American Strategic Investment Co. Announces Fourth Quarter 2024 Results
Fourth Quarter 2024 and Subsequent Events
-
Revenue was
$14.9 million $15.4 million -
Net loss attributable to common stockholders was
$6.7 million $2.60 $73.9 million $32.27 -
Adjusted EBITDA was
$1.3 million -
Cash net operating income (“NOI”) was
$6.6 million $6.3 million -
77% of annualized straight-line rent from top 10 tenants(1) is derived from investment grade or implied investment grade(2) rated tenants with a weighted-average remaining lease term(3) of 8.0 years as of December 31, 2024
Full Year 2024 Highlights
-
Revenue was
$61.6 million $62.7 million -
Net loss attributable to common stockholders was
$140.6 million $105.9 million -
Adjusted EBITDA was
$11.8 million $12.3 million -
Cash NOI was
$27.6 million $27.3 million -
Portfolio occupancy of
80.8% with a weighted-average remaining lease term of 6.3 years as of December 31, 2024 -
Completed five new leases totaling 37,407 square feet and
$2.0 million -
Portfolio debt, as of December 31, 2024, is
100% fixed-rate with a4.4% weighted-average interest rate and 3.6 years of weighted-average debt maturity -
Conservative balance sheet with net leverage of
56.9% as of December 31, 2024
CEO Comments
“In the fourth quarter we completed the sale of 9 Times Square and relaunched the marketing process for 123 William Street and 196 Orchard Street as we continue our expanded asset diversification strategy,” said Michael Anderson, CEO of ASIC. “At the same time, we grew Cash Net Operating Income in both the fourth quarter and for the full year 2024 compared to the same period in 2023. We remain focused on aggressively leasing our portfolio to high quality tenants in 2025.”
Financial Results
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
(In thousands, except per share data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue from tenants |
|
$ |
14,889 |
|
|
$ |
15,380 |
|
|
$ |
61,570 |
|
|
$ |
62,710 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to common stockholders |
|
$ |
(6,650 |
) |
|
$ |
(73,876 |
) |
|
$ |
(140,591 |
) |
|
$ |
(105,924 |
) |
Net loss per common share (a) |
|
$ |
(2.60 |
) |
|
$ |
(32.27 |
) |
|
$ |
(56.51 |
) |
|
$ |
(47.57 |
) |
| ____________________ | |
(1) |
All per share data has been retroactively adjusted to reflect the 1-for-8 reverse stock split that occurred on January 11, 2023. Per share data is based on 2,557,080 and 2,289,094 basic weighted-average shares outstanding for the three months ended December 31, 2024 and 2023, respectively and 2,487,827 and 2,226,721 for the years ended December 31, 2024 and 2023, respectively. |
Real Estate Portfolio
The Company’s portfolio consisted of six properties and comprised 1.0 million rentable square feet as of December 31, 2024. Portfolio metrics include:
-
81% leased, compared to87% at the end of fourth quarter 2023, with 6.3 years remaining weighted-average lease term -
77% of annualized straight-line rent(4) from top 10 tenants derived from investment grade or implied investment grade tenants -
72% office (based on an annualized straight-line rent)
Capital Structure and Liquidity Resources
As of December 31, 2024, the Company had
All of the Company’s debt was fixed-rate as of December 31, 2024. The Company’s total combined debt had a weighted-average interest rate of
The Company’s debt was a weighted-average debt maturity of 3.6 years.
Footnotes/Definitions
| (1) | Top 10 tenants based on annualized straight-line rent as of December 31, 2024. |
(2) |
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 |
(3) |
The weighted-average remaining lease term (years) is based on annualized straight-line rent as of December 31, 2024. |
(4) |
Annualized straight-line rent is calculated using the most recent available lease terms as of December 31, 2024. |
(5) |
Under one of our mortgage loans, we are required to maintain minimum liquid assets (i.e. cash, cash equivalents and restricted cash) of |
(6) |
Total debt of |
(7) |
Defined as the carrying value of total assets of |
(8) |
Weighted based on the outstanding principal balance of the debt. |
Webcast and Conference Call
ASIC will host a webcast and call on March 19, 2025 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): 1-888-330-3127
International Dial-In: 1-646-960-0855
Conference ID: 5954637
Conference Replay*
Domestic Dial-In (Toll Free): 1-800-770-2030
International Dial-In: 1-609-800-9909
Conference ID: 5954637#
*Available one hour after the end of the conference call through June 19, 2025
About American Strategic Investment Co.
American Strategic Investment Co. (NYSE: NYC) owns a portfolio of high-quality commercial real estate located within the five boroughs of
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 Regarding Forward-Looking Statements
The statements in this press release 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 conflicts between
Accounting Treatment of Rent Deferrals
The majority of the concessions granted to our tenants as a result of the COVID-19 pandemic are rent deferrals or temporary rent abatements with the original lease term unchanged and collection of deferred rent deemed probable. As a result of relief granted by the FASB and the SEC related to lease modification accounting, rental revenue used to calculate Net Income, have not been, and we do not expect it to be, significantly impacted by these types of deferrals.
American Strategic Investment Co. Consolidated Balance Sheets (In thousands. except share and per share data) |
||||||||
|
|
December 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
ASSETS |
|
(Unaudited) |
|
|
||||
Real estate investments, at cost: |
|
|
|
|
||||
Land |
|
$ |
129,517 |
|
|
$ |
188,935 |
|
Buildings and improvements |
|
|
341,314 |
|
|
|
479,265 |
|
Acquired intangible assets |
|
|
19,063 |
|
|
|
56,929 |
|
Total real estate investments, at cost |
|
|
489,894 |
|
|
|
725,129 |
|
Less accumulated depreciation and amortization |
|
|
(91,135 |
) |
|
|
(144,956 |
) |
Total real estate investments, net |
|
|
398,759 |
|
|
|
580,173 |
|
Cash and cash equivalents |
|
|
9,776 |
|
|
|
5,292 |
|
Restricted cash |
|
|
9,159 |
|
|
|
7,516 |
|
Operating lease right-of-use asset |
|
|
54,514 |
|
|
|
54,737 |
|
Prepaid expenses and other assets |
|
|
5,233 |
|
|
|
6,150 |
|
Derivative asset, at fair value |
|
|
— |
|
|
|
400 |
|
Straight-line rent receivable |
|
|
23,060 |
|
|
|
30,752 |
|
Deferred leasing costs, net |
|
|
6,565 |
|
|
|
9,152 |
|
Total assets |
|
$ |
507,066 |
|
|
$ |
694,172 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDER'S EQUITY |
|
|
|
|
||||
Mortgage notes payable, net |
|
$ |
347,384 |
|
|
$ |
395,702 |
|
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of |
|
|
15,302 |
|
|
|
12,975 |
|
Operating lease liability |
|
|
54,592 |
|
|
|
54,657 |
|
Below-market lease liabilities, net |
|
|
1,161 |
|
|
|
2,061 |
|
Derivative liability, at fair value |
|
|
— |
|
|
|
— |
|
Deferred revenue |
|
|
3,041 |
|
|
|
3,983 |
|
Total liabilities |
|
|
421,480 |
|
|
|
469,378 |
|
|
|
|
|
|
||||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
27 |
|
|
|
23 |
|
Additional paid-in capital |
|
|
731,429 |
|
|
|
729,644 |
|
Accumulated other comprehensive earnings (loss) |
|
|
— |
|
|
|
406 |
|
Distributions in excess of accumulated earnings |
|
|
(645,870 |
) |
|
|
(505,279 |
) |
Total stockholders' equity |
|
|
85,586 |
|
|
|
224,794 |
|
Non-controlling interests |
|
|
— |
|
|
|
— |
|
Total equity |
|
|
85,586 |
|
|
|
224,794 |
|
Total liabilities and stockholders' equity |
|
$ |
507,066 |
|
|
$ |
694,172 |
|
| ____________________ | |
(1) |
Retroactively adjusted to reflect the 1-for-8 reverse stock split which occurred on January 11, 2023. |
American Strategic Investment Co. Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data) |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue from tenants |
|
$ |
14,889 |
|
|
$ |
15,380 |
|
|
$ |
61,570 |
|
|
$ |
62,710 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Asset and property management fees to related parties |
|
|
1,927 |
|
|
|
1,926 |
|
|
|
7,751 |
|
|
|
7,680 |
|
Property operating |
|
|
8,746 |
|
|
|
8,230 |
|
|
|
34,185 |
|
|
|
33,797 |
|
Impairment of real estate investments |
|
|
— |
|
|
|
66,053 |
|
|
|
112,541 |
|
|
|
66,565 |
|
Equity-based compensation |
|
|
92 |
|
|
|
151 |
|
|
|
408 |
|
|
|
5,863 |
|
General and administrative |
|
|
2,690 |
|
|
|
1,824 |
|
|
|
9,216 |
|
|
|
9,375 |
|
Depreciation and amortization |
|
|
3,582 |
|
|
|
6,332 |
|
|
|
18,408 |
|
|
|
26,532 |
|
Total operating expenses |
|
|
17,037 |
|
|
|
84,516 |
|
|
|
182,509 |
|
|
|
149,812 |
|
Operating (loss) income |
|
|
(2,148 |
) |
|
|
(69,136 |
) |
|
|
(120,939 |
) |
|
|
(87,102 |
) |
Gain/loss on sale of real estate |
|
|
(276 |
) |
|
|
— |
|
|
|
(276 |
) |
|
|
— |
|
Other income (expenses): |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
(4,311 |
) |
|
|
(4,749 |
) |
|
|
(19,488 |
) |
|
|
(18,858 |
) |
Other income (expenses) |
|
|
85 |
|
|
|
9 |
|
|
|
112 |
|
|
|
36 |
|
Total other expense |
|
|
(4,502 |
) |
|
|
(4,740 |
) |
|
|
(19,652 |
) |
|
|
(18,822 |
) |
Net loss before income taxes |
|
|
(6,650 |
) |
|
|
(73,876 |
) |
|
|
(140,591 |
) |
|
|
(105,924 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss and Net loss attributable to common stockholders |
|
$ |
(6,650 |
) |
|
$ |
(73,876 |
) |
|
$ |
(140,591 |
) |
|
$ |
(105,924 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding — Basic and Diluted (1) |
|
|
2,557,080 |
|
|
|
2,289,094 |
|
|
|
2,487,827 |
|
|
|
2,226,721 |
|
Net loss per share attributable to common stockholders — Basic and Diluted (1) |
|
$ |
(2.60 |
) |
|
$ |
(32.27 |
) |
|
$ |
(56.51 |
) |
|
$ |
(47.57 |
) |
| ___________________ | |
(1) |
Retroactively adjusted to reflect the 1-for-8 reverse stock split which occurred on January 11, 2023. |
American Strategic Investment Co. Quarterly Reconciliation of Non-GAAP Measures (Unaudited) (In thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
March 31, 2024 |
|
June 30, 2024 |
|
September 30, 2024 |
|
December 31, 2024 |
|
December 31, 2024 |
||||||||||
Net loss and Net loss attributable to common stockholders |
|
$ |
(7,608 |
) |
|
$ |
(91,851 |
) |
|
$ |
(34,482 |
) |
|
$ |
(6,650 |
) |
|
$ |
(140,591 |
) |
Depreciation and amortization |
|
|
5,261 |
|
|
|
5,151 |
|
|
|
4,414 |
|
|
|
3,582 |
|
|
|
18,408 |
|
Interest expense |
|
|
4,697 |
|
|
|
5,201 |
|
|
|
5,279 |
|
|
|
4,311 |
|
|
|
19,488 |
|
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
EBITDA |
|
|
2,350 |
|
|
|
(81,499 |
) |
|
|
(24,789 |
) |
|
|
1,243 |
|
|
|
(102,695 |
) |
Impairment of real estate investments |
|
|
— |
|
|
|
84,724 |
|
|
|
27,817 |
|
|
|
— |
|
|
|
112,541 |
|
Acquisition, transaction and other costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Listing expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Vesting and conversion of Class B Units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Equity-based compensation |
|
|
54 |
|
|
|
186 |
|
|
|
76 |
|
|
|
92 |
|
|
|
408 |
|
Other income (expenses) |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(85 |
) |
|
|
(112 |
) |
Management fees paid in common stock to the Advisor in lieu of cash |
|
|
533 |
|
|
|
1,077 |
|
|
|
— |
|
|
|
— |
|
|
|
1,610 |
|
Adjusted EBITDA |
|
|
2,395 |
|
|
|
3,402 |
|
|
|
3,095 |
|
|
|
1,250 |
|
|
|
11,752 |
|
Asset and property management fees to related parties |
|
|
1,371 |
|
|
|
850 |
|
|
|
1,994 |
|
|
|
1,927 |
|
|
|
6,142 |
|
General and administrative |
|
|
2,801 |
|
|
|
1,964 |
|
|
|
1,762 |
|
|
|
2,689 |
|
|
|
9,216 |
|
NOI |
|
|
6,567 |
|
|
|
6,216 |
|
|
|
6,851 |
|
|
|
5,866 |
|
|
|
27,110 |
|
Accretion of below- and amortization of above-market lease liabilities and assets, net |
|
|
(55 |
) |
|
|
(57 |
) |
|
|
(219 |
) |
|
|
(145 |
) |
|
|
(476 |
) |
Straight-line rent (revenue as a lessor) |
|
|
(30 |
) |
|
|
153 |
|
|
|
102 |
|
|
|
644 |
|
|
|
869 |
|
Straight-line ground rent (expense as lessee) |
|
|
27 |
|
|
|
27 |
|
|
|
27 |
|
|
|
28 |
|
|
|
109 |
|
Cash NOI |
|
$ |
6,509 |
|
|
$ |
6,339 |
|
|
$ |
6,761 |
|
|
$ |
6,393 |
|
|
$ |
27,612 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash Paid for Interest: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense |
|
$ |
4,697 |
|
|
$ |
5,201 |
|
|
$ |
5,279 |
|
|
$ |
4,311 |
|
|
$ |
19,488 |
|
Amortization of deferred financing costs |
|
|
(386 |
) |
|
|
(377 |
) |
|
|
(373 |
) |
|
|
(25 |
) |
|
|
(1,161 |
) |
Total cash paid for interest |
|
$ |
4,311 |
|
|
$ |
4,824 |
|
|
$ |
4,906 |
|
|
$ |
4,286 |
|
|
$ |
18,327 |
|
American Strategic Investment Co. Quarterly Reconciliation of Non-GAAP Measures (Unaudited) (In thousands) |
||||
|
|
Three Months Ended |
||
|
|
December 31, 2023 |
||
Net loss attributable to common stockholders |
|
$ |
(73,878 |
) |
Depreciation and amortization |
|
|
6,332 |
|
Interest expense |
|
|
4,749 |
|
EBITDA |
|
|
(62,797 |
) |
Equity-based compensation |
|
|
151 |
|
Other income |
|
|
(9 |
) |
Management fees paid in common stock to the Advisor in lieu of cash |
|
|
||
Adjusted EBITDA |
|
|
3,397 |
|
Asset and property management fees to related parties |
|
|
1,926 |
|
General and administrative |
|
|
1,824 |
|
NOI |
|
|
7,147 |
|
Accretion of below- and amortization of above-market lease liabilities and assets, net |
|
|
(25 |
) |
Straight-line rent (revenue as a lessor) |
|
|
(848 |
) |
Straight-line ground rent (expense as lessee) |
|
|
28 |
|
Cash NOI |
|
$ |
6,302 |
|
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 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 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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Source: American Strategic Investment Co.
