tender offers and/or redemptions of our Common Shares, (b) distributions, if any, to our shareholders, and (c) selective acquisitions and/or real estate-related investments. Generally, we expect to meet our cash needs with our cash and cash equivalents and marketable securities on hand along with our cash flow from operations and the release of certain funds held in restricted cash.

However, to the extent that these sources are not sufficient to cover our cash needs, we may use proceeds from additional borrowings and/or selective asset sales to fund such needs.

***2026 Financing Activities***

 ****

*Axis at Westmont Mortgage*

On March 30, 2026, we entered into a $60.0 million non-recourse mortgage loan (the "Axis at Westmont Apartments Mortgage") scheduled to initially mature on April 9, 2028, which has three, one-year extension options subject to the satisfaction of certain conditions. The Axis at Westmont Apartments Mortgage bears interest at SOFR + 2.35%, subject to a floor of 4.85%, and provides for monthly interest-only payments with the unpaid principal balance due at maturity. The Axis at Westmont Apartments Mortgage is collateralized by the Axis at Westmont Apartments. A substantial portion of the proceeds from the Axis at Westmont Apartments Mortgage were used to repay in full prior mortgage indebtedness of $34.5 million, which was also collateralized by the Axis at Westmont Apartments. In connection with the Axis at Westmont Apartments Mortgage, we paid the Advisor a debt financing fee of $0.6 million.

 ****

*Valley Ranch Apartments Mortgage*

On February 27, 2026, we entered into a $60.5 million non-recourse mortgage loan (the "Valley Ranch Apartments Mortgage") scheduled to mature on March 1, 2033. The Valley Ranch Apartments Mortgage bears interest at 5.23% and requires monthly interest-only payments through April 1, 2030, monthly principal and interest payments of approximately $0.3 million thereafter, and the unpaid principal balance due upon maturity. The Valley Ranch Apartments Mortgage is collateralized by the Valley Ranch Apartments. A substantial portion of the proceeds from the Valley Ranch Apartments Mortgage were used to repay in full the prior mortgage indebtedness of $43.4 million, which was also collateralized by the Valley Ranch Apartments. In connection with the Valley Ranch Apartments Mortgage, we paid the Advisor a debt financing fee of $0.6 million.

We have borrowed money to acquire properties and make other investments. Under our charter, the maximum amount of our indebtedness is limited to 300% of our "net assets" (as defined by our charter) as of the date of any borrowing; however, we may exceed that limit if approved by a majority of our independent directors. In addition to our charter limitation, our Board of Directors has adopted a policy to generally limit our borrowings to 75% of the value of our assets unless substantial justification exists that borrowing a greater amount is in our best interests. Our policy limitation, however, does not apply to individual real estate assets.

 ****

***Concentration of Credit Risk***

As of March 31, 2026 and December 31, 2025, we had cash deposited in certain financial institutions in excess of U.S. federally insured levels. We regularly monitor the financial stability of these financial institutions and currently believe that we are not exposed to any significant credit risk for our cash and cash equivalents or restricted cash.

 **

**Results of Operations**

 **

We completed the disposition of the Autumn Breeze Apartments on February 27, 2025 and it did not qualify to be reported as discontinued operations since it did not represent a strategic shift that had a major effect on our operations and financial results. Accordingly, the operating results of the Autumn Breeze Apartments are reflected in our results from continuing operations for all periods presented through its date of disposition.

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***Three months ended March 31, 2026 as compared to the three months ended March 31, 2025.***

Our results of operations for the three months ended March 31, 2026 compared to the same period in 2025 reflect the operating results of the properties owned by us during such periods. Properties which were owned by us during the entire periods presented are referred to as our "Same Store" properties.

The following table provides summary information about our results of operations:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | | | | |
|  | **March 31,** | **March 31,** | | | | |
|  | **2026** | **2025** |<br><br>**Change** |<br>**Change**<br>**due to**<br>**Disposition<sup>(1)</sup>** |<br>**Change**<br>**due to**<br>**Same Store<sup>(2)</sup>** | **Percentage of**<br>**Change**<br>**due to**<br>**Same Store** |
| Rental revenues | $12559 | $13608 | $(1049) | $(893) | $(156) | (1.2)% |
| Property operating expenses | 4072 | 4435 | (363) | (436) | 73 | 1.8% |
| Real estate taxes | 1545 | 1918 | (373) | (146) | (227) | (12.9)% |
| General and administrative expenses | 2010 | 1977 | 33 | 9 | 24 | 1.2% |
| Depreciation and amortization expense | 3750 | 4284 | (534) | (261) | (273) | (6.8)% |
| Interest expense, net | 4589 | 4328 | 261 | (171) | 432 | 10.4% |

---

(1) Represents
the effect on our results for the periods indicated resulting from our disposition of the Autumn Breeze Apartments on February 27, 2025.

(2) Represents
the change for three months ended March 31, 2026 compared to the same period in 2025 for real estate investments
owned by us during the entire periods presented ("Same Store"). We had eight Same Store properties for the periods ended
 March 31, 2026 and 2025 consisting of Arbors Harbor Town, The Aster, Axis at Westmont, Valley Ranch Apartments, BayVue Apartments,
Citadel Apartments, Camellia Apartments and Discovery at Space Coast Apartments.

The following table reflects total rental revenues and total property operating expenses for the three months ended March 31, 2026 and 2025 for our Same Store properties and the disposition of the Autumn Breeze Apartments:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | |
| <br>**Description** | **2026** | **2025** |<br>**Change** |
| Rental Revenues: |  |  |  |
| Same Store | $12559 | $12715 | $(156) |
| Disposition (Autum Breeze Apartments) | - | 893 | (893) |
| Total rental revenues | $12559 | $13608 | $(1049) |
| Property Operating Expenses: |  |  |  |
| Same Store | $4072 | $3999 | $73 |
| Disposition (Autum Breeze Apartments) | - | 436 | (436) |
| Total property operating expenses | $4072 | $4435 | $(363) |

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The table below reflects the occupancy and effective monthly rental rates per unit for our eight wholly owned multifamily residential properties:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Occupancy** | **Occupancy** | **Effective Monthly Rent<br> per Unit<sup>(1)</sup>** | **Effective Monthly Rent<br> per Unit<sup>(1)</sup>** |
| | **As of March 31,** | **As of March 31,** | **As of March 31,** | **As of March 31,** |
| <br>**Property** | **2026** | **2025** | **2026** | **2025** |
| Arbors Harbor Town | 91% | 93% | $1744 | $1695 |
| The Aster | 91% | 93% | $1466 | $1410 |
| Axis at Westmont | 94% | 99% | $1729 | $1652 |
| Valley Ranch Apartments | 96% | 96% | $1897 | $1860 |
| BayVue Apartments | 94% | 92% | $1543 | $1559 |
| Citadel Apartments | 96% | 95% | $1739 | $1751 |
| Camellia Apartments | 89% | 97% | $1657 | $1595 |
| Discovery at Space Coast Apartments | 96% | 93% | $1898 | $1916 |
| Weighted average total | 94% | 95% | $1715 | $1685 |

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(1) Effective
monthly rent is calculated as in-place contracted monthly rental revenue, including any premiums due for short-term or month-to-month
leases, less any concessions or discounts.

*Rental Revenues*

Rental revenues for the three months ended March 31, 2026 were $12.6 million, a decrease of $1.0 million, compared to $13.6 million for the same period in 2025. Excluding the effect of the disposition of the Autumn Breeze Apartments, our rental revenues decreased by $0.2 million for our Same Store properties during the 2026 period principally due to a slight decline in occupancy.

 

*Property Operating Expenses*

 

Property operating expenses for the three months ended March 31, 2026 were $4.1 million, a decrease of $0.3 million, compared to $4.4 million for the same period in 2025. Excluding the effect of the disposition of the Autumn Breeze Apartments, our property operating expenses were relatively unchanged for our Same Store properties during the 2026 period.

 

*Real Estate Taxes*

 

Real estate taxes for the three months ended March 31, 2026 were $1.5 million, a decrease of $0.4 million, compared to $1.9 million for the same period in 2025. Excluding the effect of the disposition of the Autumn Breeze Apartments, our real estate taxes decreased by $0.2 million for our Same Store properties during the 2026 period.

 

*General and Administrative Expenses*

General and administrative expenses for both the three months ended March 31, 2026 and 2025 were $2.0 million. Excluding the effect of the disposition of the Autumn Breeze Apartments, our general and administrative expenses were relatively unchanged for our Same Store properties during the 2026 period.

 

*Depreciation and Amortization Expense*

 

Depreciation and amortization expense for the three months ended March 31, 2026 was $3.8 million, a decrease of $0.5 million, compared to $4.3 million for the same period in 2025. Excluding the effect of the disposition of the Autumn Breeze Apartments, our depreciation and amortization expenses decreased by $0.3 million for our Same Store properties during the 2026 period. This decrease was primarily attributable to lower amortization expense associated with in-place lease intangibles during the 2026 period as a result of certain of them becoming fully amortized during 2025.

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*Interest Expense, Net* 

Interest expense, net for the three months ended March 31, 2026 was $4.6 million, an increase of $0.3 million, compared to $4.3 million for the same period in 2025. Interest expense is primarily attributable to the mortgage financings associated with our multifamily residential properties and reflects both changes in market interest rates on our variable rate indebtedness, the amortization of deferred financing costs and the weighted average principal outstanding during each of the periods. Excluding the effect of the disposition of the Autumn Breeze Apartments, interest expense, net increased by $0.4 million for our Same Store properties during the 2026 period compared to the 2025 period. Additionally, during the three months ended March 31, 2026 and 2025, we earned $0.1 million and $0.4 million, respectively, from our interest rate cap contracts which is recorded in interest expense, net.

*Gain on Sale of Investment Property*

 

In connection with the sale of the Autumn Breeze Apartments on February 27, 2025, we recognized a gain on sale of investment property of $18.1 million during the first calendar quarter of 2025.

*Interest and Other Income, Net*

Interest and other income, net was $0.8 million and $0.2 million during the three months ended March 31, 2026 and 2025, respectively. The increase reflects (i) higher interest income during the 2026 period resulting from an increase in our cash and cash equivalents on hand and (ii) negative mark to market adjustments on derivative financial instruments of $0.3 million recorded during the 2025 period.

**Related Party Transactions**

Our business is externally managed by the Advisor, an affiliate of Lightstone which provides advisory services to us and we have no employees. Lightstone is majority owned by David Lichtenstein, a member of the Board of Directors. Pursuant to the terms of an advisory agreement and subject to the oversight of our Board of Directors, the Advisor is responsible for managing our day-to-day affairs and for services related to the management of our assets.

We have agreements with the Advisor and its affiliates to pay certain fees and reimburse certain expenses in connection with services performed and costs incurred by these entities and other related parties. We are dependent on the Advisor and its affiliates for performing a full range of services that are essential to us, including asset management, property management, property management oversight (for those of our properties which are managed by an unrelated third-party property manager) and acquisition, disposition and financing activities, and other general administrative responsibilities; such as tax, accounting, legal, IT and investor relations services. If the Advisor and its affiliates are unable to provide these services to us, we would be required to provide the services ourselves or obtain the services from another party or other parties.

The advisory agreement has a one-year term and is renewable annually upon the mutual consent of our Advisor and our independent directors.

The following table represents the fees incurred associated with the payments to our Advisor:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br> March 31,** | **For the Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| Property management oversight fees (property operating expenses) | $134 | $132 |
| Debt financing fees<sup>(1)</sup> | 1205 |  |
| Administrative services reimbursement (general and administrative costs) | 414 | 404 |
| Asset management fees (general and administrative costs) | 966 | 998 |
| Total | $2719 | $1534 |

---

(1) Capitalized
upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding
loan and amortized over the initial term of the corresponding loan.

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**Summary of Cash Flows** 

 ****

***Operating activities***

The net cash used in operating activities of $0.2 million for the three months ended March 31, 2026 consisted of our net loss of $2.6 million and the net negative change in operating assets and liabilities of $1.8 million adjusted to add back depreciation and amortization expense of $3.8 million and amortization of deferred financing costs of $0.4 million.

***Investing activities***

The net cash used in investing activities of $0.6 million for the three months ended March 31, 2026 consisted primarily of capital expenditures.

***Financing activities***

The net cash provided by financing activities of $8.8 million for the three months ended March 31, 2026 consisted primarily of the following:

● proceeds from notes payable of $120.5 million;

● principal payments on notes payable of $77.9 million;

● payment of loan fees and expenses of $2.7 million; and

● tender of common stock of $31.1 million.

**Debt Financings**

From time to time, we have obtained mortgage, bridge, or mezzanine loans for acquisitions and investments, as well as property development, redevelopment and renovations. In the future, we may obtain new financings for such activities or to refinance our existing real estate assets, depending on multiple factors.

Our notes payable balance was $350.7 million, net of deferred financing fees of $7.6 million, and had a weighted average interest rate of 5.59% as of March 31, 2026. Our notes payable balance was $310.5 million, net of deferred financing fees of $5.3 million, and had a weighted average interest rate of 5.37% as of December 31, 2025.

 **

***Derivative Financial Instruments***

 **

We have entered into interest rate cap contracts with unrelated financial institutions in order to reduce the effect of increases to interest rates associated with certain of our variable rate debt. We are exposed to credit risk in the event of non-performance by the counterparty to these financial instruments. Management believes the risk of loss due to non-performance is remote.

We account for our interest rate cap contracts as economic hedges marking them to their fair market value taking into account present market interest rates compared to the contractual fixed rate over the life of the contract. The changes in the fair value of these economic hedges represent unrealized gains or losses on the interest rate cap contracts which are included in interest and other income, net on the consolidated statements of operations.

Pursuant to the terms of our Axis at Westmont Mortgage and Citadel Apartments Mortgages, we are required to maintain interest rate cap contracts at certain required notional amounts capping SOFR at prescribed rates for as long as these mortgages remain outstanding. See Note 5 of the Notes to Consolidated Financial Statements.

On March 30, 2026 we entered into an interest rate cap contract with a notional amount of $60.0 million that effectively caps SOFR at 5.50% from March 30, 2026 through April 15, 2028 at a cost of $0.1 million.

Additionally, on October 10, 2024, we entered into a one-year interest rate cap contract with a notional amount of $44.0 million that effectively capped SOFR at 3.00% from October 11, 2024 through October 11, 2025 at a cost of $0.5 million. On October 9, 2025, we extended the term of this interest rate cap contract through October 11, 2026 at a cost of $0.3 million.

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***Contractual Obligations***

One of our principal short-term and long-term liquidity requirements includes the refinancing or repayment of our maturing mortgage debt. The following table provides information with respect to the contractual maturities and scheduled debt service payments of our mortgage indebtedness as of March 31, 2026:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contractual Obligations** | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** |
| Principal Maturities | $44000 | $574 | $61336 | $1761 | $146565 | $104097 | $358333 |
| Interest Payments<sup>(1)</sup> | 14743 | 17450 | 14946 | 13817 | 7580 | 7281 | 75817 |
| Total Contractual Obligations | $58743 | $18024 | $76282 | $15578 | $154145 | $111378 | $434150 |

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(1) These
amounts represent future interest payments related to notes payable obligations based on the fixed and variable interest rates specified
in the associated debt agreement. All variable rate debt agreements are based on the one-month SOFR rate. For purposes of calculating
future interest amounts on variable interest rate debt, the one-month SOFR rate as of March 31, 2026 was used.

 ****

As of March 31, 2026, we were in compliance with all of our financial debt covenants.

***Mortgage Debt Maturities***

Our nonrecourse mortgage loans (the "Citadel Apartments Mortgages") collateralized by the Citadel Apartments (aggregate outstanding principal balance of $44.0 million as of March 31, 2026) are scheduled to mature on October 11, 2026. We currently intend to seek to extend or refinance the Citadel Apartments Mortgages on or before their scheduled maturity date.

We do not currently expect any issues in extending or refinancing our maturing mortgage indebtedness at favorable terms although there can be no assurances that we will be able to do so. If we are unable to successfully extend or refinance our maturing mortgage indebtedness, we may also consider repaying the then outstanding principal balances due at their respective maturity dates with available cash on hand and/or proceeds from selective asset sales even though such mortgage indebtedness is not recourse to us. Other than the mortgage debt maturities discussed above, we have no additional maturities of mortgage debt over the next 12 months from the date of these consolidated financial statements.

**Tender Offer**

On December 30, 2025, our Board of Directors approved an issuer self-tender offer (the "Tender Offer") to commence on or about December 31, 2025, for up to 2.2 million of our Common Shares at a price of $14.08 per Common Share, or approximately $31.1 million.

We commenced the Tender Offer on December 31, 2025 and a total of approximately 3.9 million Common Shares were properly tendered and not withdrawn before the expiration of the Tender Offer on February 13, 2026. In accordance with the terms and conditions of the Tender Offer, on March 5, 2026 we accepted and purchased approximately 2.2 million Common Shares at a purchase price of $14.08 per Common Share, for an aggregate cost of approximately $31.1 million.

Due to the oversubscription of the Tender Offer, we accepted for purchase on a pro rata basis approximately 56.5% of the Common Shares validly tendered and not withdrawn (other than "odd lot" stockholders, whose Common Shares were purchased in full on a priority basis).

**Amended SRP**

On November 10, 2022, the Board of Directors adopted a Seventh Amended and Restated Share Redemption Program (the "Amended SRP"), which became effective on January 1, 2023. Under the terms of the Amended SRP, any stockholder may request redemption of their Common Shares, subject to significant conditions and limitations. Additionally, under the terms of the Amended SRP, Common Shares are redeemed at 85% of our most recently published NAV per Share (subject to adjustment for any distributions designated as "special distributions" by the Board of Directors), in effect as of the date the redemption request is approved.

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Pursuant to the terms of the Amended SRP, any Common Shares approved for redemption are redeemed on a periodic basis as determined by the Board of Directors, generally shortly after the end of each quarterly period. However, we will not redeem, during any year, more than 5% of the number of Common Shares outstanding on last day of the previous year (the "5% Limitation"). The cash available for redemption of Common Shares is set by the Board of Directors not less often than at least annually (the "Funding Limitation" and, together with the 5% Limitation, the "Redemption Limitations"). We may change the amount of the Redemption Limitations upon 10 business days of notice to our stockholders and may provide notice of any change to the Redemption Limitations by either including such information in (a) a current report on Form 8-K, an annual report on Form 10-K or a quarterly report on Form 10-Q, all which are publicly filed with the SEC or (b) a separate mailing to our stockholders.

Redemption requests may be subject to proration due to the above noted Redemption Limitations and are not considered on a first come, first served basis.

The Board of Directors reserves the right in its sole discretion at any time and from time to time, subject to any notice requirements described in our Amended SRP, to (i) reject any request for redemption of Common Shares, (ii) change the purchase price for redemption of Common Shares, (iii) limit the funds to be used for redemption of Common Shares under the Amended SRP or otherwise change the Redemption Limitations, or (iv) amend, suspend (in whole or in part) or terminate the Amended SRP.

In connection with the approval of the Tender Offer and as required by the rules of the Securities Exchange Act of 1934, as amended, the Board of Directors approved the immediate suspension of the Amended SRP effective December 30, 2025. While the Amended SRP was suspended, we did not accept any requests for redemption and any such requests and all pending requests were not be honored or retained.

On March 26, 2026, the Board of Directors reinstated the Amended SRP and determined it would consider the amount of cash available for redemption of Common Shares on a quarterly basis throughout 2026. On the same date, the Board of Directors approved that an amount up to $2.0 million would be made available for consideration of redemption requests for the second, third and fourth quarters of 2026.

For the three months ended March 31, 2025, we repurchased 148,258 Common Shares, pursuant to the Amended SRP at a weighted average price per share of $13.49.

**Distributions**

We made an election to qualify as a REIT for federal income tax purposes commencing with our taxable year ended December 31, 2008. U.S. federal tax law requires a REIT to distribute at least 90% of our annual REIT taxable income (which does not equal net income, as calculated in accordance with GAAP determined without regard to the deduction for dividends paid and excluding any net capital gain in order to maintain our REIT status. However, in order to continue to qualify for REIT status, it is possible we may be unable to make any such required distributions if they are in an amount in excess of our available cash.

Our distributions, if any, are authorized at the discretion of our Board of Directors based on their analysis of our performance over the previous periods and expectations of performance for future periods. The Board of Directors considers various factors in its determination, including but not limited to, our sources and availability of capital, our operating and interest expenses, our ability to refinance near-term debt, as well as the Internal Revenue Service's annual distribution requirement that REITs distribute no less than 90% of their taxable income. Although our Board of Directors' decisions will be substantially influenced by the intention to maintain our federal tax status as a REIT, we cannot provide assurance that we will pay distributions at any particular level, or at all.

**Funds from Operations and Modified Funds from Operations**

We believe that the historical cost accounting convention used for real estate assets in accordance with GAAP implicitly assumes that the value of a real estate asset diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe the presentation of operating results for a REIT using the historical accounting convention for depreciation and certain other items may be insufficient by themselves.

The National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has published a standardized non-GAAP measure of performance known as funds from operations ("FFO"), which is used in the REIT industry as a supplemental performance measure. We believe FFO, which excludes certain items such as real estate-related depreciation and amortization, is an appropriate supplemental measure of a REIT's operating performance. However, FFO is not equivalent to our net income or loss as determined under GAAP.

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We calculate FFO in accordance with the current NAREIT definition. FFO represents net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, income taxes attributable to gains from the sale of certain real estate assets gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.

Our computation of FFO may not be comparable to other REITs that do not compute FFO in accordance with the current NAREIT definition. We believe that the use of FFO provides a more complete understanding of our performance to investors and to management, and reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

Changes in the accounting rules have resulted in a substantial increase in the number of non-operating and non-cash items included in the calculation of FFO. As a result, As a result, the Investment Program Association (the "IPA"), another industry trade group, published a standardized non-GAAP measure of performance known as modified funds from operations ("MFFO"), which the IPA has recommended as a supplemental measure for publicly registered, non-listed REITs. MFFO excludes from FFO: acquisition fees and expenses (to the extent that such fees and expenses have been recorded as operating expenses); adjustments related to contingent purchase price obligations; amounts relating to straight-line rents and amortization of above- and below-market intangible lease assets and liabilities; accretion of discounts and amortization of premiums on debt investments; amortization of closing costs relating to debt investments; impairments of real estate-related investments; mark-to-market adjustments included in net income; and gains or losses included in net income for the extinguishment or sale of debt or hedges.

MFFO is designed to be reflective of the ongoing operating performance of publicly registered, non-listed REITs by adjusting for those costs that are more reflective of acquisitions and investment activity, along with other items the IPA believes are not indicative of the ongoing operating performance of a publicly registered, non-listed REIT, such as straight-lining of rents as required by GAAP. We believe it is appropriate to use MFFO as another supplemental measure of operating performance because we believe that it reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income or loss. However, MFFO is also not equivalent to our net income or loss as determined under GAAP.

We compute MFFO in accordance with the definition included in Guideline 2010-01, Supplemental Performance Measure for Publicly Registered, Non-Listed REITs: Modified Funds from Operations (the "Practice Guideline") issued by the IPA in November 2010 as interpreted by management. The Practice Guideline defines MFFO as FFO further adjusted for acquisition and transaction-related fees and expenses and other items. In calculating MFFO, we follow the Practice Guideline and exclude acquisition and transaction-related fees and expenses (which includes costs incurred in connection with strategic alternatives), amounts relating to deferred rent receivables and amortization of market lease and other intangibles, net (which are adjusted in order to reflect such payments from a GAAP accrual basis to a cash basis of disclosing the rent and lease payments), accretion of discounts and amortization of premiums on debt investments and borrowings, mark-to-market adjustments included in net income (including gains or losses incurred on assets held for sale), gains or losses included in net income from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan, unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting, and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect MFFO on the same basis. Certain of the above adjustments are also made to reconcile net income or loss to net cash provided by or used in operating activities, such as for the amortization of a premium and accretion of a discount on debt and securities investments, amortization of fees, any unrealized gains or losses on derivatives, securities or other investments, as well as other adjustments.

MFFO excludes non-recurring impairment of real estate-related investments. We assess the credit quality of our investments and adequacy of reserves on a quarterly basis, or more frequently as necessary. Significant judgment is required in this analysis. We consider the estimated net recoverable value of a loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the prospects for the borrower and the competitive situation of the region where the borrower does business.

We believe that, because MFFO excludes costs that we consider more reflective of acquisition activities and other non-operating items, MFFO can provide, on a going-forward basis, an indication of the sustainability (that is, the capacity to continue to be maintained) of our operating performance after the period in which we are acquiring properties and once our portfolio is stabilized. We also believe that MFFO is a recognized measure of sustainable operating performance by the non-listed REIT industry and allows for an evaluation of our performance against other publicly registered, non-listed REITs.

[**Table of Contents**](#TableOfContents)

Not all REITs, including publicly registered, non-listed REITs, calculate FFO and MFFO the same way. Accordingly, comparisons with other REITs, including publicly registered, non-listed REITs, may not be meaningful. Furthermore, FFO and MFFO are not indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income or loss or income or loss from continuing operations as determined under GAAP as an indication of our performance, as an alternative to cash flows from operations as an indication of our liquidity, or indicative of funds available to fund our cash needs including our ability to make distributions, if any, to our stockholders. FFO and MFFO should be reviewed in conjunction with other GAAP measurements as an indication of our performance. FFO and MFFO should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or loss or in its applicability in evaluating our operating performance. The methods utilized to evaluate the performance of a publicly registered, non-listed REIT under GAAP should be construed as more relevant measures of operational performance and considered more prominently than the non-GAAP measures, FFO and MFFO, and the adjustments to GAAP in calculating FFO and MFFO.

Neither the SEC, NAREIT, the IPA nor any other regulatory body or industry trade group has passed judgment on the acceptability of the adjustments that we use to calculate our FFO or MFFO. In the future, NAREIT, the IPA or another industry trade group may publish updates to the current definitions of FFO and MFFO or the SEC or another regulatory body could standardize the allowable adjustments across the publicly registered, non-listed REIT industry, and we may have to adjust our calculations and characterizations of FFO or MFFO accordingly.

Our calculations of FFO and MFFO are presented below (dollar amounts and shares in thousands, except per share amounts):

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended<br> March 31,** | **For the Three Months Ended<br> March 31,** |
| <br>**Description** | **2026** | **2025** |
| Net (loss)/income | $(2578) | $15002 |
| FFO adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 3750 | 4284 |
| &nbsp;&nbsp;&nbsp;Gain on sale of investment property | - | (18112) |
| FFO | 1172 | 1174 |
| MFFO adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Mark-to-market adjustments<sup>(1)</sup> | 16 | 330 |
| &nbsp;&nbsp;&nbsp;Non-recurring loss from extinguishment/sale of debt, derivatives or securities holdings<sup>(2)</sup> | (6) | 1 |
| MFFO - IPA recommended format | $1182 | $1505 |
| Net (loss)/income | $(2578) | $15002 |
| Net (loss)/income per common share, basic and diluted | $(0.15) | $0.80 |
| FFO | $1172 | $1174 |
| FFO per common share, basic and diluted | $0.07 | $0.06 |
| Weighted average number of common shares outstanding, basic and diluted | 17729 | 18836 |

---

(1) Management
believes that adjusting for mark-to-market adjustments is appropriate because they are nonrecurring items that may not be reflective
of ongoing operations and reflects unrealized impacts on value based only on then current market conditions, although they may be based
upon current operational issues related to an individual property or industry or general market conditions. Mark-to-market adjustments
are made for items such as ineffective derivative instruments, certain marketable securities and any other items that GAAP requires we
make a mark-to-market adjustment for. The need to reflect mark-to-market adjustments is a continuous process and is analyzed on a quarterly
and/or annual basis in accordance with GAAP.

(2) Management
believes that adjusting for gains or losses related to extinguishment/sale of debt, derivatives or securities holdings is appropriate
because they are items that may not be reflective of ongoing operations. By excluding these items, management believes that MFFO provides
supplemental information related to sustainable operations that will be more comparable between other reporting periods.

**Off-Balance Sheet Arrangements**

We have no off-balance sheet arrangements that are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

[**Table of Contents**](#TableOfContents)

**Critical Accounting Policies and Estimates**

Management's discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On a regular basis, we evaluate these estimates, including impairment of investment property and depreciation and amortization. Actual results could differ from those estimates.

Our critical accounting policies and estimates have not changed significantly from the discussion found in the Management Discussion and Analysis and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the US. Securities and Exchange Commission, or SEC, on March 26, 2026.

**Item 4. Controls and Procedures.**

*Evaluation of Disclosure Controls and Procedures*

 

As required by Rule 13a-15(b) and Rule 15d-15(b) under the Exchange Act, our management, including our principal executive officer and principal financial officer, evaluated, as of March 31, 2026, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e) using the criteria established in *Internal Control-New Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective, as of March 31, 2026, to provide reasonable assurance that information required to be disclosed by us in this report is recorded, processed, summarized, and reported within the time periods specified by the rules and forms of the Exchange Act and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.

We believe, however, that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, within a company have been detected.

*Changes in Internal Control over Financial Reporting*

 

There has been no change in internal control over financial reporting that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

[**Table of Contents**](#TableOfContents)

**PART II**

**OTHER INFORMATION**

**Item 1. Legal Proceedings.**

From time to time in the ordinary course of business, we may become subject to legal proceedings, claims or disputes.

As of the date hereof, we are not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on our results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, we have not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

**Recent Sales of Unregistered Securities**

During the period covered by this quarterly report, we did not sell any equity securities that were not registered under the Securities Act of 1933.

Our Common Shares are not currently listed on any national securities exchange. The timing of a liquidity event for our stockholders will depend upon then prevailing market conditions and the Board of Directors' assessment of our investment objectives and liquidity options for our stockholders. The Board of Directors has established June 30, 2033 as the targeted timeline for us to commence a liquidity event based on their assessment of our investment objectives and liquidity options for our stockholders. We can provide no assurances as to the actual timing of the commencement of a liquidity event, the duration of a liquidity event, or our ultimate liquidation. Furthermore, we are required to seek stockholder approval prior to liquidating our entire portfolio.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

None.

**Item 5. Other Information.**

None.

**Item 6. Exhibits.**

The exhibits filed in response to Item 601 of Regulation S-K are listed on the Exhibit Index attached hereto.

[**Table of Contents**](#TableOfContents)

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **LIGHTSTONE VALUE PLUS REIT V, INC.** | **LIGHTSTONE VALUE PLUS REIT V, INC.** |
| Date: May 15, 2026 | By: | /s/ Mitchell C. Hochberg |
|  |  | Mitchell C. Hochberg |
|  |  | Chief Executive Officer <br> (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | /s/ Seth Molod |
|  |  | Seth Molod |
|  |  | Chief Financial Officer <br> (Duly Authorized Officer and Principal Financial and<br> Accounting Officer) |

---

[**Table of Contents**](#TableOfContents)

---

| | |
|:---|:---|
| **Index to<br> Exhibits** | **Description** |
| 31.1\* | [Rule 13a-14(a)/15d-14(a) Certification](ltsv5ex31-1.htm) |
| 31.2\* | [Rule 13a-14(a)/15d-14(a) Certification](ltsv5ex31-2.htm) |
| 32.1\* | [Section 1350 Certification\*\*](ltsv5ex32-1.htm) |
| 32.2\* | [Section 1350 Certification\*\*](ltsv5ex32-2.htm) |
| 101\* | The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed on May 15, 2026, formatted in XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Equity, (iv) Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements. |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Filed or furnished herewith

\*\* In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, Mitchell C. Hochberg, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Lightstone
Value Plus REIT V, Inc.;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ Mitchell C. Hochberg |
| Mitchell C. Hochberg |
| Chief Executive Officer |
| *Principal Executive Officer* |

---

Date: May 15, 2026

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

I, Seth Molod, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Lightstone
Value Plus REIT V, Inc.;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I
are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I
have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ Seth Molod |
| Seth Molod |
| Chief Financial Officer |
| *Principal Financial Officer* |

---

Date: May 15, 2026

## Exhibit 32.1

**Exhibit 32.1**

**SECTION 1350 CERTIFICATION**

This Certificate is being delivered pursuant to the requirements of Section 1350 of Chapter 63 (Mail Fraud) of Title 18 (Crimes and Criminal Procedures) of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

The undersigned, who is the Chief Executive Officer of Lightstone Value Plus REIT V, Inc. (the "Company"), hereby certifies, to his knowledge:

The Quarterly Report on Form 10-Q of the Company (the "Report"), which accompanies this Certificate, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and all information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Mitchell C. Hochberg |
| Mitchell C. Hochberg |
| Chief Executive Officer |

---

Date: May 15, 2026

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**SECTION 1350 CERTIFICATION**

This Certificate is being delivered pursuant to the requirements of Section 1350 of Chapter 63 (Mail Fraud) of Title 18 (Crimes and Criminal Procedures) of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

The undersigned, who is the Chief Financial Officer of Lightstone Value Plus REIT V, Inc. (the "Company"), hereby certifies, to his knowledge:

The Quarterly Report on Form 10-Q of the Company (the "Report"), which accompanies this Certificate, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and all information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Seth Molod |
| Seth Molod |
| Chief Financial Officer |

---

Date: May 15, 2026

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.