The company operates in investment properties abroad.
AmTrust ended 2025 as a larger and more concentrated real estate platform, but also as a more leveraged one whose next phase depends heavily on turning 260 Madison, 250 Broadway, and 360 Lexington into visible NOI growth.
In 2025 AmTrust moved from a model built mostly on property financing to a hybrid structure with $430.7 million of net public bonds, but that money mainly closed an all-in funding gap of about $364.3 million rather than creating surplus liquidity.
260 Madison's year-end 2025 value already embeds a layer of future NOI through adjusted annual NOI of $9.669 million, but it still does not fully embed the broader repositioning case of more than $20 million of annual NOI.
250 Broadway has made real lease-up progress, but at year-end 2025 the closure mostly exists in the contract and underwriting layers, not yet fully in reported NOI and certainly not in cash left after free-rent, tenant improvements, and debt service.
