[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","vecnirwikvccai7bgmsslr9xx","revision",2,"title","PILLARSTONE CAPITAL REIT披露重大财务亏损及破产风险","originalTitle","PILLARSTONE CAPITAL REIT (0000928953) (Filer)","summary","PILLARSTONE CAPITAL REIT披露2025年6月30日止六个月净亏损102,000美元，且面临持续经营能力存疑。公司因与Whitestone的管理协议终止及诉讼产生大量成本，并已通过和解协议支付3340万美元。公司资产已出售，且存在重大财务控制缺陷及多起法律纠纷。","reason","公司披露了重大财务亏损、破产及诉讼风险，且持续经营能力存疑，可能影响投资者判断。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_79":92},"publishedAt","2026-10-07T14:53:49.000Z","discoveredAt","2026-10-07T15:18:53.954Z","timelineAt","category","paper","tags",[84,85,86,87,88,89],"stockSymbols",[],"score",65,"selected",true,"channel","news","story",{"_74":75,"_16":76},"x","readingMode","full","author","language","body",{"_64":78,"_79":-5,"_80":81,"_82":83},"outline",[],"relatedStories",[77],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":73},"hasTranslation","bodyLanguage","zh","factId","fecjsvR60g6s",{"_74":75,"_16":76},"reportCount",1,"additionalSourceCount",0,"developmentCount",3,"publicId","4537b79d-bf3d-47c8-8498-04eb1abce3a6","PILLARSTONE CAPITAL REIT：巨额亏损与破产程序",{"_74":75,"_16":76},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表格

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

☒

\n\t\t\t

根据 1934 年《证券交易法》第 13 条或 15(d) 条款提交的季度报告

\n\t\t\t

截至 2025 年 6 月 30 日的季度

或

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

☐

\n\t\t\t

根据 1934 年《证券交易法》第 13 条或 15(d) 条款提交的过渡报告

\n\t\t\t

过渡期自 ____________ 至 ____________

证券交易委员会文件编号 001-15409

PILLARSTONE CAPITAL REIT

(注册人根据其章程指定的确切名称)

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t 马里兰州 \n\t\t\t		\n\t\t\t 39-6594066 \n\t\t\t
\n\t\t\t (注册人所在司法管辖区或 \n\t\t\t		\n\t\t\t (美国国税局雇主 \n\t\t\t
\n\t\t\t 组织形式) \n\t\t\t		\n\t\t\t 识别号) \n\t\t\t

9825 E. Bell Rd., Suite 130

Scottsdale, Arizona 85260

(主要行政办公地址)

(281) 747-9997

(注册人的电话号码，包括区号)

根据该法案第 12(b) 条款注册的证券：无

通过勾选标记表明注册人 (1) 是否在过去的 12 个月内（或注册人被要求提交此类报告的较短期间内）已提交根据 1934 年《证券交易法》第 13 条或 15(d) 条款要求提交的所有报告，以及 (2) 是否在过去 90 天内一直遵守此类报告提交要求。

是 ☐ 否 ☒

通过勾选标记表明注册人是否在过去的 12 个月内（或注册人被要求提交此类文件的较短期间内）已根据规则 405（本章第 232.405 条）提交了根据 S-T 规则要求提交的每份交互式数据文件。

是 ☐ 否 ☒

请勾选以表明注册人是否为大型加速申报人、加速申报人、非加速申报人、较小的报告公司或新兴增长公司。请参阅《交易法》第12b-2条中关于“大型加速申报人”、“加速申报人”、“较小的报告公司”和“新兴增长公司”的定义。

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t 大型加速申报人 \n\t\t\t	\n\t\t\t ☐ \n\t\t\t	\n\t\t\t 加速申报人 \n\t\t\t	\n\t\t\t ☐ \n\t\t\t
\n\t\t\t 非加速申报人 \n\t\t\t	\n\t\t\t ☒ \n\t\t\t	\n\t\t\t 较小的报告公司 \n\t\t\t	\n\t\t\t ☒ \n\t\t\t
\n\t\t\t 新兴增长公司 \n\t\t\t	\n\t\t\t ☐ \n\t\t\t

如果是一家新兴增长公司，请勾选以表明注册人是否已选择不使用《交易法》第13(a)条规定的任何新或修订的财务会计准则所提供的延长过渡期。 ☐

请勾选以表明注册人是否为空壳公司（定义见《交易法》第12b-2条）。

是 ☐ 否 ☒

截至2026年10月1日，注册人已发行695,214股受益权普通股，每股面值0.01美元，扣除38,130股库存股后，流通股为657,084股。

FORM 10-Q

INDEX

\n\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t PART I. Financial Information \n\t\t\t

\n\t\t\t Item 1. Financial Statements \n\t\t\t	1
\n\t\t\t Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024 \n\t\t\t	1
\n\t\t\t Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended June 30, 2025 and 2024 \n\t\t\t	2
\n\t\t\t Consolidated Statements of Changes in Equity (unaudited) for the Three and Six Months Ended June 30, 2025 and 2024 \n\t\t\t	3
\n\t\t\t Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2025 and 2024 \n\t\t\t	4
\n\t\t\t Notes to Consolidated Financial Statements (unaudited) \n\t\t\t	5
\n\t\t\t Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations \n\t\t\t	17
\n\t\t\t Item 3. Quantitative and Qualitative Disclosures about Market Risk \n\t\t\t	28
\n\t\t\t Item 4. Controls and Procedures \n\t\t\t	28

\n\t\t\t Part II. Other Information \n\t\t\t

\n\t\t\t Item 1. Legal Proceedings \n\t\t\t	29
\n\t\t\t Item 1A. Risk Factors \n\t\t\t	34
\n\t\t\t 第2项. 未注册的股权证券销售及收益使用 \n\t\t\t	34
\n\t\t\t 第3项. 优先证券违约 \n\t\t\t	34
\n\t\t\t 第4项. 矿山安全披露 \n\t\t\t	35
\n\t\t\t 第5项. 其他信息 \n\t\t\t	35
\n\t\t\t 第6项. 附件 \n\t\t\t	35
\n\t\t\t 签名 \n\t\t\t	36

第一部分. 财务信息

第1项. 财务报表

Pillarstone Capital REIT 及其子公司

合并资产负债表

(单位：千美元，每股及每股数据除外)

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 2025年6月30日 \n\t\t\t			\n\t\t\t 2024年12月31日 \n\t\t\t
	\n\t\t\t (未审计) \n\t\t\t
\n\t\t\t 资产 \n\t\t\t
\n\t\t\t 现金及现金等价物 \n\t\t\t	$	136			$	146
\n\t\t\t 应收款 - 来自关联方 Pillarstone Capital REIT Operating Partnership LP \n\t\t\t		4,050				4,050
\n\t\t\t 资产总计 \n\t\t\t	$	4,186			$	4,196

\n\t\t\t *负债及股东权益* \n\t\t\t
\n\t\t\t 负债： \n\t\t\t
\n\t\t\t 应付账款及应计费用 \n\t\t\t	$	685			$	604
\n\t\t\t 应付关联方款项 \n\t\t\t		22				22
\n\t\t\t 可转换应付票据 \n\t\t\t		198				198
\n\t\t\t 应付利息 \n\t\t\t		190				179
\n\t\t\t 负债总计 \n\t\t\t		1,095				1,003

\n\t\t\t 承诺及或有事项 \n\t\t\t		\n\t\t\t\n\t\t\t				\n\t\t\t\n\t\t\t

\n\t\t\t 股东权益： \n\t\t\t
\n\t\t\t 优先A股 - 面值$0.01，授权1,518,000股：截至2025年6月30日及2024年12月31日已发行并流通的256,636股A类累积可转换股，每股清算优先权$10.00 \n\t\t\t		3				3
\n\t\t\t 优先C股 - 面值$0.01，授权300,000股：截至2025年6月30日及2024年12月31日已发行并流通的231,944股C类累积可转换股，每股清算优先权$10.00 \n\t\t\t		2				2
\n\t\t\t 普通股 - 面值$0.01，授权400,000,000股：截至2025年6月30日及2024年12月31日已发行695,214股，流通657,084股 \n\t\t\t		7				7
\n\t\t\t 额外实缴资本 \n\t\t\t		28,755				28,755
\n\t\t\t 累计亏损 \n\t\t\t		(24,875	)			(24,773	)
\n\t\t\t 库存股，按成本计价，38,130股 \n\t\t\t		(801	)			(801	)
\n\t\t\t 股东权益总计 \n\t\t\t		3,091				3,193
\n\t\t\t 负债及股东权益总计 \n\t\t\t	$	4,186			$	4,196

附注是未审计合并财务报表的组成部分。

Pillarstone Capital REIT 及其子公司

合并经营业绩表

(未审计)

(单位：千美元，每股及每股数据除外)

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 截至6月30日的三个月 \n\t\t\t			\n\t\t\t 截至6月30日的六个月 \n\t\t\t
	\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2024 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t		\n\t\t\t 2024 \n\t\t\t

\n\t\t\t 收入 \n\t\t\t	$	-			$	-		$	-		$	-

\n\t\t\t 经营费用 \n\t\t\t
\n\t\t\t 一般及行政费用 \n\t\t\t		74				63			92			144
\n\t\t\t 经营费用总额 \n\t\t\t		74				63			92			144

\n\t\t\t 其他费用（收益） \n\t\t\t
\n\t\t\t 利息费用，净额 \n\t\t\t		5				5			10			10
\n\t\t\t Pillarstone OP去合并收益 \n\t\t\t		-				-			-			(864	)
\n\t\t\t 其他费用（收益）总额 \n\t\t\t		5				5			10			(854	)

\n\t\t\t 所得税前收益（亏损） \n\t\t\t		(79	)			(68	)		(102	)		710
\n\t\t\t 所得税准备 \n\t\t\t		-				-			-			(486	)

\n\t\t\t 持续经营收益（亏损） \n\t\t\t		(79	)			(68	)		(102	)		224
\n\t\t\t 终止经营收益，扣除所得税净额 \n\t\t\t		-				-			-			81

\n\t\t\t 净收益（亏损） \n\t\t\t		(79	)			(68	)		(102	)		305
\n\t\t\t 减：子公司非控制性权益 \n\t\t\t		-				-			-			66
\n\t\t\t 归属于普通股股东的净收益（亏损） \n\t\t\t	$	(79	)		$	(68	)	$	(102	)	$	239

\n\t\t\t 持续经营收益（亏损）： \n\t\t\t
\n\t\t\t 基本 \n\t\t\t	$	(0.15	)		$	(0.13	)	$	(0.18	)	$	0.47
\n\t\t\t 稀释 \n\t\t\t	$	(0.15	)		$	(0.13	)	$	(0.18	)	$	0.08
\n\t\t\t 终止经营收益： \n\t\t\t
\n\t\t\t 基本 \n\t\t\t	$	-			$	-		$	-		$	0.03
\n\t\t\t 稀释 \n\t\t\t	$	-			$	-		$	-		$	0.00
\n\t\t\t 每股收益（亏损）： \n\t\t\t
\n\t\t\t 基本 \n\t\t\t	$	(0.15	)		$	(0.13	)	$	(0.18	)	$	0.50
\n\t\t\t 稀释 \n\t\t\t	$	(0.15	)		$	(0.13	)	$	(0.18	)	$	0.08

附注是未审计合并财务报表的组成部分。

Pillarstone Capital REIT 及其子公司

合并股东权益变动表

(未审计)

(单位：千美元)

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t A类优先股 \n\t\t\t		\n\t\t\t C类优先股 \n\t\t\t			\n\t\t\t 普通股 \n\t\t\t		\n\t\t\t 额外实缴资本 \n\t\t\t	\n\t\t\t 累计亏损 \n\t\t\t		\n\t\t\t 库存股，按成本计价 \n\t\t\t			\n\t\t\t 股东权益总计 \n\t\t\t		\n\t\t\t 非控制性权益 \n\t\t\t		\n\t\t\t 权益总计 \n\t\t\t
\n\t\t\t 2024年12月31日余额 \n\t\t\t	$	3		$	2		$	7	$	28,755		$	(24,773	)	$	(801	)	$	3,193		$	-		$	3,193
\n\t\t\t 净亏损 \n\t\t\t		-			-			-		-			(23	)		-			(23	)		-			(23	)
\n\t\t\t 2025年3月31日余额 \n\t\t\t		3			2			7		28,755			(24,796	)		(801	)		3,170			-			3,170
\n\t\t\t 净亏损 \n\t\t\t		-			-			-		-			(79	)		-			(79	)		-			(79	)
\n\t\t\t 2025年6月30日余额 \n\t\t\t	$	3		$	2		$	7	$	28,755		$	(24,875	)	$	(801	)	$	3,091		$	-		$	3,091

\n\t\t\t 2023年12月31日余额 \n\t\t\t	$	3		$	2		$	7	$	28,755		$	(24,858	)	$	(801	)	$	3,108		$	26,619		$	29,727
\n\t\t\t Pillarstone OP去合并 \n\t\t\t		-			-			-		-			-			-			-			(26,685	)		(26,685	)
\n\t\t\t 净收益 \n\t\t\t		-			-			-		-			307			-			307			66			373
\n\t\t\t 2024年3月31日余额 \n\t\t\t		3			2			7		28,755			(24,551	)		(801	)		3,415			-			3,415
\n\t\t\t 净亏损 \n\t\t\t		-			-			-		-			(68	)		-			(68	)		-			(68	)
\n\t\t\t 2024年6月30日余额 \n\t\t\t	$	3		$	2		$	7	$	28,755		$	(24,619	)	$	(801	)	$	3,347		$	-		$	3,347

附注是未审计合并财务报表的组成部分。

Pillarstone Capital REIT 及其子公司

合并现金流量表

(未审计)

(单位：千美元)

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 截至6月30日的六个月 \n\t\t\t
	\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2024 \n\t\t\t

\n\t\t\t 经营活动产生的现金流量： \n\t\t\t
\n\t\t\t 持续经营业务的净收益（亏损） \n\t\t\t	$	(102	)		$	224
\n\t\t\t 将持续经营业务的净收益（亏损）调节至经营活动产生的净现金的调整项目： \n\t\t\t
\n\t\t\t Pillarstone OP去合并收益 \n\t\t\t		-				(864	)
\n\t\t\t 递延所得税费用（收益） \n\t\t\t		-				486
\n\t\t\t 经营资产和负债的变动： \n\t\t\t
\n\t\t\t 预付费用及其他资产 \n\t\t\t		-				32
\n\t\t\t 应付账款和应计费用 \n\t\t\t		92				119
\n\t\t\t 持续经营业务的经营活动产生的净现金 \n\t\t\t		(10	)			(3	)
\n\t\t\t 终止经营业务的经营活动产生的净现金 \n\t\t\t		-				63
\n\t\t\t 经营活动产生的净现金 \n\t\t\t		(10	)			60

\n\t\t\t 投资活动产生的现金流量： \n\t\t\t
\n\t\t\t 持续经营业务的投资活动产生的净现金 \n\t\t\t		-				-
\n\t\t\t 终止经营业务的投资活动产生的净现金 \n\t\t\t		-				(55	)
\n\t\t\t 投资活动产生的净现金 \n\t\t\t		-				(55	)

\n\t\t\t 筹资活动产生的现金流量： \n\t\t\t
\n\t\t\t 持续经营业务的筹资活动产生的净现金 \n\t\t\t		-				-
\n\t\t\t 终止经营业务的筹资活动产生的净现金 \n\t\t\t		-				-
\n\t\t\t 筹资活动产生的净现金 \n\t\t\t		-				-

\n\t\t\t 现金及现金等价物的净变动 \n\t\t\t		(10	)			5
\n\t\t\t 期初现金及现金等价物 \n\t\t\t		146				145
\n\t\t\t 期末现金及现金等价物 \n\t\t\t	$	136			$	150

\n\t\t\t 现金流量补充披露： \n\t\t\t
\n\t\t\t 支付的利息 \n\t\t\t	$	-			$	-
\n\t\t\t 支付的税费 \n\t\t\t		-				28

附注是未审计合并财务报表的组成部分。

Pillarstone Capital REIT

未审计合并财务报表附注

(unaudited)

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组织架构及重要会计政策摘要

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Pillarstone Capital REIT（“公司”、“Pillarstone”、“我们”、“我们的”或“我们”）是一家马里兰州房地产投资信托（“REIT”），从事投资、拥有和运营商业物业。

流动性与财务资源。 2016年12月8日，我们与 Pillarstone Capital REIT Operating Partnership LP（“Pillarstone OP”）签订了出资协议（“出资协议”），Pillarstone OP 是一家有限合伙企业，我们担任其普通合伙人，且在此期间我们拥有 18.6% 的 OP 单位。Pillarstone OP 与 Whitestone REIT Operating Partnership, L.P.（“Whitestone OP”）均为 Pillarstone 及 Pillarstone OP 的关联方。根据出资协议的条款，Whitestone OP 向 Pillarstone OP 出资了其全资子公司（“子公司”）中的全部股权权益：Whitestone CP Woodland Ph. 2, LLC（特拉华州有限责任公司）、Whitestone Industrial-Office, LLC（德克萨斯州有限责任公司）、Whitestone Offices, LLC（德克萨斯州有限责任公司）以及 Whitestone Uptown Tower, LLC（特拉华州有限责任公司，即“Uptown Tower”），后者拥有 14 处房地产资产（“房地产资产”），连同子公司（“物业”），总对价约为 8400 万美元，包括（1）约 1810 万美元的 A 类单位，代表 Pillarstone OP 的有限合伙权益（“OP 单位”），按每单位 1.331 美元的价格发行；以及（2）Pillarstone OP 承担约 6590 万美元的债务。根据出资协议，Pillarstone 成为 Pillarstone OP 的普通合伙人，截至出资协议签署之日，其在 Pillarstone OP 中的股权权益总额约为 18.6%，价值 410 万美元。作为 Pillarstone OP 的普通合伙人，在符合某些常规例外情况的前提下，我们拥有独家权力来管理和经营 Pillarstone OP 的业务。

截至2025年6月30日，Uptown Tower 在达拉斯都会区拥有一栋办公楼，而 Pillarstone OP 的子公司在休斯顿都会区拥有四处办公楼/仓库和零售场所。在本报告所涵盖的期间之后，这些剩余的房地产资产根据我们及除 Uptown Tower 以外的子公司的破产案清算计划，以及 Uptown Tower 破产案的重组计划进行了出售。

根据出资协议，Pillarstone 同意在 2018 年 6 月 8 日或之前向 SEC 提交一份货架注册声明，以根据经修订的 1933 年《证券法》注册出售公司可能根据出资协议发行的 OP 单位赎回而发行的普通股，以及持有人对上述普通股的要约和转售。此外，根据出资协议，如果发生控制权变更（定义见该协议），Pillarstone OP 有权但无义务以每单位 1.331 美元的初始发行价格从 Whitestone OP 购回据此发行的 OP 单位。Pillarstone 和 Whitestone 同意将货架注册声明的提交日期延长至公司完成公开股权发行之日。

根据出资协议，(1) 除 Uptown Tower 拥有的房地产资产外，针对每一项房地产资产，Whitestone TRS（Whitestone 的子公司）与拥有该房地产资产的 Pillarstone OP 签订了管理协议；(2) 针对 Uptown Tower，Whitestone TRS 与 Pillarstone OP 签订了管理协议（统称为“管理协议”）。根据除 Uptown Tower 外的每一项房地产资产的管理协议，Whitestone TRS 同意为该房地产资产提供特定的物业管理、租赁及日常咨询和行政服务，以换取 (x) 等于该房地产资产月收入 5.0% 的月物业管理费和 (y) 等于该房地产资产总资产价值（“GAV”，即根据出资协议确定的购买价格分配，排除所有债务、负债或任何性质的索赔）0.125% 的月资产管理费。根据 Uptown Tower 的管理协议，Whitestone TRS 同意为 Pillarstone OP 提供特定的物业管理、租赁及日常咨询和行政服务，以换取 (x) 等于 Uptown Tower 月收入 3.0% 的月物业管理费和 (y) 等于 Uptown Tower GAV 0.125% 的月资产管理费。这些活动由 Whitestone TRS 和 Whitestone REIT 使用其自己的员工、流程和系统进行，在某些情况下，还使用了为分包服务提供服务的第三方提供商。

根据出资协议，Whitestone OP 收购了约 81.4% 的股权，Pillarstone 拥有 Pillarstone OP 约 18.6% 的已发行股权。

2022年7月19日，我们收到书面通知，Whitestone TRS 确认终止了对房地产资产的管理协议。我们此前已向 Whitestone REIT 传达了将房地产资产的管理内部化的计划，但并未采取行动终止管理协议或过渡管理活动。然而，Whitestone REIT 在其通知信中表示，尽管其未收到管理协议终止的书面通知，但“确认收到您终止协议的意图，并在此确认自2022年7月19日起30天后终止协议”。

在收到终止通知之前，我们曾预计房地产资产的管理将有序过渡到适当的时间框架，特别是考虑到 Whitestone OP 作为有限合伙人拥有 Pillarstone OP 81.4% 的股权。因此，Whitestone 突然终止管理协议、不完整且不充分的账簿和记录交付、我们网站及管理协议要求交付的其他材料，以及未能提供适当过渡安排的行为，对我们的财务状况和经营成果产生了重大不利影响。作为一家上市公司，我们无法继续履行会计和财务报告职责。此外，在 Whitestone 突然终止服务后的几个月里，我们无法系统地向租户开具账单并追收逾期账款。

在 Whitestone 终止管理协议后的几天内，我们实现了管理内部化，开始在没有外部管理公司的情况下管理我们的房地产资产和业务。这一过程包括启动我们自己的企业资源规划，即 ERP 系统的选择流程。我们立即聘请了一支经验丰富的管理团队，他们此前曾参与管理我们的资产组合，包括 Whitestone 的前高级员工。我们新组建的领导团队迅速聘请了顾问 (a) 协助实施新选定的 ERP 系统，(b) 分析、核对并转换从 Whitestone REIT 获得的历史数据，使其格式适用于我们的新系统，以及 (c) 设计定期结账程序，并为股东和其他利益相关者准备准确可靠的财务报表。

2023 年，我们继续开展恢复业务的工作，此前 Whitestone 突然终止了我们的房地产资产管理人的身份，导致业务中断。在此期间，我们致力于延长到期日或为抵押债务寻找新的融资，该债务由我们的 Uptown Tower 办公楼担保，或者为 Uptown Tower 物业寻找买家。借款人 Whitestone Uptown Tower, LLC（Pillarstone OP 拥有 Uptown Tower 办公楼的子公司）未遵守贷款契约。这些努力均未成功，且在 2023 年 10 月 1 日抵押贷款到期后不久，贷款人向借款人发出了止赎出售通知。

2023 年 12 月 1 日，Whitestone Uptown Tower, LLC 在美国德克萨斯州北区联邦破产法院提交了自愿申请，根据美国破产法第 11 章寻求救济，案件名称为 In re: Whitestone Uptown Tower, LLC a/a/ Pillarstone Capital REIT Operating Partnership，案号为 23-32832-mvl-11，地点位于美国德克萨斯州北区联邦破产法院达拉斯分庭。

2024 年 3 月 4 日，我们和 Pillarstone OP 以及 Whitestone CP Woodland Ph. 2, LLC、Whitestone Industrial-Office, LLC 和 Whitestone Offices, LLC（即除 Uptown Tower 外拥有我们房地产资产的其他子公司）提交了破产申请，这些案件被合并到联合管理的案件中，案件名称为 In re: Whitestone Industrial-Office, LLC, et. al.，案号为 24-30653-mvl-11，地点位于美国德克萨斯州北区联邦破产法院达拉斯分庭，与 Whitestone Uptown Tower, LLC 破产案件为同一法院。

在本报告涵盖的期间之后，我们根据 Whitestone Uptown Tower, LLC 的重组计划和 Pillarstone 其他实体的清算计划出售了房地产资产（参见注 10）。

2025 年 12 月，我们收到了 405 万美元，这是作为 Pillarstone OP、Whitestone CP Woodland Ph. 2, LLC、Whitestone Industrial-Office, LLC 和 Whitestone Offices, LLC 联合管理破产案的和解金的一部分。我们预计在联合管理的破产案件中，Pillarstone OP 及其子公司不会有进一步的和解。

持续经营。 随附的合并财务报表是假设我们将继续作为持续经营而编制的。除了上述描述的事件外，截至2025年6月30日，我们已发生重大亏损，累计亏损额约为2490万美元，并且需要筹集大量额外资金以满足我们的义务，并为我们实施业务计划和恢复盈利运营争取时间。这些情况使公司持续经营的能力受到重大怀疑。合并财务报表不包括可能因这种不确定性结果而产生的任何调整。

为了实施我们的业务战略，需要筹集额外资本。我们获取资本市场的能力将取决于多种因素，包括一般市场状况和市场对我们公司的看法。我们无法保证能够筹集资本、获得债务融资，或足以继续作为持续经营而改善经营业绩（如果有的话）。本报告中包含的合并财务报表不包括可能因这种不确定性结果而产生的任何调整。

列报基础。随附的未审计合并财务报表是按照美国公认会计原则（“U.S. GAAP”）以及证券交易委员会（“SEC”）关于中期财务报告的相关规则和规定编制的。

根据U.S. GAAP的要求，我们自2024年3月4日其破产申请之日起，将Pillarstone OP、Whitestone CP Woodland Ph. 2, LLC、Whitestone Industrial-Office, LLC 和 Whitestone Offices, LLC 子公司从合并财务报表中剥离。我们此前已将 Whitestone Uptown Tower, LLC 自其2023年12月1日破产申请之日起从合并财务报表中剥离。

破产子公司的财务状况和经营成果在其申请生效日后不再在合并财务报表中列报。在剥离前的期间，公司的合并财务状况和经营成果包括被剥离子公司的经营成果，作为终止经营。

随附合并财务报表中的非控制性权益代表Pillarstone OP中可分配给除我们以外的合伙权益持有人的权益和收益份额。

此处包含的截至2024年12月31日的合并资产负债表是根据该日期的审计合并财务报表得出的，但不包括所有披露，包括GAAP在年度报告基础上要求的一些附注。管理层认为，未审计合并财务报表反映了在列报资产负债表、经营成果、综合收益、股东权益和现金流量中期报表时所需的所有正常经常性调整，但并不一定预示着预计的整个财政年度或任何未来期间的经营成果。

阅读这些未审计合并财务报表时，应结合公司截至2024年12月31日财年的10-K表格年度报告中所包含的审计合并财务报表和附注一并阅读。

估计的使用。按照美国通用会计准则编制财务报表需要管理层做出估计和假设，这些估计和假设会影响财务报表中资产和负债的报告金额以及在财务报表日或有资产和或有负债的披露，以及在报告期间的收入和费用的报告金额。实际结果可能与这些估计不同。重要的估计包括来自Pillarstone OP的应收款的估计公允价值、递延税款和与递延税款相关的递延税款估值准备金。

分部报告。经营分部是企业中可以获取单独财务信息并由首席运营决策者（“CODM”）定期评估的组成部分，以决定如何分配资源和评估业绩。该公司的CODM是其首席执行官，其通过审查合并基础的财务信息（包括合并后的净收入（亏损））来做出运营决策、评估财务业绩并分配资源。根据CODM定期审查的信息，公司确定其只在一个经营和报告分部中运营。CODM定期审查的分部利润或亏损的衡量标准是合并后的净收入（亏损），如附带的合并损益表中所报告的那样。定期提供给CODM并包含在分部利润或亏损报告衡量中的重要分部费用类别包括一般及行政费用和利息费用，每一项均作为合并损益表中的单独项目列示。公司的所有资产均位于美国。

近期的会计准则公告。2023年12月，FASB发布了ASU 2023-09，所得税（主题740）：所得税披露的改进（“ASU 2023-09”）。ASU 2023-09中的修订要求报告实体披露年度已支付的所得税，扣除退税，按联邦、州和外国税收进行细分，并为单个司法管辖区提供额外的细分信息，这些司法管辖区的已支付所得税（扣除退税）占总已支付所得税（扣除退税）的5%或以上。ASU 2023-09还要求上市公司在其年度税率调节表中披露有关联邦、州和外国所得税的额外信息类别，并在满足定量阈值时提供更多有关某些类别的信息。该ASU还将要求在年度税率调节表中披露金额和百分比，而不是金额或百分比，并将取消与不确定税务立场和未确认的递延税负债相关的某些现有披露要求。我们将从公司2025年度财务报表开始采用ASU 2023-09，并将在这些财务报表中进行前瞻性披露。

2024年11月，FASB发布了ASU 2024-03，利润表 –综合收益报告 –费用分解披露（子主题220-40）：利润表费用的分解（“ASU 2024-03”）。ASU 2024-03中的修订要求上市公司在财务报表附注中披露特定信息，包括库存采购、员工薪酬以及利润表中包含这些费用的每个项目的折旧、摊销和消耗费用等。ASU 2024-03将于公司2027年年度合并财务报表开始生效，并在之后按季度生效。允许提前采用，修订内容可在生效日后报告期间前瞻性应用，或在财务报表中所有披露期间追溯应用。公司目前正在评估ASU对披露的影响程度。

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Pillarstone Capital REIT Operating Partnership LP的破产与去合并

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2024年3月4日，Pillarstone OP以及拥有我们除Uptown Tower以外的房地产资产的子公司Whitestone CP Woodland Ph. 2, LLC、Whitestone Industrial-Office, LLC和Whitestone Offices, LLC提起了破产案件，这些案件被合并管理，案件名称为In re: Whitestone Industrial-Office, LLC, et. al.，案号为24-30653-mvl-11，位于美国德克萨斯州北部地区法院达拉斯分部。

根据美国GAAP的要求，我们自2024年3月4日（破产申请日）起将Pillarstone OP及其子公司从合并财务报表中去合并。因此，自该日期起，Pillarstone OP及其子公司的财务状况和经营成果不再在我们的合并财务报表中列示。

在2024年第一季度，我们确认了一项405万美元的应收款，代表我们对Pillarstone OP及其子公司的权益的估计公允价值，以及与去合并相关的86.4万美元收益。2025年12月，我们作为Pillarstone OP、Whitestone CP Woodland Ph. 2, LLC、Whitestone Industrial-Office, LLC和Whitestone Offices, LLC合并破产案和解的一部分，收到了405万美元。

下表总结了Pillarstone OP及其子公司去合并对合并资产负债表的影响：

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t 房地产资产，按成本 \n\t\t\t	$	(25,868	)
\n\t\t\t 现金及现金等价物 \n\t\t\t		(1,759	)
\n\t\t\t 保证金和公用事业押金 \n\t\t\t		(14	)
\n\t\t\t 应计租金和应收账款，扣除坏账准备金 \n\t\t\t		(273	)
\n\t\t\t 来自关联方的应收款 \n\t\t\t		(888	)
\n\t\t\t 未摊销租赁佣金和递延法律费用，净额 \n\t\t\t		(118	)
\n\t\t\t 预付费用和其他资产 \n\t\t\t		(15	)
\n\t\t\t 总资产减少 \n\t\t\t	$	(28,935	)
\n\t\t\t 应付账款和应计费用 \n\t\t\t	$	(1,754	)
\n\t\t\t 租户保证金 \n\t\t\t		(496	)
\n\t\t\t 子公司非控制权益 \n\t\t\t		(26,685	)
\n\t\t\t 总负债和权益减少 \n\t\t\t	$	(28,935	)

Pillarstone OP及其子公司在去合并前期间的财务状况和经营成果在我们的合并财务报表中作为终止经营列示。以下是合并损益表中显示的终止经营收入的主要项目类别的摘要：

	\n\t\t\t 三个月 \n\n\t\t\t 截至6月30日 \n\n\t\t\t 2024 \n\t\t\t		\n\t\t\t 六个月 \n\n\t\t\t 截至6月30日 \n\n\t\t\t 2024 \n\t\t\t

\n\t\t\t 收入： \n\t\t\t
\n\t\t\t 租金 \n\t\t\t	$	-		$	851
\n\t\t\t 交易及其他费用 \n\t\t\t		-			1
\n\t\t\t 总收入 \n\t\t\t		-			852

\n\t\t\t 运营费用： \n\t\t\t
\n\t\t\t 折旧和摊销 \n\t\t\t		-			142
\n\t\t\t 运营和维护 \n\t\t\t		-			371
\n\t\t\t 房地产税 \n\t\t\t		-			202
\n\t\t\t 管理费 \n\t\t\t		-			56
\n\t\t\t 总运营费用 \n\t\t\t		-			771

\n\t\t\t 税前收入 \n\t\t\t		-			81
\n\t\t\t 所得税准备金 \n\t\t\t		-			-

\n\t\t\t 终止业务的收入，税后 \n\t\t\t	$	-		$	81

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

可转换票据应付款

\n\t\t\t

2015年11月20日，我们董事会的五位受托人（其中一位已不再与公司有关联）向公司提供了19.8万美元的贷款，以换取可转换票据应付款。可转换票据应付款按年利率10%计息，最初于2018年11月20日到期。可转换票据应付款的持有人可在任何时间以每普通股1.331美元的价格将票据转换为普通股。截至2025年6月30日，这些相关可转换票据的累计利息约为19万美元，截至2024年12月31日约为17.9万美元。2026年1月，我们根据清算计划和破产法院程序，仅偿还了破产申请提交前累计的利息，偿还了可转换票据。

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

股东’权益

\n\t\t\t

Pillarstone权益。 我们有权发行最多 450,000,000 股受益权，每股面值0.01美元，其中 400,000,000 股被归类为普通受益权股，每股面值0.01美元，而 50,000,000 股被归类为优先受益权股，每股面值0.01美元。在 50,000,000 股优先受益权股中，有 1,518,000 股被指定为A类累积优先股（“A类优先股”），而 300,000 股被指定为优先C类可转换优先股（“C类优先股”）。“

优先股。公司目前发行了 256,636 股A类优先股，其中 95,226 股A类优先股已向公众发行。A类优先股的清算价值为每股10.00美元。我们有权赎回A类优先股。

2003年6月30日，我们根据单独的限制性股份协议，向我们的董事长兼前首席执行官兼总裁James C. Mastandrea和我们的前首席财务官兼高级副总裁John J. Dee发行了价值约240万美元的 696,078 股A类优先股。根据每份限制性股份协议，当我们的总资产超过5000万美元时，限制性股份将获得资格。没有限制性股份已获得资格。尽管公司的总资产超过5000万美元，但考虑到其在Pillarstone OP中18.6%的持股，其实际拥有的总资产不足5000万美元。

作为一次性的激励交换要约的一部分，Messes. Mastandrea和Dee将这些限制性A类优先股中的 534,668 股交换为 163,116 股限制性普通股。上述限制也适用于他们的普通股。Messes. Mastandrea和Dee继续持有的 161,410 股限制性A类优先股每股可转换为 0.305 股限制性普通股。

持有剩余95,226股A类优先股的股东未参与上述一次性交换要约，因此这些A类优先股可转换为0.046股普通股，具体取决于某些公式。

2006年9月29日生效，Pillarstone向马里兰州评估和税收部提交了补充章程文件，作为经修订、重述和补充的信托声明的补充，指定300,000股C类优先股。C类优先股的投票权等于其可转换为的普通股数量。每份C类优先股可通过将10.00美元及C类优先股应计但未支付的股息之和除以1.00美元的转换价格转换为普通股。C类优先股的清算优先权为每股10.00美元，加上任何应计但未支付的股息，且董事会可在通知的情况下随时以每股相同的价格赎回这些股份。

限制性普通股。以下表格总结了我们未解锁的限制性普通股的变动情况：

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 未解锁的限制性普通股 \n\t\t\t
				\n\t\t\t 加权平均 \n\t\t\t
	\n\t\t\t 股数 \n\t\t\t		\n\t\t\t 授予日 \n\t\t\t
	\n\t\t\t 股份 \n\t\t\t		\n\t\t\t 公允价值 \n\t\t\t

\n\t\t\t 2023年12月31日未解锁 \n\t\t\t		168,449		$	11.44
\n\t\t\t 已解锁 \n\t\t\t		-			-
\n\t\t\t 2024年12月31日未解锁 \n\t\t\t		168,449		$	11.44
\n\t\t\t 已解锁 \n\t\t\t		-			-
\n\t\t\t 2025年6月30日未解锁 \n\t\t\t		168,449		$	11.44

在上表中，163,116股限制性股份在达到业绩目标后解锁，如“优先股”部分所述。自授予日起，我们确定达到这些业绩目标的可能性不大，且与该授予相关的任何薪酬费用均未被确认。授予日公允价值为180万美元，将在我们认为达到业绩目标的可能性变得合理时确认。其余5,333股限制性股份的授予日公允价值总计为7.9万美元，已在以前期间确认，尽管这些股份的限制仍然存在。

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

基于股票的薪酬

\n\t\t\t

在2016年股东年度会议上，我们的股东批准了2016年股权计划（“2016计划”）。2016计划规定，可以向公司普通股或公司运营合伙企业的单位授予奖励，这些单位可以转换为普通股。根据2016计划条款的规定进行调整后，2016计划下可授予奖励的普通股最大总数将根据未来普通股和运营合伙企业单位的发行量进行增加，包括根据2016计划进行的发行，使得在任何时候，2016计划下可发行的最大股份数量等于已发行和流通的普通股和运营合伙企业单位总数的12.5%（不包括库存股和/或由公司持有或发行给公司的单位）。截至2025年6月30日，2016计划下有2,086,654股可供授予。2016计划于2026年3月23日到期。

公司在截至2025年6月30日的三个月和六个月期间，以及2024年期间，未确认任何基于股票的薪酬费用，用于受托人薪酬或员工基于股票的薪酬。

期权。公司有一项单独的期权奖励，涉及我们普通股的667股，价格为33.75美元。该期权于2025年2月终止。

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

所得税

\n\t\t\t

中期季度的所得税准备通常基于单独计算的估计年度有效所得税税率，该税率与特定于中期期间的重大、非常规或异常项目的影响分开计算。离散项目的所得税影响在其发生期间确认。

截至2025年6月30日和2024年6月30日的三个月内，我们的有效税率分别为0%和0%。截至2025年6月30日和2024年6月30日的六个月，我们的有效税率分别为0%和68%。在2024年，由于我们剩余有业务的子公司的去合并，我们对净递延税资产确认了100%的减值准备。公司在2025年没有当前税款义务，减值准备仍然有效。

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

每股收益（亏损）

\n\t\t\t

以下是每股基本和稀释收益的计算：

	\n\t\t\t 截至6月30日的三个月 \n\t\t\t			\n\t\t\t 截至6月30日的六个月 \n\t\t\t
\n\t\t\t （以千为单位，除每股数据外） \n\t\t\t	\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2024 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t		\n\t\t\t 2024 \n\t\t\t

\n\t\t\t 分子： \n\t\t\t
\n\t\t\t 持续经营的收入（亏损） \n\t\t\t	$	(79	)		$	(68	)	$	(102	)	$	224
\n\t\t\t 加：可转换债券利息的税后影响 \n\t\t\t		4				4			12			8
\n\t\t\t 归属于普通股股东的持续经营的收入（亏损） \n\t\t\t		(75	)			(64	)		(90	)		232
\n\t\t\t 终止经营的收入，税后 \n\t\t\t		-				-			-			81
\n\t\t\t 减：子公司中的非控制性权益 \n\t\t\t		-				-			-			(66	)
\n\t\t\t 归属于普通股股东的终止经营的收入 \n\t\t\t		-				-			-			15
\n\t\t\t 稀释性证券的净收益（亏损） \n\t\t\t	$	(75	)		$	(64	)	$	(90	)	$	247

\n\t\t\t 分母： \n\t\t\t
\n\t\t\t 加权平均普通股股数 - 基本 \n\t\t\t		493,968				493,968			493,968			493,968
\n\t\t\t 稀释性影响为： \n\t\t\t
\n\t\t\t 可转换应付债券转换产生的股份 ⁽¹⁾ \n\t\t\t		254,391				254,391			254,391			254,391
\n\t\t\t 95,226股A类优先股转换产生的股份 ⁽¹⁾ \n\t\t\t		4,380				4,380			4,380			4,380
\n\t\t\t 231,944股C类优先股转换产生的股份 ⁽¹⁾ \n\t\t\t		2,319,440				2,319,440			2,319,440			2,319,440
\n\t\t\t 加权平均普通股股数 - 可能稀释 \n\t\t\t		493,968				493,968			493,968			3,072,179

\n\t\t\t 持续经营的收入（亏损）： \n\t\t\t
\n\t\t\t 基本 \n\t\t\t	$	(0.15	)		$	(0.13	)	$	(0.18	)	$	0.47
\n\t\t\t 稀释 \n\t\t\t	$	(0.15	)		$	(0.13	)	$	(0.18	)	$	0.08
\n\t\t\t 终止经营的收入： \n\t\t\t
\n\t\t\t 基本 \n\t\t\t	$	-			$	-		$	-		$	0.03
\n\t\t\t 稀释 \n\t\t\t	$	-			$	-		$	-		$	0.00
\n\t\t\t 每股收益（亏损）： \n\t\t\t
\n\t\t\t 基本 \n\t\t\t	$	(0.15	)		$	(0.13	)	$	(0.18	)	$	0.50
\n\t\t\t 稀释 \n\t\t\t	$	(0.15	)		$	(0.13	)	$	(0.18	)	$	0.08

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

⁽¹⁾

\n\t\t\t

在我们发生净亏损的期间，上述每个期间的稀释每股收益计算中排除了公司A类优先股、C类优先股和可转换债券转换产生的股份，因为转换的影响将是反稀释的。同样，上述每个期间的稀释每股收益计算中未包含已发行期权和限制性普通股，因为它们将是反稀释的。

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

关联方交易

\n\t\t\t

费用报销。根据2016年12月8日修订和重述的有限合伙协议，Pillarstone OP负责与其组织、资产所有权及运营相关的所有费用。它还负责作为Pillarstone OP普通合伙人时我们产生的行政和运营成本和费用，包括但不限于与普通合伙人（i）持续存在和子公司运营相关的费用，（ii）证券发行和注册相关的费用，（iii）根据联邦、州或地方法律法规准备和提交任何定期或其他报告和通讯的费用，（iv）遵守任何监管机构颁布的法律、规则和规定的费用，以及（v）在普通业务过程中代表合伙企业产生的运营或行政费用；但上述费用和支出不包括普通合伙人直接拥有资产而非通过Pillarstone OP或子公司拥有的行政或运营费用。

Pillarstone OP修订和重述的有限合伙协议中的赔偿条款还规定，Pillarstone OP应对所有损失、索赔、损害、责任、连带或单独责任、费用（包括但不限于律师费和其他法律费用和支出）、判决、罚款、和解及其他金额进行赔偿，这些损失、索赔、损害、责任、连带或单独责任、费用（包括但不限于律师费和其他法律费用和支出）、判决、罚款、和解及其他金额源于或与任何与Pillarstone OP或普通合伙人或其运营或财产所有权有关的索赔、要求、诉讼、诉讼或调查有关，无论该诉讼是民事、刑事、行政或调查性质，除非有管辖权的法院确定根据Pillarstone OP修订和重述的有限合伙协议中描述的情况，赔偿是不允许的。

这些报销条款为公司提供了维持运营的关键现金和流动性来源。在Whitestone突然终止向Pillarstone OP提供的管理服务后，我们已承担了内部化管理的重大成本，并选择了并实施了我们自己的企业级系统。我们还承担了与Whitestone诉讼中的大量法律费用。

公司除与Pillarstone OP相关的资产、活动或运营外，没有其他资产、活动或运营。因此，我们所有的成本和费用均可根据修订和重述的有限合伙协议的相关条款进行报销。我们记录了Pillarstone OP在截至2025年6月30日的六个月和2024年6月30日的六个月期间，分别支付了17.8万美元和1.8万美元的运营和行政费用报销。

总结。下表列示了包含在我们合并损益表中的关联方收入和费用（以千美元为单位）：

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

		截至6月30日的三个月			\n\t\t\t 截至6月30日的六个月 \n\t\t\t
	\n\t\t\t 收入（费用）地点 \n\t\t\t	\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2024 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t	\n\t\t\t 2024 \n\t\t\t
\n\t\t\t 向活跃受托人支付的可转换债券利息 ⁽¹⁾ \n\t\t\t	\n\t\t\t 净利息费用 \n\t\t\t		(3	)		(3	)	(6	)	(7	)

(1) Paul Lambert先生自1998年11月至2024年11月去世一直担任受托人。他在2025年不再被列为关联方。

与关联方的应收账款和应付账款包括以下内容（以千为单位）：

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 应收款（应付款）的地点 \n\t\t\t	\n\t\t\t 2025年6月30日 \n\t\t\t			\n\t\t\t 2024年12月31日 \n\t\t\t
\n\t\t\t 关联方Pillarstone Capital REIT Operating Partnership LP的应收款 \n\t\t\t	\n\t\t\t 关联方Pillarstone Capital REIT Operating Partnership LP的应收款 \n\t\t\t	$	4,050			$	4,050
\n\t\t\t 应付关联方款项 \n\t\t\t	\n\t\t\t 应付关联方款项 \n\t\t\t		(22	)			(22	)
\n\t\t\t 可转换票据应付 ⁽¹⁾ \n\t\t\t	\n\t\t\t 可转换票据应付-关联方 \n\t\t\t		(99	)			(150	)
\n\t\t\t 可转换票据的应计利息 ⁽¹⁾ \n\t\t\t	\n\t\t\t 应计利息应付 \n\t\t\t		(96	)			(141	)

(1) Paul Lambert先生自1998年11月起担任受托人，直至2024年11月去世。他在2025年不再被列为关联方。

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

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承诺与或有事项

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诉讼。我们涉及下文详细讨论的诉讼和破产申请。这些诉讼在本报告所涵盖期间之后预计将耗费大量资金、耗时且会干扰正常业务运营。此外，这些程序的结果难以预测。管理层在咨询公司法律顾问后，无法确定这些诉讼是否会以对我们财务状况、收益或现金流量产生重大不利影响的方式解决。

Whitestone OP对我们提起的特拉华州诉讼。

2022年7月12日，我们在特拉华州法院的一起名为Whitestone REIT Operating Partnership, L.P. v. Pillarstone Capital REIT, C.A. No. 2022-0607-LWW的诉讼中被列为被告。该诉讼挑战了我们于2021年12月27日签订的优先权协议（以下简称“优先权协议”），该协议由我们与American Stock Transfer & Trust Company, LLC作为优先权代理方签订，并声称我们采用优先权协议违反了Pillarstone OP修订并经重述的有限合伙协议，以及我们作为Pillarstone OP普通合伙人对Whitestone OP的忠实义务，并违反了修订并经重述的有限合伙协议下的诚信和公平交易的隐含条款。

基于本报告中讨论的各种问题，我们在2022年9月16日于德克萨斯州哈里斯县法院提起诉讼，起诉Whitestone及其关联方，指控其违反Pillarstone OP修订并经重述的有限合伙协议和忠实义务，以及违反管理协议。

2022年7月21日，Whitestone OP在特拉华州诉讼中提交了保持现状的动议，要求对我们开展业务的能力施加广泛限制，包括购买物业、执行优先权协议、产生费用或进行交易。现状令还阻止Whitestone OP行使根据Pillarstone OP修订并经重述的有限合伙协议要求Pillarstone OP赎回其OP单位的权利。我们在德克萨斯州诉讼中的修订诉状中指出，Whitestone在合同和忠实义务方面的重大违约行为已使我们根据Pillarstone OP修订并经重述的有限合伙协议的赎回条款下的任何履行义务被解除和/或豁免。

我们信托委员会的代表于2022年8月试图与Whitestone信托委员会的代表展开讨论，以解决这些问题，避免长期且昂贵的法律纠纷。然而，Whitestone当时并未愿意解决这些问题，也未在2022年8月之后我们多次尝试启动讨论时愿意解决这些问题。

2023年7月17日和7月18日，特拉华州的诉讼案件进行了审理。2023年10月18日，诉讼案件进行了庭后辩论。2023年8月28日，Whitestone在其庭后开场简报中要求特拉华州法院判给约51,200,600美元的损害赔偿金和6,820,000美元的判决后利息。2024年1月25日，特拉华州法院发布了其意见，并认定我们违反了诚信和公平交易的默示条款，但未解决合同违约或忠实义务违约的指控。尽管Whitestone要求51,200,600美元加利息的金钱赔偿，但特拉华州法院拒绝判给赔偿金。

特拉华州法院裁定《权利协议》对Whitestone不可执行，允许Whitestone OP提交其OP单位的赎回通知，并裁定应遵循Pillarstone OP有限合伙协议，即我们决定是否承担Pillarstone OP的赎回义务并确定Pillarstone OP资产的价值。特拉华州法院裁定，任何进一步的救济措施必须等待未来的程序。2024年1月25日，Whitestone OP提交了除一个OP单位以外的所有OP单位的赎回通知。本案中的索赔已根据下文“—破产申请”中所述的和解协议解决。

我们对Whitestone的德克萨斯州诉讼。

在Whitestone意外终止其管理服务后，我们的执行管理团队努力迅速恢复正常的运营和租赁活动。我们许多行动受到未能及时获得可用信息的影响。我们发现，在Whitestone管理期间，我们的资产出现了大量应予维护但被推迟的维护和疏于管理的情况。在某些情况下，我们解决这些问题的努力受到Whitestone在特拉华州对我们提起的诉讼的阻碍，法院限制了我们在正常业务过程中可能产生的各类费用的支出上限。我们因处理内部管理以及上述诉讼事项而产生的法律和专业费用大幅增加。

2022年9月16日，我们向德克萨斯州哈里斯县地区法院第189司法区提起诉讼，案号为2022-59478，案由为，指控Whitestone被告违反了Pillarstone OP有限合伙协议和房地产资产的管理协议，以及Whitestone OP超越有限合伙人角色并损害我们和Pillarstone OP的忠实义务。本案中的一部分诉求被Whitestone Uptown Tower, LLC转移至下面“—破产申请”中描述的Uptown Tower破产案中的对立诉讼程序，其他诉求则根据“—破产申请”中描述的和解协议达成和解。

破产申请。

Uptown Tower

2023年12月1日，Whitestone Uptown Tower, LLC根据美国破产法第11章向美国德克萨斯州北部地区破产法院提交了自愿破产申请，案号为23-32832-mvl-11，案由为，在美国德克萨斯州北部地区破产法院达拉斯分部。该申请构成了Uptown Tower物业抵押贷款的违约事件。在提交破产申请之前，2023年11月，我们董事会代表试图与Whitestone REIT董事会代表进行讨论，以解决这些问题，并共同联系Rialto Capital Advisors, LLC，即抵押贷款的特殊服务商。然而，在未获得借款人知情或同意的情况下，Whitestone试图代表借款人偿还贷款，并向贷款人和特殊服务商授予广泛的免责，包括将被困现金、保证金和储备金用于债务。没有任何Whitestone REIT实体有权代表借款人达成此类协议，我们被告知该协议并未完成，但Whitestone仍根据此安排向Rialto Capital Advisors, LLC支付了约1360万美元。

2024年1月3日，Rialto Capital Advisors, LLC提供了截至2023年12月4日抵押贷款的预估偿付金额。预估总金额约为2150万美元，其中包括约1440万美元的未偿本金余额、约24.2万美元的票据利息和约660万美元的违约利息。此外，Rialto还持有约260万美元的被困现金、保证金和储备金，这些资金是借款人运营Uptown Tower物业并支付其义务（包括即将到期的物业税）所必需的。2024年1月31日，贷款人起诉Whitestone OP，以执行Whitestone OP对抵押贷款的担保。

2024年6月，Whitestone Uptown Tower, LLC 和 Whitestone OP 分别与贷款人达成和解。Whitestone Uptown Tower 与 American Bank, N.A. 签订了一份贷款协议，贷款金额最高为150万美元，以 Uptown Tower 及 Whitestone Uptown Tower 的所有其他资产作为担保。Whitestone Uptown Tower 向前一贷款人支付了约110万美元，而前一贷款人保留了约220万美元的被困现金和保证金，这些资金来自现金清扫，以及约1360万美元的误付资金，该资金是 Whitestone OP 为偿还前一抵押贷款而支付给前一贷款人的。

在 Uptown Tower 破产案中，重组计划得到了确认，该计划规定了 Uptown Tower 的出售及债权处理方式，于2024年7月获得确认。我们在2025年7月以2000万美元的价格出售了 Uptown Tower，扣除费用、结案成本和佣金以及对卖方的报销后，实际获得1730万美元，并偿还了 American Bank, N.A. 的债务。

在 Whitestone Uptown Tower, LLC 的反对下，破产法院裁定支持 Whitestone OP，认为其在向抵押贷款人误付款项方面具有法定代位权。Whitestone Uptown Tower, LLC 向 Whitestone OP 支付了1360万美元的 Uptown Tower 出售所得款项，以代表其曾误向先前抵押贷款人支付的用于 Uptown Tower 的资金，当时它在未通知我们且无权的情况下试图偿还抵押贷款。2024年10月25日，Whitestone Uptown Tower, LLC 还就该裁定向德克萨斯州北部地区美国地方法院达拉斯分部提起上诉，案件名称为 Whitestone Uptown Tower, LLC v. Whitestone REIT Operating Partnership, L.P.，案号为24-02699。地区法院维持了破产法院的裁定，2025年8月13日，Whitestone Uptown Tower, LLC 向美国第五巡回上诉法院对地区法院的裁定提出上诉。2026年9月4日，上诉法院维持了地区法院的裁定。2026年9月18日，Whitestone Uptown Tower, LLC 向上诉法院提交了要求全院重审的请愿书，该请愿书于2026年10月5日被驳回。Whitestone Uptown Tower, LLC 正在考虑在此事中可采取的其他选项。

共同管理的破产案件

2024年3月4日，我们和 Pillarstone OP 以及拥有我们除 Uptown Tower 以外的房地产资产的子公司 Whitestone CP Woodland Ph. 2, LLC、Whitestone Industrial-Office, LLC 和 Whitestone Offices, LLC 提起了破产案件。这些破产案件被合并为共同管理的破产案件，案件名称为 In re: Whitestone Industrial-Office, LLC, et. al.，案号为24-30653-mvl-11，位于德克萨斯州北部地区美国破产法院达拉斯分部，与 Whitestone Uptown Tower, LLC 的破产案件同属一家法院，但为独立案件。

共同管理的破产案件根据批准的清算计划进行。共同管理的破产案件的清算计划规定了清算受托人，Frances A. Smith 被任命为清算受托人。清算受托人的职责是管理共同管理的破产案件中清算计划下的所有索赔，并根据共同管理的破产案件中清算计划的规定，向允许的索赔和权益持有人进行分配。清算受托人对索赔的管理可能包括但不限于，根据她的合理商业判断，调查、起诉、反对、解决、调和、和解、诉讼、管理并就索赔进行分配。

清算受托人不是受托人，也不参与债务人业务、资产或财务事务的管理或运营，也不参与债务人确认后的日常运营费用的审查和批准，除非破产法院在通知和听证后认定存在理由让清算受托人这样做。

清算受托人拥有对共同管理的破产案件中索赔的唯一和排他性管理权，包括在涉及 Whitestone OP、任何债务人或其关联方或专业人员的索赔中达成和解的决定，但须遵守通知和听证程序，并且在一方提出善意异议以及破产法院对事项的最终裁决后方可进行。清算受托人还拥有向债务人要求资金以满足针对债务人的已批准索赔的权利，这些资金可能来自该债务人的资金（即使由 Pillarstone OP 持有），这可能包括销售所得。

清算受托人有权按每月固定费用 10,000 美元获得报酬，并报销实际发生的必要费用。如果在任何一个月中，清算受托人履行其职责所花费的时间超过十五（15）小时，她将有权按每小时 650 美元的费率获得额外服务时间的报酬。

在共同管理的破产案件中的清算计划和 Uptown Tower 破产案件中的重组计划授权出售我们所有的物业。这些物业于 2024 年 10 月至 2025 年 7 月期间出售给了无关联的第三方买家。我们的债务已根据我们的清算计划以及在本报告所涵盖期间之后的 Whitestone Uptown Tower, LLC 重组计划，从这些房地产资产的销售所得中得到偿还。

在 2025 年 12 月，尽管我们提出异议，共同管理的破产案件中的破产法院仍发布了一项命令，批准了清算受托人与 Whitestone REIT、Whitestone OP 和 Whitestone TRS 之间达成的协议，以解决共同管理的破产案件中的 Whitestone 索赔。清算受托人与 Whitestone 协商了和解协议，而我们并未参与。破产法院的命令和和解协议规定了诸多事项，包括但不限于：

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根据清算计划中定义的允许索赔（Allowed Claims），Whitestone Industrial-Office, LLC、Whitestone Offices, LLC 和 Whitestone CP Woodland Ph. 2, LLC（“子公司债务人”）的索赔将由子公司债务人全额支付。在计划代理人的指示下，债务人应向子公司债务人的允许索赔持有人支付此类款项。在支付子公司债务人的允许索赔后，所有剩余资金（“合伙企业资产资金”）将流向Pillarstone OP资产；

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债务人将使用合伙企业资产资金设立以下三个储备金，以支持计划代理人的索赔管理流程：

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债务人将使用合伙企业资产资金中的1,000,000.00美元设立“合伙企业税务储备金”。计划代理人将指示债务人使用合伙企业税务储备金来满足Pillarstone OP和我们所欠的州和联邦税款索赔。债务人将按照计划代理人的指示进行此类支付；

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	\n\t\t\t o \n\t\t\t	\n\t\t\t 债务人将使用合伙企业资产资金中的1,000,000.00美元设立“案件管理储备金”。计划代理人将指示债务人使用案件管理储备金来支付包括支付资产员工、律师费用、会计费用、索赔管理费用以及清算我们、Pillarstone OP和子公司债务人（统称为“债务人资产”）的费用在内的资产行政费用。债务人将按照计划代理人的指示进行此类支付；以及 \n\t\t\t
	\n\t\t\t o \n\t\t\t	\n\t\t\t 债务人将使用合伙企业资产资金中的500,000.00美元设立“合伙企业一般无担保债权储备金”。计划代理人将指示债务人使用合伙企业一般无担保债权储备金来满足Pillarstone OP的所有允许的一般无担保债权，包括内部一般无担保债权。债务人将按照计划代理人的指示进行此类支付。如果债务人未能按照指示进行支付，计划代理人将向破产法院寻求救济； \n\t\t\t

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债务人将从合伙企业资产资金中向Pillarstone Capital REIT资产（“Pillarstone 分配”）支付4,050,000.00美元，以满足我们对Pillarstone OP资产的所有未偿索赔。该分配于2025年12月进行。计划代理人将管理我们资产的索赔，并指示债务人通过Pillarstone 分配以及我们资产中的其他现金来满足我们资产的任何允许的索赔。计划代理人将指示债务人根据联合管理的破产案件中的清算计划，将Pillarstone 分配的剩余盈余收益分配给我们权益持有人；

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在满足所有子公司债务人的索赔以及上述储备金后，债务人将在2025年12月12日之前将Pillarstone OP资产中的所有剩余资金分配给Whitestone OP。该约3340万美元的支付（“WROP 分配”）于2025年12月进行，当时Whitestone OP在Pillarstone OP中的所有权，仅由一个OP单位组成，不再代表Pillarstone OP的多数权益；

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the plan agent shall direct the debtors to distribute any surplus funds from the Partnership Tax Reserve, Case Administrative Reserve, and Partnership Tax Reserve remaining after the complete administration of the Debtors’ Estates to Whitestone OP. The debtors shall make such Surplus Reserve Funds payments as directed by the plan agent;

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upon entry of the final order approving the motion to approve the settlement, the plan agent and Whitestone OP shall promptly move to dismiss with prejudice:

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the adversary proceeding commenced by Pillarstone OP in the jointly administered bankruptcy cases;

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the Houston litigation discussed in Part II, Item 1 “Legal Proceedings—Houston Case”; and

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the Delaware litigation discussed in Part II, Item 1 “Legal Proceedings—Delaware Case”;

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upon entry of the final order, and payment of the WROP Distribution, Whitestone OP shall (a) move to dismiss with prejudice all pending litigation initiated by it against any of the debtors, and (b) withdraw its proof of claim against Pillarstone OP in the amount of $52,963,904.83 and its proof of claim against Pillarstone Capital REIT in the amount of $9,966,778.64;

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the plan agent, on behalf of the debtors and the Debtors Estates, granted a release to Whitestone REIT, Whitestone OP, Whitestone TRS and certain of their related parties and agreed to ensure the dismissal with prejudice of all pending claims, causes of action and lawsuits brought by any of the debtors against such parties. The Whitestone parties granted releases to the plan agent and the Debtors Estates and agreed to ensure the dismissal with prejudice of all pending claims, causes of actions and lawsuits against any of the debtors, including the Delaware litigation. Whitestone OP agreed to dismiss its claims and causes of action against James C. Mastandrea pending in his adversary claims in the jointly administered bankruptcy cases to the extent he is seeking indemnification against the Debtors Estates on account of those claims; and

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the bankruptcy court shall retain exclusive personal and subject matter jurisdiction to enforce the terms of the settlement agreement and to decide any claims or disputes that may arise or result from, or be connected with, the settlement agreement, or any breach or default thereunder.

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Whitestone Uptown Tower, LLC was not party or subject to the settlement, and the litigation in its bankruptcy case was not resolved under the settlement. The Whitestone parties have asserted an interpretation of the agreement with which we disagree relating to whether ongoing distributions outside the scope of the agreement should be directed to Whitestone OP, and these disputes are ongoing.

In July 2026, a subsidiary of Ares Management Corporation acquired Whitestone REIT in a merger transaction, constituting a Change of Control under the Contribution Agreement. As a result, Pillarstone OP repurchased the last remaining OP Unit held by Whitestone OP for an aggregate repurchase price of $1.34 in August 2026, the funds for which were advanced by us.

We cannot predict or quantify the ultimate impact that events occurring during the bankruptcy process may have on our business, financial condition and results of operations, and there is no certainty as to our ability to continue as a going concern.

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10.

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Subsequent Events

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In addition to the subsequent events and developments discussed in Notes 1 and 9, the Company reported the following subsequent events:

In January 2026, we repaid the convertible notes including only interest accrued prior to the filing of the bankruptcy petition pursuant to our plan of liquidation and bankruptcy court proceedings.

* * * * *

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

On December 1, 2023, Whitestone Uptown Tower, LLC, an indirect subsidiary of Pillarstone Capital REIT (the “Company,” “Pillarstone,” “we,” “our,” or “us”), filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas in the case styled In re: Whitestone Uptown Tower, LLC a/a/ Pillarstone Capital REIT Operating Partnership, Case No. 23-32832-mvl-11, in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division.

On March 4, 2024, bankruptcy cases were filed by Pillarstone OP, as well as Whitestone CP Woodland Ph. 2, LLC, Whitestone Industrial-Office, LLC and Whitestone Offices, LLC, the subsidiaries owning our Real Estate Assets other than Uptown Tower, which were consolidated into the jointly administered cases styled In re: Whitestone Industrial-Office, LLC, et. al., Case No. 24-30653-mvl-11, in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division.

As a result of these bankruptcy filings, as required under U.S. GAAP, we deconsolidated the bankrupt subsidiaries from our consolidated financial statements effective with their bankruptcy filings. We previously deconsolidated Whitestone Uptown Tower, LLC effective with its bankruptcy filing on December 1, 2023.

The financial condition and results of operations of the bankrupt subsidiaries are presented as discontinued operations in our consolidated financial statements for periods presented before the deconsolidations.

Forward-Looking Statements

The following discussion should be read in conjunction with our unaudited consolidated financial statements and the notes thereto in this Quarterly Report on Form 10-Q.

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, including discussion and analysis of our financial condition, anticipated capital expenditures required to complete projects, amounts of anticipated cash distributions to our shareholders in the future and other matters. These forward-looking statements are not historical facts but are the intent, belief or current expectations of our management based on its knowledge and understanding of our business and industry. Forward-looking statements are typically identified by the use of terms such as “may,” “will,” “should,” “potential,” “predicts,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” or the negative of such terms and variations of these words and similar expressions, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. You are cautioned not to place undue reliance on forward-looking statements, which reflect our management’s view only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Factors that could cause actual results to differ materially from any forward-looking statements made in this Report include:

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our ability to continue as a going concern, which may require us to manage costs and expenses and to obtain financing or sell assets to obtain funds to implement our business plan;

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our ability to successfully complete our and our subsidiaries’ plans of liquidation and reorganization under Chapter 11 and emerge from bankruptcy;

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the effects of the bankruptcy cases on us and on the interests of various constituents;

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bankruptcy court rulings in our and our subsidiaries’ bankruptcy cases and the outcome of the bankruptcy cases in general;

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the effects of our ongoing litigation with Whitestone REIT, Whitestone REIT Operating Partnership, L.P. (“Whitestone OP”), and Whitestone TRS, Inc. in the Whitestone Uptown Tower, LLC bankruptcy case;

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changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate (including supply and demand changes), particularly in Dallas and Houston, including the impact of high unemployment, volatility in the public equity and debt markets, and international economic and other conditions;

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the impact of a public health crisis and the governmental and third-party response to such a crisis, which may affect our key personnel, our tenants, and the costs of operating our assets;

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changes in the needs of our tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of employees working remotely;

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sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political activism, which may result in a disruption of day-to-day building operations;

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increases in interest rates and operating costs;

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availability and terms of capital and financing, both to fund our operations and to refinance any indebtedness as it matures, in each case, on terms favorable to us;

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decreases in rental rates or increases in vacancy rates;

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litigation risks;

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volatility in interest rates and insurance rates;

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inflation and continuing increases in the inflation rate;

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the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk);

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changes in senior management, changes in the Board of Trustees, and the loss of key personnel;

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the potential liability for uninsured losses, condemnation, or environmental issues;

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the potential liability for a failure to meet regulatory requirements;

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any failure to comply with debt covenants under credit agreements;

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potential changes to state, local, or federal regulations applicable to our business;

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cybersecurity attacks, loss of confidential information and other business disruptions; and

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our inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws.

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In addition, an investment in the Company involves numerous risks that potential investors should consider carefully, including, without limitation:

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our cash resources are limited;

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we have a history of losses;

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we have not raised funds through a public equity offering;

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our trustees control a significant percentage of our voting shares;

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shareholders could experience possible future dilution through the issuance of additional shares;

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we are dependent on a small number of key senior professionals; and

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we currently do not plan to distribute dividends to the holders of our shares.

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Overview

We are a Maryland real estate investment trust (\"REIT\") engaged in investing in, owning and operating commercial properties. As of June 30, 2025, we owned approximately 18.6% of Pillarstone Capital REIT Operating Partnership LP (“Pillarstone OP”) and serve as its general partner. Substantially all of our operations and activities were conducted for the benefit of and through Pillarstone OP. As the general partner of Pillarstone OP, we had the exclusive power to manage and conduct the business of Pillarstone OP, subject to certain customary exceptions. As of June 30, 2025, we, through our subsidiaries, owned one office building in the Dallas metropolitan area and four office/warehouse and retail locations in the Houston metropolitan area.

Following the period covered by this report, the remaining Real Estate Assets described below were sold pursuant to the plan of liquidation in the jointly administered bankruptcy cases for us and Pillarstone OP, as well as Whitestone CP Woodland Ph. 2, LLC, Whitestone Industrial-Office, LLC and Whitestone Offices, LLC, the subsidiaries owning our Real Estate Assets other than Uptown Tower, and the plan of reorganization in the separate bankruptcy case for our Whitestone Uptown Tower, LLC subsidiary. We are considering our strategic plans following the outcome of the bankruptcy cases.

History

Pillarstone was formed on March 15, 1994 as a Maryland REIT. We operated as a traditional REIT by buying, selling, owning and operating commercial and residential properties through December 31, 1999. In 2000, we purchased a software technology company, resulting in our not meeting the qualifications to be a REIT under the Code. In 2002, we discontinued the operations of the technology segment, and from 2003 through 2006, pursued a value-added business plan primarily focused on acquiring well located, under-performing multifamily residential properties, including affordable housing communities, and repositioning them through renovation, leasing, improved management and branding. From 2006 until December 2016, we continued our existence as a corporate shell current in our SEC filings.

On December 8, 2016, Pillarstone and Pillarstone OP entered into the Contribution Agreement with Whitestone OP, a subsidiary and the operating partnership of Whitestone REIT, both of which were related parties to us and Pillarstone OP, pursuant to which Whitestone OP contributed to Pillarstone OP all of the equity interests in four of its wholly-owned subsidiaries that owned 14 real estate assets (the \"Real Estate Assets\") for aggregate consideration of approximately $84 million, consisting of (1) approximately $18.1 million of Class A units representing limited partnership interests in Pillarstone OP issued at a price of $1.331 per OP Unit; and (2) the assumption of approximately $65.9 million of liabilities by Pillarstone OP (collectively, the “Acquisition”). Whitestone OP was the 81.4% limited partner of Pillarstone OP following the transaction.

In connection with the Contribution Agreement, on December 8, 2016, we entered into management agreements (the “Management Agreements”) with Whitestone TRS, Inc., a subsidiary of Whitestone (“Whitestone TRS\"). Pursuant to the Management Agreements, Whitestone TRS agreed to provide certain property management, leasing and day-to-day advisory and administrative services to such properties in exchange for monthly property and asset management fees.

On July 19, 2022, we received written notice that Whitestone TRS confirmed termination of the Management Agreements for the Real Estate Assets. We had previously communicated to Whitestone our plan to internalize the management of the Real Estate Assets, but we had not made efforts to terminate the Management Agreements. However, Whitestone TRS stated in its notice letter that while it had not received written notice of the termination of the Management Agreements, it “confirms receipt of your intent to terminate, and hereby confirms termination of the Agreements effective 30 days from” July 19, 2022. The Management Agreements provided that “Unless otherwise terminated pursuant to the provisions hereof, the term of this Agreement shall automatically renew on a month to month basis at the end of the term unless either of the Parties has notified the other in writing not less than thirty (30) days prior to the expiration of the term, as the same may be extended.”

Prior to receiving the termination notice, we had anticipated an orderly transition of the management of the Real Estate Assets over an appropriate timeframe. The Management Agreements provided for Whitestone TRS to provide such services, or in certain cases contracting with other providers to perform such services, as:

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providing management, leasing, and maintenance personnel to operate the Real Estate Assets;

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maintaining the Real Estate Assets;

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maintaining connected utility services at the Real Estate Assets;

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invoice and collect the monthly rent from the tenants; default and pursue collection for delinquent tenants;

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\n\t\t\t

•

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pay monthly invoices to vendors, including loan payments to lenders;

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

•

\n\t\t\t

maintain monthly accounting records and provide monthly operating statements for each Real Estate Asset;

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

•

\n\t\t\t

perform an annual audit of the financial statements, prepare workpapers for the annual audit, and assist the auditors to complete the annual audit;

\n\t\t\t

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\n\t\t\t

•

\n\t\t\t

assist in the preparation of the annual tax returns for Pillarstone, Pillarstone OP and the owners of the Real Estate Assets; and

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

•

\n\t\t\t

assist in the preparation of the Pillarstone SEC financial reports and other filings.

\n\t\t\t

We worked diligently to restore normal operations and leasing activities following Whitestone’s unanticipated termination of its managerial services. Many of our actions were affected by a lack of usable information made available to us by Whitestone on a timely basis. Prior to receiving the termination notice, we had anticipated an orderly transition of the management of the Real Estate Assets over an appropriate timeframe, particularly as Whitestone OP owned 81.4% of Pillarstone OP as a non-controlling limited partner.

Whitestone’s 30-day notice period of termination was insufficient. Whitestone did not cooperate with us to provide for an orderly transition of its contracted responsibilities. The services under the Management Agreements were extensive and material to the operation of Pillarstone’s business and our accounting and financial reporting. The management functions, as operated by Whitestone, were deeply co-mingled with Whitestone’s management functions for its own business. As a result, Pillarstone was materially and adversely affected by Whitestone’s abrupt termination of the Management Agreements, its incomplete and inadequate delivery of books and records and other materials required to be delivered under the Management Agreements, and the failure to provide for an appropriate transition. We had no way to continue our accounting and financial reporting responsibilities as a public company. For several months following the abrupt termination of services by Whitestone, we were unable to systematically invoice our tenants and pursue collection of delinquent accounts as an independent, internally-managed company. In addition, several vendor service contracts were tied to Whitestone and the pricing of services was based on the combination of Pillarstone and Whitestone. The transition caused us to obtain separate services, which caused delays in our business operations and higher costs. In other cases, Whitestone obligated us to long-term contracts for essential services that we cannot easily replace.

Specifically, Whitestone:

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

•

\n\t\t\t

removed our access to all operations, accounting, and financial reporting systems intentionally causing harm to landlord-tenant relations at all of our properties. They immediately ceased daily accounting responsibilities and exported our general ledger history into disparate and unorganized Microsoft Excel files;

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

•

\n\t\t\t

copied more than 27,000 files into poorly organized and incomplete electronic folders containing Adobe PDF, Microsoft Excel and other file formats not easily available, and in some situations not readable by industry standard software, as source documents or historical filings and accounting records;

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

•

\n\t\t\t

ceased daily managerial responsibilities without documentation of key processes and communicating the status of incomplete items;

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

•

\n\t\t\t

neglected routine proper maintenance of the Real Estate Assets while under their management; and

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

•

\n\t\t\t

left the Real Estate Assets with numerous tenant life and health safety concerns requiring our immediate attention to correct; specifically, infestations, long ignored roof leaks causing property and mold damage, and electrical, water and security systems neglect.

\n\t\t\t

Within days after the termination of the Management Agreements by Whitestone, we internalized management and began to manage our Real Estate Assets and our business without an external management company. Our board of trustees immediately hired an experienced executive management team with prior experience working with our property portfolio and our leadership team quickly began:

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

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•

\n\t\t\t

recruiting and engaging consultants and employees for maintenance and leasing of our Real Estate Assets;

\n\t\t\t

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\n\t\t\t

•

\n\t\t\t

evaluating the life safety and deferred maintenance issues that arose and were inadequately addressed, if at all, by Whitestone during the term of the Management Agreements;

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

•

\n\t\t\t

communicating with tenants and vendors regarding the change in management. The abrupt termination of the Management Agreements caused some confusion among tenants and vendors regarding payment issues and responsibility to take actions. We learned that many tenants were not pleased with the services they received from Whitestone during the term of the Management Agreements and have tried to assure the tenants that the internalization of management will lead to improvements for them. In addition, we began transitioning vendor relationships from entangled transactions with Whitestone properties arising from arrangements and contracts Whitestone entered into during the term of the Management Agreements. For example, on August 19, 2022, Whitestone dropped our properties from their insurance, and we had to obtain a separate insurance and risk management package; and

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

•

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evaluating the redevelopment plans available to us that were developed but left dormant during the term of the Management Agreements. Whitestone neglected to provide us with all of the redevelopment plans for our property portfolio.

\n\t\t\t

We selected an enterprise resource planning, or ERP, system of our own and began implementation which continued into 2023. Our leadership team quickly engaged consultants (a) to assist us in implementing the newly selected ERP system, (b) to analyze, reconcile and transform historical data obtained from Whitestone into a usable format for our new system and (c) to design procedures for regular accounting closes and preparation of accurate and reliable financial statements for our shareholders and other stakeholders. While this process has been underway, we have been directing the maintenance and operations of the Real Estate Assets and taking steps available to us to address the significant deferred maintenance and neglect of our assets which occurred while under Whitestone’s management.

Lawsuits, Bankruptcy Proceedings and Sale of Our Properties

On July 12, 2022, we were named as a defendant in a lawsuit by Whitestone OP in a lawsuit styled Whitestone REIT Operating Partnership, L.P. v. Pillarstone Capital REIT, C.A. No. 2022-0607-LWW, in the Court of Chancery of the State of Delaware. The suit challenged our rights agreement, dated as of December 27, 2021 (as the same may be amended from time to time, the “Rights Agreement”), between us and American Stock Transfer & Trust Company, LLC, as rights agent, and claimed that our adoption of the Rights Agreement breached the Pillarstone OP Amended and Restated Agreement of Limited Partnership, and that we breached our fiduciary duties as general partner of Pillarstone OP to Whitestone OP and breached the implied covenant of good faith and fair dealing under the Amended and Restated Agreement of Limited Partnership.

Based upon various issues, including those discussed in this report, we filed a lawsuit on September 16, 2022, in district court in Harris County, Texas, against Whitestone and related parties alleging, among other things, breach of the Pillarstone OP Amended and Restated Agreement of Limited Partnership and fiduciary duty and breach of the Management Agreements.

On July 21, 2022, Whitestone OP filed a Motion to Preserve the Status Quo in the Delaware lawsuit requesting broad restrictions on our ability to conduct our business, including buying properties, enforcing the Rights Agreement, incurring expenses, or engaging in transactions. The Status Quo Order also prevented Whitestone OP from exercising its right under the Pillarstone OP Amended and Restated Agreement of Limited Partnership to require Pillarstone OP to redeem its OP Units. Our amended petition in the Texas lawsuit argued that Whitestone’s material breaches of contract and fiduciary duty operated to discharge and/or excuse any obligation to perform under the redemption provisions of the Pillarstone OP Amended and Restated Agreement of Limited Partnership.

Representatives of our board of trustees attempted to initiate discussions to settle these matters in August 2022 with representatives of Whitestone’s board of trustees to avoid a prolonged, expensive legal fight. However, Whitestone was not open to settling these matters at that time or the other various times since August 2022 we attempted to initiate discussions to resolve these matters.

Whitestone indicated to us its intent to cause Whitestone OP to exercise its redemption right and stated publicly that it intended to monetize its investment in Pillarstone OP. We believed that if Whitestone were to be permitted to exercise its redemption right for cash amounts, we may not have the cash available to pay such amounts and may be required to sell one or more of our Real Estate Assets to satisfy this obligation, which may cause us to sell some or all of our Real Estate Assets at below fair market value and otherwise have a material adverse effect on our liquidity and financial condition and our ability to operate and improve our Real Estate Assets. We stated that a redemption request would not trigger the Rights Agreement, and our board of trustees had the sole discretion to interpret the Rights Agreement. However, Whitestone OP indicated that the Rights Agreement caused them to not exercise their redemption rights and claimed damages based on the alleged decline in the value of the Real Estate Assets following their failure to exercise the redemption rights.

Based on Whitestone’s performance under the Management Agreements and their public statements regarding their intentions for their interest in Pillarstone, we did not believe that Whitestone’s actions in connection with the exercise of the redemption rights would respect the rights of the holders of our common shares. The Pillarstone OP Amended and Restated Agreement of Limited Partnership expressly provides that in the event of a conflict between the interests of the limited partners (Whitestone OP as the sole limited partner) and our shareholders, we shall act in the interests of our shareholders, and we shall not be liable for monetary or other losses sustained, liabilities incurred or benefits not derived by the limited partners in connection therewith.

On September 16, 2022, we filed a lawsuit styled Pillarstone Capital REIT and Pillarstone Capital REIT Operating Partnership LP v. Whitestone TRS, Inc., Whitestone REIT, Whitestone REIT Operating Partnership, L.P., Cause No. 2022-59478, in the District Court, Harris County, Texas, 189th Judicial District alleging, among other things, breach of the Pillarstone OP limited partnership agreement and the Management Agreements for the Real Estate Assets by the Whitestone defendants and breach of fiduciary duties relating to Pillarstone OP by Whitestone OP going outside the role of limited partner and harming us and Pillarstone OP. A portion of the claims in this case were moved into an adversary proceeding by Whitestone Uptown Tower, LLC in the Uptown Tower bankruptcy case described in Part II, Item 1, “Legal Proceedings—Uptown Tower”, and the other claims were settled pursuant to the settlement agreement described in Part II, Item 1, “Legal Proceedings—Jointly Administered Bankruptcy Cases.”

Our executive management team worked to restore normal operations and leasing activities quickly after Whitestone’s unanticipated termination of their managerial services. Many of our actions were affected by a lack of usable information being made available to us on a timely basis.

We discovered significant deferred maintenance and neglect of our assets had occurred under Whitestone’s management. Our efforts to address these matters were in some cases stymied by Whitestone’s litigation against us in Delaware where the court limited our ability to incur expenses above low threshold amounts for the types of expenses a company in our industry could expect to incur in the ordinary course of business. Our legal and professional fees increased substantially as we addressed the internalization of management and the litigation matters discussed in this report.

On July 17, 2023 and July 18, 2023, trial was held in the Delaware lawsuit. Post-trial argument in the lawsuit was held on October 18, 2023. Whitestone has asked the Delaware court to award damages of approximately $51,200,600 and post-judgement interest of $6,820,000 in the filing of its post-trial opening brief on August 28, 2023. On January 25, 2024, the Delaware court issued its opinion and determined that we breached the implied covenant of good faith and fair dealing without resolving the breach of contract or breach of fiduciary duty claims. Although Whitestone asked for monetary damages of $51,200,600 plus interest, the Delaware court declined to award damages. The Delaware court declared the Rights Agreement unenforceable against Whitestone, permitted Whitestone OP to tender a notice of redemption for its OP Units and determined that the Pillarstone OP limited partnership agreement should be followed whereby we would decide whether to assume Pillarstone OP’s redemption obligation and determine what value to attribute to Pillarstone OP’s assets. The Delaware court declared that any further relief must await future proceedings.

On January 25, 2024, Whitestone OP delivered its notice of redemption for all but one of its OP Units.

On March 4, 2024, bankruptcy cases were filed for us and Pillarstone OP, as well as Whitestone CP Woodland Ph. 2, LLC, Whitestone Industrial-Office, LLC and Whitestone Offices, LLC, the subsidiaries owning our Real Estate Assets other than Uptown Tower. The bankruptcy cases were consolidated into the jointly administered bankruptcy cases styled In re: Whitestone Industrial-Office, LLC, et. al., Case No. 24-30653-mvl-11, in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, the same court as, but separate cases from, the Whitestone Uptown Tower, LLC bankruptcy case.

The plan of liquidation in the jointly administered bankruptcy cases providing for the sale of the Real Estate Assets other than Uptown Tower and treatment of claims was confirmed in November 2024. Those Real Estate Assets were sold to unrelated third party purchasers between October 2024 and July 2025.

The plan provided for a plan agent, and Frances A. Smith was appointed plan agent in the jointly administered bankruptcy cases. The plan agent was appointed for the purposes of administering all claims in the bankruptcy cases and making distributions to holders of allowed claims and equity interests under the plan of liquidation. The plan agent’s administration of the claims may include, without limitation, and pursuant to her reasonable business judgment, investigating, prosecuting, objecting to, resolving, reconciling, compromising, litigating, administering, and making distributions on account of, the claims.

The plan agent is not a trustee and does not participate in the management or operations of the debtors’ businesses, assets or financial affairs or the review and approval of the day-to-day operational expenses of the debtors’ business post-confirmation, unless the bankruptcy court determines cause exists for the plan agent to do so after notice and hearing.

The plan agent has the sole and exclusive authority to administer the claims, including the determination to compromise a claim involving Whitestone OP, any debtor or their affiliates or professionals, subject to notice and hearing and a party’s good-faith objection and the bankruptcy court’s final adjudication of the matter. The plan agent also has the authority to make demand on the debtors for funds necessary to satisfy allowed claims asserted against a debtor from that debtor’s funds (even if held by Pillarstone OP), which may include sales proceeds.

The plan agent is entitled to receive compensation as a flat fee of $10,000 per month, plus reimbursement of actual, necessary expenses. If during any month the plan agent spends more than fifteen (15) hours in the performance of her duties, she will be entitled to compensation at a rate of $650 per hour for each additional hour of services.

In December 2025, the plan agent and Whitestone REIT, Whitestone OP and Whitestone TRS entered into a settlement agreement discussed in “—Liquidity and Capital Resources” below.

In October 2024, our subsidiary owning 9101 LBJ Freeway sold it for a purchase price of $5,753,000, or approximately $5.1 million after deductions, closing costs and commissions.

In October 2024, our subsidiary owning Interstate 10 Warehouse sold it for a purchase price of $8,400,000, or approximately $8.1 million after deductions, closing costs and commissions.

In February 2025, our subsidiary owning Corporate Park Woodland II sold it for a purchase price of $1,650,000, or approximately $1.56 million after deductions, closing costs and commissions.

Following the period covered by this report, the remaining Real Estate Assets were sold pursuant to the plan of liquidation in the jointly administered bankruptcy cases and the Whitestone Uptown Tower plan of reorganization. We are considering our strategic plans following the outcome of the proceedings in the bankruptcy cases.

Results of Operations

The following discussion of our results of operations should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report.

Comparison of the Three Months Ended June 30, 2025 and 2024

The following provides a comparison of our results of operations (dollars in thousands):

	\n\t\t\t Three Months Ended June 30, \n\t\t\t
	\n\t\t\t 2025 ^{(1, 2)} \n\t\t\t			\n\t\t\t 2024 ^{(1, 2)} \n\t\t\t
\n\t\t\t Total revenues \n\t\t\t	$	-			$	-
\n\t\t\t Total operating expenses \n\t\t\t		74				63
\n\t\t\t Total other expenses (income) \n\t\t\t		5				5
\n\t\t\t Provision for income tax expense (benefit) \n\t\t\t		-				-
\n\t\t\t Net loss \n\t\t\t		(79	)			(68	)

(1) Excludes Whitestone Uptown Tower, LLC which was deconsolidated in December 2023 and presented as discontinued operations for periods before its deconsolidation.

(2) Excludes Pillarstone OP, as well as Whitestone CP Woodland Ph. 2, LLC, Whitestone Industrial-Office, LLC and Whitestone Offices, LLC, the subsidiaries which were deconsolidated in March 2024 and presented as discontinued operations for periods before their deconsolidation.

Revenues. We had no revenues from continuing operations for the three months ended June 30, 2025 and 2024. All of our revenue producing activities were conducted in subsidiaries which have been deconsolidated because of their bankruptcy filings.

Expenses. Our operating expenses were $74 thousand for the three months ended June 30, 2025 compared to $63 thousand for the three months ended June 30, 2024. In the three months ended June 30, 2024, we recorded reimbursements from Pillarstone OP totaling $8 thousand for operating and administrative expenses. We receive these reimbursements at the time we expend cash for allowable expenses. In the same period of 2025, we recorded reimbursements totaling $147 thousand.

Our effective tax rate for the three months ended June 30, 2025 and 2024 was 0% and 0%, respectively. In 2024, we recognized a 100% valuation allowance against our net deferred tax assets because of the deconsolidation of our remaining subsidiaries that had operations. We had no current tax obligations in 2025, and the valuation allowance remained in place.

Comparison of the Six Months Ended June 30, 2025 and 2024

The following provides a comparison of our results of operations (dollars in thousands):

	\n\t\t\t Six Months Ended June 30, \n\t\t\t
	\n\t\t\t 2025 ^{(1, 2)} \n\t\t\t			\n\t\t\t 2024 ^{(1, 2)} \n\t\t\t
\n\t\t\t Total revenues \n\t\t\t	$	-			$	-
\n\t\t\t Total operating expenses \n\t\t\t		92				144
\n\t\t\t Total other expenses (income) \n\t\t\t		10				(854	)
\n\t\t\t Provision for income tax expense (benefit) \n\t\t\t		-				486
\n\t\t\t Income (loss) from continuing operations \n\t\t\t		(102	)			224
\n\t\t\t Income from discontinued operations, net of income taxes \n\t\t\t		-				81
\n\t\t\t Net income (loss) \n\t\t\t		(102	)			305
\n\t\t\t Less: Non-controlling interest in subsidiary \n\t\t\t		-				66
\n\t\t\t Net income (loss) available to Common Shareholders \n\t\t\t	$	(102	)		$	239

(1) Excludes Whitestone Uptown Tower, LLC which was deconsolidated in December 2023 and presented as discontinued operations for periods before its deconsolidation.

Revenues. We had no revenues from continuing operations for the six months ended June 30, 2025 and 2024. All of our revenue producing activities were conducted in subsidiaries which have been deconsolidated because of their bankruptcy filings.

Expenses. Our operating expenses were $92 thousand for the six months ended June 30, 2025 compared to $144 thousand for the six months ended June 30, 2024. We recorded reimbursements from Pillarstone OP totaling $178 thousand and $18 thousand in the six months ended June 30, 2025 and 2024, respectively, for operating and administrative expenses incurred.

Our effective tax rate for the six months ended June 30, 2025 and 2024 was 0% and 68%, respectively. In 2024, we recognized a 100% valuation allowance against our net deferred tax assets because of the deconsolidation of our remaining subsidiaries that had operations. We had no current tax obligations in 2025, and the valuation allowance remained in place.

Income from Discontinued Operations. The financial condition and results of operations of the deconsolidated subsidiaries were presented as discontinued operations in our consolidated financial statements for periods presented before their deconsolidation. Income from discontinued operations was $81 thousand for the six months ended June 30, 2024. The March 31, 2024 period was the last period before the final deconsolidation.

Noncontrolling interest in subsidiary represents the share of earnings of Pillarstone OP allocable to holders of partnership interests other than us. There were no noncontrolling interests during the six months ended June 30, 2025 or 2024 following the dates of deconsolidation.

Liquidity and Capital Resources

As of June 30, 2025, our unrestricted cash resources were $136 thousand.

Significant sources and uses of cash during the six months ended June 30, 2025.

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	\n\t\t\t ● \n\t\t\t	\n\t\t\t We expended $10 thousand of cash for continuing operations. \n\t\t\t
	\n\t\t\t ● \n\t\t\t	\n\t\t\t We had no cash from investing or financing activities. \n\t\t\t

As required under U.S. GAAP, we deconsolidated our operating subsidiaries, Pillarstone OP, Whitestone CP Woodland Ph. 2, LLC, Whitestone Industrial-Office, LLC and Whitestone Offices, LLC, from our consolidated financial statements effective with their bankruptcy filings on March 4, 2024. We previously deconsolidated Whitestone Uptown Tower, LLC effective with its bankruptcy filing on December 1, 2023. The financial condition and results of operations of the bankrupt subsidiaries are no longer presented in our consolidated financial statements after the effective date of their filings. For periods before the deconsolidation, our consolidated financial condition and results of operations include those of the deconsolidated subsidiaries as discontinued operations.

Expense Reimbursements. Under the Pillarstone OP Amended and Restated Agreement of Limited Partnership, Pillarstone OP is responsible for all expenses relating to its organization, the ownership of its assets and its operations. It is also responsible for the administrative and operating costs and expenses incurred by Pillarstone Capital REIT as its General Partner, including, without limitation, all expenses relating to the General Partner’s (i) continued existence and subsidiary operations, (ii) offerings and registration of securities, (iii) preparation and filing of any periodic or other reports and communications required under federal, state or local laws and regulations, (iv) compliance with laws, rules and regulations promulgated by any regulatory body, and (v) operating or administrative costs incurred in the ordinary course of business on behalf of Pillarstone OP; provided, however, that such costs and expenses shall not include any administrative or operating costs of the General Partner attributable to assets owned by the General Partner directly and not through Pillarstone OP or its subsidiaries. We have no assets, activities or operations other than those related to Pillarstone OP.

Indemnification provisions within the Pillarstone OP Amended and Restated Agreement of Limited Partnership also provides for indemnification by Pillarstone OP of all losses, claims, damages, liabilities, joint or several, expenses (including, without limitation, attorneys fees and other legal fees and expenses), judgments, fines, settlements and other amounts, arising from or in connection with any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, relating to Pillarstone OP or the General Partner or the operation of, or the ownership of property in which an indemnitee may be involved, or is threatened to be involved, unless a court of competent jurisdiction establishes that indemnification is not permitted under the circumstances described in the Pillarstone OP Amended and Restated Agreement of Limited Partnership.

These reimbursement provisions have provided us with critical sources of cash and liquidity to maintain our operations. Following Whitestone’s abrupt termination of managerial services to Pillarstone OP, we incurred significant costs to internalize management and to select and implement an enterprise-wide system of our own. We also incurred substantial legal costs in our litigation with Whitestone. We recorded reimbursements from Pillarstone OP totaling $178 thousand and $18 thousand in the six months ended June 30, 2025 and 2024, respectively, for operating and administrative expenses incurred.

Whitestone Claim for Expenses. After we notified Whitestone of the $1.8 million reimbursement required from Pillarstone OP, Whitestone and Whitestone OP made a claim to Pillarstone and Pillarstone OP to be reimbursed for construction and lease commission expenditures of $1.4 million paid by Whitestone OP on behalf of Pillarstone OP during 2017 and 2018. Pillarstone requested additional information for the $1.4 million expenditures to determine if any of the items claimed should have been prorated between Pillarstone OP and Whitestone OP in our transaction with Whitestone and Whitestone OP on December 8, 2016 for the initial acquisition of the Real Estate Assets. These expenditures were recorded on Pillarstone OP in 2017 and 2018 as an increase in the Whitestone OP limited partner investment account and as assets of Pillarstone OP that have been depreciated and amortized to expense over their useful lives. As of June 30, 2025, the amount due Whitestone OP for these expenditures, if any, had not been determined. If Pillarstone OP reimburses any amounts to Whitestone OP, the payment would reduce the Whitestone OP limited partner investment account. Whitestone’s claims were settled pursuant to the settlement agreement described in Part II, Item 1, “Legal Proceedings—Jointly Administered Bankruptcy Cases.”

Indebtedness. The Company’s indebtedness at June 30, 2025 is presented in Part I, Item 1, “Financial Statements – Note 3 – Convertible Notes Payable”.

Indebtedness owed by Whitestone Uptown Tower, LLC under its mortgage loan for the Uptown Tower property totaled $1.5 million at June 30, 2025. This indebtedness is no longer presented in our consolidated balance sheet since Whitestone Uptown Tower, LLC was deconsolidated on December 1, 2023, the date of its filing of a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. The Company was not a co-borrower, guarantor or otherwise responsible for this indebtedness.

In June 2024, Whitestone Uptown Tower, LLC and Whitestone OP, guarantor of the mortgage loan, each settled with the lender of the mortgage loan. Whitestone Uptown Tower entered into a loan agreement with American Bank, N.A. for a loan amount of up to $1,500,000, secured by Uptown Tower and all of the other assets of Whitestone Uptown Tower. Whitestone Uptown Tower paid approximately $1.1 million to the prior lender, and the prior lender retained approximately $2.2 million of trapped cash and escrows from the cash sweep and the approximately $13.6 million mistakenly sent to it by Whitestone OP in satisfaction of the prior mortgage loan. The plan of reorganization in the Whitestone Uptown Tower bankruptcy case, providing for the sale of Uptown Tower and treatment of claims, was confirmed in July 2024. We sold Uptown Tower in July 2025 for a purchase price of $20 million, or $17.3 million after deductions, closing costs and commissions and reimbursements to the seller, and paid off the American Bank, N.A. indebtedness.

Over the objection of Whitestone Uptown Tower, LLC, the bankruptcy court ruled in favor of Whitestone OP that it was statutorily subrogated to the secured claim of the lender of the mortgage loan with respect to its mistaken payment to the mortgage loan lender. Whitestone Uptown Tower, LLC paid $13.6 million of the Uptown Tower sale proceeds to Whitestone OP representing funds it had mistakenly paid to the prior mortgage lender for Uptown Tower when it attempted to pay off the mortgage loan without informing us and without authority to do so. On October 25, 2024, Whitestone Uptown Tower, LLC also appealed that ruling in the United States District Court for the Northern District of Texas, Dallas Division, in the case styled Whitestone Uptown Tower, LLC v. Whitestone REIT Operating Partnership, L.P., Case No. 24-02699. The District Court affirmed the bankruptcy court ruling, and Whitestone Uptown Tower, LLC appealed the District Court’s ruling to the United States Court of Appeals for the Fifth Circuit on August 13, 2025. On September 4, 2026, the Court of Appeals affirmed the District Court’s ruling. On September 18, 2026, Whitestone Uptown Tower, LLC filed a petition with the Court of Appeals for a rehearing en banc, which was denied on October 5, 2026. Whitestone Uptown Tower, LLC is considering its available options in this matter.

We had approximately $198,000 of convertible notes payable and corresponding accrued interest of approximately $190,000 as of June 30, 2025. The convertible notes payable were convertible by the noteholders into Common Shares at the rate of $1.331 per Common Share at any time. The commencement of our bankruptcy case constituted an event of default under the notes, pursuant to which all principal and accrued interest became automatically and immediately due and payable. In January 2026, we repaid the convertible notes including only interest accrued prior to the filing of the bankruptcy petition.

Long Term Liquidity and Operating Strategies.

Our consolidated financial statements have been prepared assuming that we will continue as a going concern. We have incurred significant losses and have an accumulated deficit of approximately $24.9 million as of June 30, 2025 and need to raise substantial amounts of additional funds to meet our obligations and afford us time to implement our business plan and resume profitable operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

Historically, we have financed our long-term capital needs, including acquisitions, as follows:

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	\n\t\t\t • \n\t\t\t	\n\t\t\t borrowings from new loans; \n\t\t\t
	\n\t\t\t • \n\t\t\t	\n\t\t\t additional equity issuances of our common and preferred shares and operating partnership units; and \n\t\t\t
	\n\t\t\t • \n\t\t\t	\n\t\t\t proceeds from the sales of our Real Estate Assets; and \n\t\t\t

we were dependent on cash generated by our ownership of the Real Estate Assets to meet our liquidity needs. We have sold all of our Real Estate Assets pursuant to the plan of liquidation in the jointly administered bankruptcy cases and the Whitestone Uptown Tower plan of reorganization. Our debts have been repaid from the proceeds from the sales of our Real Estate Assets, including those of unsecured creditors subject to the Chapter 11 bankruptcy filings, which were repaid in December 2025 and January 2026.

In December 2025 over our objections, the bankruptcy court in the jointly administered bankruptcy cases issued an order approving an agreement between the plan agent and Whitestone REIT, Whitestone OP and Whitestone TRS settling the Whitestone claims in the jointly administered bankruptcy cases. The plan agent and Whitestone negotiated the settlement agreement without our participation. The bankruptcy court’s order and the settlement agreement provided for, among other things:

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Allowed Claims (as defined in the plan of liquidation) of Whitestone Industrial-Office, LLC, Whitestone Offices, LLC and Whitestone CP Woodland Ph. 2, LLC (the “Subsidiary Debtors”) shall be satisfied by payment in full from the Subsidiary Debtors. At the direction of the plan agent, the debtors shall make such payments to holders of Allowed Claims of the Subsidiary Debtors. After payment of the Allowed Claims of the Subsidiary Debtors, all remaining funds (the “Partnership Estate Funds”) shall flow to the Pillarstone OP estate.

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•

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the debtors shall use Partnership Estate Funds to establish the following three reserves to support the plan agent’s claim administration process:

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the debtors shall use $1,000,000.00 of the Partnership Estate Funds to establish the “Partnership Tax Reserve”. The plan agent shall direct the debtors to use the Partnership Tax Reserve to satisfy state and federal tax claims owed by Pillarstone OP and us. The debtors shall make such payments as directed by the plan agent;

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the debtors shall use $1,000,000.00 of the Partnership Estate Funds to establish the “Case Administration Reserve”. The plan agent shall direct the debtors to use the Cash Administration Reserve to fund estate administrative expenses including payment of estate employees, attorneys’ fees, accounting fees, costs of administering claims, and winding up the estates of us, Pillarstone OP and the Subsidiary Debtors (together, the “Debtors Estates”). The debtors shall make such payments as directed by the plan agent; and

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the debtors shall use $500,000.00 of the Partnership Estate Funds to establish the “Partnership GUC Reserve”. The plan agent shall direct the debtors to use the Partnership GUC Reserve to satisfy all allowed general unsecured claims, including insider general unsecured claims, against Pillarstone OP. The debtors shall make such payments as directed by the plan agent. Should the debtors fail to make payment as directed, the plan agent shall seek relief from the Bankruptcy Court;

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•

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the debtors shall distribute $4,050,000.00 to the Pillarstone Capital REIT estate (the “Pillarstone Distribution”) from the Partnership Estate Funds in satisfaction of all outstanding claims by us against the Pillarstone OP estate. This distribution was made in December 2025. The plan agent shall administer claims against our estate and shall direct the debtors to satisfy any allowed claims against our estate with the Pillarstone Distribution and any other cash in our estate. The plan agent shall direct the debtors to distribute any surplus proceeds remaining from the Pillarstone Distribution to our equity interest holders in accordance with the plan of liquidation in the jointly administered bankruptcy cases;

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following the satisfaction of all the claims of the Subsidiary Debtors, and of the reserves set forth above, the debtors shall distribute all funds remaining in the Pillarstone OP estate to Whitestone OP no later than December 12, 2025. This payment of approximately $33.4 million (the “WROP Distribution”) was made in December 2025, and Whitestone OP’s ownership in Pillarstone OP, then consisting of one OP Unit, no longer represented a majority interest of Pillarstone OP;

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•

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•

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upon entry of the final order approving the motion to approve the settlement, the plan agent and Whitestone OP shall promptly move to dismiss with prejudice:

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the adversary proceeding commenced by Pillarstone OP in the jointly administered bankruptcy cases;

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the Houston litigation discussed in Part II, Item 1 “Legal Proceedings—Houston Case” above; and

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the Delaware litigation discussed in Part II, Item 1 “Legal Proceedings—Delaware Case” above;

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•

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To implement our business strategy, additional capital will need to be raised. Our ability to access the capital markets will be dependent on a number of factors, including general market conditions and market perceptions about our Company. There can be no assurance that we will be able to raise capital, obtain debt financing, or improve operating results sufficiently to continue as a going concern, if at all. The consolidated financial statements included in this report do not include any adjustments that might result from the outcome of this uncertainty.

Interest Rates and Inflation

We were not significantly affected by rising interest rates during the periods presented in this report due primarily to having 100% of our debt with a fixed rate as of June 30, 2025. Any new indebtedness may be at higher rates than the 10% base rate of interest under our convertible note agreements. If we are not able to incur indebtedness on favorable terms to us, our business, financial condition, results of operations, or cash flows could be materially adversely affected.

We are the General Partner of Pillarstone OP with no operations of our own and conduct all of our business through Pillarstone OP and its subsidiaries. We are wholly dependent on distributions and expense reimbursements from Pillarstone OP. The ability of Pillarstone OP to make any distributions and reimburse our expenses are subject to, among other things, the operations of our subsidiaries, the plan of liquidation in the jointly administered bankruptcy cases, the plan of reorganization in the Uptown Tower bankruptcy case and the rulings of the court in the bankruptcy cases and the litigation described in Part II, Item I “Legal Proceedings.”

Following the period covered by this report and until the sale of the Real Estate Assets, we anticipate that the majority of our subsidiaries’ leases will continue to be triple-net leases or otherwise provide that tenants pay for increases in operating expenses and will contain provisions that we believe will mitigate the effect of inflation. In addition, many of the leases are for terms of less than five years, which allows adjustments to rental rates to reflect inflation and other changing market conditions when the leases expire. Leases of longer-term durations or which include renewal options that specify a maximum rate increase may result in below-market lease rates over time if we do not accurately estimate inflation or market lease rates. Provisions of the leases designed to mitigate the risk of inflation and unexpected increases in market lease rates, such as periodic rental increases, may not adequately protect us from the impact of inflation or unexpected increases in market lease rates. If we are subject to below-market lease rates on a significant number of our properties pursuant to long-term leases and our operating and other expenses increase faster than anticipated, our business, financial condition, results of operations, or cash flows could be materially adversely affected. Following the period covered by this report, we sold Real Estate Assets under the Whitestone Uptown Tower, LLC plan of reorganization and the plan of liquidation for the other Pillarstone entities.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have, or are 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.

Critical Accounting Estimates

Our consolidated financial statements are prepared in accordance with GAAP, which require us to make certain estimates and assumptions. The following section is a summary of certain estimates that both require our most subjective judgment and are most important to the presentation of our financial condition and results of operations. It is possible that the use of different estimates or assumptions in making these judgments could result in materially different amounts being reported in our consolidated financial statements.

Income taxes. We have not elected to be taxed as a REIT for federal income tax purposes. As such, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the period in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. We are also subject to certain state and local income, excise and franchise taxes. The provision for state and local taxes has been reflected in the provision for income taxes in the consolidated statements of operations and has not been separately stated due to its insignificance.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, under the supervision and with the participation of our principal executive and financial officers, has evaluated the effectiveness of our disclosure controls and procedures, as such term is defined in Rules 13a 15(e) and 15d 15(e) under the Securities Exchange Act of 1934, as amended (the \"Exchange Act\") in ensuring that the information required to be disclosed in our filings under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, including ensuring that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure.

Based on such evaluation, our principal executive and financial officers have concluded at a reasonable assurance level that such disclosure controls and procedures were not effective as of June 30, 2025.

Management’s Report on Internal Control Over Financial Reporting

In connection with the preparation of our consolidated financial statements, management assessed the effectiveness of our internal control over financial reporting as of June 30, 2025, based on criteria established in the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO criteria”).

Based on this assessment, the following material weaknesses have been identified:

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we did not design and implement logical access controls for certain financially relevant systems. Business processes, both automated and manual, that are dependent upon the information derived from those financially relevant systems were also determined to be ineffective as a result of such deficiency; and

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business process controls across our financial reporting processes were not effectively designed and implemented to properly address the risk of material misstatement, including controls without proper segregation of duties between preparer and reviewer and key management review controls.

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Management has concluded that, based on applying the COSO criteria, as of June 30, 2025, our internal control over financial reporting was not effective to provide reasonable assurance of the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

Remediation Plans. These material weaknesses arose because of Whitestone’s abrupt termination in August 2022 of managerial services they provided. At the date its managerial services ceased, we did not have our own personnel, processes or systems needed for proper accounting and financial reporting. While we immediately began to address these needs after Whitestone’s termination, we were unable to complete the design and implementation of appropriate internal control over financial reporting. These material weaknesses did not result in a material misstatement of our consolidated financial statements for the periods presented.

We have been working diligently on the process of designing and implementing effective internal control measures to remediate the reported material weaknesses. Our efforts include implementing a new enterprise-wide system that will help us in reducing reliance on manual processes and spreadsheets supporting the financial statements. This implementation was completed in 2023. We are using contract personnel for specialized accounting and financial reporting roles.

While we believe that these efforts will improve our internal control over financial reporting, our remediation efforts are ongoing and will require validation and testing of the design and operating effectiveness of internal controls. The actions that we are taking are subject to ongoing senior management review, as well as audit committee oversight. We will not be able to conclude whether the steps we are taking will fully remediate the remaining material weakness in our internal control over financial reporting until we have completed our remediation efforts and subsequent evaluation of their effectiveness. We may also conclude that additional measures may be required to remediate the material weakness in our internal control over financial reporting.

Changes in Internal Control Over Financial Reporting

We are taking actions to remediate the material weakness relating to our internal control over financial reporting, as described above. Our efforts to internalize management, establish new accounting and financial reporting processes and implement new systems have resulted in changes to our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Except as otherwise described herein, there were no changes in our internal control over financial reporting that occurred during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We may from time to time become a party to legal proceedings and claims that arise in the ordinary course of our business. These matters are generally covered by insurance. While the frequency and resolutions of any ordinary course matters cannot be predicted with certainty, we believe that occurrence and outcomes of these ordinary course matters will not have a material effect on our financial position, results of operations or cash flows. Other legal matters are discussed below.

Delaware Case

On January 25, 2024, Whitestone OP delivered its notice of redemption for all but one of its OP Units.

This case was settled pursuant to the settlement agreement described in “—Jointly Administered Bankruptcy Cases” below.

Houston Case

On September 16, 2022, we filed a lawsuit styled Pillarstone Capital REIT and Pillarstone Capital REIT Operating Partnership LP v. Whitestone TRS, Inc., Whitestone REIT, Whitestone REIT Operating Partnership, L.P., Cause No. 2022-59478, in the District Court, Harris County, Texas, 189th Judicial District alleging, among other things, breach of the Pillarstone OP limited partnership agreement and the Management Agreements for the Real Estate Assets by the Whitestone defendants and breach of fiduciary duties relating to Pillarstone OP by Whitestone OP going outside the role of limited partner and harming us and Pillarstone OP. A portion of the claims in this case were moved into an adversary proceeding by Whitestone Uptown Tower, LLC in the Uptown Tower bankruptcy case described in “—Uptown Tower” below, and the other claims were settled pursuant to the settlement agreement described in “—Jointly Administered Bankruptcy Cases” below.

Jointly Administered Bankruptcy Cases

In December 2025 over our objections, the bankruptcy court issued an order approving an agreement between the plan agent and Whitestone REIT, Whitestone OP and Whitestone TRS settling the Whitestone claims in the jointly administered bankruptcy cases. The plan agent and Whitestone negotiated the settlement agreement without our participation. The bankruptcy court’s order and the settlement agreement provided for, among other things:

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the debtors shall use Partnership Estate Funds to establish the following three reserves to support the plan agent’s claim administration process:

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upon entry of the final order approving the motion to approve the settlement, the plan agent and Whitestone OP shall promptly move to dismiss with prejudice:

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the adversary proceeding commenced by Pillarstone OP in the jointly administered bankruptcy cases;

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the Houston litigation discussed in Part II, Item 1 “Legal Proceedings—Houston Case”; and

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the Delaware litigation discussed in Part II, Item 1 “Legal Proceedings—Delaware Case”;

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Uptown Tower

Whitestone Uptown Tower, LLC, Pillarstone OP’s subsidiary that owned the Uptown Tower office building, was the borrower under a loan agreement. The Uptown Tower office building was subject to a mortgage under the loan agreement. The mortgage debt was guaranteed by Whitestone OP. This mortgage was an obligation of Whitestone Uptown Tower, LLC, a subsidiary included in our consolidated financial statements until its deconsolidation in December 2023. Neither Pillarstone Capital REIT nor Pillarstone OP had any obligation or guarantee of this indebtedness nor did any of our other properties collateralize this indebtedness.

Prior to the October 2023 maturity of the mortgage loan, the borrower was not in compliance with loan covenants requiring timely filing of financial information to the lender for the mortgage loan. In addition, the lender asserted that Whitestone’s termination of the Management Agreement for Uptown Tower also caused an event of default under the loan agreement.

In July 2023, Rialto Capital Advisors, LLC, the special servicer for the mortgage loan, implemented a cash sweep and began to seize the funds from the operations of the Uptown Tower property under the cash Management Agreement relating to the mortgage loan. Prior to Rialto Capital Advisors, LLC’s seizing the funds from those operations, those funds had been used for the operation and maintenance of the Uptown Tower property, with excess funds used for the operations of Pillarstone OP and the General Partner. We did not have an alternate source of funds for the operation of Uptown Tower.

On August 3, 2023, we received a notice of the default of the mortgage loan from counsel for the lender and Rialto Capital Advisors, LLC. The default notice asserted non-monetary defaults resulting from Whitestone’s failure to comply with the loan agreement in connection with the Contribution Agreement in 2016. The default notice also alleged a non-monetary default caused by Whitestone’s termination of its Management Agreement for Uptown Tower in August 2022.

In the default notice, the lender and special servicer noted that the borrower, prior to the Contribution Agreement and while it was controlled by Whitestone OP, represented, warranted, and covenanted that “[F]ollowing the Transfer, Sponsor [Whitestone REIT] through its ownership of Guarantor [Whitestone OP] [. . .] shall continue to Control Borrower [Whitestone Uptown Tower, LLC], and shall continue to control the day-to-day operation of the Property.” The lender and special servicer contend that this representation was false because Pillarstone OP and the borrower are controlled by the general partner (Pillarstone Capital REIT, the sole general partner of Pillarstone OP) and not Whitestone REIT.

As the 2016 alleged defaults occurred while Whitestone was in control of all loan parties and we believe Whitestone caused the 2022 default through its unilateral termination of the Management Agreement for Uptown Tower, we are not in a position to agree with or dispute the determination of the alleged defaults or Whitestone OP’s liability under its guaranty, or any further effect they may have on the borrower or the Uptown Tower property.

The borrower requested disbursements of capital and operating expenditures from Rialto Capital Advisors, LLC under the terms of the loan agreement in August 2023 and September 2023, but Rialto Capital Advisors, LLC did not release the funds and indicated that it did not intend to release funds or reverse the cash sweep to permit the funding of the operations and leasing of Uptown Tower.

The mortgage loan matured on October 1, 2023. The registrant and the borrower had been working to extend the maturity date and to find new financing or a buyer for the Uptown Tower property. When Whitestone learned of our negotiations with Rialto Capital Advisors, LLC to attempt to resolve this issue and believing we were intending to abandon the building, it filed a motion with the Delaware Court of Chancery asking the court for an order declaring that we shall not (a) stop managing the Uptown Tower, (b) “hand the keys” to Uptown Tower to the lender, or (c) otherwise abandon the Uptown Tower, which the court granted on a temporary basis on September 22, 2023. On October 19, 2023, Whitestone objected to a proposed sale of the Uptown Tower property under the Status Quo Order issued by the court in the previously disclosed lawsuit Whitestone OP instituted against us in the Delaware Court of Chancery.

On October 24, 2023, the lender delivered a notice of foreclosure sale to the borrower providing notice that, among other things, as of the maturity date, the borrower failed to repay all amounts due under the note, and making a demand on (1) the borrower and all persons and entities obligated on the promissory note evidencing the mortgage loan (except to the extent that the obligation is expressly limited by written contract or applicable law) for payment in full of the entire indebtedness, and on (2) the borrower for payment of rents and proceeds of any rents to which the lender is entitled under the mortgage loan documents and Texas Property Code chapter 64, Assignment of Rents to Lienholder. The notice of foreclosure sale also included a notice of foreclosure sale regarding the planned foreclosure sale of Uptown Tower on December 5, 2023.

On December 1, 2023, Whitestone Uptown Tower, LLC filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas in the case styled In re: Whitestone Uptown Tower, LLC a/a/ Pillarstone Capital REIT Operating Partnership, Case No. 23-32832-mvl-11, in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. The filing of the petition constituted an event of default under the mortgage loan. Prior to the filing of the bankruptcy petition, in November 2023, representatives of our board of trustees attempted to initiate discussions with representatives of Whitestone REIT’s board of trustees to address these matters and to approach Rialto Capital Advisors, LLC jointly. However, without the borrower’s knowledge or consent, Whitestone attempted to pay off the loan and grant broad releases to the lender and special servicer on behalf of the borrower, including the application of the trapped cash, escrows and reserves to the indebtedness. No Whitestone REIT entity had the authority to make such agreements on behalf of the borrower, and we were informed that the agreement was not consummated, but Whitestone did send approximately $13.6 million to Rialto Capital Advisors, LLC pursuant to this arrangement.

On January 3, 2024, Rialto Capital Advisors, LLC provided a preliminary estimate of the payoff amounts for the Uptown Loan as of December 4, 2023. The estimated total amount due was listed as approximately $21.5 million, which included an outstanding principal balance of approximately $14.4 million, note interest of approximately $242,000 and default interest of approximately $6.6 million. In addition, Rialto was also holding approximately $2.6 million of trapped cash, escrows and reserves under the mortgage loan, which the borrower needed to operate the Uptown Tower property and pay its obligations, including then-upcoming property taxes. On January 31, 2024, the lender sued Whitestone OP to enforce Whitestone OP’s guaranty of the mortgage loan.

In June 2024, Whitestone Uptown Tower, LLC and Whitestone OP each settled with the lender. Whitestone Uptown Tower entered into a loan agreement with American Bank, N.A. for a loan amount of up to $1,500,000, secured by Uptown Tower and all of the other assets of Whitestone Uptown Tower. Whitestone Uptown Tower paid approximately $1.1 million to the prior lender, and the prior lender retained approximately $2.2 million of trapped cash and escrows from the cash sweep and the approximately $13.6 million mistakenly sent to it by Whitestone OP in satisfaction of the prior mortgage loan.

The plan of reorganization in the Uptown Tower bankruptcy case, providing for the sale of Uptown Tower and treatment of claims, was confirmed in July 2024. We sold Uptown Tower in July 2025 for a purchase price of $20 million, or $17.3 million after deductions, closing costs and commissions and reimbursements to the seller, and paid off the American Bank, N.A. indebtedness.

On June 4, 2025, Whitestone Uptown Tower filed an adversary proceeding in its bankruptcy case styled Whitestone Uptown Tower, LLC v. Whitestone REIT, Whitestone REIT Operating Partnership L.P. and Whitestone TRS, Inc., Adv. Proc No. 25-03061, in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division for breach of contract and breach of fiduciary duties related to the management of Uptown Tower under the Management Agreements as discussed under “—Houston Case” above. This case remains ongoing as of the date of this report.

The Uptown Tower bankruptcy proceedings have been and are expected to continue to be expensive, lengthy, and disruptive to normal business operations. Moreover, the results of these proceedings are difficult to predict. In addition, we intend to vigorously pursue the Uptown Tower action to seek damages from Whitestone due to its violations of the Management Agreements and fiduciary duties and to protect our shareholders. However, the outcomes of these proceedings, including the timing of the final disposition of the proceedings, are unpredictable and could result in substantial costs to us and affect our ability to recover funds from Whitestone Uptown Tower, LLC. As a result, future adverse rulings, settlements, or unfavorable developments could result in a material adverse effect on the registrant’s business, results of operations or financial condition.

ITEM 1A. RISK FACTORS

Not applicable

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Issuance of Convertible Notes to Trustees

In November 2015, five trustees serving on the Board of Pillarstone Capital at that time loaned funds to us, each pursuant to a Convertible Note Purchase Agreement (the “Agreement”). Pursuant to an Assignment and Assumption Agreement dated as of March 29, 2019 by and between Dennis Chookaszian Revocable Trust (“Mr. Chookaszian”) and a former trustee, and a Stock Purchase Agreement dated as of March 29, 2019 by and between Mr. Chookaszian and the same former trustee, Mr. Chookaszian acquired the Agreement and assumed the rights under the Note. Another former trustee, Mr. DeVos, was a trustee in November 2015 but did not stand for re-election in 2019 and continued to own his note payable as shown in the schedule below.

The following individuals loaned the following face amounts that accrue interest at 10% per annum, as of June 30, 2025, as follows:

\n\t\t\t Trustee \n\t\t\t	\n\t\t\t Face Amount \n\t\t\t		\n\t\t\t Accrued \n\n\t\t\t Interest \n\t\t\t
\n\t\t\t Dennis H. Chookaszian \n\t\t\t	$	28,888		$	27,788
\n\t\t\t Daniel G. DeVos \n\t\t\t	$	47,780		$	45,960
\n\t\t\t Paul T. Lambert \n\t\t\t	$	51,112		$	49,165
\n\t\t\t James C. Mastandrea \n\t\t\t	$	52,224		$	50,235
\n\t\t\t John J. Dee \n\t\t\t	$	17,776		$	17,100
\n\t\t\t Totals \n\t\t\t	$	197,780		$	190,248

The convertible notes were callable by us after six months.

The convertible notes were issued effective November 20, 2015, had a maturity date of three years and had been extended multiple times. The commencement of our bankruptcy case constituted an event of default under the notes, pursuant to which all principal and accrued interest became automatically and immediately due and payable. In January 2026, we repaid the convertible notes including only interest accrued prior to the filing of the bankruptcy petition pursuant to our plan of liquidation and bankruptcy court proceedings in the following amounts:

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\n\t\t\t Trustee \n\t\t\t	\n\t\t\t Amount \n\t\t\t
\n\t\t\t Dennis H. Chookaszian \n\t\t\t	$	52,845.25
\n\t\t\t Daniel G. DeVos \n\t\t\t	$	87,404.67
\n\t\t\t Paul T. Lambert \n\t\t\t	$	93,499.95
\n\t\t\t James C. Mastandrea \n\t\t\t	$	95,534.15
\n\t\t\t John J. Dee \n\t\t\t	$	32,517.90

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

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\n\t\t\t Exhibit \n\n\t\t\t Number \n\t\t\t		\n\t\t\t Exhibit Description \n\t\t\t

\n\t\t\t 10.1 \n\t\t\t		\n\t\t\t First Amendment to Loan, dated as of March 7, 2025, by and between American Bank, N.A. and Whitestone Uptown Tower, LLC (filed as Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on July 31, 2025 and incorporated herein by reference) \n\t\t\t

\n\t\t\t 10.2 \n\t\t\t		\n\t\t\t Second Amendment to Loan, dated as of June 7, 2025, by and between American Bank, N.A. and Whitestone Uptown Tower, LLC (filed as Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on July 31, 2025 and incorporated herein by reference) \n\t\t\t

\n\t\t\t 31.1 \n\t\t\t		\n\t\t\t Section 302 Certification pursuant to the Sarbanes-Oxley Act of 2002 - Chief Executive Officer. \n\t\t\t

\n\t\t\t 31.2 \n\t\t\t		\n\t\t\t Section 302 Certification pursuant to the Sarbanes-Oxley Act of 2002 - Chief Financial Officer. \n\t\t\t

\n\t\t\t 32.1 \n\t\t\t		\n\t\t\t CEO/CFO Certification under Section 906 of Sarbanes-Oxley Act of 2002. \n\t\t\t

\n\t\t\t 101 \n\t\t\t		\n\t\t\t The following financial information of the Registrant for the period ended June 30, 2025, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024, (ii) Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited), (iii) Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2025 and 2024 (unaudited), (iv) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited) and (v) Notes to Condensed Consolidated Financial Statements (unaudited). \n\t\t\t

\n\t\t\t 104 \n\t\t\t		\n\t\t\t Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. \n\t\t\t

SIGNATURES

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.

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

		\n\t\t\t PILLARSTONE CAPITAL REIT \n\t\t\t

		\n\t\t\t By: \n\t\t\t	\n\t\t\t /s/ Bradford D. Johnson \n\t\t\t
\n\t\t\t Date: \n\t\t\t	\n\t\t\t October 7, 2026 \n\t\t\t		\n\t\t\t Bradford D. Johnson \n\n\t\t\t Chief Executive Officer \n\n\t\t\t (Principal executive officer) \n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

		\n\t\t\t PILLARSTONE CAPITAL REIT \n\t\t\t

		\n\t\t\t By: \n\t\t\t	\n\t\t\t /s/ Daniel P. Kovacevic \n\t\t\t
\n\t\t\t Date: \n\t\t\t	October 7, 2026		\n\t\t\t Daniel P. Kovacevic \n\n\t\t\t Chief Financial Officer \n\n\t\t\t (Principal financial and accounting officer) \n\t\t\t

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