AmBase Corporation

What they do

AmBase is a holding company incorporated in 1975 that, at December 31, 2025, had assets consisting of cash and cash equivalents and described itself as "engaged in the management of its assets and liabilities." It has no operating business segments as described in the excerpts. Its only described investment is an equity interest purchased in June 2013 through a joint venture to develop 105-111 West 57th Street in New York, which was subject to a strict foreclosure and fully impaired in 2017. The company had four full-time and two part-time employees at December 31, 2025, and does not maintain a website.

Revenue drivers

• Holding company / asset and liability management — The 10-K states the company is engaged in the management of its assets and liabilities, with assets consisting of cash and cash equivalents; the excerpts disclose no revenue-generating operations.
• 111 West 57th Street equity investment (impaired) — A 2013 joint venture equity interest in a Manhattan development; the company recorded a full impairment of $63,745,000 in 2017, so it carries no book value and generates no reported income.
• Litigation recovery claims — Management states it is pursuing legal courses of action and recovery of asset value from various sources relating to the 111 West 57th Property; no amounts are recognized in the reported financials.
• Prior Supervisory Goodwill settlement proceeds — A 1993 lawsuit over the loss of subsidiary Carteret Savings Bank, F.A. produced a $180,650,000 settlement paid by the United States to AmBase in October 2012; the excerpts describe no ongoing revenue from this matter.

Recent performance

Annual net income was negative in each year from 2021 through 2025: $-5.2M, $-3.5M, $-5.3M, $-6.6M and $-4.6M, with diluted EPS of $-0.13, $-0.09, $-0.13, $-0.09 and $-0.05 respectively. Operating cash flow was negative every year, ranging from $-2.7M (2022) to $-8.9M (2024), and was $-2.3M in 2025. At December 31, 2025, assets were $87,000 in cash and cash equivalents, liabilities were $8,772,000 (accounts payable and accrued liabilities of $3,172,000 plus $5,600,000 of related-party loans payable), and total stockholders' deficit was $8,685,000. At June 30, 2026, assets were $98,000, liabilities were $2,294,000, total litigation funding amounts outstanding were $8,000,000, and stockholders' deficit was $10,196,000.

Strategy

Management says it will continue to keep operating expenses at a reduced level and is pursuing legal courses of action to protect its rights and recover asset value relating to the 111 West 57th Property, including consideration of a possible sale of its interest and/or rights in the property. The 10-K states that to continue as a going concern and fund anticipated future litigation expenses, the company will need to raise additional capital, and that it continues to explore all possible strategic alternatives, including the sale of equity or debt securities or long-term borrowings. The company recorded the full $63,745,000 impairment of its 111 West 57th investment in 2017 and states it can give no assurance it will prevail on any claims or realize any portion of that investment. No specific new capital commitments or development plans are quantified in the excerpts.

Risks

• Going concern — Management determined there is substantial doubt about the company's ability to continue as a going concern within one year of the financial statement date, stating existing cash may not cover operating cash needs.
• Need to raise capital — The 10-K states the company will need to raise additional capital to continue as a going concern and fund anticipated litigation expenses, through equity or debt securities or long-term borrowings.
• 111 West 57th Street litigation — The company is engaged in material disputes and litigation with regard to the 111 West 57th Property, including a challenge to the strict foreclosure, after recording a full $63,745,000 impairment in 2017.
• Minimal cash and negative equity — Assets at June 30, 2026 were $98,000 in cash against $2,294,000 of liabilities, $8,000,000 of litigation funding outstanding, and a stockholders' deficit of $10,196,000.

Outlook

Management states it will continue to pursue legal action and other options, including a possible sale of its 111 West 57th Property interest or rights, but gives no assurance of prevailing or realizing value. The company expects to keep operating expenses at a reduced level, though it warns expenses could increase or other cash uses could arise. It states that it must raise additional capital to continue as a going concern and to fund future litigation, and that it is exploring all possible strategic alternatives. No guidance on future revenue, earnings or timing of litigation outcomes is provided in the excerpts.