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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 September 30, 2023
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)
Maryland75-6446078
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
5956 Sherry Lane,Suite 700,Dallas,Texas75225
(Address of Principal Executive Offices)(Zip Code)
(972)
349-3200
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report) 
Securities Registered Pursuant to Section 12(b) of the Act:
Common Stock, $0.001 Par ValueCMCT
Nasdaq Global Market
Common Stock, $0.001 Par ValueCMCT
Tel Aviv Stock Exchange
(Title of each class)(Trading symbol)(Name of each exchange on which registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filerNon-accelerated filer
Smaller reporting company 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.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
As of November 8, 2023, the Registrant had outstanding 22,786,741 shares of common stock, par value $0.001 per share.


Table of Contents
CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES
INDEX
   PAGE NO.
PART I.Financial Information
Financial Statements
 
 
 
 
 
PART II.Other Information



Table of Contents
PART I
Financial Information
Item 1.
Financial Statements
CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share and per share amounts) (Unaudited)
 September 30, 2023December 31, 2022
ASSETS  
Investments in real estate, net$708,178 $502,006 
Investments in unconsolidated entities 29,252 12,381 
Cash and cash equivalents19,261 46,190 
Restricted cash23,950 11,290 
Loans receivable, net (Note 5)60,404 62,547 
Accounts receivable, net2,825 3,780 
Deferred rent receivable and charges, net30,890 37,543 
Other intangible assets, net4,043 4,461 
Other assets19,253 10,050 
TOTAL ASSETS$898,056 $690,248 
LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY  
LIABILITIES:  
Debt, net$470,325 $184,267 
Accounts payable and accrued expenses34,331 107,220 
Intangible liabilities, net 20 
Due to related parties4,739 3,155 
Other liabilities13,401 17,856 
Total liabilities522,796 312,518 
COMMITMENTS AND CONTINGENCIES (Note 15)
REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, $0.001 par value; 34,873,861 shares authorized; no shares issued or outstanding as of September 30, 2023 and 693,741 shares issued and outstanding as of December 31, 2022; liquidation preference of $25.00 per share, subject to adjustment
 15,697 
EQUITY:  
Series A cumulative redeemable preferred stock, $0.001 par value; 34,873,861 shares authorized; 8,820,338 and 7,694,199 shares issued and outstanding, respectively, as of September 30, 2023 and 8,126,597 and 7,565,349 shares issued and outstanding, respectively, as of December 31, 2022; liquidation preference of $25.00 per share, subject to adjustment
192,235 189,048 
Series A1 cumulative redeemable preferred stock, $0.001 par value; 27,935,059 shares authorized; 9,288,485 and 9,223,544 shares issued and outstanding, respectively, as of September 30, 2023 and 5,966,077 and 5,956,147 shares issued and outstanding, respectively, as of December 31, 2022; liquidation preference of $25.00 per share, subject to adjustment
228,324 147,514 
Series D cumulative redeemable preferred stock, $0.001 par value; 26,991,590 shares authorized; 56,857 and 48,447 shares issued and outstanding, respectively, as of September 30, 2023 and 56,857 and 48,857 shares issued and outstanding, respectively, as of December 31, 2022; liquidation preference of $25.00 per share, subject to adjustment
1,190 1,200 
Common stock, $0.001 par value; 900,000,000 shares authorized; 22,786,741 shares issued and outstanding as of September 30, 2023 and 22,737,853 shares issued and outstanding as of December 31, 2022.
23 23 
Additional paid-in capital854,377 861,721 
Distributions in excess of earnings(903,725)(837,846)
Total stockholders’ equity372,424 361,660 
Noncontrolling interests2,836 373 
Total equity375,260 362,033 
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY$898,056 $690,248 
The accompanying notes are an integral part of these consolidated financial statements.
1

Table of Contents
CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share amounts) (Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
REVENUES:    
Rental and other property income$17,061 $14,194 $49,999 $42,484 
Hotel income7,485 7,965 29,590 24,476 
Interest and other income3,572 2,694 10,201 9,078 
Total Revenues28,118 24,853 89,790 76,038 
EXPENSES:    
Rental and other property operating15,509 13,334 47,713 37,557 
Asset management and other fees to related parties          724 916 2,071 2,757 
Expense reimbursements to related parties—corporate524 511 1,729 1,459 
Expense reimbursements to related parties—lending segment648 539 2,166 1,612 
Interest9,733 2,193 24,678 6,766 
General and administrative2,142 1,907 5,751 4,975 
Transaction-related costs38 201 3,398 201 
Depreciation and amortization16,082 5,093 46,056 15,071 
Total Expenses45,400 24,694 133,562 70,398 
Income (loss) from unconsolidated entities1,189 (204)1,053 176 
Gain on sale of real estate (Note 3)  1,104  
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES(16,093)(45)(41,615)5,816 
Provision for income taxes554 187 969 815 
NET (LOSS) INCOME(16,647)(232)(42,584)5,001 
Net loss (income) attributable to noncontrolling interests874 (5)2,501 (19)
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY(15,773)(237)(40,083)4,982 
Redeemable preferred stock dividends declared or accumulated (Note 11)(6,809)(6,584)(18,341)(16,763)
Redeemable preferred stock deemed dividends (Note 11)   (19)
Redeemable preferred stock redemptions (Note 11)(352)(4,863)(1,040)(5,044)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS$(22,934)$(11,684)$(59,464)$(16,844)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:    
Basic$(1.01)$(0.50)$(2.62)$(0.72)
Diluted$(1.01)$(0.50)$(2.62)$(0.72)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic22,738 23,209 22,717 23,303 
Diluted22,738 23,209 22,717 23,303 
   The accompanying notes are an integral part of these consolidated financial statements.
2

Table of Contents
CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES
Consolidated Statements of Equity
(In thousands, except share and per share amounts) (Unaudited)
 Nine Months Ended September 30, 2023
Common StockPreferred Stock
 SharesPar
Value
SharesPar
Value
Additional
Paid-in
Capital
Distributions
in Excess of Earnings
Total Stockholders’ EquityNon-controlling
Interests
Total Equity
Balances, December 31, 202222,737,853 $23 13,570,353 $337,762 $861,721 $(837,846)$361,660 $373 $362,033 
Cumulative-effect adjustment
upon adoption of ASU 2016-13 (Note 2)
— — — — — (619)(619)— (619)
Acquisition of noncontrolling interests— — — — — — — 5,002 5,002 
Stock based compensation expense— — — — 55 — 55 — 55 
Common dividends ($0.085 per share)
— — — — — (1,933)(1,933)— (1,933)
Issuance of Series A1 Preferred Stock— — 1,032,433 25,569 (2,291)— 23,278 — 23,278 
Redemption of Series A1 Preferred Stock— — (12,870)(319)28 (11)(302)— (302)
Dividends to holders of Series A1 Preferred Stock ($0.39563 per share)
— — — — — (2,559)(2,559)— (2,559)
Dividends to holders of Series D Preferred Stock ($0.35313 per share)
— — — — — (17)(17)— (17)
Reclassification of Series A Preferred stock to permanent equity— — 389,325 9,699 (887)— 8,812 — 8,812 
Redemption of Series A Preferred Stock— — (189,753)(4,723)403 (362)(4,682)— (4,682)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)
— — — — — (2,810)(2,810)— (2,810)
Net loss— — — — — (6,951)(6,951)(625)(7,576)
Balances, March 31, 202322,737,853 $23 14,789,488 $367,988 $859,029 $(853,108)$373,932 $4,750 $378,682 
Stock based compensation expense— — — — 37 — 37 — 37 
Common dividends ($0.085 per share)
— — — — — (1,933)(1,933)— (1,933)
Issuance of Series A1 Preferred Stock— — 1,195,589 29,582 (2,597)— 26,985 — 26,985 
Redemption of Series A1 Preferred Stock— — (11,200)(277)23 (24)(278)— (278)
Dividends to holders of Series A1 Preferred Stock ($0.4425 per share)
— — — — — (3,373)(3,373)— (3,373)
Redemption of Series D Preferred Stock— — (410)(10)— — (10)— (10)
Dividends to holders of Series D Preferred Stock ($0.35313 per share)
— — — — — (17)(17)— (17)
Reclassification of Series A Preferred stock to permanent equity— — 300,846 7,462 (658)— 6,804 — 6,804 
Redemption of Series A Preferred Stock— — (183,809)(4,575)401 (291)(4,465)— (4,465)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)
— — — — — (2,749)(2,749)— (2,749)
Net loss— — — — — (17,359)(17,359)(1,002)(18,361)
Balances, June 30, 202322,737,853 $23 16,090,504 $400,170 $856,235 $(878,854)$377,574 $3,748 $381,322 
Distributions to noncontrolling interests— — — — — — — (38)(38)
Stock based compensation expense48,888 — — — 36 — 36 — 36 
Common dividends ($0.085 per share)
— — — — — (1,937)(1,937)— (1,937)
Issuance of Series A1 Preferred Stock— — 1,094,386 27,015 (2,314)— 24,701 — 24,701 
Redemption of Series A1 Preferred Stock— — (30,941)(760)64 (41)(737)— (737)
Dividends to holders of Series A1 Preferred Stock ($0.47375 per share)
— — — — — (4,116)(4,116)— (4,116)
Dividends to holders of Series D Preferred Stock ($0.35313 per share)
— — — — — (17)(17)— (17)
Redemption of Series A Preferred Stock— — (187,759)(4,676)356 (311)(4,631)— (4,631)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)
— — — — — (2,676)(2,676)— (2,676)
Net loss— — — — — (15,773)(15,773)(874)(16,647)
Balances, September 30, 202322,786,741 $23 16,966,190 $421,749 $854,377 $(903,725)$372,424 $2,836 $375,260 
    

3

Table of Contents
 Nine Months Ended September 30, 2022
Common StockPreferred Stock
 SharesPar
Value
SharesPar
Value
Additional
Paid-in
Capital
Distributions
in Excess of Earnings
Total Stockholders’ EquityNon-controlling
Interests
Total Equity
Balances, December 31, 202123,369,331 $24 11,715,354 $310,661 $866,746 $(804,227)$373,204 $345 $373,549 
Stock based compensation expense— — — — 55 — 55 — 55 
Common dividends ($0.085 per share)
— — — — — (1,986)(1,986)— (1,986)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)
— — — — — (2,896)(2,896)— (2,896)
Dividends to holders of Series D Preferred Stock ($0.35313 per share)
— — — — — (21)(21)— (21)
Reclassification of Series A Preferred stock to permanent equity— — 329,921 8,304 (637)— 7,667 — 7,667 
Redeemable preferred stock accretion— — — — — (15)(15)— (15)
Redemption of Series A Preferred Stock— — (49,341)(1,228)108 (75)(1,195)— (1,195)
Net income— — — — — 2,297 2,297 5 2,302 
Balances, March 31, 202223,369,331 $24 11,995,934 $317,737 $866,272 $(806,923)$377,110 $350 $377,460 
Contributions to noncontrolling interests— — — — — — — 5 5 
Distributions to noncontrolling interests— — — — — — — (3)(3)
Stock based compensation expense30,984 — — — 37 — 37 — 37 
Repurchase of common stock(41,374)— — — (303)— (303)— (303)
Common dividends ($0.085 per share)
— — — — — (1,986)(1,986)— (1,986)
Issuance of Series A1 Preferred Stock— — 192,440 4,770 (416)— 4,354 — 4,354 
Dividends to holders of Series A1 Preferred Stock ($0.37500 per share)
— — — — — (79)(79)— (79)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)
— — — — — (2,960)(2,960)— (2,960)
Dividends to holders of Series D Preferred Stock ($0.35313 per share)
— — — — — (21)(21)— (21)
Reclassification of Series A Preferred stock to permanent equity— — 430,082 10,857 (1,189)— 9,668 — 9,668 
Redeemable preferred stock accretion— — — — — (4)(4)— (4)
Redemption of Series A Preferred Stock— — (88,225)(2,188)201 (106)(2,093)(2,093)
Net income— — — — — 2,922 2,922 9 2,931 
Balances, June 30, 202223,358,941 $24 12,530,231 $331,176 $864,602 $(809,157)$386,645 $361 $387,006 
Stock based compensation expense— — — — 55 — 55 — 55 
Repurchase of common stock(621,088)(1)— — (4,411)— (4,412)— (4,412)
Common dividends ($0.085 per share)
— — — — — (1,933)(1,933)— (1,933)
Issuance of Series A1 Preferred Stock— — 2,667,001 64,720 (3,940)— 60,780 — 60,780 
Dividends to holders of Series A1 Preferred Stock ($0.37500)
— — — — — (1,708)(1,708)— (1,708)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)
— — — — — (2,880)(2,880)— (2,880)
Dividends to holders of Series D Preferred Stock ($0.35313 per share)
— — — — — (22)(22)— (22)
Dividends to holders of Series L Preferred Stock ($1.12 per share)
— — — — — (2,723)(2,723)— (2,723)
Repurchase of Series L Preferred Stock— — (2,435,284)(69,089)6,451 (4,779)(67,417)— (67,417)
Reclassification of Series A Preferred stock to permanent equity— — 299,303 7,574 (536)— 7,038 — 7,038 
Redeemable preferred stock accretion— — — — — — — — — 
Redemption of Series A Preferred Stock— — (58,742)(1,463)139 (84)(1,408)— (1,408)
Net (loss) income— — — — — (237)(237)5 (232)
Balances, September 30, 202222,737,853 $23 13,002,509 $332,918 $862,360 $(823,523)$371,778 $366 $372,144 
The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents
CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
 Nine Months Ended
September 30,
 20232022
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net (loss) income$(42,584)$5,001 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:  
Depreciation and amortization, net46,153 15,181 
Gain on sale of real estate(1,104) 
Amortization of deferred debt origination costs1,646 850 
Amortization of premiums and discounts on debt36 30 
Unrealized premium adjustment548 1,278 
Amortization of deferred costs and accretion of fees on loans receivable, net(279)(399)
Write-offs of uncollectible receivables160 215 
Loss on interest rate caps349  
Deferred income taxes28 15 
Stock-based compensation128 147 
Income from unconsolidated entities(1,053)(176)
Loans funded, held for sale to secondary market(13,468)(27,205)
Proceeds from sale of guaranteed loans13,560 27,875 
Principal collected on loans subject to secured borrowings1,434 631 
Commitment fees remitted and other operating activity(314)(961)
Return on investment from unconsolidated entity 176 
Changes in operating assets and liabilities:  
Accounts receivable695 (587)
Other assets(3,961)(867)
Accounts payable and accrued expenses18,376 2,601 
Deferred leasing costs(717)(1,717)
Other liabilities(4,455)2,677 
Due to related parties1,584 3,526 
Net cash provided by operating activities16,762 28,291 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Capital expenditures(10,895)(6,394)
Acquisition of real estate(96,731)(10,776)
Proceeds from sale of real estate, net31,419  
Investment in unconsolidated entity(7,218)(22,408)
Distributions from unconsolidated entity 10,259 
Loans funded(8,550)(8,751)
Principal collected on loans9,108 14,436 
Net cash used in investing activities(82,867)(23,634)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes(194,239)(94,952)
Proceeds from revolving credit facilities, term notes and mortgages248,282 110,000 
Proceeds from the issuance of SBA 7(a) loan-backed notes54,141  
Payment of principal on secured borrowings(1,434)(631)
Payment of deferred preferred stock offering costs(665)(845)
Payment of deferred debt origination costs(