美国战略投资公司-A 2025年季度报告

American Strategic Investment Co. Registrant's telephone number, including area code: (212)415-6500 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or anemerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ As of November17, 2025, the registrant had2,672,943shares of Class A common stock outstanding. CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except for share and per share data) CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(In thousands, except for share data) CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(In thousands, except for share data) Table of Contents September30, 2025(Unaudited) Note 1 —Organization American Strategic Investment Co. (including, New York City Operating Partnership L.P., (the “OP”) and its subsidiaries, the“Company”) is an externally managed company that currently owns a portfolio of commercial real estate located within the five boroughsof New York City, primarily Manhattan. The Company’s real estate assets consist of office properties and certain real estate assets that Substantially all of the Company’s business is conducted through the OP and its wholly-owned subsidiaries. The Company’s advisor,New York City Advisors, LLC (the “Advisor”), manages the Company’s day-to-day business with the assistance of the Company’sproperty manager, New York City Properties, LLC (the “Property Manager”). The Advisor and Property Manager are under commoncontrol with AR Global Investments, LLC (“AR Global”) and these related parties receive compensation and fees for providing services to Note 2 —Going Concern The Company’s objectives when managing its capital are to seek to ensure that there are adequate capital resources to safeguard theCompany’s ability to continue operating and maintain adequate levels of funding to support its ongoing operations. The Company’s In the quarter ended September30, 2025, the Company continued to incur recurring losses from operations prior to the gain ondisposal of real estate investments and negative operating cash flows at some of its properties, an increasing current liabilities balance thatexceeds current assets and incurred events of default on loans that encumberthreeof the Company’ssixproperties (Please seeNote 5 - However, management has developed and is implementing a plan intended to alleviate the substantial doubt about the Company’sability to continue as a going concern. The plan includes paying related party fees such as asset management fees, property managementfees, reimbursable compensation costs, and reimbursable overhead costs in shares on a go forward basis and selling one of the Company'sperforming assets within the next twelve months. Further, the Advisor has the ability and has indicated a willingness to lend funds to theCompany pursuant to promissory notes for liquidity requirements as needed. Based on the implementation of the plan and the resulting The Company’s cash and cash equivalents and restricted cash totaled $10.4million as of September30, 2025, a decrease of$8.5million from December 31, 2024. During the nine months ended September30, 2025, the decrease in cash was primarily due to themonthly expenses related to underperforming properties and cash sweeps at those same properties (please seeNote 5 - Mortgage NotesPayable, Net,for further discussion on cash sweep events). Of the total amount of cash as of September30, 2025, approximately The Company intends to continue to focus on selling performing properties, entering into new leases and divest from underperformingassets. However, the Company cannot predict, with certainty, the outcome of these actions to generate liquidity. Table of Contents AMERICAN STRATEGIC INVESTMENT CO. September30, 2025(Unaudited) The Company faces significant liquidity constraints due to a combination of factors, including sustained declines in rental income,constrained cash flow from operations, and ongoing debt