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Here are 1-3 brief analogies to describe Creative Media & Community Trust (CMCT):

• Like a smaller Vornado Realty Trust, primarily investing in office and retail properties in the Los Angeles area.
• A real estate investment trust (REIT) that's similar to a Los Angeles-focused Boston Properties, but also including retail assets.

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• Real Estate Leasing: Provides rentable commercial spaces, including office, studio, and retail properties, to various tenants.
• Media and Content Services: Offers services related to content creation, distribution, and management through its interest in a diversified media and content platform.

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Creative Media & Community Trust (CMCT) Major Customers

Creative Media & Community Trust (CMCT) is a real estate investment trust (REIT) that owns and operates a diversified portfolio of office, retail, residential, and hospitality properties, primarily in Los Angeles, California. As such, its "customers" are the tenants and guests occupying these various property types. Due to the diversified nature of its portfolio and the business model of a REIT, CMCT does not have a few "major customers" that are single companies, nor does it primarily sell to individuals in a concentrated way. Instead, its revenue is derived from a broad base of tenants and guests across its portfolio. CMCT's public filings indicate no dependence on any single tenant, with the largest tenant representing approximately 6.0% of its total annualized base rent.

Given the mixed nature of its portfolio and the lack of individually named major corporate customers, CMCT's customers can be categorized by the types of properties they occupy:

• Office Tenants: These are businesses and organizations from various sectors that lease office space, particularly in CMCT's Class A creative office properties. While specific names are not disclosed as major customers, these tenants represent a significant portion of CMCT's revenue.
• Retail Tenants: These include various retail operators, restaurants, and service providers that lease space in CMCT's street-level retail properties.
• Residential Tenants and Hotel Guests: This category encompasses individuals and families who lease apartment units in CMCT's multifamily properties, as well as individuals (and groups) who stay in its boutique hotel properties.

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David Thompson, Chief Executive Officer

David Thompson is a Principal and Chief Financial Officer at CIM Group, which manages Creative Media & Community Trust (CMCT). He is responsible for overseeing all areas of Finance within CIM and serves on its Investment Committee. Mr. Thompson joined CIM in 2009 and began his career as a CPA at Arthur Andersen & Co. CMCT is operated by affiliates of CIM Group, L.P., described as a global alternative assets investment firm, indicating a connection to alternative investment structures.

Barry Neil Berlin, Executive Vice President, Chief Financial Officer, Treasurer, Principal Accounting Officer and Secretary

Barry Neil Berlin is the Executive Vice President, Chief Financial Officer, Treasurer, Principal Accounting Officer, and Secretary of CMCT. He is a CPA. CMCT is operated by affiliates of CIM Group, L.P., which is a vertically-integrated owner and operator of real assets.

Shaul Kuba, Chief Investment Officer and Director

Shaul Kuba is a Co-Founder and Principal of CIM Group and the Chief Investment Officer of CMCT, a position he was appointed to in March 2023. He brings over 25 years of active real estate, infrastructure, and lending experience. Since co-founding CIM in 1994, Mr. Kuba has been integral in building the firm's real estate, infrastructure, and debt platforms. He heads CIM's development team, actively engaging in the development, redevelopment, and repositioning of CIM's real estate assets, and also serves on CIM's Investment Committee. He has been instrumental in sharpening CMCT's focus on investing in next-generation assets alongside co-investors.

Steve Altebrando, Portfolio Oversight

Steve Altebrando serves as the Portfolio Oversight for CMCT. He also previously held the title of VP, Equity Capital Markets.

Jordan Dembo, Managing Director and Chief Legal Officer

Jordan Dembo holds the position of Managing Director and Chief Legal Officer at CMCT.

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• Prolonged Shift to Hybrid and Remote Work Models: The lasting impact of the pandemic has accelerated a fundamental change in how companies utilize office space. Many businesses are adopting permanent hybrid or fully remote work policies, leading to reduced demand for traditional office footprints. For CMCT, this could result in higher vacancy rates, decreased rental income, and pressure on property valuations for its creative office portfolio, particularly if tenant requirements shift towards smaller, more flexible spaces or if companies choose to reduce their overall physical presence.
• Growing Demand for Flexible Office and Co-working Solutions: The increasing preference among businesses for agile, short-term, and amenity-rich flexible office spaces and co-working environments poses a direct competitive threat to CMCT's traditional long-term leasing model. Companies, especially those in creative and tech sectors that CMCT targets, are increasingly opting for such flexibility over lengthy, rigid lease commitments, potentially eroding CMCT's tenant base and market share for its office properties.

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Multifamily Residential Real Estate

Creative Office Real Estate

Real Estate Lending

• Overall Real Estate Lending (U.S.): The broader U.S. real estate loan market was valued at $3.5 trillion in 2024. Total commercial real estate mortgage borrowing and lending in the U.S. reached an estimated $498 billion in 2024.
• Non-Owner-Occupied Residential Mortgage Loans (U.S.): A specific market size for "first-lien mortgage loans on non-owner-occupied residential properties" was not explicitly identified in the search results. However, this segment falls under the larger U.S. home mortgage market, which saw mortgage originations totaling $1.69 trillion in 2024 and $884 billion in new mortgage debt originated in the first half of 2025. Investors, who typically purchase non-owner-occupied properties, represent one borrower type within this market.
• SBA 7(a) Loan Program (U.S.): The U.S. Small Business Administration provided $31.1 billion in 7(a) loan funding in fiscal year 2024. The SBA's 7(a) loan program recorded over $10 billion in approvals in Q2 FY2025 (January through March 2025).

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Creative Media & Community Trust (CMCT) is focusing on several key areas to drive future revenue growth over the next two to three years:

1. Improved Office Leasing Performance: CMCT is strategically focused on enhancing its office portfolio, with expectations for significant growth stemming from increased leasing activity. The company has observed a surge in office leases, with approximately 140,000 square feet executed through July 2025, and management anticipates that new leasing activity will positively impact net operating income (NOI) in the future. Further NOI growth is targeted for 2026, supported by property upgrades and improved office leasing.
2. Growth and Performance of Multifamily Properties: The company is banking on improved performance and expansion within its multifamily segment as a key driver for future revenue. Plans include growing the multifamily portfolio and pursuing asset-light co-investments in this sector, with expectations for multifamily lease-up to contribute to NOI growth in 2026. Despite recent declines in this segment, sequential NOI increases in Q2 2025 suggest a potential turnaround, reinforcing its role in the strategic focus on premier multifamily assets.
3. Enhanced Hotel Performance through Renovations: Revenue growth is also expected from the company's hotel segment, driven by renovations and subsequent improvements in occupancy and average daily rates. Specifically, completed renovations at the Sacramento hotel and planned public space upgrades for late 2025 are anticipated to boost NOI in 2026.
4. Strategic Asset-Light Development and Co-investments: CMCT intends to pursue asset-light co-investments as a strategy for expansion. This approach allows the company to grow its portfolio and generate revenue streams through management fees or shared profits from these ventures, as indicated by past co-investment activities, such as the conversion of office space to apartments.
5. Benefits from a Declining Interest Rate Environment and Debt Refinancing: While not a direct revenue driver, the company anticipates a potential benefit from a declining interest rate environment and ongoing refinancing of maturing debt. Proactive measures in securing property-level financing and extending debt maturities are aimed at stabilizing its financial position. A reduction in interest expenses would improve net income and Funds From Operations (FFO), thereby indirectly supporting capital for growth initiatives.

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Share Repurchases

• Creative Media & Community Trust authorized a $10 million share repurchase program on May 24, 2022, which has no specified termination date.
• The company redeemed all outstanding shares of its 5.5% Series L Preferred Stock on January 25, 2023, for a total cost of $70.1 million.

Share Issuance

• In June 2021, CMCT conducted a rights offering for approximately $137.3 million of newly issued common stock at a subscription price of $9.25 per share.
• In September 2024, CMCT issued 60,526,804 shares of common stock as payment for the redemption of approximately 2.2 million shares of Series A Preferred Stock and approximately 2.6 million shares of Series A1 Preferred Stock.
• An offering of up to $400 million of Series A1 Preferred Stock, initially at $25 per share, was ongoing as of April 2024 but was suspended in September 2024.

Inbound Investments

• In 2023, CMCT expanded its multifamily portfolio by acquiring 696 apartment units across three properties, including the 333-unit Channel House, with plans to acquire the 75-unit Parkview Apartments and 288-unit Eleven Fifty Clay.
• The company focuses on growing its multifamily portfolio through property-level equity investments alongside co-investors, employing an "asset-light approach" to potentially generate fee income and a percentage of profits.
• CMCT has a development pipeline representing over 1,500 multifamily units.

Capital Expenditures

• CMCT has been engaged in a multifamily development pipeline and hotel renovation efforts.
• In the third quarter of 2024, the company finalized a partial conversion of office to multifamily at its 4750 Wilshire / 701 S Hudson property.
• Capital expenditures are primarily focused on acquiring, upgrading, and repairing real estate properties to enhance value or extend useful life.