Creative Media & Community Trust (CMCT) Q2 2026 earnings summary

Executive summary

• Portfolio consists of 27 fee-simple assets, including office, multifamily, hotel, and development sites, with a strategic focus shifting toward multifamily and creative office properties in vibrant U.S. markets.

• Operating results for Q2 2026 reflect ongoing portfolio repositioning, with improved multifamily and hotel performance but continued challenges in the office segment, particularly in Oakland.

• Completed major renovations at key assets and the sale of the lending business in January 2026, generating $31.2 million in proceeds and a $1.7 million gain.

• Significant preferred stock redemptions and asset sales have been executed to optimize capital structure and strengthen the balance sheet.

• Evaluating further asset sales and refinancing to address liquidity and close the gap between share price and intrinsic value.

Financial highlights

• Q2 2026 FFO attributable to common stockholders was $(3.5) million, or $(1.28) per diluted share, improving from $(7.9) million, or $(981.63) per diluted share, year-over-year.

• Core FFO was $(3.4) million, or $(1.25) per diluted share, versus $(7.0) million, or $(870.25) per diluted share, year-over-year.

• Net loss for Q2 2026 was $10.0 million, up from $9.2 million in Q2 2025; net loss for the six months ended June 30, 2026 was $18.4 million, up from $15.4 million year-over-year.

• Total segment NOI was $9.3 million in Q2 2026, down 5.2% year-over-year, but NOI excluding unconsolidated losses rose 22.2% to $12.5 million.

• Cash flows from operating activities were $(22.5) million for the six months ended June 30, 2026, compared to $(1.3) million in the prior year period.

Outlook and guidance

• Management expects continued improvement in multifamily and hotel segments, with further leasing gains anticipated from recent renovations.

• Multifamily NOI growth opportunity exists by raising in-place rents to market, especially in Bay Area assets where rents are 12% below asking.

• Ongoing evaluation of asset sales and refinancing to strengthen liquidity and balance sheet flexibility.

• No guidance provided on resumption of common stock dividends.