The company operates in investment properties abroad.
American Equity ends 2025 with stronger assets and higher NOI, but the thesis now depends more on execution, refinancing, and cost of capital than on appraisal support.
H6 is the clearest place where American Equity has already booked the value of a stabilized asset while the remaining all-in cash burden is still very real.
The 5.62% average mortgage rate describes only the senior asset-level layer. The transitional capital that holds American Equity together between acquisition, improvement, and refinancing is far more expensive, with 12% to 13% AEP partner loans and 18% preferred equity in H6.
After the balance sheet date, American Equity did not merely push out maturities. It repackaged NOI and collateral into two separate secured bond pools, making the bond story less generic and much more dependent on the quality of each individual collateral basin.
