Creative Media & Community Trust Corp 10-Q for FY2021 Q2

Creative Media & Community Trust Corp (CMCT)

10-Q 2021-08-09 For: 2021-06-30

Added on April 05, 2026

About this 10-Q

Creative Media & Community Trust Corp filed this 10-Q on August 9, 2021, covering the quarter ended June 30, 2021 (FY2021 Q2).

Headline figures

Quarter ended June 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $22.67M; up 37.3% from $16.51M a year earlier
Net income: $530K; compared with a net loss of $4.04M a year earlier
Diluted EPS: -$0.28; compared with -$0.55 a year earlier

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(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, 2021
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to


			PAGE NO.
PART I.	Financial Information
	Item 1.	Financial Statements
		Consolidated Balance Sheets — June 30, 2021 and December 31, 2020	1
		Consolidated Statements of Operations — Three and Six Months Ended June 30, 2021 and 2020	2

		Consolidated Statements of Equity — Six Months Ended June 30, 2021 and 2020	3
		Consolidated Statements of Cash Flows — Six Months Ended June 30, 2021 and 2020	5
		Notes to Consolidated Financial Statements	7
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	51
	Item 4.	Controls and Procedures	51

PART II.	Other Information
	Item 1.	Legal Proceedings	52
	Item 1A.	Risk Factors	52
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
	Item 3.	Defaults Upon Senior Securities	52
	Item 4.	Mine Safety Disclosures	52
	Item 5.	Other Information	52
	Item 6.	Exhibits	53


	June 30, 2021		December 31, 2020
ASSETS
Investments in real estate, net	$	498,521	$	506,040
Cash and cash equivalents	59,730		33,636
Restricted cash	9,804		10,013
Loans receivable, net	81,942		83,135
Accounts receivable, net	1,795		1,737
Deferred rent receivable and charges, net	36,339		35,956
Other intangible assets, net	5,754		6,313
Loan servicing asset, net and other assets	10,939		8,787

TOTAL ASSETS	$	704,824	$	685,617
LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY
LIABILITIES:
Debt, net	$	260,717	$	324,313
Accounts payable and accrued expenses	13,678		20,327
Intangible liabilities, net	388		587
Due to related parties	10,632		6,706
Other liabilities	12,413		9,733

Total liabilities	297,828		361,666
COMMITMENTS AND CONTINGENCIES (Note 13)
REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, $0.001 par value; 36,000,000 shares authorized; 1,845,681 and 1,844,881 shares issued and outstanding, respectively, as of June 30, 2021 and 2,008,256 and 2,007,856 shares issued and outstanding, respectively, as of December 31, 2020; liquidation preference of $25.00 per share, subject to adjustment	42,470		45,837
EQUITY:
Series A cumulative redeemable preferred stock, $0.001 par value; 36,000,000 shares authorized; 5,408,954 and 5,253,377 shares issued and outstanding, respectively, as of June 30, 2021 and 4,484,376 and 4,377,762 shares issued and outstanding, respectively, as of December 31, 2020; liquidation preference of $25.00 per share, subject to adjustment	130,595		108,729
Series D cumulative redeemable preferred stock, $0.001 par value; 32,000,000 shares authorized; 31,025 shares issued and outstanding as of June 30, 2021 and 19,145 shares issued and outstanding as of December 31, 2020; liquidation preference of $25.00 per share, subject to adjustment	764		473
Series L cumulative redeemable preferred stock, $0.001 par value; 9,000,000 shares authorized; 8,080,740 and 5,387,160 shares issued and outstanding, respectively, as of June 30, 2021 and December 31, 2020; liquidation preference of $28.37 per share, subject to adjustment	152,834		152,834
Common stock, $0.001 par value; 900,000,000 shares authorized; 23,369,331 shares issued and outstanding as of June 30, 2021 and 14,827,410 shares issued and outstanding as of December 31, 2020.	24		15
Additional paid-in capital	868,929		794,127
Distributions in excess of earnings	(788,957)		(778,519)
Total stockholders’ equity	364,189		277,659
Noncontrolling interests	337		455
Total equity	364,526		278,114
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	$	704,824	$	685,617


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
REVENUES:
Rental and other property income	$	13,309	$	13,700	$	26,658	$	28,519
Hotel income	3,130		869		4,862		8,628
Interest and other income	6,234		1,941		10,032		4,898
Total Revenues	22,673		16,510		41,552		42,045
EXPENSES:
Rental and other property operating	9,115		7,492		17,405		20,007
Asset management and other fees to related parties	2,260		2,376		4,519		5,021
Expense reimbursements to related parties—corporate	454		615		1,059		1,427
Expense reimbursements to related parties—lending segment	433		998		1,164		1,680
Interest	2,673		2,896		5,305		6,063
General and administrative	1,146		1,668		3,768		3,402

Depreciation and amortization	5,069		5,197		10,106		10,455


	21,150		21,242		43,326		48,055

INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES	1,523		(4,732)		(1,774)		(6,010)
Provision (benefit) for income taxes	996		(691)		1,370		(713)
NET INCOME (LOSS)	527		(4,041)		(3,144)		(5,297)
Net loss (income) attributable to noncontrolling interests	3		(2)		4		(6)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	530		(4,043)		(3,140)		(5,303)
Redeemable preferred stock dividends declared or accumulated (Note 9)	(4,621)		(3,990)		(9,087)		(9,346)
Redeemable preferred stock deemed dividends (Note 9)	(106)		(52)		(163)		(213)
Redeemable preferred stock redemptions (Note 9)	(13)		(56)		(26)		(66)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(4,210)	$	(8,141)	$	(12,416)	$	(14,928)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:
Basic	$	(0.28)	$	(0.55)	$	(0.83)	$	(1.02)
Diluted	$	(0.28)	$	(0.55)	$	(0.83)	$	(1.02)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic	15,102		14,782		14,956		14,690
Diluted	15,102		14,782		14,956		14,690


	Six Months Ended June 30, 2021
	Common Stock			Preferred Stock
	Shares	Par Value		Shares	Par Value		Additional Paid-in Capital		Distributions in Excess of Earnings		Total Stockholders’ Equity		Non-controlling Interests		Total Equity
Balances, December 31, 2020	14,827,410	$	15	9,784,067	$	262,036	$	794,127	$	(778,519)	$	277,659	$	455	$	278,114
Contributions to noncontrolling interests	—	—		—	—		—		—		—		—		—
Distributions to noncontrolling interests	—	—		—	—		—		—		—		(114)		(114)
Stock-based compensation expense	—	—		—	—		60		—		60		—		60
Common dividends ($0.075 per share)	—	—		—	—		—		(1,112)		(1,112)		—		(1,112)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)	—	—		—	—		—		(2,350)		(2,350)		—		(2,350)
Issuance of Series D Preferred Stock	—	—		4,045	99		(3)		—		96		—		96
Dividends to holders of Series D Preferred Stock ($0.35313 per share)	—	—		—	—		—		(9)		(9)		—		(9)
Reclassification of Series A Preferred Stock to permanent equity	—	—		366,991	9,144		(901)		—		8,243		—		8,243
Redeemable Preferred Stock deemed dividends	—	—		—	—		—		(57)		(57)		—		(57)
Redemption of Series A Preferred Stock	—	—		(29,462)	(733)		61		(13)		(685)		—		(685)
Net loss	—	—		—	—		—		(3,670)		(3,670)		(1)		(3,671)
Balances, March 31, 2021	14,827,410	$	15	10,125,641	$	270,546	$	793,344	$	(785,730)	$	278,175	$	340	$	278,515


Stock-based compensation expense	20,332	—		—	—		50		—		50		—		50
Common dividends ($0.075 per share)	—	—		—	—		—		(1,114)		(1,114)		—		(1,114)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)	—	—		—	—		—		(2,511)		(2,511)		—		(2,511)
Issuance of Series D Preferred Stock	—	—		7,835	192		(7)		—		185		—		185
Dividends to holders of Series D Preferred Stock ($0.35313 per share)	—	—		—	—		—		(13)		(13)		—		(13)
Reclassification of Series A Preferred Stock to permanent equity	—	—		556,587	13,915		(1,434)		—		12,481		—		12,481
Redeemable Preferred Stock deemed dividends	—	—		—	—		—		(106)		(106)		—		(106)
Redemption of Series A Preferred Stock	—	—		(18,501)	(460)		42		(13)		(431)		—		(431)
Issuance of Common Stock	8,521,589	9		—	—		76,934		—		76,943		—		76,943
Net (loss) income	—	—		—	—		—		530		530		(3)		527
Balances, June 30, 2021	23,369,331	$	24	10,671,562	$	284,193	$	868,929	$	(788,957)	$	364,189	$	337	$	364,526


	Six Months Ended June 30, 2020
	Common Stock			Preferred Stock
	Shares	Par Value		Shares	Par Value		Additional Paid-in Capital		Distributions in Excess of Earnings		Total Stockholders’ Equity		Non-controlling Interests		Total Equity
Balances, December 31, 2019	14,602,149	$	15	8,224,254	$	223,467	$	794,825	$	(740,617)	$	277,690	$	505	$	278,195

Stock-based compensation expense	—	—		—	—		56		—		56		—		56



Common dividends ($0.075 per share)	—	—		—	—		—		(1,095)		(1,095)		—		(1,095)
Issuance of Series A Preferred Warrants	—	—		—	—		28		—		28		—		28
Dividends to holders of Series A Preferred Stock ($0.68750 per share)	—	—		—	—		—		(3,252)		(3,252)		—		(3,252)
Issuance of Series D Preferred Stock	—	—		5,980	150		(5)		—		145		—		145
Dividends to holders of Series D Preferred Stock ($0.588542 per share)	—	—		—	—		—		(3)		(3)		—		(3)
Reclassification of Series A Preferred Stock to permanent equity	—	—		304,274	7,588		(640)		—		6,948		—		6,948
Redeemable Preferred Stock deemed dividends	—	—		—	—		—		(161)		(161)		—		(161)
Redemption of Series A Preferred Stock	—	—		(2,452)	(61)		5		(10)		(66)		—		(66)

Net (loss) income	—	—		—	—		—		(1,260)		(1,260)		4		(1,256)
Balances, March 31, 2020	14,602,149	$	15	8,532,056	231,144		$	794,269	$	(746,398)	279,030		$	509	$	279,539
Distributions to noncontrolling interests	—	—		—	—		—		—		—		(45)		(45)
Stock-based compensation expense	21,912	—		—	—		56		—		56		—		56
Issuance of shares of Common Stock in exchange for asset management fees	203,349	—		—	—		2,359		—		2,359		—		2,359
Common dividends ($0.075 per share)	—	—		—	—		—		(1,112)		(1,112)		—		(1,112)
Issuance of Series D Preferred Stock	—	—		920	23		(1)		—		22		—		22
Dividends to holders of Series D Preferred Stock ($0.35313 per share)	—	—		—	—		—		(3)		(3)		—		(3)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)	—	—		—	—		—		(1,886)		(1,886)		—		(1,886)
Reclassification of Series A Preferred Stock to permanent equity	—	—		427,064	10,638		(899)		—		9,739		—		9,739
Redeemable Preferred Stock deemed dividends	—	—		—	—		—		(52)		(52)		—		(52)
Redemption of Series A Preferred Stock	—	—		(5,532)	(138)		11		(56)		(183)		—		(183)

Net (loss) income	—	—		—	—		—		(4,043)		(4,043)		2		(4,041)
Balances, June 30, 2020	14,827,410	$	15	8,954,508	241,667		$	795,795	$	(753,550)	283,927		$	466	$	284,393


	Six Months Ended June 30,
	2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(3,144)	$	(5,297)
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization, net	10,095		10,244








Amortization of deferred loan costs	635		548
Amortization of premiums and discounts on debt	15		(51)
Unrealized premium adjustment	1,457		518
Amortization and accretion on loans receivable, net	(279)		(261)
Write-offs of uncollectible receivables	1,076		302
Deferred income taxes	(13)		(867)
Stock-based compensation	110		112
Loans funded, held for sale to secondary market	(45,464)		(9,303)
Proceeds from sale of guaranteed loans	49,207		10,902
Principal collected on loans subject to secured borrowings	291		2,613
Other operating activity	(925)		(407)
Changes in operating assets and liabilities:
Accounts receivable	(1,089)		586
Other assets	(2,191)		(552)
Accounts payable and accrued expenses	(553)		(2,902)
Deferred leasing costs	(413)		(332)
Other liabilities	2,680		(1,554)
Due to related parties	6,345		942
Net cash provided by operating activities	17,840		5,241
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate	(823)		(9,545)


Loans funded	(19,746)		(18,567)
Principal collected on loans	15,747		4,710
Other investing activity	—		59
Net cash used in investing activities	(4,822)		(23,343)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(94,351)		(10,370)
Proceeds from revolving credit facilities and term notes	30,396		76,966


Payment of principal on secured borrowings	(291)		(2,613)

Payment of deferred preferred stock offering costs	(268)		(501)
Payment of deferred costs	(125)		(203)
Payment of common dividends	(2,226)		(2,207)



Proceeds from issuance of Common Stock	78,825		—
Payment of Common Stock offering costs	(325)		—
Net proceeds from issuance of Series A Preferred Warrants	—		29
Net proceeds from issuance of Preferred Stock	15,484		21,466

Payment of preferred stock dividends	(12,965)		(12,589)
Redemption of Preferred Stock	(1,173)		(1,626)

Noncontrolling interests’ distributions	(114)		(45)

Net cash provided by financing activities	12,867		68,307


Buildings and improvements						15 - 40 years
Furniture, fixtures, and equipment						3 - 5 years
Tenant improvements						Lesser of useful life or lease term


	June 30, 2021		December 31, 2020
Deferred rent receivable	$	21,200	$	20,470
Deferred leasing costs, net of accumulated amortization of $8,420 and $7,742, respectively	8,275		8,950
Deferred offering costs	6,373		6,046
Other deferred costs	491		490
Deferred rent receivable and charges, net	$	36,339	$	35,956


	Six Months Ended June 30, 2020
	As previously reported		Reclassification		As Revised
Consolidated Statements of Cash Flows
Depreciation and amortization, net	$	10,455	$	(211)	$	10,244
Deferred rent and amortization of intangible assets, liabilities and lease inducements	$	(1,341)	$	1,341	$	—
Other assets	$	578	$	(1,130)	$	(552)
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	$	—	$	(10,370)	$	(10,370)
Payment of principal on SBA 7(a) loan-backed notes	$	(5,370)	$	5,370	$	—
Payment of unsecured revolving lines of credit, revolving credit facility and or term note	$	(5,000)	$	5,000	$	—
Proceeds from revolving credit facilities and term notes	$	—	$	76,966	$	76,966
Proceeds from unsecured revolving lines of credit, revolving credit facility and or term note	$	61,500	$	(61,500)	$	—
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	$	15,466	$	(15,466)	$	—
Payment of deferred costs	$	(70)	$	(133)	$	(203)
Payment of deferred loan costs	$	(133)	$	133	$	—
Net proceeds from issuance of Preferred Stock	$	21,296	$	170	$	21,466
Net proceeds from issuance of Series D Preferred Stock	$	170	$	(170)	$	—
Additions to deferred loan costs included in accounts payable and accrued expenses	$	292	$	(292)	$	—
Accrued deferred costs	$	165	$	292	$	457
Preferred stock offering costs offset against redeemable preferred stock	$	303	$	2	$	305
Preferred stock offering costs offset against redeemable preferred stock in permanent equity	$	2	$	(2)	$	—
Accrued redeemable preferred stock fees	$	247	$	2	$	249
Redeemable Series D Preferred Stock fees included in accounts payable and accrued expenses	$	2	$	(2)	$	—


	June 30, 2021		December 31, 2020
Land	$	139,397	$	139,397
Land improvements	2,611		2,611
Buildings and improvements	451,909		450,741
Furniture, fixtures, and equipment	4,983		4,969
Tenant improvements	29,926		31,414
Work in progress	8,079		8,073
Investments in real estate	636,905		637,205
Accumulated depreciation	(138,384)		(131,165)
Net investments in real estate	$	498,521	$	506,040


	June 30, 2021		December 31, 2020
SBA 7(a) loans receivable, subject to credit risk	$	37,185	$	32,226
SBA 7(a) loans receivable, subject to loan-backed notes	22,059		23,631
SBA 7(a) loans receivable, Paycheck Protection Program	12,408		14,484
SBA 7(a) loans receivable, subject to secured borrowings	8,469		8,786
SBA 7(a) loans receivable, held for sale	1,896		4,009
Loans receivable	82,017		83,136
Deferred capitalized costs, net	855		884
Loan loss reserves	(930)		(885)
Loans receivable, net	$	81,942	$	83,135


	June 30, 2021		December 31, 2020
Intangible lease assets:
Acquired in-place leases, net of accumulated amortization of $8,744 and $9,228, respectively, with an average useful life of 9 and 8 years, respectively	$	2,763	$	3,316
Acquired above-market leases, net of accumulated amortization of $21 and $15, respectively, both with an average useful life of 6 years	34		40
Trade name and license	2,957		2,957
Total intangible lease assets, net	$	5,754	$	6,313
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,174 and $1,786, respectively, with an average useful life of 5 and 4 years, respectively	$	388	$	587


	Assets				Liabilities
Years Ending December 31,	Acquired Above-Market Leases		Acquired In-Place Leases		Acquired Below-Market Leases
2021 (Six months ending December 31, 2021)	$	6	$	496	$	(150)
2022	12		813		(236)
2023	10		470		(2)
2024	5		374		—
2025	1		171		—
Thereafter	—		439		—
	$	34	$	2,763	$	(388)


			During the Six Months Ended June 30, 2021
	Balances as of December 31, 2020		Debt Issuances & Assumptions		Repayments & Modifications		Accretion & (Amortization)		Balances as of June 30, 2021
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred loan costs — Mortgage Payable	(147)		—		—		13		(134)
Total Mortgage Payable	96,953		—		—		13		96,966
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	8,457		—		(291)		—		8,166
Unamortized premiums	457		—		—		(30)		427
Total Secured Borrowings — Government Guaranteed Loans	8,914		—		(291)		(30)		8,593
Other Debt:
2018 revolving credit facility	166,500		20,000		(79,500)		—		107,000
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	14,230		—		(2,379)		—		11,851
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	14,484		10,396		(12,472)		—		12,408
Deferred loan costs — other debt	(2,155)		—		—		622		(1,533)
Discount on junior subordinated notes	(1,683)		—		—		45		(1,638)
Total Other Debt	218,446		30,396		(94,351)		667		155,158
Total Debt, Net	$	324,313	$	30,396	$	(94,642)	$	650	$	260,717


FORM			10-Q


Grant Date (1)	Vesting Date	Restricted Shares of Common Stock - Individual	Restricted Shares of Common Stock - Aggregate
May 2019	May 2020	889	3,556
July 2019	May 2020 (2)	81	324
May 2020	February 2021 (3)	5,478	5,478
May 2020	May 2021	5,478	16,434
May 2021	(4)	5,083	20,332


	June 30, 2021		December 31, 2020
	Discount Rate	Prepayment Rate	Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk	6.50% - 8.25%	4.00% - 17.50%	6.50% - 8.25%	4.00% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	5.50% - 8.00%	4.88% - 17.50%	5.50% - 8.00%	4.88% - 17.50%
SBA 7(a) loans receivable, paycheck protection program	1.00%	N/A	1.00%	N/A
SBA 7(a) loans receivable, subject to secured borrowings	7.00% - 7.75%	5.00% - 17.50%	7.00% - 7.75%	5.00% - 17.50%


Daily Average Adjusted Fair Value of CIM Urban’s Assets
				Quarterly Fee Percentage
From Greater of		To and Including

$	—	$	500,000	0.2500%
$	500,000	$	1,000,000	0.2375%
$	1,000,000	$	1,500,000	0.2250%
$	1,500,000	$	4,000,000	0.2125%
$	4,000,000	$	20,000,000	0.1000%


Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
2021 (Six months ending December 31, 2021)	$	—	$	471	$	—	$	1,783	$	2,254
2022	—		431		107,000		3,296		110,727
2023	—		444		—		3,575		4,019
2024	—		458		—		3,716		4,174
2025	—		472		—		3,386		3,858
Thereafter	97,100		5,890		—		35,573		138,563
	$	97,100	$	8,166	$	107,000	$	51,329	$	263,595


	Preferred Stock

	Series A			Series D			Series L			Total
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balances, December 31, 2019	2,837,094	$	70,633	—	$	—	5,387,160	$	152,834	8,224,254	$	223,467
Issuance of Series D Preferred Stock	—	—		5,980	150		—	—		5,980	150
Reclassification of Series A Preferred Stock to permanent equity	304,274	7,588		—	—		—	—		304,274	7,588
Redemption of Series A Preferred Stock	(2,452)	(61)		—	—		—	—		(2,452)	(61)
Balances, March 31, 2020	3,138,916	$	78,160	5,980	$	150	5,387,160	$	152,834	8,532,056	$	231,144
Issuance of Series D Preferred Stock	—	—		920	23		—	—		920	23
Reclassification of Series A Preferred Stock to permanent equity	427,064	10,638		—	—		—	—		427,064	10,638
Redemption of Series A Preferred Stock	(5,532)	(138)		—	—		—	—		(5,532)	(138)
Balances, June 30, 2020	3,560,448	$	88,660	6,900	$	173	5,387,160	$	152,834	8,954,508	$	241,667

Balances, December 31, 2020	4,377,762	$	108,729	19,145	$	473	5,387,160	$	152,834	9,784,067	$	262,036
Issuance of Series D Preferred Stock	—	—		4,045	99		—	—		4,045	99
Reclassification of Series A Preferred Stock to permanent equity	366,991	9,144		—	—		—	—		366,991	9,144
Redemption of Series A Preferred Stock	(29,462)	(733)		—	—		—	—		(29,462)	(733)
Balances, March 31, 2021	4,715,291	$	117,140	23,190	$	572	5,387,160	$	152,834	10,125,641	$	270,546
Issuance of Series D Preferred Stock	—	—		7,835	192		—	—		7,835	192
Reclassification of Series A Preferred Stock to permanent equity	556,587	13,915		—	—		—	—		556,587	13,915
Redemption of Series A Preferred Stock	(18,501)	(460)		—	—		—	—		(18,501)	(460)
Balances, June 30, 2021	5,253,377	$	130,595	31,025	$	764	5,387,160	$	152,834	10,671,562	$	284,193


	June 30, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
Assets:
SBA 7(a) loans receivable, subject to credit risk	$	37,517	$	37,728	$	32,509	$	32,397	3
SBA 7(a) loans receivable, subject to loan-backed notes	22,015		22,740		23,606		24,850		3
SBA 7(a) loans receivable, paycheck protection program	11,916		12,409		14,089		14,484		3
SBA 7(a) loans receivable, subject to secured borrowings	8,504		8,593		8,822		8,914		3
SBA 7(a) loans receivable, held for sale	1,990		2,150		4,109		4,527		3
Liabilities:
Mortgages payable (1)	97,100		100,855		97,100		100,799		3
Junior subordinated notes (1)	27,070		24,293		27,070		24,236		3


	June 30, 2021		December 31, 2020
Asset management fees	$	4,487	$	2,386
Property management fees and reimbursements	1,926		1,662
Expense reimbursements - corporate	904		647
Expense reimbursements - lending segment	1,685		690
Upfront dealer manager and trailing dealer manager fees	655		493
Non-issuance specific offering costs	969		668
Other amounts due to the CIM Management Entities and certain of its affiliates	6		160
Total due to related parties	$	10,632	$	6,706


	June 30, 2021		December 31, 2020
Condensed assets:
Office	$	461,207	$	472,544
Hotel	100,711		100,285
Lending	106,817		94,626
Non-segment assets	36,089		18,162
Total assets	$	704,824	$	685,617


Parking Tenants (1)	Three Months Ended June 30, 2021
Rent Collected (2)	32.3	%

Recorded as Bad Debt	67.7	%

Total	100.0	%


	As of June 30,
	2021			2020
Occupancy (1)	78.0		%	80.6		%
Annualized rent per occupied square foot (1)(2)	$	52.32		$	50.29


	For the Three Months Ended
	September 30, 2021		December 31, 2021		March 31, 2022		June 30, 2022
Expiring Cash Rents:
Expiring square feet (1)	30,035		20,789		23,073		22,817
Expiring rent per square foot (2)	$	53.50	$	54.88	$	55.43	$	64.64


	Number of Leases (1)	Rentable Square Feet	New Cash Rents per Square Foot (2)		Expiring Cash Rents per Square Foot (2)
Three months ended June 30, 2021	4	16,754	$	44.64	$	51.75
Six months ended June 30, 2021	6	19,797	$	46.97	$	51.27


	For the Six Months Ended June 30,
	2021			2020
Occupancy	38.8		%	39.2		%
ADR	$	119.99		$	159.75
RevPAR	$	46.52		$	62.59


	Three Months Ended June 30,				Change
	2021		2020		$		%
	(dollars in thousands)
Total revenues	$	22,673	$	16,510	$	6,163	37.3	%
Total expenses	$	21,150	$	21,242	$	(92)	(0.4)	%

Net income (loss)	$	527	$	(4,041)	$	4,568	(113.0)	%


Exhibit Number						Exhibit Description

*3.1						Bylaws of CIM Commercial Trust Corporation, as amended.
*31.1						Section 302 Officer Certification—Chief Executive Officer.
*31.2						Section 302 Officer Certification—Chief Financial Officer.
*32.1						Section 906 Officer Certification—Chief Executive Officer.
*32.2						Section 906 Officer Certification—Chief Financial Officer.
*101.INS						XBRL Instance Document — the instance document does not appear in the interactive data files because its XBRL on the Interactive Data File because its XBRL tags are embedded within the inline XBRL document
*101.SCH						XBRL Taxonomy Extension Schema Document
*101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document
*101.DEF						XBRL Taxonomy Extension Definition Linkbase Document
*101.LAB						XBRL Taxonomy Extension Label Linkbase Document
*101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document
*104						Cover page Interactive Data File, formatted in inline XBRL (included in Exhibit 101).



Date: August 9, 2021						/s/ DAVID THOMPSON David Thompson Chief Executive Officer



Date: August 9, 2021						/s/ NATHAN D. DEBACKER Nathan D. DeBacker Chief Financial Officer