Form 8-K

8-K — American Strategic Investment Co.

Accession: 0001628280-26-035305

Filed: 2026-05-15

Period: 2026-05-15

CIK: 0001595527

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — nycr-20260515.htm (Primary)

EX-99.1 (ex991-asicearningsrelease3.htm)

EX-99.2 (ex992-asicsupplementalinfo.htm)

GRAPHIC (picture1.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

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nycr-20260515

0001595527FALSETRUE00015955272026-05-152026-05-150001595527us-gaap:CommonClassAMember2026-05-152026-05-150001595527us-gaap:PreferredClassAMember2026-05-152026-05-15

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 15, 2026

American Strategic Investment Co.

(Exact Name of Registrant as Specified in Charter)

Maryland 001-39448 46-4380248

(State or other jurisdiction

of incorporation) (Commission File Number) (I.R.S. Employer

Identification No.)

222 Bellevue Ave. Newport, Rhode Island 02840

________________________________________________________________________________________________________

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 415-6500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class: Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.01 par value per share NYC New York Stock Exchange

Class A Preferred Stock Purchase Rights New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On May 15, 2026, American Strategic Investment Co. (the “Company”) issued a press release announcing its results of operations for the quarter ended March 31, 2026, and supplemental financial information for the quarter ended March 31, 2026, attached hereto as Exhibits 99.1 and 99.2, respectively.

Item 7.01. Regulation FD Disclosure.

Press Release and Supplemental Information

As disclosed in Item 2.02 above, on May 15, 2026, the Company issued a press release announcing its results of operations for the quarter ended March 31, 2026, and supplemental financial information for the quarter ended March 31, 2026, attached hereto as Exhibits 99.1 and 99.2, respectively. The information set forth in Item 7.01 of this Current Report on Form 8-K and in the attached Exhibits 99.1 and 99.2 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

Forward-Looking Statements

The statements in this Current Report on Form 8-K that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the ability of the Company to consummate the sale of 9 Times Square; (d) the ability of the Company to execute its business plan and sell certain of its properties on commercially practicable terms, if at all; (e) the potential adverse effects of the geopolitical instability due to the ongoing military conflict between Russia and Ukraine and Israel and Hamas, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (f) the potential adverse effects of inflationary conditions and higher interest rate environment, (g) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, and (h) the Company may not be able to continue to meet the New York Stock Exchange’s (“NYSE”) continued listing requirements and rules, and the NYSE may delist the Company’s common stock, which could negatively affect the Company, the price of the Company's common stock and the Company’s shareholders’ ability to sell the Company’s common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on April 1, 2024 and all other filings with the Securities and Exchange Commission after that date including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1

Press Release dated May 15, 2026

99.2

Supplemental information for the quarter ended March 31, 2026

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

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 hereunto duly authorized.

American Strategic Investment Co.

Date: May 15, 2026

By:

/s/ Nicholas S. Schorsch, Jr.

Nicholas S. Schorsch, Jr.

Chief Executive Officer

EX-99.1

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EXHIBIT 99.1

FOR IMMEDIATE RELEASE

AMERICAN STRATEGIC INVESTMENT CO. ANNOUNCES FIRST QUARTER 2026 RESULTS

Company to Host Investor Webcast and Conference Call Today at 11:00 AM ET

New York, May 15, 2026 - American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the “Company”), a company that owns a portfolio of commercial real estate located within the five boroughs of New York City, announced today its financial and operating results for the third quarter ended March 31, 2026.

First Quarter 2026 Highlights

•Revenue was $7.3 million compared to $12.3 million in the first quarter of 2025, primarily related to the disposition of 1140 Avenue of the Americas in the prior year

•Net loss attributable to common stockholders was $7.8 million, compared to net loss of $8.6 million in the first quarter of 2025

•Cash net operating income (“NOI”) was $2.9 million, compared to $4.2 million in the first quarter of 2025

•Adjusted EBITDA was negative $1.1 million, compared to negative $0.8 million in the first quarter of 2025

•Weighted-average remaining lease term(1) grew to 6.2 years from 6.1 years at the end of the fourth quarter

•69% of annualized straight-line rent from top 10 tenants(2) was derived from investment grade or implied investment grade(3) rated tenants with a weighted-average remaining lease term of 6.7 years

•Portfolio comprised of fixed and variable rate debt at a 4.6% weighted-average interest rate

CEO Comments

“Our performance in the quarter reflects the stability of our portfolio and the quality of our tenant base,” stated Nicholas Schorsch, Jr., CEO of ASIC. “We continue to make deliberate progress on asset dispositions and capital prioritization, and we remain focused on the actions we believe will generate the most durable long-term value for our shareholders.”

Financial Results

Three Months Ended March 31,

(In thousands, except per share data) 2026 2025

Revenue from tenants $ 7,348 $ 12,308

Net income (loss) attributable to common stockholders $ (7,775) $ (8,592)

Net income (loss) per common share (1)

$ (3.04) $ (3.39)

EBITDA $ 1,047 $ (918)

Adjusted EBITDA $ (1,119) $ (832)

(1)All per share data based on 2,556,769 and 2,533,557 diluted weighted-average shares outstanding for the three months ended March 31, 2026 and 2025, respectively.

Real Estate Portfolio

The Company’s portfolio consisted of five properties comprised of 0.7 million rentable square feet (excluding our 1140 Avenue of the Americas property, which is in a consensual foreclosure process) as of March 31, 2026. Portfolio metrics include:

•76.4% leased

•6.2 years remaining weighted-average lease term

•69% of annualized straight-line rent(4) from top 10 tenants derived from investment grade or implied investment grade tenants with 6.7 years of weighted-average remaining lease term

•Diversified portfolio, comprised of 28% government and public administration tenants, 15% retail tenants, 12% non-profit, 11% fitness and 34% all other industries, based on annualized straight-line rent

Capital Structure and Liquidity Resources

As of March 31, 2026, the Company had $2.5 million of cash and cash equivalents(5). The Company’s net debt(6) to gross asset value(7) was 59.6%, with net debt of $248.5 million.

All of the Company’s debt was fixed-rate as of March 31, 2026. The Company’s total combined debt had a weighted-average interest rate of 4.56%(8).

Advisor Payments Made with Common Stock Issuances in Lieu of Cash

In furtherance of the Company's strategy to prioritize and preserve operating capital, as previously disclosed, in April 2026, the Company’s external Advisor elected to receive shares of the Company’s Class A common stock in lieu of $1,910,169 in advisory fees accrued and payable under the Advisory Agreement through that date, which was approved by the Compensation Committee of the Company’s Board of Directors. The Company has previously issued shares of its Class A common stock in lieu of cash to its Advisor and Property Manager as part of its ongoing efforts to manage operating expenses and conserve liquidity.

Footnotes/Definitions

(1)The weighted-average remaining lease term (years) is weighted by annualized straight-line rent as of March 31, 2026.

(2)Top 10 tenants based on annualized straight-line rent as of March 31, 2026.

(3)As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of March 31, 2026. Based on annualized straight-line rent, top 10 tenants are 44% actual investment grade rated and 25% implied investment grade rated.

(4)Annualized straight-line rent is calculated using the most recent available lease terms as of March 31, 2026.

(5)Under one of our mortgage loans, we are required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $10.0 million.

(6)Total debt of $251.0 million less cash and cash equivalents of $2.5 million as of March 31, 2026. Excludes the effect of deferred financing costs, net, mortgage premiums, net and includes the effect of cash and cash equivalents.

(7)Defined as the carrying value of total assets of $445.0 million plus accumulated depreciation and amortization of $82.9 million as of March 31, 2026.

(8)Weighted based on the outstanding principal balance of the debt.

Webcast and Conference Call

ASIC will host a webcast and call on May 15, 2026 at 11:00 a.m. ET to discuss its financial and operating results. This webcast will be broadcast live over the Internet and can be accessed by all interested parties through the ASIC website, www.americanstrategicinvestment.com, in the “Investor Relations” section.

Dial-in instructions for the conference call and the replay are outlined below.

To listen to the live call, please go to ASIC’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the ASIC website at www.americanstrategicinvestment.com.

Live Call

Dial-In (Toll Free): 1-877-269-7751

International Dial-In: 1-201-389-0908

Conference Replay*

Domestic Dial-In (Toll Free): 1-844-512-2921

International Dial-In: 1-412-317-6671

Conference Number: 13760299

*Available from May 15, 2026 through May 29, 2026.

About American Strategic Investment Co.

American Strategic Investment Co. (NYSE: NYC) owns a portfolio of commercial real estate located within the five boroughs of New York City. Additional information about ASIC can be found on its website at www.americanstrategicinvestment.com.

Supplemental Schedules

The Company will file supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of ASIC’s website at www.americanstrategicinvestment.com and on the SEC website at www.sec.gov.

Important Notice

The statements in this press release that are not historical facts may be forward-looking statements, including, without limitation, statements regarding the Company’s ability to return to compliance with the New York Stock Exchange’s (“NYSE”) continued listing standards. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine, Israel and Hamas and the U.S. and Israel against Iran, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) inflationary conditions and higher interest rate environment, (e) economic uncertainties about the ultimate impact of tariffs imposed by, or imposed on, the United States and its trading relationships, (f) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be identified or be completed on favorable terms, or at all, and (g) that we may not be able to regain compliance with the NYSE continued listing requirements and rules, and the NYSE may delist the Company’s common stock, which could negatively affect the Company, the price of the Company’s common stock and shareholders’ ability to sell the Company’s common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on April 15, 2026 with the United States Securities and Exchange Commission (“SEC”) and all other filings with the SEC after that date, including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent report. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

Contacts:

Investors:

Email: info@ar-global.com

Phone: (866) 902-0063

American Strategic Investment Co.

Condensed Consolidated Balance Sheets

(In thousands. except share and per share data)

March 31,

2026 December 31,

2025

ASSETS (Unaudited)

Real estate investments, at cost:

Land

$ 114,099 $ 114,099

Buildings and improvements

268,573 268,474

Acquired intangible assets

5,389 5,389

Total real estate investments, at cost

388,061 387,962

Less accumulated depreciation and amortization

(82,931) (80,579)

Total real estate investments, net

305,130 307,383

Cash and cash equivalents 2,500 1,297

Restricted cash 5,664 6,750

Contract asset 110,902 108,648

Prepaid expenses and other assets 3,046 3,169

Straight-line rent receivable 15,258 15,421

Deferred leasing costs, net 2,507 2,492

Total assets $ 445,007 $ 445,160

LIABILITIES AND STOCKHOLDERS’ EQUITY

Mortgage notes payable, net $ 249,736 $ 249,565

Debt associated with property in receivership 99,000 99,000

Accrued interest associated with property in receivership 11,902 9,648

Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $1,653 and $(280) at March 31, 2026 and December 31, 2025, respectively)

23,523 18,739

Notes payable to related parties 1,050 650

Below-market lease liabilities, net 660 708

Deferred revenue 2,064 2,094

Total liabilities

387,935 380,404

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2026 and December 31, 2025

— —

Common stock, $0.01 par value, 300,000,000 shares authorized, 2,692,941 shares issued and outstanding as of March 31, 2026 and December 31, 2025

27 27

Additional paid-in capital 731,884 731,793

Distributions in excess of accumulated earnings (674,839) (667,064)

Total stockholders’ equity

57,072 64,756

Total liabilities and equity

$ 445,007 $ 445,160

American Strategic Investment Co.

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

Three Months Ended March 31,

2026 2025

Revenue from tenants $ 7,348 $ 12,308

Operating expenses:

Asset and property management fees to related parties 1,552 1,868

Property operating 4,602 8,137

Equity-based compensation 91 92

General and administrative 2,313 3,135

Depreciation and amortization 2,520 3,591

Total operating expenses 11,078 16,823

Operating loss before gain on disposition of real estate investments (3,730) (4,515)

Gain on disposition of real estate investments 2,254 —

Operating loss (1,476) (4,515)

Other income (expense):

Interest expense (4,048) (4,083)

Interest expense associated with property in receivership (2,254) —

Other income 3 6

Total other expense (6,299) (4,077)

Net income (loss) before income tax (7,775) (8,592)

Income tax expense — —

Net income (loss) and Net income (loss) attributable to common stockholders $ (7,775) $ (8,592)

Net income (loss) per share attributable to common stockholders — Basic and Diluted $ (3.04) $ (3.39)

Weighted-average shares outstanding — Basic and Diluted 2,556,769 2,533,557

American Strategic Investment Co.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands)

Three Months Ended

March 31, 2026 March 31, 2025

Net income (loss) and Net income (loss) attributable to common stockholders $ (7,775) $ (8,592)

Interest expense 4,048 4,083

Interest expense associated with property in receivership 2,254 —

Depreciation and amortization 2,520 3,591

EBITDA 1,047 (918)

Impairment of real estate investments — —

Gain on disposition of real estate investments (2,254) —

Equity-based compensation 91 92

Other (income) loss (3) (6)

Asset and property management fees paid in common stock to related parties in lieu of cash — —

Adjusted EBITDA (1,119) (832)

Asset and property management fees to related parties payable in cash 1,552 1,868

General and administrative 2,313 3,135

NOI 2,746 4,171

Accretion of below- and amortization of above-market lease liabilities and assets, net (18) (12)

Straight-line rent (revenue as a lessor) 138 102

Straight-line ground rent (expense as lessee) — (27)

Cash NOI 2,866 4,234

Non-GAAP Financial Measures

This release discusses the non-GAAP financial measures we use to evaluate our performance, including Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net loss, is provided above.

In December 2022 we announced that we changed our business strategy and terminated our election to be taxed as a REIT effective January 1, 2023, however, our business and operations have not materially changed in the third quarter of 2025. Therefore, we did not change any of the non-GAAP metrics that we have historically used to evaluate performance.

Caution on Use of Non-GAAP Measures

EBITDA, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP metrics.

As a result, we believe that the use of these non-GAAP metrics, together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, these non-GAAP metrics are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends. Investors are cautioned that these non-GAAP metrics should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest.

We believe that EBITDA and Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for (i) impairment charges, (ii) interest income or other income or expense, (iii) gains or losses on debt extinguishment, (iv) equity-based compensation expense, (v) acquisition and transaction costs, (vi) gains or losses from the sale of real estate investments and (vii) expenses paid with issuances of common stock in lieu of cash is an appropriate measure of our ability to incur and service debt. We consider EBITDA and Adjusted EBITDA useful indicators of our performance. Because these metrics’ calculations exclude such factors as depreciation and amortization of real estate assets, interest expense, and equity-based compensation (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), these metrics; presentations facilitate comparisons of operating performance between periods and between other companies that use these measures. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other companies may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other companies.

NOI is a non-GAAP financial measure used by us to evaluate the operating performance of our real estate. NOI is equal to total revenues, excluding contingent purchase price consideration, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). We believe NOI provides useful and relevant information because it reflects only those income and expense items that are incurred at the property level and presents such items on an unleveraged basis. We use NOI to assess and compare property level performance and to make decisions concerning the operations of the properties. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain items included in calculating net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other companies that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or our ability to pay dividends.

Cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as NOI excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other companies. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other companies present Cash NOI.

Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

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EXHIBIT 99.2

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (unaudited)

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Table of Contents

Item Page

Non-GAAP Definitions 3

Key Metrics 5

Consolidated Balance Sheets 6

Consolidated Statements of Operations 7

Non-GAAP Measures 8

Debt Overview 10

Future Minimum Lease Rents 11

Top Ten Tenants 12

Diversification by Property Type 13

Diversification by Tenant Industry 14

Lease Expirations 15

Forward-looking Statements:

The statements in this supplemental package that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of the geopolitical instability due to the ongoing military conflict between Russia and Ukraine and Israel and Hamas, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, (d) the potential adverse effects of inflationary conditions and higher interest rate environment, (e) that any potential future acquisition or disposition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, and (f) the Company may not be able to continue to meet the New York Stock Exchange's (“NYSE”) continued listing requirements and rules, and the NYSE may delist the Company's common stock, which could negatively affect the Company, the price of the Company's common stock and the Company's shareholders' ability to sell the Company's common stock, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on April 1, 2024 and all other filings with the Securities and Exchange Commission after that date including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Non-GAAP Financial Measures

This section discusses the non-GAAP financial measures we use to evaluate our performance, including, Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. While NOI is a property-level measure, a description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.

In December 2022 we announced that that we changed our business strategy and terminated our election to be taxed as a REIT effective January 1, 2023, however, our business and operations operations have not materially changed in the first quarter of 2023. Therefore, we did not change any of the non-GAAP metrics that we have historically used to evaluate performance.

Caution on Use of Non-GAAP Measures

EBITDA, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest are non-GAAP metrics and should not be construed to be more relevant or accurate than other metrics calculated and presented in accordance with GAAP, including net loss, in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than non-GAAP metrics.

We consider EBITDA, Adjusted EBITDA, NOI and Cash NOI useful indicators of our performance. Because these metrics’ calculations exclude such factors as depreciation and amortization of real estate assets, interest expense, impairment charges, equity-based compensation, gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), these metrics’ presentations facilitate comparisons of operating performance between periods and between other companies that use these measures.

As a result, we believe that the use of these non-GAAP metrics together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, these non-GAAP metrics are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends and capital expenditures. Investors are cautioned that these non-GAAP metrics should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest.

We believe that EBITDA and Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition and transaction-related expenses, fees related to the listing related costs and expenses, other non-cash items such as the vesting and conversion of the Class B Units, equity-based compensation expense and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other companies may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other companies.

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Key Metrics

As of and for the three months ended March 31, 2026

Amounts in thousands, except per share data, ratios and percentages

Financial Results (Amounts in thousands, except per share data)

Revenue from tenants $ 7,348

Net income (loss) attributable to common stockholders $ (7,775)

Basic and diluted net income (loss) per share attributable to common stockholders $ (3.04)

Cash NOI (1)

$ 2,866

Adjusted EBITDA (1)

$ (1,119)

Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages)

Gross asset value (2)

$ 417,036

Net debt (3) (4)

$ 248,500

Total consolidated debt (4)

$ 251,000

Total assets $ 445,007

Cash and cash equivalents (5)

$ 2,500

Common shares outstanding as of March 31, 2026

2,693

Net debt to gross asset value 59.6 %

Net debt to annualized adjusted EBITDA (1) (annualized based on quarterly results)

(55.5) x

Weighted-average interest rate cost (6)

4.6 %

Weighted-average debt maturity (years) (7)

1.3

Interest Coverage Ratio (8)

(0.3) x

Real Estate Portfolio

Number of properties 5

Number of tenants 36

Square footage (millions) 0.7

Leased 76.4 %

Weighted-average remaining lease term (years) (9)

6.2

______

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

(1)These Non-GAAP metrics are reconciled below.

(2)Defined as total assets of $445.0 million plus accumulated depreciation and amortization of $82.9 million less the Contract Asset balance of $110.9 million as of March 31, 2026.

(3)Represents total debt outstanding of $251.0 million, less cash and cash equivalents of $2.5 million.

(4)Excludes the effect of deferred financing costs, net.

(5)Under the terms of one of the Company’s mortgage loans, the Company is required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $5.0 million and a minimum net worth in excess of $100.0 million.

(6)The weighted average interest rate cost is based on the outstanding principal balance of the debt.

(7)The weighted average debt maturity is based on the outstanding principal balance of the debt.

(8)The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and cash paid for interest are non-GAAP metrics and are reconciled below.

(9)Based on annualized straight-line rent as of March 31, 2026.

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026

Condensed Consolidated Balance Sheets

Amounts in thousands, except share and per share data

March 31,

2026 December 31,

2025

ASSETS (Unaudited)

Real estate investments, at cost:

Land $ 114,099 $ 114,099

Buildings and improvements 268,573 268,474

Acquired intangible assets 5,389 5,389

Total real estate investments, at cost 388,061 387,962

Less accumulated depreciation and amortization (82,931) (80,579)

Total real estate investments, net 305,130 307,383

Cash and cash equivalents 2,500 1,297

Restricted cash 5,664 6,750

Contract asset 110,902 108,648

Prepaid expenses and other assets 3,046 3,169

Straight-line rent receivable 15,258 15,421

Deferred leasing costs, net 2,507 2,492

Total assets $ 445,007 $ 445,160

LIABILITIES AND STOCKHOLDERS’ EQUITY

Mortgage notes payable, net $ 249,736 $ 249,565

Debt associated with property in receivership 99,000 99,000

Accrued interest associated with property in receivership 11,902 9,648

Accounts payable, accrued expenses and other liabilities (including amounts due to/(from) related parties of $1,653 and $(280) at March 31, 2026 and December 31, 2025, respectively)

23,523 18,739

Notes payable to related parties 1,050 650

Below-market lease liabilities, net 660 708

Deferred revenue 2,064 2,094

Total liabilities 387,935 380,404

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2026 and December 31, 2025

— —

Common stock, $0.01 par value, 300,000,000 shares authorized, 2,692,941 shares issued and outstanding as of March 31, 2026 and December 31, 2025

27 27

Additional paid-in capital 731,884 731,793

Distributions in excess of accumulated earnings (674,839) (667,064)

Total stockholders’ equity 57,072 64,756

Total liabilities and equity $ 445,007 $ 445,160

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Condensed Consolidated Statements of Operations

Amounts in thousands, except share and per share data

Three Months Ended

March 31,

2026 December 31,

2025 September 30, 2025 June 30,

2025

Revenue from tenants $ 7,348 $ 6,476 $ 12,269 $ 12,222

Expenses:

Asset and property management fees to related parties 1,552 1,802 1,929 1,682

Property operating 4,602 4,690 6,640 7,987

Impairment of real estate investments — — — 30,558

Equity-based compensation 91 90 90 92

General and administrative 2,313 1,208 1,755 2,172

Depreciation and amortization 2,520 2,594 3,086 3,545

Total expenses 11,078 10,384 13,500 46,036

Operating loss before gain (loss) on disposition of real estate investments (3,730) (3,908) (1,231) (33,814)

Gain (loss) on disposal of real estate investments 2,254 3,599 44,268 —

Operating loss (1,476) (309) 43,037 (33,814)

Other income (expense):

Interest expense (4,048) (4,087) (4,124) (4,086)

Interest expense associated with property in receivership (2,254) (2,305) (3,151) —

Other income 3 4 (8) 4

Total other expense, net (6,299) (6,388) (7,283) (4,082)

Net income (loss) before income taxes (7,775) (6,697) 35,754 (37,896)

Net income (loss) and Net income (loss) attributable to common stockholders $ (7,775) $ (6,697) $ 35,754 $ (37,896)

Basic and Diluted Net Income (Loss) Per Share:

Net income (loss) per share attributable to common stockholders — Basic $ (3.04) $ (2.62) $ 13.60 $ (16.39)

Weighted average shares outstanding —Basic 2,556,769 2,546,562 2,554,502 2,541,402

Net income (loss) per share attributable to common stockholders — Diluted $ (3.04) $ (16.39) $ (3.39) $ (2.60)

Weighted average shares outstanding —Diluted 2,556,769 2,546,562 2,629,703 2,541,402

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Non-GAAP Measures

Amounts in thousands

Three Months Ended

March 31,

2026 December 31,

2025 September 30, 2025 June 30, 2025

EBITDA:

Net income (loss) and Net income (loss) attributable to common stockholders $ (7,775) $ (6,696) $ 35,754 $ (41,660)

Depreciation and amortization 2,520 2,594 3,086 3,545

Interest expense 4,048 4,087 4,124 7,850

Interest expense associated with property in receivership 2,254 2,305 3,151 —

EBITDA 1,047 2,290 46,115 (30,265)

Impairment of real estate investments — — — 30,558

Gain on disposition of real estate investments (2,254) (3,599) (44,268) —

Equity-based compensation 91 90 90 92

Other income (3) (4) 8 (4)

Adjusted EBITDA (1,119) (1,223) 1,945 381

Asset and property management fees to related parties paid in cash 1,552 1,802 1,929 1,682

General and administrative 2,313 1,208 1,755 2,172

NOI 2,746 1,787 5,629 4,235

Accretion of below- and amortization of above-market lease liabilities and assets, net (18) (27) (161) (138)

Straight-line rent (revenue as a lessor) 138 53 102 102

Straight-line ground rent (expense as lessee) — — (242) (3)

Cash NOI $ 2,866 $ 1,813 $ 5,328 $ 4,196

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Debt Overview

As of March 31, 2026

Year of Maturity Number of Encumbered Properties

Weighted-Average Debt Maturity (Years) (1)

Weighted-Average Interest Rate (1) (2)

Total Outstanding Balance (3)(4)

(In thousands)

2026 (remainder) — — — % —

2027 1 0.9 4.7 % 140,000

2028 1 2.6 5.1 % 10,000

2029 1 3.3 3.9 % 51,000

2030 — — — % —

Thereafter — — — % —

Total Debt 3 1.3 4.6 % $ 201,000

______

(1)Weighted based on the outstanding principal balance of the debt.

(2)All of the Company’s debt is fixed rate as of March 31, 2026.

(3)Excludes the effect of deferred financing costs, net. Current balances as of March 31, 2026 are shown in the year the debt matures.

(4)The total debt for the years ended December 31, 2026 and thereafter does not include the debt related to 400 E. 67th Street and 200 Riverside Boulevard of $50.0 million as this balance was accelerated during November 2025 (see Note 5 in the 2025 Form 10-K) and is therefore due in the year end December 31, 2025.

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Future Minimum Lease Rents

As of March 31, 2026

Amounts in thousands

Future Minimum Base Rent Payments (1)

2026 (remainder) $ 26,767

2027 24,182

2028 20,411

2029 19,728

2030 18,344

2031 15,537

Thereafter 63,411

Total $ 188,380

_________________

(1)Represents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items.

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Top Ten Tenants

As of March 31, 2026

Amounts in thousands, except percentages

Tenant / Lease Guarantor Property Type Tenant Industry

Annualized SL Rent (1)

SL Rent Percent

Remaining Lease Term (2)

Investment Grade (3)

Planned Parenthood Federation of America, Inc Office / Retail Non-profit $ 3,337 12 % 5.3 Yes

Equinox Retail Fitness 2,897 11 % 12.7 Yes

The City of New York - The Department of Youth and Community Office Government / Public Administration 2,215 8 % 11.8 No

CVS Retail Retail 2,161 8 % 8.4 Yes

United States General Services Administration Office Government / Public Administration 2,050 8 % 1.2 Yes

NYS Licensing Office Government / Public Administration 1,833 7 % 1.3 Yes

Marshalls Retail Retail 1,477 5 % 5.6 Yes

Fundera, Inc. Office Financial Services 1,051 4 % 3.3 No

Universal Services of America, Office Office Space 1,020 4 % 0.3 Yes

Lenox Hill Garage LLC Retail Parking 917 3 % 11.3 Yes

Subtotal 18,958 70 % 6.7

Remaining portfolio 8,252 30 %

Total Portfolio $ 27,210 100 %

__________________

(1)Calculated using the most recent available lease terms as of March 31, 2026.

(2)Based on straight-line rent as of March 31, 2026.

(3)As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of March 31, 2026. Top 10 tenants are 44% actual investment grade rated and 25% implied investment grade rated.

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Diversification by Property Type

As of March 31, 2026

Amounts in thousands, except percentages

Total Portfolio

Property Type

Annualized SL Rent (1)

SL Rent Percent Square Feet SqFt. Percent

Office $ 18,042 66 % 404 71 %

Retail 8,395 31 % 148 26 %

Other 773 3 % 15 3 %

Total $ 27,210 100 % 567 100 %

____________

(1)Calculated using the most recent available lease terms as of March 31, 2026.

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Diversification by Tenant Industry

As of March 31, 2026

Amounts in thousands, except percentages

Total Portfolio

Industry Type

Annualized SL Rent (1)

SL Rent Percent Square Feet Sq. ft. Percent

Government / Public Administration $ 7,722 28 % 173 30 %

Retail 4,029 15 % 40 7 %

Non-profit 3,337 12 % 65 12 %

Fitness 2,897 11 % 30 5 %

Office Space 2,373 9 % 74 13 %

Parking 1,833 7 % 87 15 %

Financial Services 1,179 4 % 21 4 %

Professional Services 1,050 4 % 20 3 %

Education 754 3 % 16 3 %

Services 450 2 % 10 2 %

Other (2)

1,586 5 % 31 6 %

Total $ 27,210 100 % 567 100 %

____________

(1)Calculated using the most recent available lease terms as of March 31, 2026.

(2)Other includes eight industry types as of March 31, 2026.

American Strategic Investment Co.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Lease Expirations

As of March 31, 2026

Year of Expiration Number of Leases Expiring

Annualized SL Rent [1]

Annualized SL Rent Percent Leased Rentable Square Feet Percent of Rentable Square Feet Expiring

(In thousands) (In thousands)

2026 (Remaining) 7 $ 1,483 5.5 % 52 9.2 %

2027 8 5,442 20.0 % 124 21.8 %

2028 3 1,154 4.2 % 26 4.5 %

2029 4 1,592 5.9 % 32 5.6 %

2030 2 1,143 4.2 % 29 5.1 %

2031 10 5,466 20.1 % 98 17.3 %

2032 — — — % — — %

2033 4 1,061 3.9 % 21 3.8 %

2034 2 2,161 7.9 % 10 1.8 %

2035 — — — % — — %

2036 2 365 1.3 % 10 1.7 %

2037 4 4,048 14.9 % 128 22.6 %

2038 3 2,897 10.6 % 30 5.3 %

2039 — — — % — — %

2040 — — — % — — %

2041 — — — % — — %

Thereafter (>2041) 2 398 1.5 % 7 1.0 %

Total 51 $ 27,210 100 % 567 100 %

_______________

(1)Calculated using the most recent available lease terms as of March 31, 2026. Includes tenant concessions, such as free rent, as applicable.

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v3.26.1

Cover

May 15, 2026

Entity Listings [Line Items]

Document Type

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Document Period End Date

May 15, 2026

Entity Registrant Name

American Strategic Investment Co.

Entity Incorporation, State or Country Code

Entity File Number

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222 Bellevue Ave.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

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- Details

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- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_PreferredClassAMember

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