American Strategic Investment Co.

400 E. 67th Street - Laurel Condominium · Sept. 2014 · 1 · 58,750 · 44.3% · 11.5

200 Riverside Blvd. - ICON Garage · Sept. 2014 · 1 · 61,475 · 100.0% · 11.5

123 William Street · Mar. 2015 · 1 · 544,610 · 79.2% · 4.1

8713 Fifth Avenue · Oct. 2018 · 1 · 17,500 · 100.0% · 8.9

196 Orchard Street · Jul. 2019 · 1 · 60,297 · 100.0% · 9.9

5 · 742,632 · 80.3% · 6.1

(1)For a discussion of the significant changes in occupancy during the year ended December 31, 2025, see the “Liquidity and Capital Resources - Leasing Activity/Occupancy” section located in Item 7. Management’s Discussion and Analysis.

(2)Calculated on a weighted-average basis as of December 31, 2025, as applicable.

Future Minimum Lease Payments

The following table presents future minimum base cash rental payments due to us over the next ten years and thereafter at the properties we owned as of December 31, 2025. To the extent we have leases with contingent rent provisions, these amounts exclude contingent rent payments that would be collected based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items.

(In thousands) · Future MinimumBase Rent Payments (1)

2026 · 26,763

2027 · 24,182

2028 · 20,411

2029 · 19,728

2030 · 18,344

2031 · 15,537

2032 · 11,762

2033 · 11,162

2034 · 10,306

2035 · 8,802

Thereafter · 21,379

Total · 188,376

(1)For a discussion of the significant changes in occupancy during the year ended December 31, 2025, see the “Liquidity and Capital Resources - Leasing Activity/Occupancy” section located in Item 7. Management’s Discussion and Analysis.

Future Lease Expirations Table

The following is a summary of lease expirations for the next ten years at the properties we owned as of December 31, 2025:

Year of Expiration · Number of Leases Expiring · Expiring Annualized Straight-Line Rent (1) · Expiring Annualized Straight-Line Rent as a Percentage of the Total Portfolio · Leased Rentable Square Feet · Percentage of Portfolio Leased Rentable Square Feet Expiring

(In thousands) · (In thousands)

2026 · 5 · 1,363 · 5.0 · 29 · 5.4

2027 · 8 · 5,442 · 20.1 · 124 · 22.8

2028 · 3 · 1,154 · 4.3 · 26 · 4.7

2029 · 4 · 1,592 · 5.9 · 32 · 5.9

2030 · 2 · 1,143 · 4.2 · 29 · 5.3

2031 · 10 · 5,466 · 20.2 · 98 · 18.0

2032 · — · — · — · — · —

2033 · 4 · 1,061 · 3.9 · 21 · 3.9

2034 · 2 · 2,161 · 8.0 · 10 · 1.8

2035 · — · — · — · — · —

Thereafter · 11 · 7,707 · 28.4 · 176 · 32.2

Total · 49 · 27,089 · 100.0 · 545 · 100.0

(1)Includes tenant concessions, such as free rent, as applicable. For a discussion of the significant changes in occupancy during the year ended December 31, 2025, see the “Liquidity and Capital Resources - Leasing Activity/Occupancy” section located in Item 7. Management’s Discussion and Analysis.

Tenant Concentration

There were two tenants whose rentable square footage represented greater than 10.0% of total portfolio rentable square footage as of December 31, 2025.

As of December 31, 2025, the following tenants accounted for 5% or more of our total annualized rental income on a straight-line basis, based on leases commenced:

Tenant · % of Annualized

Planned Parenthood Federation of America, Inc · 11.7%

Equinox · 10.1%

The City of New York - The Department of Youth and Community · 7.8%

CVS · 7.6%

United States General Services Administration · 7.2%

NYS Licensing · 6.4%

Marshalls · 5.2%

See also “Item 1A. Risk Factors - Risks Related to Our Properties and Operations - We rely significantly on the following major tenants and therefore, are subject to tenant credit concentrations that make us more susceptible to adverse events with respect to these tenants.” in this Annual Report on Form 10-K.

Significant Portfolio Properties

The rentable square feet or annualized rental income on a straight-line basis of the properties located at 123 William Street and 196 Orchard Street represent greater than 10% of our total portfolio. As of December 31, 2025, our largest asset, 123 William Street, represents approximately 73% of the total rentable square footage in our portfolio and 67% of annualized straight-line rent. See also “Item 1A. Risk Factors” in this Annual Report on Form 10-K. The tenant concentrations of the properties located at 123 William Street and 196 Orchard Street are summarized below:

123 William Street

The following table lists the tenant at 123 William Street whose annualized rental income on a straight-line basis is greater than 10% of the annualized rental income for commenced leases at this property as of December 31, 2025:

Tenant · Rented Square Feet · Rented Square Feet as a % of Total 123 William Street · Lease Expiration · Remaining Lease Term (1) · Renewal Options · Annualized Rental Income (2 ) · Annualized Rental Income as a % of 123 William Street

Planned Parenthood Federation of America, Inc · 65,242 · 15.1% · Jul. 2031 · 5.58 · 1 - 5 year option · 3,337 · 17.4%

The City of New York - The Department of Youth and Community · 40,610 · 9.4% · Dec. 2037 · 12.01 · 1 - 5 year option · 2,215 · 11.6%

United States General Services Administration · 48,221 · 11.2% · Jun. 2027 · 1.49 · None · 2,050 · 10.7%

(1)Remaining lease term in years as of December 31, 2025.

(2)Annualized rental income on a straight-line basis as of December 31, 2025, which includes tenant concessions such as free rent, as applicable.

196 Orchard Street

The following table lists all the tenants at 196 Orchard Street as their annualized rental income on a straight-line basis is greater than 10% of the total annualized rental income for commenced leases at this property as of December 31, 2025:

• Our individual real estate investments represent a material percentage of our assets.
• We rely significantly on the following major tenants and therefore, are subject to tenant credit concentrations that make us more susceptible to adverse events with respect to these tenants.
• The ongoing Russia-Ukraine conflict, the Israel-Hamas conflict, and U.S. and Israel conflict with Iran may adversely impact our business operations and financial performance.
• We may in the future acquire or originate real estate debt or invest in real estate-related securities issued by real estate market participants, which could expose us to additional risks.
• Risks Related to Investments in Real Estate
• We generally obtain only limited warranties when we purchase a property and therefore have only limited recourse if our due diligence did not identify any issues that lower the value of our property.
• We may be unable to sell a property at the time or on the terms we desire.
• We may be unable to renew leases or re-lease space on favorable terms or at all as leases expire.
• We depend on tenants for our revenue, and accordingly lease terminations, tenant default and bankruptcy have adversely affected and could in the future adversely affect the income produced by our properties.
• A sale-leaseback transaction may be recharacterized in a tenant’s bankruptcy proceeding.
• If we sell a property by providing financing to the purchaser, we will bear the risk of default by the purchaser.
• Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on the financial condition of co-venturers and disputes between us and our co-venturers.
• Covenants, conditions and restrictions may restrict our ability to operate a property, which may adversely affect our operating costs.
• Our real properties are subject to property taxes that may increase in the future, which could adversely affect our cash flow.
• We may suffer uninsured losses relating to real property or have to pay expensive premiums for insurance coverage.
• Actual or threatened terrorist attacks and other acts of violence, civilian unrest, or war may affect the markets in which we operate our business and our profitability.
• Inflation may have an adverse effect on our investments and results of operations.
• We face possible risks associated with the natural disasters and the physical effects of climate change.
• Failure to succeed in new markets or in new asset classes may have adverse consequences on our performance.
• We may be adversely affected by certain trends that reduce demand for office real estate.
• We are subject to risks that affect the general and New York City retail environments.
• Costs of complying with governmental laws and regulations, including those relating to environmental matters and discovery of previously undetected environmentally hazardous conditions, may adversely affect our operating results.
• There are costs associated with complying with the Americans with Disabilities Act.
• Risks Related to Our Indebtedness
• Our level of indebtedness may increase our business risks.
• We have been in breach of several of our mortgage loan covenants for multiple quarters.
• Changes in the debt markets could materially and adversely impact us.
• Increasing interest rates could increase the amount of our debt payments.
• Our loan agreements contain restrictive covenants that limit operating and financial flexibility.
• Risks Related to Conflicts of Interest
• Our Advisor faces conflicts of interest relating to the purchase and leasing of properties and these conflicts may not be resolved in our favor, which could adversely affect our investment opportunities.
• Our Property Manager is an affiliate of our Advisor and therefore we face conflicts of interest in determining whether to assign certain operating assets to our Property Manager or an unaffiliated property manager.
• Our Advisor faces conflicts of interest relating to joint ventures, which could result in a disproportionate benefit to the other venture partners.
• Our Advisor, AR Global and their officers and employees and certain of our executive officers and other key personnel face competing demands relating to their time, and this may cause returns on our investments to suffer.
• Our officers and directors face conflicts of interest related to the positions they hold with related parties.
• Our Advisor faces conflicts of interest relating to the structure of the compensation it may receive.
• Risks Related to Our Corporate Structure
• The trading price of our Class A common stock may fluctuate significantly.
• Our failure to meet the New York Stock Exchange’s continued listing requirements could result in the suspension and delisting of our Class A common stock.
• Maryland law prohibits certain business combinations, which may make it more difficult for us to be acquired and may discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
• We have a classified board, which may discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
• We may terminate our advisory agreement in only limited circumstances, which may require payment of a termination fee.
• We depend on our Advisor and our Property Manager to provide us with executive officers, key personnel and all services required for us to conduct our operations and our operating performance may be impacted by any adverse changes in the financial health or reputation of our Advisor and our Property Manager.
• Our business and operations could suffer if our Advisor or any other party that provides us with services essential to our operations experiences system failures or cyber incidents or a deficiency in cybersecurity.
• Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain actions and proceedings that may be initiated by our stockholders.
• Maryland law limits the ability of a third party to buy a large stake in us and exercise voting power in electing directors, which may discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
• Certain provisions in our bylaws and agreements may deter, delay or prevent a change in our control.
• We depend on our OP and its subsidiaries for cash flow and are structurally subordinated in right of payment to the obligations of our OP and its subsidiaries.
• U.S. Federal Income Tax Risks
• Failure to qualify as a REIT for prior taxable years would subject us to U.S. federal income tax and potentially state and local tax.
• We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating flexibility, and reduce the market price of shares of our stock.
• Non-U.S. stockholders will be subject to U.S. federal withholding tax and may be subject to U.S. federal income tax on dividends and other distributions received from us and upon the disposition of shares of our stock.