Creative Media & Community Trust (CMCT) logs large preferred-for-common share shift

Rhea-AI Filing Summary

Creative Media & Community Trust Corp director Kuba Shaul reported restructuring transactions involving preferred and common stock held through affiliated entities. On 2026-03-16, entities including CIM CMCT MLP, LLC and CIM Capital Real Property Management, LLC completed Form J “other” transactions tied to the redemption of Series A and Series A1 Preferred Stock.

According to the footnotes, shares of Common Stock were issued in exchange for preferred shares that were called for redemption by the issuer, with the issuance price based on the 20‑day VWAP of the common stock. After these changes, CIM CMCT MLP, LLC held 8,183,796 shares of common stock and 270,209 shares of Series A Preferred Stock, while CIM Capital Real Property Management, LLC held 1,011,004 common shares and no Series A1 Preferred Stock. Shaul also reported smaller indirect common holdings through other CIM entities and 185 common shares held directly.

Insights

Equity analyst

CMCT filing shows a large capital structure reshuffle, not open‑market insider trading.

The transactions center on entities associated with director Kuba Shaul, which reclassified holdings as the issuer redeemed Series A and Series A1 Preferred Stock. Common shares were issued based on a 20‑day VWAP, indicating a formulaic conversion mechanism.

The data show 9,484,041 shares involved in restructuring-type entries, with CIM CMCT MLP, LLC and CIM Capital Real Property Management, LLC emerging with substantial common holdings. Because these are coded as “other” (J) transactions rather than market buys or sells, they primarily update ownership form and capital structure, rather than signaling discretionary insider trading activity.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kuba Shaul

(Last) (First) (Middle)

4700 WILSHIRE BOULEVARD

(Street)

LOS ANGELES CALIFORNIA 90010

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Creative Media & Community Trust Corp [ CMCT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/16/2026	03/16/2026	J		8,146,382	A	(1)	8,183,796	I	By CIM CMCT MLP, LLC
Common Stock	03/16/2026	03/16/2026	J		1,002,524	A	(1)	1,011,004	I	By CIM Capital Real Property Management, LLC
Series A1 Preferred Stock	03/16/2026	03/16/2026	J		36,663	D	(2)	0	I	By CIM Capital Real Property Management, LLC
Series A Preferred Stock	03/16/2026	03/16/2026	J		298,472	D	(2)	270,209	I	By CIM CMCT MLP, LLC
Common Stock								1,930	I	By CIM Urban Sponsor, LLC
Common Stock								1,584	I	By CIM Real Assets & Credit Fund
Common Stock								185	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares of Common Stock were issued for the redemption of Series A Preferred Stock and Series A1 Preferred Stock which were called for redemption by the issuer. The issuance price as 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 issuer's charter).

2. These shares were called for redemption by the issuer.

Remarks:

	/s/ Shaul Kuba	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did the CMCT Form 4 filed by director Kuba Shaul report?

The Form 4 for CMCT reported "other" (J code) restructuring transactions. Entities associated with director Kuba Shaul exchanged preferred shares called for redemption into common stock, updating indirect ownership positions rather than recording open-market purchases or sales.

How many CMCT common shares does CIM CMCT MLP, LLC hold after the transactions?

After the reported transactions, CIM CMCT MLP, LLC holds 8,183,796 CMCT common shares. It also retains 270,209 shares of Series A Preferred Stock, reflecting a sizable, indirectly held position associated with director Kuba Shaul.

What happened to CMCT Series A and Series A1 Preferred Stock in this filing?

Series A and Series A1 Preferred Stock were called for redemption by CMCT. According to the filing, common shares were issued in exchange, with pricing based on the 20-day VWAP, and the reported entities’ preferred holdings were reduced or eliminated accordingly.

Did the CMCT Form 4 show insider buying or selling on the open market?

The CMCT Form 4 did not report open-market buying or selling. All coded entries were "J" transactions, described as other acquisitions or dispositions related to preferred stock redemptions and resulting common share issuances for affiliated entities.

Which entities now hold CMCT shares indirectly for director Kuba Shaul?

Indirect holdings for director Kuba Shaul are reported through CIM CMCT MLP, LLC, CIM Capital Real Property Management, LLC, CIM Urban Sponsor, LLC, and CIM Real Assets & Credit Fund, with small additional direct ownership of 185 CMCT common shares.