Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q4 2022 Results Conference Call March 31, 2023 12:00 PM ET Company Participants Steve Altebrando - VP, Equity Capital Markets Shaul Kuba - Chief Investment Officer David Thompson - Chief Executive Officer Barry Berlin - Chief Financial Officer Conference Call Participants Gaurav Mehta - E.F. Hutton Craig Kucera - B. Riley Securities John Moran - Robotti & Co Brendan McCarthy - Sidoti Operator Hello, and welcome to the Creative Media & Community Trus ...

PART I [Item 1. Business](index=4&type=section&id=Item%201.%20Business) CMCT is a REIT focused on acquiring and operating premier multifamily and Class A/creative office properties, alongside a hotel and an SBA 7(a) lending platform Portfolio Overview as of December 31, 2022 | Asset Type | Details | | :--- | :--- | | **Office Properties** | 13 properties totaling approx. 1.3 million rentable sq. ft. | | **Office Occupancy** | 81.7% | | **Hotel** | 1 property with 503 rooms | | **Hotel RevPAR (FY 2022)** | $126.19 | | **Development Sites** | 4 sites | Segment Revenue Contribution (FY 2022) | Segment | Revenue Contribution (%) | | :--- | :--- | | Office | 54.8% | | Hotel | 34.6% | | Lending | 10.6% | - The company's core strategy is to acquire, develop, and operate premier multifamily and creative office assets in vibrant, high-barrier-to-entry metropolitan communities identified by CIM Group[11](index=11&type=chunk)[34](index=34&type=chunk) - The lending segment primarily originates SBA 7(a) loans to small businesses, with a historical focus on the limited service and mid-scale hospitality industry[66](index=66&type=chunk)[67](index=67&type=chunk)[93](index=93&type=chunk) Management Fee Structure (Effective Jan 1, 2022) | Fee Type | Description | | :--- | :--- | | **Base Fee** | 1% annually of Net Asset Value Attributable to Common Stockholders, paid quarterly to the Operator | | **Incentive Fee** | Payable to the Administrator based on quarterly core FFO exceeding a 7.0% annualized threshold on Adjusted Common Equity | | **Capital Gains Fee** | 15% of cumulative aggregate realized capital gains minus cumulative losses and previously paid capital gains fees | - The company has significant tenant concentration, with Kaiser Foundation Health Plan, Inc. accounting for **29.8%** of annualized rental income for the year ended December 31, 2022[126](index=126&type=chunk) [Item 1A. Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including reliance on external management, conflicts of interest, anti-takeover provisions, real estate market vulnerabilities, significant debt, and the complexities of maintaining REIT status [Risks Related to Our Business](index=15&type=section&id=Risks%20Related%20to%20Our%20Business) - The company's success is highly dependent on the performance and key personnel of the Administrator and Operator, both affiliates of CIM Group. The departure of key individuals could have a material adverse effect[112](index=112&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) - The company faces risks from uninsured losses or losses exceeding insurance coverage, particularly for events like earthquakes in California, for which coverage may not be sufficient[114](index=114&type=chunk)[115](index=115&type=chunk)[141](index=141&type=chunk) - Cybersecurity incidents targeting the Operator or Administrator could disrupt operations, compromise confidential data, and negatively impact financial results[117](index=117&type=chunk)[143](index=143&type=chunk)[175](index=175&type=chunk) - The COVID-19 pandemic has led to long-term changes in workplace practices, such as increased remote work, which has resulted in decreased demand for office space and could negatively impact occupancy and rental rates[121](index=121&type=chunk)[146](index=146&type=chunk) [Risks Related to Conflicts of Interest](index=17&type=section&id=Risks%20Related%20to%20Conflicts%20of%20Interest) - The Master Services Agreement and Investment Management Agreement are not easily terminable by the company, even for poor performance, creating a dependency on the Administrator and Operator[147](index=147&type=chunk)[181](index=181&type=chunk) - The Administrator and Operator are entitled to fees regardless of performance, which may reduce their incentive to devote maximum effort to the company's portfolio[124](index=124&type=chunk)[182](index=182&type=chunk) - The Operator, Administrator, and their affiliates engage in other real estate activities that may overlap and compete with the company for opportunities, creating potential conflicts in allocation[155](index=155&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) - Several directors and executive officers hold positions with CIM Group and its affiliates, creating potential conflicts of interest and fiduciary duties that may not align with the best interests of the company's stockholders[71](index=71&type=chunk)[156](index=156&type=chunk)[188](index=188&type=chunk) [Risks Related to Our Organizational Structure](index=20&type=section&id=Risks%20Related%20to%20Our%20Organizational%20Structure) - Provisions in the company's charter, bylaws, and Maryland General Corporation Law (MGCL) may deter takeovers, potentially limiting stockholders' ability to sell shares at a premium. These include the Maryland Business Combination Act and Control Share Acquisition Act, though the company has currently opted out of these[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk) - To maintain REIT status, the charter prohibits any person from owning more than **6.25%** of the company's stock (in value or number of shares), which can restrict transferability and inhibit changes of control[166](index=166&type=chunk)[509](index=509&type=chunk) - The liability of the Administrator and Operator is limited under their respective agreements, and the company has agreed to indemnify them against certain liabilities, potentially leaving the company to bear losses from poor performance[171](index=171&type=chunk)[203](index=203&type=chunk)[221](index=221&type=chunk) [Risks Related to Real Estate Assets](index=23&type=section&id=Risks%20Related%20to%20Real%20Estate%20Assets) - A significant portion of the company's properties are located in California, exposing the portfolio to greater risks from adverse economic, regulatory, or natural disaster events in that state[174](index=174&type=chunk)[207](index=207&type=chunk)[225](index=225&type=chunk) - The company has significant tenant concentration risk, with Kaiser accounting for **29.8%** of annualized rental income in 2022. A bankruptcy or default by this tenant would materially impact financial results[211](index=211&type=chunk)[228](index=228&type=chunk) - The hotel segment's performance is subject to the cyclical nature of the lodging industry, seasonality, and risks from pandemics or other events that reduce travel[300](index=300&type=chunk)[301](index=301&type=chunk)[327](index=327&type=chunk) - The office portfolio faces risks from changing work trends, such as telecommuting and flexible schedules, which could erode demand for office space and pressure rental rates[215](index=215&type=chunk)[233](index=233&type=chunk) - Inflation may adversely affect operations by increasing construction, maintenance, operating, and interest expenses, which could negatively impact profitability[366](index=366&type=chunk)[397](index=397&type=chunk) [Risks Related to Debt Financing](index=34&type=section&id=Risks%20Related%20to%20Debt%20Financing) - The company has incurred significant indebtedness, which could make it more vulnerable to economic downturns, leave insufficient cash for operations or distributions, and potentially lead to defaults or foreclosures[402](index=402&type=chunk)[434](index=434&type=chunk) - The company relies on external capital for future needs. Difficulty in obtaining financing due to market volatility could prevent it from meeting maturing obligations or making new acquisitions[404](index=404&type=chunk)[436](index=436&type=chunk) - Increases in interest rates could significantly raise debt service payments on variable-rate debt, reducing cash flow available for distributions. As of December 31, 2022, the company had **$83.3 million** in variable-rate debt[407](index=407&type=chunk)[439](index=439&type=chunk) [Risks Related to Our Lending Operations](index=38&type=section&id=Risks%20Related%20to%20Our%20Lending%20Operations) - The lending operations have a high industry concentration, with **99.9%** of loans subject to credit risk as of December 31, 2022, being in the hospitality industry, making the portfolio vulnerable to downturns in that sector[451](index=451&type=chunk)[483](index=483&type=chunk) - The company's ability to originate and sell government-guaranteed loans is dependent on the continuation of the SBA 7(a) Program, which could be curtailed or altered by the federal government[456](index=456&type=chunk)[488](index=488&type=chunk) - Failure to comply with SBA regulations in originating or servicing loans could result in the SBA refusing to honor its guaranty, transferring the liability back to the company and potentially causing significant losses[458](index=458&type=chunk)[490](index=490&type=chunk) [U.S. Federal Income and Other Tax Risks](index=41&type=section&id=U.S.%20Federal%20Income%20and%20Other%20Tax%20Risks) - Failure to qualify and maintain REIT status would result in significant adverse tax consequences, including being subject to federal income tax at regular corporate rates, which would substantially reduce funds available for distributions[461](index=461&type=chunk)[462](index=462&type=chunk)[494](index=494&type=chunk) - To maintain REIT status, the company must distribute at least **90%** of its REIT taxable income annually. This requirement may force the company to borrow funds or sell assets at unfavorable times to make necessary distributions[472](index=472&type=chunk)[503](index=503&type=chunk) - The value of the company's assets consisting of stock or securities of one or more Taxable REIT Subsidiaries (TRSs) cannot exceed **20%** of its total assets. Failure to comply with this limit would jeopardize its REIT status[464](index=464&type=chunk)[497](index=497&type=chunk) [Risks Related to Our Common Stock and Preferred Stock](index=45&type=section&id=Risks%20Related%20to%20Our%20Common%20Stock%20and%20Preferred%20Stock) - There is no public market for the company's Preferred Stock, and one is not expected to develop, limiting liquidity for these securities[479](index=479&type=chunk)[510](index=510&type=chunk) - The rights of common stockholders to receive dividends and distributions upon liquidation are junior to the rights of preferred stockholders[515](index=515&type=chunk)[521](index=521&type=chunk)[546](index=546&type=chunk) - The company has the option to pay the redemption price for its Preferred Stock in either cash or shares of Common Stock, which could result in dilution to existing common stockholders[520](index=520&type=chunk)[549](index=549&type=chunk) - The dual-listing of the Common Stock on Nasdaq and the TASE may result in price variations and unexpected volatility due to different currencies, trading hours, and other factors[563](index=563&type=chunk)[589](index=589&type=chunk) [Item 1B. Unresolved Staff Comments](index=50&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company has no unresolved staff comments from the SEC - None[597](index=597&type=chunk) [Item 2. Properties](index=51&type=section&id=Item%202.%20Properties) As of December 31, 2022, the company's real estate portfolio consisted of 19 assets, including 13 office properties totaling approximately 1.3 million rentable square feet with 81.7% occupancy, one 503-room hotel, and four development sites Office Portfolio Summary (December 31, 2022) | Portfolio Type | Rentable Square Feet | % Occupied | % Leased | Annualized Rent (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Consolidated** | 1,219,146 | 82.2% | 84.9% | $55,615 | | **Unconsolidated (44% owned)** | 100,506 | 74.8% | 80.4% | $3,403 | | **Total Office Portfolio** | **1,319,652** | **81.7%** | **84.5%** | **$59,018** | Hotel Portfolio Summary (December 31, 2022) | Property | Rooms | % Occupied (TTM) | RevPAR (TTM) | | :--- | :--- | :--- | :--- | | Sheraton Grand Hotel | 503 | 73.0% | $126.19 | Top 5 Tenants by Annualized Rental Revenue (December 31, 2022) | Tenant | Annualized Rent (in thousands) | % of Total Annualized Rent | | :--- | :--- | :--- | | Kaiser Foundation Health Plan, Inc. | $17,610 | 29.8% | | MUFG Union Bank, N.A. | $3,927 | 6.7% | | F45 Training Holdings, Inc. | $2,427 | 4.1% | | 3 Arts Entertainment, Inc. | $2,396 | 4.1% | | Westwood One, Inc. | $1,979 | 3.4% | | **Total Top 5** | **$28,339** | **48.1%** | Office Lease Expiration Schedule | Year of Expiration | Square Feet Expiring | % of Square Feet Expiring | | :--- | :--- | :--- | | 2023 | 120,565 | 11.2% | | 2024 | 98,306 | 9.1% | | 2025 | 440,772 | 40.9% | | 2026 | 97,285 | 9.0% | | Thereafter | 219,042 | 28.8% | [Item 3. Legal Proceedings](index=54&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently involved in any material pending or threatened legal proceedings beyond routine litigation in the ordinary course of business - The company is not involved in any material legal proceedings outside of routine litigation incidental to its business[579](index=579&type=chunk)[998](index=998&type=chunk) [Item 4. Mine Safety Disclosures](index=54&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[605](index=605&type=chunk) PART II [Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=55&type=section&id=Item%205.%20Market%20For%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock is dual-listed on Nasdaq and the Tel Aviv Stock Exchange, with 357 holders of record and a closing price of $4.30 as of March 22, 2023 - The company's common stock trades on both the Nasdaq (CMCT) and the Tel Aviv Stock Exchange (CMCT-L)[607](index=607&type=chunk) - On December 20, 2022, the company issued 36,663 shares of Series A1 Preferred Stock to the Operator as payment for **$916,575** in asset management fees for Q3 2022[583](index=583&type=chunk) [Item 6. Reserved](index=55&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information - Item 6 is reserved[634](index=634&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=56&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income increased to $5.9 million in 2022, driven by hotel recovery and reduced management fees, despite a decline in lending segment income, with liquidity enhanced by a new credit facility and preferred stock offerings [Results of Operations](index=58&type=section&id=Results%20of%20Operations) Financial Performance Comparison (in thousands) | Metric | FY 2022 | FY 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $101,906 | $90,926 | $10,980 | 12.1% | | **Total Expenses** | $94,994 | $88,785 | $6,209 | 7.0% | | **Net Income (Loss)** | $5,945 | $(851) | $6,796 | N/A | FFO Attributable to Common Stockholders (in thousands) | Metric | FY 2022 | FY 2021 | | :--- | :--- | :--- | | Net loss attributable to common stockholders | $(25,785) | $(19,979) | | Depreciation and amortization | 20,348 | 20,112 | | **FFO attributable to common stockholders** | **$(5,437)** | **$133** | - Hotel revenue increased by **97.3%** to **$35.2 million** in 2022, driven by a significant recovery in occupancy and average daily rate post-COVID-19[680](index=680&type=chunk) - Lending revenue decreased by **45.6%** to **$10.8 million** in 2022, primarily due to lower premium income from reduced loan sale volume compared to 2021, when the SBA had temporarily increased guaranteed percentages[651](index=651&type=chunk) - Asset management and other fees to related parties decreased by **60.5%** to **$3.6 million** in 2022, mainly as a result of a new Fee Waiver agreement effective January 1, 2022[654](index=654&type=chunk) [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) - In December 2022, the company refinanced its credit facility, replacing it with a new facility that includes a **$56.2 million** term loan and a **$150.0 million** revolver, maturing in December 2025[690](index=690&type=chunk)[694](index=694&type=chunk) - The company redeemed all outstanding Series L Preferred Stock, completing a **$70.1 million** repurchase in September 2022 and redeeming the remaining shares for **$83.8 million** in January 2023[672](index=672&type=chunk)[700](index=700&type=chunk) - The company is conducting a continuous public offering of its Series A1 Preferred Stock. As of December 31, 2022, aggregate net proceeds from its various preferred stock offerings totaled **$318.2 million**[697](index=697&type=chunk) - In March 2023, the lending division completed a securitization of SBA 7(a) loans, issuing **$54.1 million** of loan-backed notes with net proceeds of approximately **$43.3 million**[287](index=287&type=chunk)[667](index=667&type=chunk) [Cash Flow Analysis](index=62&type=section&id=Cash%20Flow%20Analysis) - Net cash provided by operating activities decreased by **$13.9 million** in 2022 compared to 2021, primarily due to a **$10.8 million** decrease in net proceeds from the sale of guaranteed loans[659](index=659&type=chunk) - Net cash used in investing activities increased by **$9.6 million**, mainly due to a **$12.4 million** net investment in an unconsolidated joint venture and a **$4.8 million** increase in capital expenditures[689](index=689&type=chunk) - Net cash from financing activities increased by **$57.3 million**, driven by a **$112.4 million** increase in net proceeds from preferred stock issuance and a **$106.0 million** increase in net proceeds from debt[660](index=660&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate changes, with **47.9%** of its debt being floating rate, leading to an estimated **$446,000** annual earnings impact from a 50 basis point rate change Debt Composition by Interest Rate Type (as of Dec 31, 2022) | Rate Type | Amount (in millions) | Percentage of Total Debt | | :--- | :--- | :--- | | Fixed Rate | $97.1 | 52.1% | | Floating Rate | $89.3 | 47.9% | - Based on floating rate debt levels at year-end 2022, a **50 basis point** change in LIBOR and SOFR would result in an approximate annual earnings impact of **$446,000**[710](index=710&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=67&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This item incorporates by reference the company's audited consolidated financial statements, related notes, and the independent auditors' report, beginning on page F-1 - The required financial statements and supplementary data are incorporated by reference to the information beginning on page F-1[711](index=711&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=67&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reported no changes in or disagreements with its accountants on accounting and financial disclosure - None[712](index=712&type=chunk) [Item 9A. Controls and Procedures](index=67&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2022, with no material changes reported - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[739](index=739&type=chunk) - Management's assessment concluded that internal control over financial reporting was effective as of December 31, 2022. This was audited by Deloitte & Touche, LLP, which concurred[716](index=716&type=chunk)[740](index=740&type=chunk) - There were no changes in internal control over financial reporting during the fourth quarter of 2022 that materially affected, or are reasonably likely to materially affect, internal controls[722](index=722&type=chunk) [Item 9B. Other Information](index=70&type=section&id=Item%209B.%20Other%20Information) This item is not applicable - Not applicable[771](index=771&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=70&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable - Not applicable[723](index=723&type=chunk) PART III [Items 10, 11, 12, 13, and 14](index=71&type=section&id=Items%2010%2C%2011%2C%2012%2C%2013%2C%20and%2014) Information for these items, covering Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, Related Transactions, and Accountant Fees, is incorporated by reference from the 2023 Proxy Statement - Information for Items 10 through 14 is incorporated by reference from the company's 2023 Proxy Statement[772](index=772&type=chunk)[773](index=773&type=chunk)[774](index=774&type=chunk) PART IV [Item 15. Exhibits and Financial Statement Schedules](index=72&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the Annual Report on Form 10-K, detailed on pages F-1 and 72-74 - This item provides a list of all financial statements, schedules, and exhibits filed with or incorporated by reference into the Form 10-K[775](index=775&type=chunk)[776](index=776&type=chunk) [Item 16. Form 10-K Summary](index=74&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K summary was provided - None[754](index=754&type=chunk) Financial Statements and Notes [Notes to Consolidated Financial Statements](index=85&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed financial information including real estate acquisitions, unconsolidated joint ventures, lending portfolio concentration, debt refinancing, preferred stock activity, related-party transactions, segment performance, and subsequent events [Note 3. Investments in Real Estate](index=94&type=section&id=Note%203.%20Investments%20in%20Real%20Estate) Purchase Price Allocation for Acquisitions (in thousands) | Asset Component | 2022 ($) | 2021 ($) | | :--- | :--- | :--- | | Land | $10,491 | $1,839 | | Buildings and improvements | $164 | $1,061 | | Other | $132 | $33 | | **Net assets acquired** | **$10,787** | **$2,933** | [Note 4. Investment in Unconsolidated Entity](index=96&type=section&id=Note%204.%20Investment%20in%20Unconsolidated%20Entity) - In February 2022, the company invested approximately **$22.4 million** to acquire a **44%** interest in an unconsolidated joint venture that purchased an office property in Los Angeles for a gross price of **$51.0 million**[241](index=241&type=chunk)[242](index=242&type=chunk) [Note 5. Loans Receivable](index=97&type=section&id=Note%205.%20Loans%20Receivable) Loans Receivable, Net (in thousands) | Category | Dec 31, 2022 ($) | Dec 31, 2021 ($) | | :--- | :--- | :--- | | SBA 7(a) loans receivable, subject to credit risk | $56,116 | $42,103 | | SBA 7(a) loans receivable, subject to loan-backed notes | $0 | $18,050 | | Other loans receivable | $6,244 | $13,107 | | **Total Loans Receivable, Net** | **$62,547** | **$73,543** | - As of December 31, 2022, **99.9%** of the company's loans subject to credit risk were concentrated in the hospitality industry[252](index=252&type=chunk) [Note 7. Debt](index=99&type=section&id=Note%207.%20Debt) Total Debt, Net (in thousands) | Category | Dec 31, 2022 ($) | Dec 31, 2021 ($) | | :--- | :--- | :--- | | Mortgage Payable | $97,006 | $96,980 | | Secured Borrowings | $6,237 | $6,976 | | Other Debt | $81,024 | $97,189 | | **Total Debt, Net** | **$184,267** | **$201,145** | - In December 2022, the company refinanced its 2018 credit facility with a new 2022 credit facility, which includes a **$56.2 million** term loan and a **$150.0 million** revolver, maturing in December 2025[262](index=262&type=chunk) [Note 10. Redeemable Preferred Stock](index=103&type=section&id=Note%2010.%20Redeemable%20Preferred%20Stock) - In September 2022, the company repurchased **2,435,284** shares of its Series L Preferred Stock for **$70.1 million**[943](index=943&type=chunk) - On December 23, 2022, the company announced it would redeem all remaining outstanding shares of Series L Preferred Stock for **$83.8 million**, which was completed on January 25, 2023[609](index=609&type=chunk)[948](index=948&type=chunk) [Note 13. Related-Party Transactions](index=109&type=section&id=Note%2013.%20Related-Party%20Transactions) Fees and Reimbursements to Related Parties (in thousands) | Fee/Expense Type | FY 2022 ($) | FY 2021 ($) | | :--- | :--- | :--- | | Asset management fees | $3,570 | $9,030 | | Property management fees & reimbursements | $5,777 | $4,716 | | Expense reimbursements - corporate | $1,925 | $2,050 | | Expense reimbursements - lending segment | $1,929 | $1,921 | | Offering-related fees | $2,685 | $796 | [Note 17. Segment Disclosure](index=116&type=section&id=Note%2017.%20Segment%20Disclosure) Segment Net Operating Income (in thousands) | Segment | FY 2022 ($) | FY 2021 ($) | | :--- | :--- | :--- | | Office | $29,330 | $29,511 | | Hotel | $11,114 | $1,880 | | Lending | $6,380 | $15,670 | | **Total Segment NOI** | **$46,824** | **$47,061** | Segment Assets (in thousands) | Segment | Dec 31, 2022 ($) | Dec 31, 2021 ($) | | :--- | :--- | :--- | | Office | $471,677 | $449,843 | | Hotel | $99,082 | $101,308 | | Lending | $76,148 | $96,729 | [Note 18. Subsequent Events](index=119&type=section&id=Note%2018.%20Subsequent%20Events) - In January and March 2023, the company acquired significant interests in two large multifamily properties in Oakland, California for a combined purchase price of over **$260 million**, including assumed debt[286](index=286&type=chunk)[318](index=318&type=chunk) - In February 2023, the company closed a co-investment transaction for its 4750 Wilshire property, selling an **80%** interest to three international co-investors for approximately **$34.4 million** to fund its conversion to multifamily units[317](index=317&type=chunk) - On March 9, 2023, the lending division completed a securitization of SBA 7(a) loans, issuing **$54.1 million** of loan-backed notes[287](index=287&type=chunk)

Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q3 2022 Earnings Conference Call November 15, 2022 12:00 PM ET Company Participants Stephen Altebrando - VP, Equity Capital Markets David Thompson - CEO Shaul Kuba - Director Barry Berlin - CFO Conference Call Participants Gaurav Mehta - EF Hutton Eric Speron - First Foundation Advisors Operator Hello, and welcome to the Creative Media & Community Trust Third Quarter 2022 Earnings Conference Call. [Operator Instructions]. Stephen Altebrando Good mor ...

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Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q2 2022 Results Conference Call August 9, 2022 12:00 PM ET Company Participants Steve Altebrando - Shareholder Relations David Thompson - Chief Executive Officer Shaul Kuba - Co-Founder, CIM Group Nate DeBacker - Chief Financial Officer Conference Call Participants Craig Kucera - B. Riley Securities John Moran - Robotti& Company Operator Good day, and welcome to Creative Media & Community Trust Second Quarter 2022 Earnings Call. All participants wil ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One): ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-13610 CREATIVE MEDIA & COMMUNITY TRUST CORPORATION (Exact name of registrant as specified in its charter) Maryla ...

Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q1 2022 Earnings Conference Call May 11, 2022 11:00 AM ET Company Participants Steve Altebrando - Shareholder Relations David Thompson - Chief Executive Officer Shaul Kuba - Co-Founder, CIM Group Nathan DeBacker - Chief Financial Officer Conference Call Participants Craig Kucera - B. Riley Securities Operator Good day and welcome to the Creative Media & Community Trust Corporation First Quarter 20212 Earnings Call. All participants will be in listen ...

Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q4 2021 Earnings Conference Call March 16, 2022 1:00 PM ET Company Participants Steve Altebrando - Shareholder Relations Nathan DeBacker - CFO David Thompson - CEO Shaul Kuba - Co-Founder, CIM Group Conference Call Participants Craig Kucera - B. Riley Securities John Moran - Robotti & Company Operator Good day and welcome to the Creative Media & Community Trust Corporation Fourth Quarter 2021 Earnings Call. All participants will be in listen-only mo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-13610 CREATIVE MEDIA & COMMUNITY TRUST CORPORATION (Exact Name of Registrant as Specified in Its Charter) | --- | --- | --- | |----------------------------------- ...

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