UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-39448 American Strategic Investment Co. (Exact name of registrant as specified in its charter) | Maryland | ...

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $12.2 million, down from $15.8 million in Q2 2024, primarily due to the sale of 9 Times Square in 2024 [8] - GAAP net loss attributable to common stockholders was $41.7 million in Q2 2025, an improvement from a net loss of $91.9 million in Q2 2024, mainly due to an impairment related to the sale of Nine Times Square [8] - Adjusted EBITDA for Q2 2025 was $400,000, compared to $4.5 million in Q2 2024 [8] - Cash net operating income decreased to $4.2 million in Q2 2025 from $7.4 million in Q2 2024 [8] Business Line Data and Key Metrics Changes - Occupancy remained flat at 82%, with a focus on leasing available space [6] - Near-term lease expirations were reduced to 7% of annualized straight-line rent from 12% at the end of the previous quarter [7] - 54% of leases now extend beyond February 2030, up from 51% last quarter [7] Market Data and Key Metrics Changes - The company's real estate portfolio consists of approximately 1,000,000 square feet located primarily in Manhattan, with six office and retail properties [7] Company Strategy and Development Direction - The company is focused on tenant retention, property improvements, and cost efficiency [6] - A strategy to unlock value includes marketing 123 William Street and 196 Orchard for sale, with proceeds expected to be used for debt retirement and reinvestment in higher-yielding assets [7][10] - The company aims to maximize shareholder returns through repositioning its portfolio [10] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of reducing debt burden through the sale of select properties [10] - The ongoing sale process is viewed as a deliberate strategy to unlock substantial capital [10] Other Important Information - Foreclosure proceedings were initiated by the lender for 1140 Avenue Of The Americas during the quarter [9] Q&A Session Summary - No specific questions or answers were provided in the transcript, as the call concluded without a Q&A segment [11]

Portfolio Highlights - The company's Manhattan-focused real estate portfolio features a tenant base in core commercial businesses, with the top 10 tenants being 77% Investment Grade rated[5, 9] - Portfolio occupancy is at 82.0%, with a weighted-average remaining lease term of 6.0 years[9] - Over 53% of the company's leases expire after 2030[9, 17] - The real estate investments are valued at $432.4 million, spread across 6 properties with a total square footage of 1.0 million[14] - Annualized Straight-line Rent is $45.1 million[14] Financial Highlights - The company has a 100% fixed-debt capital structure with a weighted-average interest rate of 6.4%[9, 38] - Total debt amounts to $350.0 million[38] - Net Leverage is at 63.8%[9, 38, 46] - Revenue from tenants for the quarter was $12.2 million, while the net loss was $41.7 million[38] - Cash NOI decreased year-over-year from $7.4 million in Q2'24 to $4.2 million in Q2'25[42, 38] Strategic Initiatives - The company continued marketing efforts for the sale of 123 William Street ($269.5 million at cost, 84% occupancy) and 196 Orchard Street ($66.6 million at cost, 100% occupancy)[9, 10, 24]

EXHIBIT 99.2 American Strategic Investment Co. Supplemental Information Quarter ended June 30, 2025 (unaudited) American Strategic Investment Co. Supplemental Information Quarter ended June 30, 2025 (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 | | Diversific ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-39448 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q American Strategic Investment Co. (Exact name of registrant as specified in its charter) | Maryland ...

Financial Data and Key Metrics Changes - First quarter 2025 revenue was $12.3 million, down from $15.5 million in the first quarter of 2024, primarily due to the sale of Nine Times Square in Q4 2024 [10] - GAAP net loss attributable to common stockholders was $8.6 million in Q1 2025, compared to a net loss of $7.6 million in Q1 2024 [10] - Adjusted EBITDA for Q1 2025 was negative $800,000, down from $2.9 million in Q1 2024 [10] - Cash net operating income was $4.2 million in Q1 2025, compared to $7 million in Q1 2024 [10] - At quarter end, net leverage was approximately 58%, with a weighted average interest rate of 4.4% and a weighted average debt maturity of 2.3 years [11] Business Line Data and Key Metrics Changes - The company focused on leasing available space and extending leases, achieving 120 basis points of occupancy growth to 82% compared to the previous quarter [6] - The portfolio's weighted average remaining lease term was 5.4 years, with 51% of leases extending beyond February 2030 [8] Market Data and Key Metrics Changes - The real estate portfolio is valued at $488 million, primarily located in Manhattan, consisting of six office and retail properties [8] - The tenant base includes large investment-grade firms, with 77% of the top 10 tenants being investment grade or implied investment grade [8] Company Strategy and Development Direction - The company is actively marketing 123 William Street and 196 Orchard for sale to unlock value and diversify holdings [7] - Proceeds from sales will be used to retire debt and invest in higher-yielding assets, aimed at increasing long-term value [7] - The strategy includes divesting select Manhattan assets to reduce leverage and pursue more profitable ventures [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing pipeline and expects to close additional leasing and renewals in Q2 2025 [6] - The divestiture of certain Manhattan assets is anticipated to generate significant cash and decrease leverage, which is vital for expanding into new opportunities [12] Other Important Information - The company will hold its virtual annual meeting of shareholders on May 29, 2025 [4] Q&A Session Summary - No specific questions and answers were provided in the content.

Financial Data and Key Metrics Changes - First quarter 2025 revenue was $12.3 million, down from $15.5 million in the first quarter of 2024, primarily due to the sale of Nine Times Square in Q4 2024 [11] - GAAP net loss attributable to common stockholders was $8.6 million in Q1 2025, compared to a net loss of $7.6 million in Q1 2024 [11] - Adjusted EBITDA for Q1 2025 was negative $800,000, down from $2.9 million in Q1 2024 [11] - Cash net operating income was $4.2 million in Q1 2025, compared to $7 million in Q1 2024 [11] - At quarter end, net leverage was approximately 58%, with a weighted average interest rate of 4.4% and a weighted average debt maturity of 2.3 years [12] Business Line Data and Key Metrics Changes - The company focused on leasing available space and extending leases, achieving 120 basis points of occupancy growth to 82% compared to the previous quarter [6] - The portfolio's weighted average remaining lease term was 5.4 years, with 51% of leases extending beyond February 2030 [8] Market Data and Key Metrics Changes - The real estate portfolio is valued at $488 million and consists of 1 million square feet primarily located in Manhattan, benefiting from a strong tenant base including large investment-grade firms [8][9] Company Strategy and Development Direction - The company is actively marketing 123 William Street and 196 Orchard for sale to unlock value and diversify holdings, with plans to use proceeds to retire debt and invest in higher-yielding assets [7] - The strategy to divest select Manhattan assets aims to reduce leverage and pursue more profitable ventures, enhancing shareholder value [10][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing pipeline and expects to close additional leasing and renewals in Q2 2025 [6] - The focus on resilient industries and transit-oriented locations is believed to position the portfolio well for maximizing shareholder value [10] Other Important Information - The company will hold its annual meeting of shareholders virtually on May 29, 2025 [4] Q&A Session Summary - No specific questions and answers were provided in the content.

Portfolio Overview - The company's Manhattan-focused real estate portfolio features an underlying tenant base in core commercial businesses, with 77% Investment Grade rated among the top 10 tenants[4] - Portfolio Occupancy is at 82% with a weighted-average Remaining Lease Term of 5.4 years[4] - Over 51% of leases expire after 2030, based on Annualized Straight-Line Rent as of March 31, 2025[4] Property Details - Real Estate Investments are valued at $470.9 million at cost, comprising 6 properties with a total of 1.0 million square feet[12] - The portfolio generates $45.5 million in Annualized Straight-line Rent[12] - 123 William Street accounts for $269.4 million in real estate assets, 84% occupancy, 3.4 years remaining lease term, 46% of Annualized Straight-Line Rent, and 55% of Portfolio Square Feet[23] Tenant Profile - Top 10 tenants are 77% Investment Grade rated, with a Remaining Lease Term of 7.8 years[4] - The top 10 tenants contribute to 50.5% of Portfolio SLR and 42.4% of Portfolio SF[27] - Financial Services represent 26% of tenant industry diversity, followed by Government/Public Administration at 17%[15] Financial Highlights - Total Debt amounts to $350.0 million, with a weighted-average interest rate of 4.4%[36] - Net Leverage stands at 57.9%[36] - Revenue from Tenants is $12.3 million, while the Net Loss is ($8.6) million for Q1'25[36]

[Forward-looking Statements](index=2&type=section&id=Forward-looking%20Statements) This section highlights inherent risks and uncertainties that may cause actual results to differ from forward-looking statements - This report contains forward-looking statements involving risks and uncertainties that could cause actual results to differ materially. Key risks include the benefits of terminating REIT status, success in acquiring new assets, geopolitical instability (Russia/Ukraine, Israel/Hamas), inflation, interest rates, and the ability to meet NYSE listing requirements[3](index=3&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Definitions) This section outlines the company's non-GAAP financial measures and their application for performance evaluation [Definitions and Usage of Non-GAAP Measures](index=3&type=section&id=Non-GAAP%20Definitions) This section defines key non-GAAP metrics like EBITDA, Adjusted EBITDA, NOI, and Cash NOI, explaining their purpose and limitations - The company uses **EBITDA**, **Adjusted EBITDA**, **NOI**, and **Cash NOI** as key performance indicators[4](index=4&type=chunk) - Despite terminating its REIT status effective January 1, 2023, the company has not changed the non-GAAP metrics used to evaluate performance[5](index=5&type=chunk) - **Adjusted EBITDA** is defined as EBITDA adjusted for acquisition expenses, listing costs, non-cash items, and equity-based compensation, and is considered a measure of the ability to service debt[9](index=9&type=chunk) - **NOI** reflects property-level income and expenses on an unleveraged basis, excluding items like interest expense and depreciation to better show a property's operational results[10](index=10&type=chunk) - **Cash NOI** is defined as NOI excluding non-cash items like amortization of lease intangibles and straight-line rent adjustments, intended to reflect the current financial performance of properties[11](index=11&type=chunk) [Key Metrics](index=5&type=section&id=Key%20Metrics) This section summarizes the company's financial and operational performance for Q1 2025, including key portfolio statistics [Q1 2025 Key Metrics Summary](index=5&type=section&id=Key%20Metrics) Q1 2025 results show a net loss of $8.6 million, negative Adjusted EBITDA, and a portfolio of 6 properties with $350 million in debt Financial & Capitalization Highlights (Q1 2025) | Metric | Value (in thousands, except where noted) | | :--- | :--- | | Revenue from tenants | $12,308 | | Net loss attributable to common stockholders (in thousands) | $(8,592) | | Basic and diluted net loss per share ($) | $(3.39) | | Cash NOI | $4,234 | | Adjusted EBITDA | $(832) | | Total consolidated debt (in thousands) | $350,000 | | Net debt (in thousands) | $342,917 | | Net debt to gross asset value | 57.9% | | Weighted-average interest rate cost (%) | 4.4% | | Weighted-average debt maturity (years) | 2.3 | Real Estate Portfolio Snapshot (Q1 2025) | Metric | Value | | :--- | :--- | | Number of properties | 6 | | Number of tenants | 83 | | Square footage (millions) | 1.0 | | Leased Percentage (%) | 82.0% | | Weighted-average remaining lease term (years) | 5.4 | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's balance sheets and statements of operations, highlighting key financial trends [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $499.4 million by Q1 2025, while liabilities slightly increased and equity declined Balance Sheet Comparison (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total real estate investments, net (in thousands) | $395,573 | $398,759 | | Cash and cash equivalents (in thousands) | $7,083 | $9,776 | | **Total assets (in thousands)** | **$499,377** | **$507,066** | | Mortgage notes payable, net (in thousands) | $347,637 | $347,384 | | **Total liabilities (in thousands)** | **$422,291** | **$421,480** | | **Total stockholders' equity (in thousands)** | **$77,086** | **$85,586** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2025 saw a net loss of $8.6 million, or ($3.39) per share, with declining revenue from tenants Quarterly Operating Results (in thousands, except per share data) | Metric | Q1 2025 | Q4 2024 | Q3 2024 | | :--- | :--- | :--- | :--- | | Revenue from tenants (in thousands) | $12,308 | $14,889 | $15,447 | | Total expenses (in thousands) | $16,823 | $17,037 | $44,659 | | Operating loss (in thousands) | $(4,515) | $(2,424) | $(29,212) | | Net loss (in thousands) | $(8,592) | $(6,650) | $(34,482) | | Net loss per share — Basic and Diluted ($) | $(3.39) | $(2.60) | $(13.52) | - Revenue from tenants has shown a consistent decline over the last four quarters[16](index=16&type=chunk) [Non-GAAP Measures Reconciliation](index=8&type=section&id=Non-GAAP%20Measures) This section provides a reconciliation of GAAP net loss to key non-GAAP performance metrics, including Adjusted EBITDA and Cash NOI [Reconciliation of GAAP to Non-GAAP Measures](index=8&type=section&id=Non-GAAP%20Measures) Q1 2025 Adjusted EBITDA turned negative at $(832) thousand, while Cash NOI declined to $4.2 million Quarterly Non-GAAP Performance (in thousands) | Metric | Q1 2025 | Q4 2024 | Q3 2024 | | :--- | :--- | :--- | :--- | | Net loss (in thousands) | $(8,592) | $(6,650) | $(34,482) | | EBITDA (in thousands) | $(918) | $1,243 | $(24,789) | | **Adjusted EBITDA (in thousands)** | **$(832)** | **$1,252** | **$3,095** | | NOI (in thousands) | $4,171 | $5,868 | $6,851 | | **Cash NOI (in thousands)** | **$4,234** | **$6,395** | **$6,761** | | Total cash paid for interest (in thousands) | $4,593 | $4,286 | $4,906 | [Debt & Lease Overview](index=9&type=section&id=Debt%20%26%20Lease%20Overview) This section details the company's debt structure and future minimum lease rent obligations [Debt Overview](index=9&type=section&id=Debt%20Overview) As of Q1 2025, total debt is $350 million with a 2.3-year weighted-average maturity and 4.4% interest rate Debt Maturity Schedule (as of March 31, 2025) | Year of Maturity | Total Outstanding Balance (in thousands) | | :--- | :--- | | 2027 | $99,000 | | 2028 | $140,000 | | 2029 | $60,000 | | 2030 | $51,000 | | **Total Debt** | **$350,000** | - The weighted-average debt maturity is **2.3 years** and the weighted-average interest rate is **4.4%**[18](index=18&type=chunk) - All debt is fixed-rate except for one variable-rate loan[19](index=19&type=chunk) [Future Minimum Lease Rents](index=10&type=section&id=Future%20Minimum%20Lease%20Rents) Total future minimum base rent payments amount to $309.3 million, with $43.7 million expected in remaining 2025 Future Minimum Base Rent Schedule (in thousands) | Period | Future Minimum Base Rent (in thousands) | | :--- | :--- | | 2025 (remainder) | $43,729 | | 2026 | $40,181 | | 2027 | $36,730 | | 2028 | $32,062 | | 2029 | $29,960 | | 2030 | $27,560 | | Thereafter | $99,091 | | **Total** | **$309,313** | [Portfolio Composition](index=11&type=section&id=Portfolio%20Composition) This section details the company's real estate portfolio, including tenant diversification, property types, industry exposure, and lease expiration schedule [Top Ten Tenants](index=11&type=section&id=Top%20Ten%20Tenants) The top ten tenants contribute 51% of annualized straight-line rent, with City National Bank as the largest at 10% Top 5 Tenants by Annualized SL Rent | Tenant | Annualized SL Rent (in thousands) | Percent of Total (%) | Remaining Lease Term (Years) | | :--- | :--- | :--- | :--- | | City National Bank | $4,356 | 10% | 8.3 | | Planned Parenthood | $3,388 | 7% | 6.3 | | Equinox | $2,897 | 6% | 13.7 | | The City of New York | $2,215 | 5% | 12.8 | | CVS | $2,161 | 5% | 9.4 | - The top 10 tenants account for **51%** of total annualized straight-line rent[22](index=22&type=chunk) - Of the top 10 tenants, **55%** have actual investment grade ratings and **22%** have implied investment grade ratings[24](index=24&type=chunk) [Diversification by Property Type](index=12&type=section&id=Diversification%20by%20Property%20Type) The portfolio is heavily weighted towards office properties, comprising 71% of rent and 77% of square footage Portfolio by Property Type | Property Type | Annualized SL Rent (in thousands) | Percent of Rent (%) | Square Feet (in thousands) | Percent of SqFt (%) | | :--- | :--- | :--- | :--- | :--- | | Office | $32,292 | 71% | 626 | 77% | | Retail | $12,133 | 27% | 159 | 20% | | Other | $1,066 | 2% | 24 | 3% | | **Total** | **$45,491** | **100%** | **809** | **100%** | [Diversification by Tenant Industry](index=13&type=section&id=Diversification%20by%20Tenant%20Industry) Tenant industries are concentrated in Financial Services (26%) and Government/Public Administration (17%) Top 5 Industries by Annualized SL Rent | Industry Type | Annualized SL Rent (in thousands) | Percent of Rent (%) | | :--- | :--- | :--- | | Financial Services | $12,012 | 26% | | Government / Public Administration | $7,722 | 17% | | Retail | $4,834 | 11% | | Office Space | $4,463 | 10% | | Non-profit | $4,316 | 10% | [Lease Expirations](index=14&type=section&id=Lease%20Expirations) Significant lease expirations are scheduled for the remainder of 2025 (12.3% of rent), 2027 (13.9%), and 2031 (13.7%) Lease Expiration Schedule by Annualized SL Rent | Year of Expiration | Annualized SL Rent Percent Expiring (%) | | :--- | :--- | | 2025 (Remaining) | 12.3% | | 2026 | 4.7% | | 2027 | 13.9% | | 2028 | 7.5% | | 2029 | 3.9% | | 2030 | 6.4% | | 2031 | 13.7% | - A total of **13 leases**, representing **12.3%** of annualized rent and **14.2%** of leased square feet, will expire in the remainder of 2025[30](index=30&type=chunk)

Property Ownership and Sales - As of December 31, 2024, the company owned six properties totaling approximately 1.0 million rentable square feet[18]. - The company sold the 9 Times Square property for a gross purchase price of $63.5 million on December 18, 2024[20]. - As of December 31, 2024, the total rentable square footage of the properties owned by the company is 988,453 square feet, with an overall occupancy rate of 80.8%[169]. - The two largest assets, 123 William Street and 1140 Avenue of the Americas, represent approximately 80% of the total rentable square footage and 77% of annualized straight-line rent as of December 31, 2024[76]. - The company has not encountered material risks from cybersecurity threats during the reporting period, but it continues to monitor and manage these risks proactively[167]. Financial Performance and Condition - The company collected 100% of cash rent due across its entire portfolio for the three months ended December 31, 2024[33]. - As of December 31, 2024, the company had cash and cash equivalents of $18.9 million, up from $12.8 million in 2023[57]. - Federal net operating losses (NOLs) totaled $298.8 million as of December 31, 2024, with a portion beginning to expire in 2035[52]. - The company incurred impairment charges of $112.5 million during the year ended December 31, 2024, indicating potential permanent adverse changes in property values[69]. - The company has not paid dividends on its Class A common stock since March 2022, with past dividends being funded from available cash rather than operational cash flow[67]. Corporate Structure and Governance - The company revoked its REIT election effective January 1, 2023, and is now subject to taxation as a C corporation[35]. - The advisory agreement with the Advisor expires on July 1, 2030, and termination could incur a fee of up to $15 million plus four times the previous year's compensation[142]. - The company has a classified board structure that may discourage third-party acquisitions, potentially affecting stockholder value[139]. - The stockholder rights plan adopted by the company may discourage third parties from acquiring more than 4.9% of its outstanding common stock, which could impact stockholder premiums[141]. Market and Economic Conditions - The ongoing economic conditions, including high inflation and interest rates, may impact tenants' ability to make timely rent payments[58]. - The concentration of real estate assets in New York City makes the company particularly vulnerable to economic downturns in that area[50]. - The ongoing Russia-Ukraine conflict may adversely impact business operations and financial performance due to market disruptions and increased geopolitical tensions[78]. - Interest rates increased eleven times during 2022 and 2023, impacting the company's ability to access capital on favorable terms[123]. Lease and Tenant Information - As of December 31, 2024, 32.6% of the rentable square feet in the portfolio is affected by cash trap provisions due to the performance of three properties[60]. - Approximately 42% of the company's leases, based on annualized straight-line rent, are set to expire over the next five years, raising concerns about lease renewals[85]. - Major tenants contributing to 5% or more of total annualized rental income include City National Bank (9.6%), Planned Parenthood Federation of America, Inc. (7.5%), and Equinox (6.4%) as of December 31, 2024[77]. - The company experienced lease terminations, including the bankruptcy of Knotel, which was the second largest tenant based on annualized straight-line rent as of September 30, 2020[58]. Debt and Financing - As of December 31, 2024, the company had total outstanding indebtedness of approximately $347.4 million[114]. - The company was in breach of covenants under three separate mortgage loans aggregating $159.0 million, representing 33% of the total rentable square feet in its portfolio[116]. - The company may need to secure external funding for capital requirements if sufficient cash from operations is not generated, with no assurance of favorable terms[61]. - The company may incur additional indebtedness in the future for various purposes, which could have material adverse consequences[114]. Operational Risks and Challenges - The company has identified material weaknesses in its internal control over financial reporting, leading to restatements of financial statements for certain periods[54]. - The company relies on the Advisor and Property Manager for essential services, and any inability to provide these services could adversely affect operations[43]. - The company faces significant competition in the New York City real estate market, which may impact occupancy levels and rental rates due to competitors having greater financial resources[63]. - The company may face risks related to defaults by borrowers on loans, which could lead to losses if the underlying asset value is less than the loan amount[80]. Future Outlook and Strategy - The company aims to pay quarterly dividends, subject to capital availability, and maximize total returns to stockholders[23]. - The company announced its intention to expand the scope of assets and businesses, including hotels and co-working office spaces, which may not generate REIT-qualifying income[51]. - The company has changed its investment policies to expand into other asset types, revoking its election to be taxed as a REIT effective January 1, 2023[73]. - Future tenant improvements and capital needs may be constrained by significant amounts of restricted cash, potentially impacting property maintenance and leasing activities[68].