CMCT (NASDAQ: CMCT) sheds lending business and redeems preferred shares
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Creative Media & Community Trust Corporation reported a net loss attributable to common stockholders of $(17.7) million, or $(11.20) per diluted share, for the quarter ended December 31, 2025. Funds from operations (FFO) were $(7.1) million, or $(4.49) per share, and Core FFO was $(5.9) million, or $(3.74) per share.
The real estate portfolio at year-end 2025 included 27 assets, with office properties 74.8% occupied, multifamily 85.3% occupied, and the hotel generating full-year RevPAR of $152.70. Same-store office NOI and cash NOI both increased, helped by stronger leasing in Austin and Beverly Hills.
Strategically, CMCT completed the sale of its lending business for a purchase price of approximately $44.9 million, yielding about $31.2 million of net cash proceeds. The company has redeemed $153.3 million of preferred stock since announcing its balance sheet plan and expects a March 2026 preferred stock redemption that it estimates will improve annual FFO by about $16.0 million and return its capital structure to roughly 38% common equity, 7% preferred equity and 55% debt on a fair value basis.
Positive
- None.
Negative
- None.
Insights
CMCT is absorbing losses while executing sizable balance sheet and portfolio repositioning moves.
CMCT remains loss-making, with Q4 2025 net loss attributable to common stockholders of
The company is reshaping its business mix. It sold its lending division for a purchase price of approximately
A key development is large-scale preferred stock redemptions. Management cites approximately
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM | ||
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 6, 2026
Commission File Number 1-13610
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||||||||
( | ||||||||||||||
| (Address of Principal Executive Offices) | (Registrant's telephone number) | |||||||||||||
| 5956 Sherry Lane, Suite 700, Dallas, TX 75225 | ||||||||||||||
| (Former name or former address, if changed since last report) | ||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Securities Registered Pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
1
Item 2.02 Results of Operations and Financial Condition
On March 9, 2026 Creative Media & Community Trust Corporation (the “Company”) issued a press release announcing its financial results for the period ended December 31, 2025. A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and is incorporated by reference herein.
The information in this Item 2.02 and Exhibit 99.1 are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 3.02 Unregistered Sale of Equity Securities.
The Company expects to satisfy all redemptions of Preferred Stock (as defined below) initiated by holders prior to March 5, 2026 on March 12, 2026, which will result in the redemption of approximately 83,450 shares of Series A Preferred Stock, par value $0.001 (the “Series A Preferred Stock”), and approximately 210,858 shares of Series A1 Preferred Stock, par value $0.001 (the “Series A1 Preferred Stock”), in shares of the Company’s Common Stock, par value $0.001 (the “Common Stock”). On March 6, 2026, the Company provided notice of the redemption of approximately 1,873,573 shares of Series A Preferred Stock, approximately 7,556,751 shares of Series A1 Preferred Stock and approximately 21,760 shares of Series D Preferred Stock, par value $0.001 (the “Series D Preferred Stock” and, together with the Series A Preferred Stock and Series A1 Preferred Stock, the “Preferred Stock”), in shares of Common Stock. Other than the aforementioned redemptions, the Company does not currently intend to redeem, at the Company’s election, additional Preferred Stock in shares of Common Stock. However, the Company will evaluate redemption requests submitted by holders of its shares of Preferred Stock at the time it receives them and may elect to redeem those Preferred Shares in Common Stock or cash, at the Company’s discretion. In accordance with the Company’s charter, the number of shares of Common Stock to be issued will be based on the VWAP of the Common Stock for the 20 Trading Days immediately preceding the applicable redemption date (with each such term as defined in the Company’s charter). Accordingly, the total number of shares of Common Stock that will be issued in connection with the redemptions is not currently determinable. The issuance of these shares of Common Stock is, as appropriate, exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 3(a)(9) thereunder.
Item 9.01 Financial Statements and Exhibits.
| Exhibit Number | Exhibit Description | |||||||
| *99.1 | Press Release dated March 9, 2026 regarding the Company’s financial results for the quarter ended December 31, 2025 | |||||||
| *99.2 | Shareholder Presentation for Q4 2025 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
*Filed herewith
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| CREATIVE MEDIA & COMMUNITY TRUST CORPORATION | ||||||||||||||
Dated: March 9, 2026 | By: | /s/ Brandon Hill Brandon Hill Chief Financial Officer | ||||||||||||
3
Exhibit 99.1
Creative Media & Community Trust Corporation Reports 2025 Fourth Quarter Results & Takes Action to Significantly Improve Balance Sheet and FFO1
Los Angeles—(March 9, 2026) Creative Media & Community Trust Corporation (NASDAQ: CMCT) (“we”, “our”, “CMCT”, or the “Company”) today reported operating results for the three months ended December 31, 2025.
Fourth Quarter 2025 Highlights
Real Estate Portfolio
•CMCT’s office portfolio was 74.8% leased as of December 31, 2025 (88.5% leased when excluding our one Oakland office building (the “Oakland Office Building”), compared to 81.7% leased as of December 31, 2024).
•Executed 22,966 square feet of leases with terms longer than 12 months.
•During the fourth quarter, one of our unconsolidated joint ventures completed the development of a 36-unit multifamily building in Los Angeles, California.
Financial Results
•Net loss attributable to common stockholders of $(17.7) million, or $(11.20) per diluted share.
•Funds from operations attributable to common stockholders (“FFO”)(3)1 was $(7.1) million, or $(4.49) per diluted share.
•Core FFO attributable to common stockholders (“Core FFO”)(4)1 was $(5.9) million, or $(3.74) per diluted share.
Asset Sales
•On January 21, 2026, we completed the sale of our lending business (“First Western”) for a purchase price of approximately $44.9 million2.
Management Commentary
The Company continues to make significant progress on its previously announced plan to accelerate its focus towards premier multifamily assets, strengthen the balance sheet and improve liquidity. Operating trends have been improving across the multifamily portfolio, the Los Angeles and Austin office assets and the company’s one hotel.
Since announcing this plan in September 2024, the company has significantly improved its balance sheet having completed financings on nine assets, fully retired its recourse credit facility, sold its lending business and redeemed approximately $153.3 million of Preferred Stock into shares of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”). In addition, the Company announced today that it expects to redeem approximately 1,957,023 shares of Series A Preferred Stock, par value $0.001 per share, approximately 7,767,609 shares of Series A1 Preferred Stock, par value $0.001 per share and approximately 21,760 shares of Series D Preferred Stock, par value $0.001 per share (collectively, the “Preferred Stock”), in shares of Common Stock (the “March 2026 Redemption”).
The Redemption is expected to improve CMCT’s FFO1 by approximately $16.0 million per year3 and returns the company’s capital structure back to its long-term target (approximately 38% common equity, 7% preferred equity and 55% debt when adjusting for the Redemption), on a fair value basis. Given the company’s significantly improved financial position, other than the March 2026 Redemption, the company does not currently intend to redeem, at the Company’s election, additional Preferred Stock in shares of Common Stock. However, the Company will evaluate redemption requests submitted by holders of Preferred Stock at the time it receives such requests and may elect to redeem those Preferred Shares in Common Stock or cash, at the Company’s discretion.
1Non-GAAP financial measure. Refer to the explanations and reconciliations elsewhere in this release.
2The sales price of approximately $44.9 million is net of the outstanding balance of SBA 7(a) loan-backed notes and subject to adjustment. At the closing and upon giving effect to the payment of other debt, transaction expenses and other matters, the sale yielded net cash proceeds of approximately $31.2 million.
3Represents cumulative 12 months of dividend expense for the shares of Preferred Stock expected to be redeemed in the Redemption, based on the respective dividend rates in place as of December 31, 2025
1
Exhibit 99.1
Operating Trends
The company believes there is an opportunity to significantly improve net operating income of its multifamily portfolio by increasing occupancy and by renewing leases at market rents which exceed in-place rents. CMCT’s multifamily occupancy, excluding its building in Echo Park Los Angeles which just began lease-up during Q4, was 88.5% as of December 31, 2025, representing a 320 basis point and 680 basis point improvement from the third quarter of 2025 and the fourth quarter 2024, respectively. In addition, the Company completed a 36 unit premier, class A multifamily apartment building in Echo Park Los Angeles in the fourth quarter of 2025. At year-end, the building was 16.7% occupied; as of the end of February 2026, the building was approximately 52% leased. The Company is also seeing improving demand at its Bay Area multifamily buildings with occupancy improving to 88.4% at 2025 year-end, compared to 84.7% at the end of the third quarter of 2025.
In the office segment, the Company executed approximately 182,120 square feet of leases during 2025. Excluding the Oakland Office Building, the leased percentage was 88.5% at the end of 2025, a 190 basis point improvement from the third quarter of 2025 and a 680 basis point improvement the fourth quarter of 2024. During the fourth quarter of 2025, occupancy at the Company’s 1130 Howard office building increased to 100% from 38.9% in the third quarter of 2025. At 11600 Wilshire Boulevard, the Company recently commenced a renovation program on several small suites, which is anticipated to fuel leasing activity. The Company owns one office asset in Oakland, where demand continues to be challenging. The mortgage on the asset matures in the third quarter of 2026; the Company is currently seeking an extension of the maturity but cannot guarantee it will reach an agreement with the lender. In the fourth quarter of 2025, the Oakland Office Building generated approximately $0.5 million of cash flow after debt service4.
In the hotel segment, the Company has substantially completed the renovation of the public space during the first quarter of 2026, following the renovation of all 505 rooms, setting the property up well for 2026 and beyond. The renovation was the first large scale renovation of the property since it was acquired in 2008.
Asset Sales
In January 2026, the Company completed the sale of its lending division for a purchase price of approximately $44.9 million (which is net of the outstanding balance of debt related to the 2023 securitization of certain loan receivables), subject to post-closing adjustments. Giving effect to the payment of other debt, transaction expenses and other matters, the transactions yielded net cash proceeds to the Company of approximately $31.2 million.
The Company continues to evaluate additional asset sales.
Fourth Quarter 2025 Results
Real Estate Portfolio
As of December 31, 2025, our real estate portfolio consisted of 27 assets, all of which were fee-simple properties and five of which we own through investments in unconsolidated joint ventures. Our unconsolidated joint ventures contain one office property, three multifamily properties (one of which has been partially converted from office into multifamily units and is now classified as a multifamily property) and one commercial development site. As of December 31, 2025, our 12 office properties, totaling approximately 1.3 million rentable square feet, were 74.8% occupied; our one hotel with an ancillary parking garage, which has a total of 505 rooms, had RevPAR of $152.70 for the year ended December 31, 2025, and our five multifamily properties were 85.3% occupied. Additionally, as of December 31, 2025, we had eight development sites (two of which were being used as parking lots).
Financial Results
Net loss attributable to common stockholders was $(17.7) million, or $(11.20) per diluted share of Common Stock, for the three months ended December 31, 2025, compared to a net loss attributable to common stockholders of $(16.6) million, or $(44.52) per diluted share of Common Stock, for the same period in 2024. The increase in net loss attributable to common stockholders was primarily due to an increase in impairment of real estate of $3.5 million and an increase in interest expense not allocated to our operating segments of $941,000, partially offset by an increase in segment net operating income of $1.7 million and a decrease in loss on early extinguishment of debt of $1.4 million.
FFO(3)5was $(7.1) million, or $(4.49) per diluted share of Common Stock, for the three months ended December 31, 2025, compared to $(8.7) million, or $(23.21) per diluted share of Common Stock, for the same period in 2024. The increase in FFO1 was primarily due to an increase of $1.7 million in segment net operating income, a decrease in loss on early extinguishment of debt of $1.4 million and a decrease of $923,000 in redeemable preferred stock dividends. These were partially offset by an increase in interest expense not allocated to our operating segments of $941,000, an increase in redeemable preferred stock redemptions of $883,000, and an increase in general and administrative expenses of $617,000.
4Calculated as cash NOI less mortgage interest expense
5 Non-GAAP financial measure. Refer to the explanations and reconciliations elsewhere in this release.
2
Core FFO(4)1 was $(5.9) million, or $(3.74) per diluted share of Common Stock for the three months ended December 31, 2025, compared to $(7.0) million, or $(18.64) per diluted share of Common Stock for the same period in 2024. The increase in Core FFO1 is attributable to the aforementioned changes in FFO1, while not impacted by the decrease in loss on early extinguishment of debt or the increase in redeemable preferred stock redemptions, as these are excluded from our Core FFO1 calculation.
Segment Information
Our reportable segments during the three months ended December 31, 2025 and 2024 consisted of three types of commercial real estate properties, namely, office, hotel and multifamily, as well as a segment for our lending business. Total segment net operating income (“NOI”)(5) was $10.9 million for the three months ended December 31, 2025, compared to $9.2 million for the same period in 2024.
Office
Same-Store
Same-store(2) office segment NOI(5) was $6.4 million for the three months ended December 31, 2025, an increase from $5.2 million compared to same period in 2024, while same-store(1) office Cash NOI(6)6 was $7.0 million for the three months ended December 31, 2025, a increase from $6.2 million in the same period in 2024. The increase in same-store(2) office Segment NOI(5) was primarily driven by an increase in rental revenues at an office property in Austin, Texas, due to an increase in occupancy, and at an office property in Beverly Hills, California, which had an increase in occupancy and rental rates as well as a decrease in property taxes. These were partially offset by a decrease in rental revenues at an office property in Los Angeles, California due to a decrease in occupancy, and at an office property in San Francisco, California, due to a decrease in rental rates.
At December 31, 2025, the Company’s same-store(2) office portfolio was 74.8% occupied, a decrease of 420 basis points year-over-year on a same-store(2) basis, and 74.8% leased, a decrease of 380 basis points year-over-year on a same-store(2) basis. The annualized rent per occupied square foot(7) on a same-store(2) basis was $58.78 at December 31, 2025, compared to $60.48 at December 31, 2024. During the three months ended December 31, 2025, the Company executed 22,966 square feet of leases with terms longer than 12 months at our same-store(2) office portfolio.
Total
Office Segment NOI(5) increased to $6.4 million for the three months ended December 31, 2025, as compared to $5.2 million for the same period in 2024, driven by the aforementioned decrease in same-store(2) office Segment NOI(5) as there was no non-same-store office activity during either period.
Hotel
Hotel Segment NOI(5) was $2.1 million for the three months ended December 31, 2025, consistent with $2.1 million for the same period in 2024:
| Three Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Occupancy | 63.1 | % | 54.5 | % | ||||||||||
Average daily rate(a) | $ | 212.70 | $ | 195.55 | ||||||||||
Revenue per available room(b) | $ | 134.24 | $ | 106.59 | ||||||||||
______________________
(a)Calculated as trailing 3-month room revenue divided by the number of rooms occupied.
(b)Calculated as trailing 3-month room revenue divided by the number of available rooms.
Multifamily
Our Multifamily Segment consists of two multifamily buildings located in Oakland, California as well as three investments in multifamily buildings in Los Angeles, California owned through unconsolidated joint ventures, one of which, 701 S Hudson / 4750 Wilshire Boulevard, was reclassified from an office segment property to a multifamily segment property as of October 1, 2024, following the conversion of a portion of the building from office space into multifamily units and one property, 1915 Park Avenue, where we just completed the development of a 36-unit multifamily building during the fourth quarter of 2025. Our multifamily segment NOI(5) was $(870,000) for the three months ended December 31, 2025, compared to $855,000 for the same period in 2024. The decrease in our multifamily segment NOI(5) was primarily due to an increase in the unrealized loss on investments in real estate at
6 Non-GAAP financial measure. Refer to the explanations and reconciliations elsewhere in this release.
3
our unconsolidated joint ventures during the three months ended December 31, 2025. As of December 31, 2025, our Multifamily Segment was 85.3% occupied, monthly rent per occupied unit(8) was $2,497 and net monthly rent per occupied unit(9) was $2,127, compared to 81.7%, $2,468, and $2,319, respectively, as of December 31, 2024.
Lending
Our lending segment primarily consisted of our SBA 7(a) lending platform, which was a national lender that primarily originated loans to small businesses in the hospitality industry. Lending segment NOI(5) was $3.3 million for the three months ended December 31, 2025, compared to $980,000 for the same period in 2024. The increase was primarily due to the reversal of CECL during the three months ended December 31, 2025 in connection with the reclassification of the assets and liabilities of First Western to held for sale. This was partially offset by a decrease in interest income as a result of loan payoffs and lower interest rates. Our lending segment was sold in January 2026.
Debt and Equity
During the three months ended December 31, 2025, the Company redeemed 342,521 shares of Series A1 Preferred Stock (all shares were redeemed in shares of Common Stock), 351,874 shares of Series A Preferred Stock (all shares were redeemed in shares of Common Stock), and 4,122 shares of Series D Preferred Stock (all shares were redeemed in shares of Common Stock). These redemptions resulted in the collective issuance of 1,910,435 shares of Common Stock during the three months ended December 31, 2025.
Dividends
We declared preferred stock dividends on our Series A, Series A1 and Series D Preferred Stock for the fourth quarter of 2025. The dividends were payable on January 15, 2026 to holders of record at the close of business on January 5, 2026.
The dividend amounts are as follows:
| Quarterly Dividend Amount | |||||
Series A Preferred Stock | $0.34375 per share | ||||
| Series A1 Preferred Stock | $0.426875 per share* | ||||
| Series D Preferred Stock | $0.353125 per share | ||||
*The quarterly cash dividend of $0.426875 per share represents an annualized dividend rate of 6.83% (2.5% plus the federal funds rate of 4.33% on the applicable determination date). The terms of the Series A1 Preferred Stock provide for cumulative cash dividends (if, as and when authorized by the Board of Directors) on each share of Series A1 Preferred Stock at a quarterly rate of the greater of (i) 6.00% of the Series A1 Stated Value, divided by four (4) and (ii) the Federal Funds (Effective) Rate on the applicable determination date, plus 2.50%, of the Series A1 Stated Value, divided by four (4), up to a maximum of 2.50% of the Series A1 Stated Value per quarter.
About the Data
Descriptions of certain performance measures, including Segment NOI, Cash NOI, FFO attributable to common stockholders, and Core FFO attributable to common stockholders are provided below. Certain of these performance measures—Cash NOI, FFO attributable to common stockholders and Core FFO attributable to common stockholders —are non-GAAP financial measures. Refer to the subsequent tables for reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure.
(1)Stabilized office portfolio: represents office properties where occupancy was not impacted by a redevelopment or repositioning during the period.
(2)Same-store properties: are properties that we have owned and operated in a consistent manner and reported in our consolidated results during the entire span of the periods being reported. We excluded from our same-store property set this quarter any properties (i) acquired on or after October 1, 2024; (ii) sold or otherwise removed from our consolidated financial statements on or before December 31, 2025; or (iii) that underwent a major repositioning project we believed significantly affected its results at any point during the period commencing on October 1, 2024 and ending on December 31, 2025. When determining our same-store office properties as of December 31, 2025, one office property was excluded pursuant to (i) and (iii) above and one office property was excluded pursuant to (ii) above.
(3)FFO attributable to common stockholders (“FFO”): represents net income (loss) attributable to common stockholders, computed in accordance with GAAP, which reflects the deduction of redeemable preferred stock dividends accumulated,
4
excluding gain (or loss) from sales of real estate, impairment of real estate, and real estate depreciation and amortization. We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (the “NAREIT”). See ‘Core FFO’ definition below for discussion of the benefits and limitations of FFO as a supplemental measure of operating performance.
(4)Core FFO attributable to common stockholders (“Core FFO”): represents FFO attributable to common stockholders (computed as described above), excluding gain (loss) on early extinguishment of debt, redeemable preferred stock deemed dividends, redeemable preferred stock redemptions, gain (loss) on termination of interest rate swaps, and transaction costs.
We believe that FFO is a widely recognized and appropriate measure of the performance of a REIT and that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. In addition, we believe that Core FFO is a useful metric for securities analysts, investors and other interested parties in the evaluation of our Company as it excludes from FFO the effect of certain amounts that we believe are non-recurring, are non-operating in nature as they relate to the manner in which we finance our operations, or transactions outside of the ordinary course of business.
Like any metric, FFO and Core FFO should not be used as the only measure of our performance because it excludes depreciation and amortization and captures neither the changes in the value of our real estate properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, and Core FFO excludes amounts incurred in connection with non-recurring special projects, prepaying or defeasing our debt, repurchasing our preferred stock, and adjusting the carrying value of our preferred stock classified in temporary equity to its redemption value, all of which have real economic effect and could materially impact our operating results. Other REITs may not calculate FFO and Core FFO in the same manner as we do, or at all; accordingly, our FFO and Core FFO may not be comparable to the FFOs and Core FFOs of other REITs. Therefore, FFO and Core FFO should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a supplement to or substitute measure for cash flows from operating activities computed in accordance with GAAP. FFO and Core FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. FFO and Core FFO per share for the year-to-date period may differ from the sum of quarterly FFO and Core FFO per share amounts due to the required method for computing per share amounts for the respective periods. In addition, FFO and Core FFO per share is calculated independently for each component and may not be additive due to rounding.
(5)Segment NOI: for our real estate segments represents rental and other property income and expense reimbursements less property related expenses and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and benefit (provision) for income taxes. For our lending segment, Segment NOI represents interest income net of interest expense and general overhead expenses. See ‘Cash NOI’ definition below for discussion of the benefits and limitations of Segment NOI as a supplemental measure of operating performance.
(6)Cash NOI: for our real estate segments, represents Segment NOI adjusted to exclude the effect of the straight lining of rents, acquired above/below market lease amortization and other adjustments required by generally accepted accounting principles (“GAAP”). For our lending segment, there is no distinction between Cash NOI and Segment NOI. We also evaluate the operating performance and financial results of our operating segments using cash basis NOI excluding lease termination income, or “Cash NOI excluding lease termination income”.
Segment NOI and Cash NOI are not measures of operating results or cash flows from operating activities as measured by GAAP and should not be considered alternatives to income from continuing operations, or to cash flows as a measure of liquidity, or as an indication of our performance or of our ability to pay dividends. Companies may not calculate Segment NOI or Cash NOI in the same manner. We consider Segment NOI and Cash NOI to be useful performance measures to investors and management because, when compared across periods, they reflect the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. Additionally, we believe that Cash NOI is helpful to investors because it eliminates straight line rent and other non-cash adjustments to revenue and expenses.
(7)Annualized rent per occupied square foot: represents gross monthly base rent under leases commenced as of the specified periods, multiplied by twelve. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail.
(8)Monthly rent per occupied unit: Represents gross monthly base rent under leases commenced as of the specified period, divided by occupied units. This amount reflects total cash rent before concessions.
5
(9)Net monthly rent per occupied unit: Represents gross monthly base rent under leases commenced as of the specified period less rent concessions granted during the specified period, divided by occupied units.
6
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are intended to be covered by the safe harbors created thereby. These statements include the plans and objectives of management for future operations, including plans and objectives relating to future growth of CMCT’s business and availability of funds. Such forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “project,” “target,” “expect,” “intend,” “might,” “believe,” “anticipate,” “estimate,” “could,” “would,” “continue,” “pursue,” “potential,” “forecast,” “seek,” “plan,” or “should,” or “goal” or the negative thereof or other variations or similar words or phrases. Such forward-looking statements also include, among others, statements about CMCT’s plans and objectives relating to future growth and outlook. Such forward-looking statements are based on particular assumptions that management of CMCT has made in light of its experience, as well as its perception of expected future developments and other factors that it believes are appropriate under the circumstances. Forward-looking statements are necessarily estimates reflecting the judgment of CMCT’s management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include those associated with (i) the timing, form, and operational effects of CMCT’s development activities, (ii) the ability of CMCT to raise in place rents to existing market rents and to maintain or increase occupancy levels, (iii) fluctuations in market rents, (iv) the effects of inflation and continuing higher interest rates on the operations and profitability of CMCT and (v) general economic, market and other conditions, including the effects of high unemployment rates, continued or renewed inflation and any recession or slowdown in economic growth. Additional important factors that could cause CMCT’s actual results to differ materially from CMCT’s expectations are discussed in “Item 1A—Risk Factors” in CMCT’s Annual Report on Form 10-K for the year ended December 31, 2025 and in Part II, Item 1A of CMCT’s Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission from time to time. The forward-looking statements included herein are based on current expectations and there can be no assurance that these expectations will be attained. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond CMCT’s control. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements expressed or implied will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements expressed or implied herein, the inclusion of such information should not be regarded as a representation by CMCT or any other person that CMCT’s objectives and plans will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made. CMCT does not undertake to update them to reflect changes that occur after the date they are made, except as may be required by applicable securities laws.
For Creative Media & Community Trust Corporation
Media Relations:
Bill Mendel, 212-397-1030
bill@mendelcommunications.com
or
Shareholder Relations:
Steve Altebrando, 646-652-8473
shareholders@creativemediacommunity.com
shareholders@creativemediacommunity.com
7
CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited and in thousands, except share and per share amounts)
| December 31, 2025 | December 31, 2024 | |||||||||||||
| ASSETS | ||||||||||||||
| Investments in real estate, net | $ | 698,087 | $ | 709,194 | ||||||||||
| Investments in unconsolidated entities | 31,095 | 33,677 | ||||||||||||
| Cash and cash equivalents | 15,439 | 20,262 | ||||||||||||
| Restricted cash | 22,246 | 32,606 | ||||||||||||
| Loans receivable, net (Note 5) | — | 56,210 | ||||||||||||
| Accounts receivable, net | 2,598 | 4,345 | ||||||||||||
| Deferred rent receivable and charges, net | 18,692 | 19,896 | ||||||||||||
| Other intangible assets, net | 439 | 3,568 | ||||||||||||
| Other assets | 4,732 | 9,797 | ||||||||||||
| Assets held for sale, net (Note 5) | 65,859 | — | ||||||||||||
| TOTAL ASSETS | $ | 859,187 | $ | 889,555 | ||||||||||
| LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY | ||||||||||||||
| LIABILITIES: | ||||||||||||||
| Debt, net | $ | 509,768 | $ | 505,732 | ||||||||||
| Accounts payable and accrued expenses | 26,979 | 32,204 | ||||||||||||
| Due to related parties | 22,819 | 14,068 | ||||||||||||
| Other liabilities | 11,406 | 10,488 | ||||||||||||
| Liabilities associated with assets held for sale, net (Note 5) | 21,966 | — | ||||||||||||
| Total liabilities | 592,938 | 562,492 | ||||||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||||||
REDEEMABLE PREFERRED STOCK: Series A1 cumulative redeemable preferred stock, $0.001 par value; 24,508,664 and 25,045,401 shares authorized as of December 31, 2025 and December 31, 2024, respectively; no shares issued and outstanding as of December 31, 2025, respectively and 913,630 and 913,590 shares issued and outstanding as of December 31, 2024; liquidation preference of $25.00 per share, subject to adjustment | — | 20,799 | ||||||||||||
| EQUITY: | ||||||||||||||
Series A cumulative redeemable preferred stock, $0.001 par value; 30,848,680 and 31,305,025 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 8,820,338 and 3,669,018 shares issued and outstanding, respectively, as of December 31, 2025 and 8,820,338 and 4,125,363 shares issued and outstanding, respectively, as of December 31, 2024; liquidation preference of $25.00 per share, subject to adjustment | 91,906 | 103,326 | ||||||||||||
Series A1 cumulative redeemable preferred stock, $0.001 par value; 24,508,664 and 25,045,401 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 12,240,878 and 8,749,542 shares issued and outstanding, respectively, as of December 31, 2025 and 11,327,248 and 8,372,689 shares issued and outstanding, respectively, as of December 31, 2024; liquidation preference of $25.00 per share, subject to adjustment | 217,451 | 207,387 | ||||||||||||
Series D cumulative redeemable preferred stock, $0.001 par value; 26,987,468 and 26,991,590 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 56,857 and 44,325 shares issued and outstanding, respectively, as of December 31, 2025 and 56,857 and 48,447 shares issued and outstanding, respectively, as of December 31, 2024; liquidation preference of $25.00 per share, subject to adjustment | 1,089 | 1,190 | ||||||||||||
Common stock, $0.001 par value; 900,000,000 shares authorized; 2,699,686 shares issued and outstanding as of December 31, 2025 and 466,180 shares issued and outstanding as of December 31, 2024 | 3 | 119 | ||||||||||||
| Additional paid-in capital | 1,019,044 | 994,973 | ||||||||||||
| Distributions in excess of earnings | (1,064,132) | (1,002,479) | ||||||||||||
| Total stockholders’ equity | 265,361 | 304,516 | ||||||||||||
| Noncontrolling interests | 888 | 1,748 | ||||||||||||
| Total equity | 266,249 | 306,264 | ||||||||||||
| TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY | 859,187 | 889,555 | ||||||||||||
8
CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited and in thousands, except per share amounts)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| REVENUES: | ||||||||||||||||||||||||||
| Rental and other property income | $ | 16,270 | $ | 16,094 | $ | 65,431 | $ | 72,266 | ||||||||||||||||||
| Hotel income | 9,092 | 7,911 | 39,642 | 37,679 | ||||||||||||||||||||||
| Interest and other income | 3,089 | 3,454 | 11,596 | 14,567 | ||||||||||||||||||||||
| Total Revenues | 28,451 | 27,459 | 116,669 | 124,512 | ||||||||||||||||||||||
| EXPENSES: | ||||||||||||||||||||||||||
| Rental and other property operating | 16,803 | 15,412 | 67,043 | 67,962 | ||||||||||||||||||||||
| Asset management and other fees to related parties | 316 | 463 | 1,356 | 1,797 | ||||||||||||||||||||||
| Expense reimbursements to related parties—corporate | 805 | 472 | 3,496 | 2,281 | ||||||||||||||||||||||
| Expense reimbursements to related parties—lending segment | 575 | 663 | 2,591 | 2,571 | ||||||||||||||||||||||
| Interest | 9,945 | 9,053 | 40,191 | 36,872 | ||||||||||||||||||||||
| General and administrative | (775) | 1,761 | 5,355 | 7,004 | ||||||||||||||||||||||
| Transaction-related costs | 48 | 31 | 1,475 | 1,382 | ||||||||||||||||||||||
| Depreciation and amortization | 6,912 | 8,016 | 27,081 | 27,373 | ||||||||||||||||||||||
| Loss on early extinguishment of debt (Note 7) | — | 1,416 | 88 | 1,416 | ||||||||||||||||||||||
| Impairment of real estate (Note 3) | 3,471 | — | 3,692 | — | ||||||||||||||||||||||
| Loss on assets held for sale (Note 5) | 298 | — | 298 | — | ||||||||||||||||||||||
| Total Expenses | 38,398 | 37,287 | 152,666 | 148,658 | ||||||||||||||||||||||
| Loss from unconsolidated entities | (1,475) | (364) | (3,760) | (806) | ||||||||||||||||||||||
| Gain on sale of real estate (Note 3) | — | — | 679 | — | ||||||||||||||||||||||
| LOSS BEFORE PROVISION FOR INCOME TAXES | (11,422) | (10,192) | (39,078) | (24,952) | ||||||||||||||||||||||
| Provision for income taxes | 144 | 225 | 497 | 798 | ||||||||||||||||||||||
| NET LOSS | (11,566) | (10,417) | (39,575) | (25,750) | ||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | 132 | 152 | 573 | 575 | ||||||||||||||||||||||
| NET LOSS ATTRIBUTABLE TO THE COMPANY | (11,434) | (10,265) | (39,002) | (25,175) | ||||||||||||||||||||||
| Redeemable preferred stock dividends declared or accumulated (Note 11) | (5,162) | (6,085) | (21,207) | (29,686) | ||||||||||||||||||||||
| Redeemable preferred stock deemed dividends (Note 11) | — | — | — | (755) | ||||||||||||||||||||||
| Redeemable preferred stock redemptions (Note 11) | (1,139) | (256) | (1,439) | (17,727) | ||||||||||||||||||||||
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (17,735) | $ | (16,606) | $ | (61,648) | $ | (73,343) | ||||||||||||||||||
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE: | ||||||||||||||||||||||||||
| Basic | $ | (11.20) | $ | (44.52) | $ | (67.08) | $ | (431.43) | ||||||||||||||||||
| Diluted | $ | (11.20) | $ | (44.52) | $ | (67.08) | $ | (431.43) | ||||||||||||||||||
| WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | ||||||||||||||||||||||||||
| Basic | 1,584 | 373 | 919 | 170 | ||||||||||||||||||||||
| Diluted | 1,584 | 373 | 919 | 170 | ||||||||||||||||||||||
9
CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES
Funds from Operations Attributable to Common Stockholders
(Unaudited and in thousands, except per share amounts)
We believe that FFO is a widely recognized and appropriate measure of the performance of a REIT and that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO represents net income (loss) attributable to common stockholders, computed in accordance with generally accepted accounting principles ("GAAP"), which reflects the deduction of redeemable preferred stock dividends accumulated, excluding gains (or losses) from sales of real estate, impairment of real estate, and real estate depreciation and amortization. We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (the "NAREIT").
Like any metric, FFO should not be used as the only measure of our performance because it excludes depreciation and amortization and captures neither the changes in the value of our real estate properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our operating results. Other REITs may not calculate FFO in accordance with the standards established by the NAREIT; accordingly, our FFO may not be comparable to the FFO of other REITs. Therefore, FFO should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a supplement to or substitute measure for cash flows from operating activities computed in accordance with GAAP. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. The following table sets forth a reconciliation of net income (loss) attributable to common stockholders to FFO attributable to common stockholders for the three months and years ended December 31, 2025 and 2024.
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Numerator: | ||||||||||||||||||||||||||
| Net loss attributable to common stockholders | $ | (17,735) | $ | (16,606) | $ | (61,648) | $ | (73,343) | ||||||||||||||||||
| Depreciation and amortization | 6,912 | 8,016 | 27,081 | 27,373 | ||||||||||||||||||||||
| Noncontrolling interests’ proportionate share of depreciation and amortization | (53) | (66) | (233) | (306) | ||||||||||||||||||||||
| Impairment of real estate | 3,471 | — | 3,692 | — | ||||||||||||||||||||||
Loss on assets held for sale | 298 | — | 298 | — | ||||||||||||||||||||||
| Gain on sale of real estate | — | — | (679) | — | ||||||||||||||||||||||
| FFO attributable to common stockholders | $ | (7,107) | $ | (8,656) | $ | (31,489) | $ | (46,276) | ||||||||||||||||||
| Redeemable preferred stock dividends declared on dilutive shares (a) | — | — | — | — | ||||||||||||||||||||||
| Diluted FFO attributable to common stockholders | $ | (7,107) | $ | (8,656) | $ | (31,489) | $ | (46,276) | ||||||||||||||||||
| Denominator: | ||||||||||||||||||||||||||
| Basic weighted average shares of common stock outstanding | 1,584 | 373 | 919 | 170 | ||||||||||||||||||||||
| Effect of dilutive securities—contingently issuable shares (a) | — | — | — | — | ||||||||||||||||||||||
| Diluted weighted average shares and common stock equivalents outstanding | 1,584 | 373 | 919 | 170 | ||||||||||||||||||||||
| FFO attributable to common stockholders per share: | ||||||||||||||||||||||||||
| Basic | $ | (4.49) | $ | (23.21) | $ | (34.26) | $ | (272.21) | ||||||||||||||||||
| Diluted | $ | (4.49) | $ | (23.21) | $ | (34.26) | $ | (272.21) | ||||||||||||||||||
______________________
(a)For the three months and the years ended December 31, 2025 and 2024, the effect of certain shares of redeemable preferred stock were excluded from the computation of diluted FFO attributable to common stockholders and the diluted weighted average shares and common stock equivalents outstanding as such inclusion would be anti-dilutive.
10
CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES
Core Funds from Operations Attributable to Common Stockholders
(Unaudited and in thousands, except per share amounts)
In addition to calculating FFO in accordance with the standards established by NAREIT, we also calculate a supplemental FFO metric we call Core FFO attributable to common stockholders. Core FFO attributable to common stockholders represents FFO attributable to common stockholders, computed in accordance with NAREIT's standards, excluding losses (or gains) on early extinguishment of debt, redeemable preferred stock redemptions, gains (or losses) on termination of interest rate swaps, and transaction costs. We believe that Core FFO is a useful metric for securities analysts, investors and other interested parties in the evaluation of our Company as it excludes from FFO the effect of certain amounts that we believe are non-recurring, are non-operating in nature as they relate to the manner in which we finance our operations, or transactions outside of the ordinary course of business.
Like any metric, Core FFO should not be used as the only measure of our performance because, in addition to excluding those items prescribed by NAREIT when calculating FFO, it excludes amounts incurred in connection with non-recurring special projects, prepaying or defeasing our debt and repurchasing our preferred stock, all of which have real economic effect and could materially impact our operating results. Other REITs may not calculate Core FFO in the same manner as we do, or at all; accordingly, our Core FFO may not be comparable to the Core FFO of other REITs who calculate such a metric. Therefore, Core FFO should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a supplement to or substitute measure for cash flows from operating activities computed in accordance with GAAP. Core FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. The following table sets forth a reconciliation of net income (loss) attributable to common stockholders to Core FFO attributable to common stockholders for the three months and the years ended December 31, 2025 and 2024.
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Numerator: | ||||||||||||||||||||||||||
| Net loss attributable to common stockholders | $ | (17,735) | $ | (16,606) | $ | (61,648) | $ | (73,343) | ||||||||||||||||||
| Depreciation and amortization | 6,912 | 8,016 | 27,081 | 27,373 | ||||||||||||||||||||||
| Noncontrolling interests’ proportionate share of depreciation and amortization | (53) | (66) | (233) | (306) | ||||||||||||||||||||||
| Impairment of real estate | 3,471 | — | 3,692 | — | ||||||||||||||||||||||
| Loss on assets held for sale | 298 | — | 298 | — | ||||||||||||||||||||||
| Gain on sale of real estate | — | — | (679) | — | ||||||||||||||||||||||
| FFO attributable to common stockholders | $ | (7,107) | $ | (8,656) | $ | (31,489) | $ | (46,276) | ||||||||||||||||||
| Loss on early extinguishment of debt | — | 1,416 | 88 | 1,416 | ||||||||||||||||||||||
| Redeemable preferred stock deemed dividends | — | — | — | 755 | ||||||||||||||||||||||
| Redeemable preferred stock redemptions | 1,139 | 256 | 1,439 | 17,727 | ||||||||||||||||||||||
| Transaction-related costs | 48 | 31 | 1,475 | 1,382 | ||||||||||||||||||||||
| Core FFO attributable to common stockholders | (5,920) | (6,953) | (28,487) | (24,996) | ||||||||||||||||||||||
| Redeemable preferred stock dividends declared on dilutive shares (a) | — | — | — | — | ||||||||||||||||||||||
| Diluted Core FFO attributable to common stockholders | $ | (5,920) | $ | (6,953) | $ | (28,487) | $ | (24,996) | ||||||||||||||||||
| Denominator: | ||||||||||||||||||||||||||
| Basic weighted average shares of common stock outstanding | 1,584 | 373 | 919 | 170 | ||||||||||||||||||||||
| Effect of dilutive securities-contingently issuable shares (a) | — | — | — | — | ||||||||||||||||||||||
| Diluted weighted average shares and common stock equivalents outstanding | 1,584 | 373 | 919 | 170 | ||||||||||||||||||||||
| Core FFO attributable to common stockholders per share: | ||||||||||||||||||||||||||
| Basic | $ | (3.74) | $ | (18.64) | $ | (31.00) | $ | (147.04) | ||||||||||||||||||
| Diluted | $ | (3.74) | $ | (18.64) | $ | (31.00) | $ | (147.04) | ||||||||||||||||||
______________________
(a)For the three months and the years ended December 31, 2025 and 2024, the effect of certain shares of redeemable preferred stock were excluded from the computation of diluted Core FFO attributable to common stockholders and the diluted weighted average shares and common stock equivalents outstanding as such inclusion would be anti-dilutive.
11
CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES
Reconciliation of Net Operating Income
(Unaudited and in thousands)
We internally evaluate the operating performance and financial results of our real estate segments based on segment NOI, which is defined as rental and other property income and expense reimbursements less property related expenses and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and provision for income taxes. For our lending segment, we define segment NOI as interest income net of interest expense and general overhead expenses. We also evaluate the operating performance and financial results of our operating segments using cash basis NOI, or "cash NOI". For our real estate segments, we define cash NOI as segment NOI adjusted to exclude the effect of the straight lining of rents, acquired above/below market lease amortization and other adjustments required by GAAP.
Cash NOI is not a measure of operating results or cash flows from operating activities as measured by GAAP and should not be considered an alternative to income from continuing operations, or to cash flows as a measure of liquidity, or as an indication of our performance or of our ability to pay dividends. Companies may not calculate cash NOI in the same manner. We consider cash NOI to be a useful performance measure to investors and management because, when compared across periods, it reflects the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. Additionally, we believe that cash NOI is helpful to investors because it eliminates straight line rent and other non-cash adjustments to revenue and expenses.
Below is a reconciliation of cash NOI to segment NOI and net income (loss) attributable to the Company for the three months ended December 31, 2025 and 2024.
| Three months ended December 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Same-Store Office | Non-Same-Store Office | Total Office | Hotel | Multi-family | Lending | Total | ||||||||||||||||||||||||||||||||||||||
| Cash net operating income | $ | 7,015 | $ | — | $ | 7,015 | $ | 2,052 | $ | (870) | $ | 3,265 | $ | 11,462 | ||||||||||||||||||||||||||||||
| Deferred rent and amortization of intangible assets, liabilities, and lease inducements | (568) | — | (568) | (1) | — | — | (569) | |||||||||||||||||||||||||||||||||||||
| Segment net operating income | $ | 6,447 | $ | — | $ | 6,447 | $ | 2,051 | $ | (870) | $ | 3,265 | $ | 10,893 | ||||||||||||||||||||||||||||||
| Interest and other income | 124 | |||||||||||||||||||||||||||||||||||||||||||
| Asset management and other fees to related parties | (316) | |||||||||||||||||||||||||||||||||||||||||||
| Expense reimbursements to related parties — corporate | (805) | |||||||||||||||||||||||||||||||||||||||||||
| Interest expense | (9,297) | |||||||||||||||||||||||||||||||||||||||||||
| General and administrative | (1,292) | |||||||||||||||||||||||||||||||||||||||||||
| Transaction-related costs | (48) | |||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (6,912) | |||||||||||||||||||||||||||||||||||||||||||
| Impairment of real estate | (3,471) | |||||||||||||||||||||||||||||||||||||||||||
| Loss on assets held for sale | (298) | |||||||||||||||||||||||||||||||||||||||||||
| Loss before provision for income taxes | (11,422) | |||||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | (144) | |||||||||||||||||||||||||||||||||||||||||||
| Net loss | (11,566) | |||||||||||||||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | 132 | |||||||||||||||||||||||||||||||||||||||||||
| Net loss attributable to the Company | $ | (11,434) | ||||||||||||||||||||||||||||||||||||||||||
12
| Three months ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Same-Store Office | Non-Same-Store Office | Total Office | Hotel | Multi-family | Lending | Total | ||||||||||||||||||||||||||||||||||||||
| Cash net operating income | $ | 6,234 | $ | — | $ | 6,234 | $ | 2,097 | $ | 855 | $ | 980 | $ | 10,166 | ||||||||||||||||||||||||||||||
| Deferred rent and amortization of intangible assets, liabilities, and lease inducements | (1,008) | — | (1,008) | — | — | — | (1,008) | |||||||||||||||||||||||||||||||||||||
| Segment net operating income | $ | 5,226 | $ | — | $ | 5,226 | $ | 2,097 | $ | 855 | $ | 980 | $ | 9,158 | ||||||||||||||||||||||||||||||
| Interest and other income | 79 | |||||||||||||||||||||||||||||||||||||||||||
| Asset management and other fees to related parties | (463) | |||||||||||||||||||||||||||||||||||||||||||
| Expense reimbursements to related parties — corporate | (472) | |||||||||||||||||||||||||||||||||||||||||||
| Interest expense | (8,356) | |||||||||||||||||||||||||||||||||||||||||||
| General and administrative | (675) | |||||||||||||||||||||||||||||||||||||||||||
| Transaction-related costs | (31) | |||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (8,016) | |||||||||||||||||||||||||||||||||||||||||||
| Loss on early extinguishment of debt | (1,416) | |||||||||||||||||||||||||||||||||||||||||||
| Loss before provision for income taxes | (10,192) | |||||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | (225) | |||||||||||||||||||||||||||||||||||||||||||
| Net loss | (10,417) | |||||||||||||||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | 152 | |||||||||||||||||||||||||||||||||||||||||||
| Net loss attributable to the Company | $ | (10,265) | ||||||||||||||||||||||||||||||||||||||||||
13
SHAREHOLDER PRESENTATION | March 2026
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 2 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Important Disclosures Forward-looking Statements The information set forth herein contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. These statements include the plans and objectives of management for future operations, including plans and objectives relating to future growth of our business and availability of funds. Such forward-looking statements can be identified by the use of forward- looking terminology such as "may," "will," "project," "target," "expect," "intend," "might," "believe," "anticipate," "estimate," "could," "would," "continue," "pursue," "potential," "forecast," "seek," "plan," "should," or "goal" or the negative thereof or other variations or similar words or phrases. Such forward-looking statements also include, among others, statements about CMCT's plans and objectives relating to future growth and outlook. Such forward-looking statements are based on particular assumptions that management of CMCT has made in light of its experience, as well as its perception of expected future developments and other factors that it believes are appropriate under the circumstances. Forward-looking statements are necessarily estimates reflecting the judgment of CMCT's management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include those associated with (i) the timing, form, and operational effects of CMCT's development activities, (ii) the ability of CMCT to raise in place rents to existing market rents and to maintain or increase occupancy levels, (iii) fluctuations in market rents, (iv) the effects of inflation and continuing higher interest rates on the operations and profitability of CMCT and (v) general economic, market and other conditions, including the effects of high unemployment rates, continued or renewed inflation and any recession or slowdown in economic growth. Additional important factors that could cause CMCT's actual results to differ materially from CMCT's expectations are discussed in "Item 1A—Risk Factors" in CMCT's Annual Report on Form 10-K for the year ended December 31, 2025. The forward-looking statements included herein are based on current expectations and there can be no assurance that these expectations will be attained. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond CMCT's control. Although we believe that the assumptions underlying the forward- looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward- looking statements expressed or implied will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements expressed or implied herein, the inclusion of such information should not be regarded as a representation by CMCT or any other person that CMCT's objectives and plans will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made. CMCT does not undertake to update them to reflect changes that occur after the date they are made, except as may be required by applicable laws.
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 3 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. CIM Group: Manager of CMCT (Assets Owned and Operated is unaudited). See disclosure statement under “Assets Owned and Operated” and “Property Pictures” on page 31. 1) As of September 30, 2025. 2) As of December 31, 2025. CIM Group Management, LLC (“CIM”) is a community- focused real estate and infrastructure owner, operator, lender and developer. The Independent | Austin 491,000 SF | For Sale Residential, Ground Floor Retail, Parking Key CIM Group Projects Santa Monica Westgate | Los Angeles 143,000 SF Residential, Ground Floor Retail Sunset La Cienega | Los Angeles 384,500 SF | Hotel, For Sale Residential, Ground Floor Retail Seaholm | Austin 551,000 SF | For Sale Residential, Ground Floor Retail, Parking 432 Park Avenue | New York City 518,250 SF | For Sale Residential, Ground Floor Retail 11 Madison | New York City 2.2M SF | Class A Office, Ground Floor Retail, Storage 1994 Established 306 Real Assets Owned and Operated1 $31.8B Assets Owned and Operated1 900+ Employees2 9 Corporate Offices Worldwide2 Competitive Advantages Diverse Team of In-house Professionals Commitment to Community Disciplined Approach
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 4 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Past performance does not guarantee future results. 1) Property count as of December 31, 2025. Includes joint ventures. Leased percentage as of December 31, 2025. 2) Includes the portion of the property at 4750 Wilshire Boulevard that was converted to 68 multifamily units ("701 S Hudson"). Creative Media & Community Trust Corporation CMCT primarily focuses on the acquisition, ownership, operation and development of creative office and premier multifamily assets in vibrant and emerging communities. NASDAQ: CMCT CMCT Portfolio1 • Office Portfolio 12 Class A and creative office properties 74.8% leased in aggregate • Multifamily Portfolio 5 premier Class A multifamily properties (801 total units)2 • Hotel 1 hotel with an adjacent parking garage (Sacramento) • Development Pipeline (Primarily Multifamily) Additional development opportunities in Austin (two), Los Angeles (Culver City, Hollywood, Jefferson Park, Mid-Wilshire), Oakland (three) and Sacramento 2019: CMCT sold eight buildings totaling ~2.2 million SF of traditional office space and maintained its portfolio of creative and Class A office assets. Proceeds were used to repay debt and deliver a $42 per share special dividend. 2022: Announced efforts to focus on premier multifamily and creative office assets catering to high growth industries like entertainment and technology. 2026: Sold lending division for a purchase price of approximately $44.9 million. Oakland Austin Los Angeles San Francisco
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 5 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Significantly Improved balance sheet and liquidity while also financing growth initiatives • September 2024 - Announced plans to refinance several assets and used part of proceeds to retire recourse credit facility ($169.3 million balance at the end of 3Q'24) • April 2025 - Fully repaid and retired recourse credit facility after completing 4 new financings across 7 properties • 2Q'25 - Extended maturity on 1150 Clay mortgage to mid 20261 • 3Q'25 - Extended maturity on Channel House mortgage to January 20271 • 1Q' 26 - Completed upsize of Penn Field mortgage to fund strong leasing activity • In process of extending mortgage on 1910 W Sunset (creative office joint venture) • Redeemed $153.3 million of preferred stock in 2024 and 2025 in shares of common stock; 1Q'26 preferred stock redemption expected to improve FFO by $16.0 million2 per year and return company's capital structure back to prior targets Improve property level performance and grow premier multifamily portfolio • Same-store occupancy increased to 88.5% at 2025 year-end, a 320 and 680 basis point improvement from 3Q'25 and 2024 year-end, respectively • 1915 Park Avenue (LA) ◦ 36-unit multifamily development completed in 4Q'25 and was 52% leased at end of February 2026 ◦ • Channel House & 1150 Clay Street (SF Bay area) ◦ Positioned to participate in area recovery Strong office leasing activity and significant progress on hotel renovation • Portfolio was 88.5% leased at end of 2025 when excluding CMCT's one Oakland asset, representing a 190 and 680 basis point improvement from 3Q'25 and 2024 year-end, respectively • Sheraton Grand Hotel ◦ Completed renovation of 505 guest rooms and expect to largely finalize upgrades to public space in 1Q'26 - property will be positioned for 2026 and beyond Asset sales • On January 21, 2026, we completed the sale of our lending business ("First Western") for a price of approximately $44.9 million3 • Continue to evaluate additional asset sales Plan to Strengthen Balance Sheet & Liquidity 1) See "Important Information - Debt and Preferred Summary" on page 30. 2) Represents cumulative 12 months of dividend expense for the shares of Preferred Stock expected to be redeemed in the Redemption, based on the respective dividend rates in place as of December 31, 2025 3) The sales price of approximately $44.9 million is net of the outstanding balance of SBA 7(a) loan-backed notes and subject to adjustment. At the closing and upon giving effect to the payment of other debt, transaction expenses and other matters, the sale yielded net cash proceeds of approximately $31.2 million.
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 6 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Strategy designed to benefit from the trend toward a more cohesive work/live lifestyle Track record of acquiring and developing assets in vibrant and emerging communities Resources, market knowledge and relationships for smooth execution of transactions CMCT: Strategy
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 7 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Designed to Benefit From Changing Lifestyles1 Key Multifamily Trends Walkability Luxury Amenities Well-Connected Hybrid Work Lifestyle Culture-Oriented Locations Vibrant Neighborhoods in Major U.S. Markets 1) Statements made on this slide are based on CIM’s observations and beliefs. CMCT began acquiring premier class A multifamily apartments in 2023 Channel House Jack London Square, Oakland Parkview Living Echo Park, Los Angeles Eleven Fifty Clay Oakland Eleven Fifty Clay
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 8 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Designed to Benefit From Changing Lifestyles1 The pandemic accelerated the trend toward a more cohesive work/live lifestyle. 1) Statements made on this slide are based on CIM Group’s observations and beliefs. Key Office Trends » Growing demand for “creative office” » Desire for spaces that inspire employees » Emphasis on comfort, cool and “wow factor” » Battle to recruit and retain top talent What is “creative office”? Creative office space diverges from traditional office norms. It includes bright, open, and thoughtfully designed spaces that encourage creativity, flexibility and collaboration.
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 9 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Assets in Vibrant and Emerging Sub-Markets1 CMCT leverages the expertise of its operator, CIM Group. CIM Group acquires and develops assets in transitional and thriving sub-markets marked by high barriers-to-entry, improving demographics, population growth, ease of transportation, and vibrant dining, entertainment and retail options. CIM Group believes selecting the right submarkets contributes to outsized rent growth and asset appreciation. Example: CIM Group’s Hollywood Media District Real Estate Holdings 1) Includes properties that are operated by CIM Group on behalf of partners and co-investors. CMCT’s assets included properties owned.
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 10 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Case Study: Sycamore Media District in Hollywood Transformed into a flourishing, walkable urban locale Home to leading media and entertainment companies such as SiriusXM, Roc Nation, Showtime, Ticketmaster/Live Nation, Oprah Winfrey Network, and Hyperobject Industries @sycamoredistrict Assets in Vibrant and Emerging Sub-Markets Retail “This Stylish Street in Hollywood is Becoming L.A.’s New City Center.” -LAMAG Dining CultureWellness
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 11 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Resources, Market-Knowledge and Relationships Core in-house capabilities include acquisition, credit analysis, development, financing, leasing, on-site property management and distribution CMCT Management Inside Board Members Avi Shemesh CIM Group Co-founder CMCT Board Member Responsible for CIM’s long-term relationships with strategic institutions and oversees teams essential to acquisitions, portfolio management and internal and external communication Richard Ressler CIM Group Co-founder CMCT Chairman of the Board Chair of CIM's Executive, Investment, Allocation and Real Assets Management Committees • Founder of Orchard Capital Corp., OFS Capital Management (a full service provider of leveraged finance solutions) and OCV Management (owner of technology companies) • Chairman of the Board of CIM Real Estate Finance Trust, Inc. • Previously worked at Drexel Burnham Lambert, Inc. and began his career as an attorney with Cravath, Swaine and Moore, LLP Shaul Kuba CMCT Chief Investment Officer and CMCT Board Member CIM Group Co-founder Head of CIM’s Development Team and actively involved in the successful development, redevelopment and repositioning of CIM’s real estate assets around the U.S. David Thompson CMCT CEO CIM Group CFO and Principal 15 years of previous experience with Hilton Hotels Corporation, most recently as Senior Vice President and Controller Brandon Hill CMCT CFO Has served as 1st Vice President - Fund Accounting & Reporting for CIM Group, L.P. since March 2022. Prior to his role as 1st Vice President - Fund Accounting & Reporting, Mr. Hill served as Vice President - Financial Reporting for CIM Group, L.P. from 2018 to 2022
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 12 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Resources, Market-Knowledge and Relationships1 CMCT caters to tenants in rapidly growing tech and entertainment industries. CMCT's Notable Tenants CIM Relationships 1) See disclosure statement under “Logos” on page 31.
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 13 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Class A & Creative Office Portfolio1 Classification / Market / Address Sub-Market Class2 Rentable Square Feet ("SF") % Occupied % Leased Annualized Rent Per Occupied SF 3 Consolidated Office Portfolio Oakland, CA 1 Kaiser Plaza Lake Merritt Class A 537,929 55.2 % 55.2 % $ 56.50 San Francisco, CA 1130 Howard Street South of Market Creative 21,194 100.0 % 100.0 % 25.90 Los Angeles, CA 11620 Wilshire Boulevard West Los Angeles Class A 197,054 90.0 % 90.0 % 49.95 9460 Wilshire Boulevard Beverly Hills Class A 97,655 94.5 % 94.5 % 125.21 11600 Wilshire Boulevard West Los Angeles Class A 56,881 79.0 % 79.0 % 62.80 8944 Lindblade Street West Los Angeles Creative 7,980 100.0 % 100.0 % 78.95 8960 & 8966 Washington Boulevard West Los Angeles Creative 24,448 — % — % N/A 1037 North Sycamore Avenue Hollywood Creative 5,031 100.0 % 100.0 % 69.77 SOUTHWEST Austin, TX 3601 S Congress Avenue South Creative 233,579 92.4 % 92.4 % 45.81 1021 E 7th Street East Creative 11,180 100.0 % 100.0 % 61.63 1007 E 7th Street East Creative 1,352 100.0 % 100.0 % 36.98 Total Consolidated Office Portfolio 1,194,283 73.2 % 73.2 % $ 59.69 Unconsolidated Office Portfolio Los Angeles, CA 1910 Sunset Boulevard - 44% Echo Park Creative 107,824 91.8 % 91.8 % 50.84 Total Unconsolidated Office Portfolio 107,824 91.8 % 91.8 % $ 50.84 Total Office Portfolio 1,302,107 74.8 % 74.8 % $ 58.78 51% 29% 19% 1% Los Angeles Oakland Austin San Francisco 1) As of December 31, 2025. 2) These descriptions are based on management's assessment and indicate our classification as either "class A office" or "creative office" buildings. 3) Represents gross monthly base rent, or gross monthly contractual rent under parking and retail leases, multiplied by 12. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Giving effect to abatements, net annualized rent per occupied square foot for the office portfolio was $54.90. Geographic Diversification Annualized Rent by Location
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 14 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. 1) Represents gross monthly base rent under leases commenced as of December 31, 2025, multiplied by twelve. This amount reflects total cash rent before concessions. 2) Represents gross monthly base rent under leases commenced as of December 31, 2025, divided by occupied units. This amount reflects total cash rent before concessions. Net of rent concessions granted in the specified period, monthly rent per occupied unit was $2,127. 3) 701 S Hudson represents the multifamily portion of the property located at 4750 Wilshire Boulevard. 4) The Company owns 44.2% of the property through the 1910 Sunset JV. The amounts shown in the table represent 100% of the property. The property is a 36-unit multifamily apartment building which was completed and began leasing during the fourth quarter of 2025. 5) Represents trailing twelve-month occupancy as of December 31, 2025, calculated as the number of occupied rooms divided by the number of available rooms. Premier Multifamily and Hotel Multifamily Portfiolio Classification / Market / Property Sub-Market Units % Occupied Annualized Rent (in thousands)1 Monthly Rent Per Occupied Unit2 Consolidated Office Portfolio Oakland, CA Channel House Jack London District 333 89.5 % $ 9,145 $ 2,557 1150 Clay Downtown 288 87.2 % 7,190 2,387 Total Consolidated Multifamily Portfolio 621 88.4 % $ 16,335 $ 2,480 Unconsolidated Multifamily Portfolio Los Angeles, CA 1902 Park Avenue - 25.5% Echo Park 76 93.4 % $ 1,680 $ 1,972 701 S Hudson3 - 20% Mid-Wilshire 68 83.8 % 2,349 3,434 1915 Park Avenue4 - 44.2% Echo Park 36 16.7 % 97 1,352 Total Unconsolidated Multifamily Portfolio 180 74.4 % $ 4,126 $ 2,566 Total Multifamily Portfolio 801 85.3 % $ 20,461 $ 2,497 Hotel & Parking Garage Location / Property Sub-Market % Occupied5 RevPAR Sacramento, CA Sheraton Grand Hotel Downtown/Midtown 72.5 % $ 152.70 Sheraton Grand Hotel Parking Garage & Retail Downtown/Midtown 79.8 % NA
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATION Property Summaries
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 16 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. 1. Please see Note 3 on page 30 ("Important Information - Debt and Preferred Summary") on the status of the Channel House mortgage. Bay Area: Multifamily Channel House (Jack London Square)1 » Acquired in 2023; 333 total units » Conveniently located just steps to the ferry with direct access to San Francisco 1150 Clay Street (Downtown Oakland) » Acquired in 2023; 288 total units » Conveniently located downtown and steps from the BART with easy access to San Francisco Newer vintage, premier multifamily in high barrier to entry market
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATION Improving Bay Area Residential Market 17 All data retrieved from CoStar as of 03/02/2026 and reflects Downtown Oakland and San Francisco submarkets. » San Francisco » 2025 Rent Growth: 7.6% (highest in 25+ years) » Vacancy (2025YE): 5.0% (lowest in 15+ years) » San Francisco typically leads in market movements, with Oakland following » Both Oakland and San Francisco are shaped by the broader Bay Area economy, responding similarly to shifts in migration trends, employment cycles and housing supply » The Oakland market is recovering… » 2025 Rent growth turned positive (+1.2%) for the first time since 2021 » Vacancy (2025YE): 8.0% is down from a high of 17.9% in 2Q’21 as the market absorbs a wave of new Class A product » …But the SF-Oakland rent premium is near recent historic highs: » 2015-2020: SF-Oakland Average Rent premium of 1.04x » Today: 1.24x 2015-2020: SF: Oakland Avg Rent Premium 1.04x Current: 1.24x
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 18 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Los Angeles: Multifamily 4750 Wilshire Boulevard / 701 S Hudson Avenue (Park Mile) » Closed co-investment in 1Q'23, reducing CMCT's ownership to 20%; CMCT earns a management fee and may potentially earn a promote » Completed the conversion of unleased space to multifamily in September 2024; added 68 luxury apartments » In early 2026, received entitlements to build another 50 apartments on the back surface parking lot » Centrally located in affluent Park Mile/Hancock Park surrounded by multi- million dollar single family homes » Short drive time to Hollywood/West Hollywood (10 minutes), Beverly Hills/ Culver City/Downtown LA (20 minutes) and Santa Monica (30 minutes) 1902 Park Avenue (Echo Park) » Acquired in 1Q'23 for $19.1 million, or $255,000 per unit (50% joint venture) on an off-market basis; CMCT currently owns a 25.5% interest following the admission of an additional co-investor in Q4 2024 » Newer vintage asset that opened in 2011 » Echo Park is an emerging trendy submarket northwest of downtown LA; walkable area with dozens of dining and entertainment options » Recent new leases executed at a significant premium to in-place rents » 1 BR- $2,100-$2,250 (versus average in place of $1,655) » 2 BR - $2,700-$2,750 (versus average in place of $2,223)
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 19 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Echo Park: Office Value-Add & Ground-Up Multifamily » CMCT and a CIM-managed separate account acquired 1910 W. Sunset Blvd and 1915 Park Avenue in February 2022 (CMCT owns ~44%) » 1910 W. Sunset is an approximately 100,000 SF creative office building; the 8-story building with floor-to-ceiling windows is the tallest in Echo Park, providing spectacular views in all directions » Ability to create 13-foot ceiling heights on newly-renovated space » Ideal location and property for entertainment and fashion tenants » 1915 Park Avenue - ground-up construction of 36 multifamily units with a total budget of $14.7 million has been substantially completed and leasing has commenced. • Echo Park is a trendy submarket northwest of downtown LA; walkable area with dozens of dining and entertainment options • Located ~1 mile from Dodgers Stadium and adjacent to newly-renovated Echo Park Lake, which features walking paths, picnic areas, paddle boats and lotus flower gardens • Easy access to four major freeways (Hollywood, Pasadena, Glendale and Golden State Freeways); approximate 20 minute drive to Hollywood, Downtown LA, Pasadena and Burbank • Average 10-year annual office rent growth of 5.0%1 • Average 10-year office vacancy of 6.7%1 A Dynamic Submarket Echo Park Los Angeles 1915 Park Ave 1910 W. Sunset Boulevard Overview Echo Park Downtown Los Angeles Hollywood PasadenaBurbank 1) Source: Costar based on East Hollywood/Silver Lake submarket. Accessed May 2022.
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 20 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Beverly Hills: Premier Located Class A Office & Retail 9460 Wilshire Boulevard (Beverly Hills) » Prominent location in the prestigious Golden Triangle of Beverly Hills and adjacent to the Four Seasons Beverly Wilshire Hotel and Rodeo Drive » In August 2022, signed 20 year, approximately 18,000 SF lease for Rolls Royce and Lamborghini showrooms » The previously underutilized retail space was occupied by a real estate brokerage firm and a financial advisor » CMCT has originated or renewed leases with all current tenants since 2018 acquisition » 94.5% leased as of 2025 year-end Artistic renderings are for illustrative purposes only
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 21 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Culver City: Creative Office » 8960 & 8666 Washington Boulevard: ~24,448 SF of creative office space currently being marketed for lease » 8944 Lindblade Street: ~7,980 SF of commercial space currently used for broadcasting. Culver City Los Angeles Overview • Well-located asset in the heart of Culver City • Home to several high-profile media and technology companies including Apple, Amazon, HBO and Sony • Adjacent to the Metro Expo Line, offering easy access to both the Westside and Downtown LA A Dynamic Thriving Submarket Artistic renderings are for illustrative purposes only
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 22 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Austin: Stabilized Creative Office with Potential To Add Multifamily • CMCT acquired the 16-acre campus at 3601 S. Congress Ave in 2007 in an off-market transaction; in-place rents have increased more than threefold since the acquisition. • The creative office campus attracts a diverse tenant mix including technology, media and entertainment companies. • CMCT is evaluating different development options, including adding one or more multifamily buildings to the creative office campus. As of December 31, 2025, this property was in pre-development phase, and the Company has not finalized the formal development plan for this property. • In June 2022, the Austin City Council approved zoning changes that allow CMCT to add more density on this property. • In July 2023, received approval of zone change for the portion of the property that was not previously zoned for multifamily - the entire 16 acre campus is now zoned for multifamily. • No state income tax and diverse employment sources – government, education and tech • Home to many large U.S. corporations including Amazon, Facebook, Apple, Cisco, eBay, GM, Google, IBM, Intel, Oracle, Paypal, 3M and Whole Foods • Rapid market office rent growth (10 year CAGR of 5.6%) 1 • Population growth - Five year forecast growth rate of 2.0% (versus 0.5% in the U.S.) 1 • Employment growth - Ten year historical growth rate of 3.93% (versus 1.22% in the U.S.)1 A Compelling Growth Market Austin Overview Penn Field Penn Field Austin 1) Source: Costar July 2021 Office Market Report.
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 23 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. East Austin: Multifamily Development » The Property is located in the East Austin submarket of Austin, TX. » The building is located on one of the main thoroughfares of Austin, East 7th Street, and within 1.5 miles of seven existing CIM properties. » This corridor is among the most desirable locations for creative office space and residential in Austin as it has numerous food and dining options within close proximity and provides direct access to both the Central Business District and Eastside. A Dynamic Thriving Submarket Overview Central Business District East Austin East Austin, Texas » In November 2020, CMCT acquired 1021 E 7th Street for $6.1 million on an off-market basis; in July 2022, CMCT acquired 1007 E 7Th Street, an adjacent property, for $1.9 million. » In total, represented ~14,000 SF of office on a ~36,000 of contiguous land SF prime for development. » In June 2023, received final entitlements allowing for construction of an 8-story multifamily building.
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 24 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Potential Development Pipeline - Primarily Multifamily1 Location Sub-Market Notes 1015 N Mansfield Avenue 2 Hollywood Creative Office or Retail 3101 S. Western Avenue 3 Jefferson Park, Los Angeles Multifamily 3022 S. Western Avenue 3 Jefferson Park, Los Angeles Multifamily 4750 Wilshire Boulevard (backlot)4 Mid-Wilshire Multifamily 1021 & 1007 E 7th Street East Austin Multifamily 3601 South Congress (Penn Field) Austin Multifamily 2 Kaiser Plaza Oakland Creative Office/Multifamily Sheraton Grand Parking Garage Sacramento Multifamily development over existing parking garage 466 Water Street Jack London Square, Oakland Multifamily F-3 Land site Jack London Square, Oakland Hotel 1) As of December 31, 2025. 2) CMCT owns approximately 29% of the property. The property has a site area of approximately 44,141 square feet and currently contains a parking garage which is being leased to a third party. The site is being evaluated for different development options, including creative office space or other commercial space. 3) Potential to develop a total of approximately 160 residential units across both properties. There is no planned start date for such development. 4) Potential to develop 50 residential units. There is no planned start date for such development. Note: As of December 31, 2025, all properties were in pre-development phase, and the Company has not finalized the formal development plans.
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 25 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Appendix
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 26 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Commitment to ESG Since inception, CIM has sought to do right for communities and advance sustainability. ESG considerations are woven into our business practices and operations, and we continuously strive to advance these priorities. Environmental CIM emphasizes sustainable initiatives across a majority of our real estate and infrastructure strategies. Committed to achieving net zero carbon emissions across our portfolio by 2050 (science-based methodology) Over the past five years, CIM has continuously improved its average Global Real Estate Sustainability Benchmark (GRESB)* scores for participating funds and assets Upleveled scores in all submitted categories for the 2024 United Nations Principles for Responsible Investment (UN PRI), including a 17-point increase for real estate category and a 26-point increase for infrastructure category Exceeded goals for 10% reduction in greenhouse gas (GHG) emissions, energy use and water use from 2018 to 2023 Social CIM maintains a commitment to communities through responsible development, volunteerism and inclusivity. Logged 1,924 employee volunteer hours in support of 35 non-profit organizations in 2024 Since 2024, launched the CIM Wellness program featuring monthly focus areas to support employees' well-being across four pillars: physical, mental & emotional, community, and financial health CIM embarked on a process to formalize a Modern Slavery Policy Governance CIM is committed to best execution of our corporate governance principles. Established ESG-related reporting practices tailored to shareholder needs Maintain 15+ policies which guide and support our ESG principles *CIM has set the following targets for the real assets in our GRESB reporting real estate funds by 2030 with a baseline year of 2023: 30% reduction in energy, 50% reduction in GHG, 20% reduction in water, and 90% data coverage. As of 6/30/25. While CIM may consider ESG factors when making decisions, CIM does not pursue an ESG-based strategy or limit its investments to those that meet specific ESG criteria or standards across all of its offerings and strategies. Any reference herein to environmental or social considerations is not intended to qualify our duty to maximize risk-adjusted returns. Additionally, adherence to any ESG framework or ESG benchmark, such as the Principles for Responsible Investment (“PRI”) and GRESB, respectively, does not necessarily alter any of CIM’s existing business plans or portfolios.
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 27 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Alignment of Interests 2) (i) No incentive fee will be payable in any quarter in which the excess Core FFO is $0; (ii) 100% of any excess core FFO up to an amount equal to the product of (x) the average of CMCT's adjusted common stockholders’ equity as of the first and last day of the applicable quarter and (y) 0.4375%; and (iii) 20% of any excess core FFO thereafter. Incentive fees payable for any partial quarter will be appropriately prorated. Management and Corporate Governance CMCT’s Board includes CIM Group’s three co-founders (Richard Ressler, Avi Shemesh, and Shaul Kuba) Strong Market Knowledge and Sourcing CMCT benefits from CIM Group’s identification of Qualified Communities, sourcing capabilities and access to resources of vertically integrated platform Management Agreement/Master Services Agreement Fees » 1% of net asset value » Income incentive fee is 20% of CMCT's quarterly core funds from operations in excess of a quarterly threshold equal to 1.75% (i.e., 7% on an annualized basis) of CMCT's average adjusted common stockholders' equity, subject to catchup2 » 15% of cumulative aggregate realized capital gains net of aggregate realized capital losses minus the aggregate capital gains fees paid in prior periods. Realized capital gains and realized capital losses are calculated by subtracting from the sales price of a property (a) any costs and expenses incurred to sell such property and (b) the property’s original acquisition price, plus any subsequent, non-reimbursed capital improvements thereon paid for by CMCT. » Reimbursement of shared services at cost (accounting, tax, reporting, etc.) » Perpetual term
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 28 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Key Metrics Lease Expirations as a % of Annualized Office Rent (As of December 31, 2025) Top Five Tenants (December 31, 2025) (1) Includes 4,193 square feet of month-to-month leases as of December 31, 2025. Includes 178 square feet (approximately 0.0% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2026. (2) Includes 924 square feet (approximately 0.1% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2027. (3) Includes 5,864 square feet (approximately 0.6% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2029. (4) Includes 5,154 square feet (approximately 0.5% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2030. (5) Includes 4,654 square feet (approximately 0.5% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2031. (6) Includes 25,845 square feet (approximately 2.7% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2032. (7) Includes 38,801 square feet (approximately 4.0% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2037. 9.8% 15.4% 32.6% 12.6% 11.0% 5.6% 2.9% 0.3% 1.3% 8.5% 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter —% 10.0% 20.0% 30.0% 40.0% Tenant Property Lease Expiration Annualized Rent (in thousands) % of Annualized Rent Rentable Square Feet % of Rentable Square Feet Kaiser Foundation Health Plan, Inc. 1 Kaiser Plaza 2028 $ 13,405 23.4 % 236,692 18.2 % U.S. Bank, N.A. 9460 Wilshire Boulevard 2029 4,324 7.6 % 27,569 2.1 % 3 Arts Entertainment, Inc. 9460 Wilshire Boulevard 2027 3,161 5.5 % 27,112 2.1 % O'Gara Coach Company, L.L.C. 9460 Wilshire Boulevard 2043 2,512 4.4 % 18,157 1.4 % F45 Training Holdings, Inc. 3601 S Congress Avenue 2030 2,485 4.3 % 44,171 3.4 % Total for Top Five Tenants 25,887 45.2 % 353,701 27.2 % All Other Tenants 31,329 54.8 % 619,645 47.6 % Vacant — — % 328,761 25.2 % Total Office $ 57,216 100.0 % 1,302,107 100.0 % 1 Note: Tables above represent 100% of the consolidated and unconsolidated office portfolios, regardless of our ownership percentage. 3 54 62 7
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 29 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Key Metrics - Adjusted Funds From Operations (AFFO)1 1) Non-GAAP Financial Measure. Please refer to explanations at slide 32. Three Months Ended Twelve Months Ended (Unaudited and in thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net loss attributable to common stockholders $ (17,735) $ (16,606) $ (61,648) $ (73,343) Depreciation and amortization 6,912 8,016 27,081 27,373 Noncontrolling interests' proportionate share of depreciation and amortization (53) (66) (233) (306) Impairment of real estate 3,471 — 3,692 — Loss on assets held for sale 298 — 298 — Gain on sale of real estate — — (679) — FFO attributable to common stockholders $ (7,107) $ (8,656) $ (31,489) $ (46,276) Straight-line rent and straight-line lease termination fees 534 918 2,081 1,826 Amortization of lease inducements 35 90 165 353 Amortization of deferred key money and above and below market leases (34) 10 (48) 6 Amortization of premiums and discounts on debt 25 1 103 — Amortization and accretion on loans receivable, net (114) 129 (344) 24 Amortization of deferred debt origination costs 666 495 2,845 2,134 Unrealized premium adjustment 214 470 557 1,019 Unrealized loss (gain) included in income from unconsolidated entities 3,163 848 3,301 556 Deferred income taxes 12 (9) (137) (36) Non-cash compensation 55 55 220 220 Redeemable preferred stock redemptions 1,139 256 1,439 17,727 Redeemable preferred stock deemed dividends — — — 755 Transaction-related costs 48 31 1,475 1,382 Loss on early extinguishment of debt — 1,416 88 1,416 Recurring capital expenditures, tenant improvements, and leasing commissions (1,632) (1,049) (5,238) (5,405) AFFO attributable to common stockholders $ (2,996) $ (4,995) $ (24,982) $ (24,299)
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 30 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. $164.0 $188.0 $30.4 $— $105.0 $27.1 2025 2026 2027 2028 2029 Thereafter Debt & Preferred Summary (December 31, 2025)1 Fixed 52% Floating * 48% Debt Maturity Schedule (December 31, 2025)1 | in millions Fixed Debt vs. Floating Debt (December 31, 2025)1 Mortgage Payable Interest structure (fixed/variable etc.) Interest Rate Maturity/ Expiration Date Loan balance (in millions) Fixed rate mortgages payable 2 Fixed 4.14% - 7.41% 6/7/2026 - 1/11/2030 $ 268.4 Variable rate mortgage payable 3 Variable SOFR + 2.95% - 4.35% 1/1/2027 - 4/3/2028 $ 208.6 Total Mortgage Payable $ 477.0 Other Debt Lending Division Revolving Credit Facility 4 Variable SOFR + 3.00% 6/13/2027 $ 10.4 Total Other Debt $ 10.4 Corporate Debt Junior Subordinated Notes5 Variable SOFR + 3.51% 3/30/2035 $ 27.1 Total Corporate Debt $ 27.1 Total Debt $ 514.5 Preferred Stock1 Interest structure (fixed/variable etc.) Coupon Maturity/ Expiration Date Outstanding (in millions) Series A1 Variable6 6.83% N/A $ 218.7 6 Series A Fixed 5.50% N/A $ 91.7 7 Series D Fixed 5.65% N/A $ 1.1 8 Total Preferred Stock $ 311.6 Total Debt + Preferred Stock $ 826.1 Debt and Preferred Summary See "Important Information - Debt and Preferred Summary" on page 30. *Approximately 70% of floating rate debt is subject to interest rate caps. 1) The Company announced today that it expects to redeem approximately 1,957,023 shares of Series A Preferred Stock, approximately 7,767,609 shares of Series A1 Preferred Stock and approximately 21,760 shares of Series D Preferred Stock in shares of common stock (the "March 2026 Redemption").
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 31 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Important Information - Debt and Preferred Summary 6. Outstanding Series A1 Preferred Stock represents total shares issued as of December 31, 2025 of 12,240,878, less redemptions of 3,491,336 shares, multiplied by the stated value of $25.00 per share. Includes shares issued to CIM Group in lieu of cash payment of the asset management fee. Gross proceeds are not net of commissions, fees, allocated costs or discounts. Dividends on Series A1 Preferred Stock are paid at a rate of the greater of (i) an annual rate of 6.0% (i.e., the equivalent of $0.3750 per share per quarter) and (ii) the Federal Funds (Effective) Rate for such quarter and plus 2.5% up to a maximum of 2.5% of the Series A1 Preferred Stock Stated Value per quarter. 7. Outstanding Series A Preferred Stock represents total shares issued as of December 31, 2025 of 8,820,338, less redemptions of 5,151,320 shares, multiplied by the stated value of $25.00 per share. Includes shares issued to CIM Group in lieu of cash payment of the asset management fee. Gross proceeds are not net of commissions, fees, allocated costs or discounts. 8. Outstanding Series D Preferred Stock represents total shares issued as of December 31, 2025 of 56,857, less redemptions of 12,532, multiplied by the stated value of $25.00 per share. Gross proceeds are not net of commissions, fees, allocated costs or discounts. 9. Other than the March 2026 Redemption, the company does not currently intend to redeem, at the Company’s election, additional Preferred Stock in shares of Common Stock. However, the Company will evaluate redemption requests submitted by holders of Preferred Stock at the time it receives such requests and may elect to redeem those Preferred Shares in Common Stock or cash, at the Company’s discretion. 1. Excludes: Lending Division debt held for sale: Secured borrowings – government guaranteed loans of $1.3 million, along with net unamortized premiums of $19,000, and SBA 7(a) loan-backed notes of $16.4 million, net of deferred debt origination costs of $402,000. 2. The Company’s fixed rate mortgages payable are non-recourse and are secured by, among other things, first priority deeds of trust, security agreements or other similar security instruments on the fee simple interests in properties underlying such mortgages and assignments of rents receivable. As of December 31, 2025, the Company’s fixed rate mortgages payable had fixed interest rates of 6.25%, 4.14%, and 7.41% per annum, with payments of interest only and initial maturity dates of June 7, 2026, July 1, 2026, and January 11, 2030, respectively. In regards to the mortgage payable with a balance of $66.3 million as of December 31, 2025 maturing on June 7, 2026 (the “1150 Clay Mortgage”), the Company executed the final one-year extension option under the mortgage in June 2025. The Company intends to work with the lender in order to refinance the 1150 Clay Mortgage beyond its stated maturity date of June 7, 2026. Although the Company believes it is likely it will be able to refinance the 1150 Clay Mortgage prior to June 7, 2026, there can be no assurance that such refinancing will occur. If the Company and the lender under the 1150 Clay Mortgage cannot agree on an extension of the mortgage and the Company fails to repay the loan in full upon its contractual maturity date, such failure would constitute an event of default under the mortgage and would allow the lender to, among other remedies, take possession of the property. In regards to the mortgage payable with a balance of $97.1 million as of December 31, 2025 maturing on July 1, 2026 (the “1 Kaiser Mortgage”), the Company intends to work with the lender in order to refinance the 1 Kaiser Mortgage beyond its stated maturity date of July 1, 2026. Although the Company believes it is likely it will be able to refinance the 1 Kaiser Mortgage prior to July 1, 2026, there can be no assurance that such refinancing will occur. If the Company and the lender under the 1 Kaiser Mortgage cannot agree on an extension of the mortgage and the Company fails to repay the loan in full upon its contractual maturity date, such failure would constitute an event of default under the mortgage and would allow the lender to, among other remedies, take possession of the property. 3. The Company’s variable rate mortgages payable are non-recourse and are secured by, among other things, first priority deeds of trust, security agreements or other similar security instruments on the Company’s fee simple and leasehold interests in its hotel asset and adjacent parking garage and by a deed of trust on and assignment of rents receivable from a multifamily property. As of December 31, 2025, the Company’s variable rate mortgages payable had a variable interest rate of SOFR plus 4.35%, SOFR plus 3.36%, SOFR plus 3.00% and SOFR plus 2.95%, with a maturity date of January 1, 2027, January 31, 2027, February 14, 2027 and April 3, 2028, respectively. The mortgages with maturity dates of January 1, 2027, January 31, 2027, and February 14, 2027 have monthly payments of interest only, while the mortgage with an initial maturity date of April 3, 2028 has monthly payments of interest plus $50,000 of principal. With regards to the mortgage payable with a balance of $81.0 million as of December 31, 2025 secured by a multifamily property in Oakland, California, (the “Channel House Mortgage”), on August 4, 2025 the Company reached an agreement with the lender to extend the maturity date through January 31, 2027 (the “Channel House Mortgage Extension”). In connection with the Channel House Mortgage Extension, the Company made a repayment of $6.0 million under the Channel House Mortgage, reducing it from its previous balance of $87.0 million. Although the Company believes it is likely it will be able to refinance the Channel House Mortgage prior to January 31, 2027, there can be no assurance that such refinancing will occur. If the Company and the lender under the Channel House Mortgage cannot agree on an extension of the mortgage and the Company fails to repay the loan in full upon its contractual maturity date, such failure would constitute an event of default under the mortgage and would allow the lender to, among other remedies, take possession of the property. 4. In June 2025, a subsidiary of the Company, as borrower, entered into an agreement (the “Lending Division Revolving Credit Facility”) with a bank that included a $20.0 million revolving credit facility secured by the unguaranteed portion of certain of such subsidiary’s SBA 7(a) loans receivable and other assets of such subsidiary, subject to a borrowing base calculation, and fully guaranteed by the Company. As previously announced on November 12, 2025, the Company and First Western entered into the Membership Interest Purchase Agreement with the Buyer. The closing contemplated by the Membership Interest Purchase Agreement occurred on January 21, 2026. At the closing, Buyer purchased from the Company all of the issued and outstanding equity interests of First Western SBLC, LLC, and the remaining balance of $10.5 million under the Lending Division Revolving Credit Facility was paid in full, resulting in the termination of the Lending Division Revolving Credit Facility. 5. The Company has junior subordinated notes with a variable interest rate which resets quarterly based on the three-month SOFR plus 3.51%, with quarterly interest only payments. The junior subordinated balance is due at maturity on March 30, 2035. The junior subordinated notes may be redeemed at par at the Company’s option.
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 32 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Important Disclosures Annualized Rent. represents gross monthly base rent, or gross monthly contractual rent under parking and retail leases, multiplied by 12. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail. Assets Owned and Operated (AOO). represents the aggregate assets owned and operated by CIM on behalf of partners (including where CIM contributes alongside for its own account) and co-investors, whether or not CIM has discretion, in each case without duplication. Property Pictures. The property/properties shown may not be representative of all transactions of a given type or of transactions generally, may represent an asset/assets that performed better than other assets acquired by CIM-funds, is not necessarily indicative of the performance of all such assets acquired by CIM-funds and is intended solely to be illustrative of the types of investments that may be made by CMCT. There can be no assurance similar opportunities will be available to CMCT or that CMCT will generate similar returns. Logos. CIM Group is not affiliated with, associated with, or a sponsor of any of the tenants pictured or mentioned. The names, logos, and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies. The trade names shown are reflective of the tenants in properties owned by CMCT. Corporate tenants may also occupy numerous properties that are not owned by CMCT. CMCT is not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the tenants or of their products or services pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies. DISCLAIMERS. The results that a shareholder will realize will depend, to a significant degree, on the assets actually purchased by CMCT from time to time and the actual performance of such assets, which may be impacted by economic and market factors. The actual performance of CMCT will be subject to a variety of risks and uncertainties, including those on page 2. In no circumstance should the hypothetical returns be regarded as a representation, warranty or prediction that a specific asset or group of assets will reflect any particular performance or that it will achieve or is likely to achieve any particular result or that shareholders will be able to avoid losses, including total loss of their investments. Inherent in any investment is the potential for loss. There can be no assurance that CMCT will achieve comparable results, that the returns sought will be achieved or that CMCT will be able to execute its proposed strategy. Actual realized returns on investments may differ materially from any return indicated herein.
www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATIONwww.creativemediacommunity.com | ©2026 CMCT | CMCT Creative Media & Community Trust Corporation 33 Note: All pages of the presentation must be viewed in conjunction with the Important Disclosures on page 2 and starting on page 31. See “Property Pictures” on page 31 under Important Disclosures. Important Disclosures Adjusted Funds From Operations (AFFO). AFFO is a non-GAAP, non- standardized measure which is widely reported by REITs. Other REITs may use different methodologies for calculating AFFO and, as a result, CMCT's AFFO may not be comparable to the AFFO of other REITs. CMCT calculates AFFO by (a) eliminating the impact on FFO of (i) straight-line rent revenue and expense; (ii) amortization of lease inducements; (iii) amortization of above and below market leases (including ground leases); (iv) amortization of above and below market debt, loan premiums and discounts, and deferred loan costs; (v) amortization of tax abatement; (vi) amortization of loan receivable discount and accretion of fees on loans receivable; (vii) unrealized premium adjustment; (viii) deferred income tax expense; (ix) non-cash compensation expense; (x) loss on early extinguishment of debt; (xi) redeemable preferred stock redemptions; and (xii) redeemable preferred stock deemed dividends and (b) subtracting (i) lease inducement payments and (ii) recurring capital expenditures and recurring tenant improvements and leasing commissions. Because of the inherent uncertainty related to these special items, management does not believe it is able to provide a meaningful forecast of the comparable GAAP measures or reconciliation to any forecasted GAAP measure without unreasonable effort. AFFO is not intended to represent cash flow but may provide additional perspective on CMCT's operating results and our ability to fund cash needs and pay dividends. AFFO should only be considered as a supplement to net income. See page 28 for a reconciliation of AFFO to net loss attributable to common stockholders.
FAQ
How did CMCT (CMCT) perform financially in the fourth quarter of 2025?
CMCT reported a sizable loss in Q4 2025. Net loss attributable to common stockholders was $(17.7) million, or $(11.20) per diluted share. FFO was $(7.1) million, or $(4.49) per share, and Core FFO was $(5.9) million, or $(3.74) per share.
What balance sheet actions is CMCT (CMCT) taking with its preferred stock?
CMCT is aggressively redeeming preferred stock into common shares. It reports about $153.3 million of preferred redeemed in 2024–2025 and expects a March 2026 redemption of additional Series A, A1 and D shares, which management estimates will improve annual FFO by roughly $16.0 million.
What did CMCT (CMCT) disclose about the sale of its lending business?
CMCT completed the sale of its lending division in January 2026. The transaction closed at a purchase price of approximately $44.9 million, net of certain debt, and after paying other debt and transaction costs, generated about $31.2 million in net cash proceeds to the company.
How are CMCT’s (CMCT) real estate occupancy and hotel metrics trending?
Occupancy is mixed but generally improving in targeted segments. As of December 31, 2025, office properties were 74.8% occupied, multifamily was 85.3% occupied, and the company’s hotel produced full-year RevPAR of $152.70, reflecting solid room revenue performance.
What is CMCT’s (CMCT) strategic focus going forward?
CMCT is emphasizing creative office and premier multifamily assets. The company highlights properties in Los Angeles, Austin, Oakland and Sacramento, along with a development pipeline that is primarily multifamily, and has exited its lending business to concentrate on this real estate strategy.
How did CMCT’s (CMCT) segment net operating income change in Q4 2025?
Total segment NOI increased year over year in Q4 2025. Segment net operating income rose to $10.9 million from $9.2 million a year earlier, driven mainly by higher office segment NOI, increased lending segment NOI, and stable hotel performance.
Filing Exhibits & Attachments
6 documentsPress Releases
Creative Media &
NASDAQ:CMCT
CMCT Rankings
CMCT Latest News
Jan 22, 2026
CMCT Announces Closing of Sale of Lending Division
Dec 31, 2025
CMCT Declares Preferred Stock Dividends