CMCT earnings analysis
What we found in CMCT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
CMCT generated $29.683 million of Q2 revenue, approximately 5.7% above Q1 2026 and 10.0% above Q2 2025, but diluted EPS was a $4.03 loss and materially missed the $0.51 loss estimate. Hotel and multifamily operations improved, while total segment NOI declined 5.2% to $9.3 million and office/Oakland conditions remained a headwind. The $97.1 million Oakland mortgage maturity and ongoing refinancing exposure are the principal risks; the 10-Q provided no quantitative guidance and reported no material changes to prior risk factors.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue grew sequentially and year over year
- Revenue was $29.683 million, up from approximately $28 million in Q1 2026 and $27 million in Q2 2025, representing sequential growth of about 5.7% and year-over-year growth of about 10.0%.
- Hotel and multifamily trends improved
- Hotel and multifamily operating trends improved, although total segment NOI decreased 5.2% to $9.3 million.
- Disclosure controls remained effective
- Disclosure controls and procedures were concluded effective as of June 30, 2026, and management reported no changes in internal control over financial reporting that materially affected or were reasonably likely to materially affect controls.
- Most debt remained fixed rate
- The company had $438.9 million, or 87.4%, of debt in fixed-rate borrowings at June 30, 2026, limiting near-term exposure to changes in short-term rates.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Material EPS miss
- Diluted EPS was a loss of $4.03 versus the consensus estimate of a loss of $0.51, a shortfall of $3.52 per share. The result was materially weaker despite revenue of $29.683 million exceeding the $28.1 million estimate.
- Oakland mortgage refinancing risk
- The $97.1 million Oakland mortgage maturity remains a significant refinancing and liquidity risk, particularly amid continued Oakland office occupancy and demand pressure.
- Floating-rate debt exposure
- Floating-rate borrowings totaled $63.3 million, or 12.6% of debt, at June 30, 2026. Management estimates that a 50-basis-point SOFR change would affect annual earnings by approximately $317,000.
- No new risk-factor changes
- Management stated that there were no material changes to the risk factors disclosed in the 2025 Form 10-K. Accordingly, no new risk-factor change was identified in this quarter’s filing.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-4.03
- Segment
- Hotel and multifamily operating trends improved; total segment NOI declined 5.2% to $9.3 million.
- Segment
- Office performance remained pressured, with Oakland demand and occupancy identified as headwinds.
What they said about what is next.
No numeric revenue or EPS guidance, and no change to prior outlook, was provided in the 10-Q. The filing does not disclose a quantitative forward outlook.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 8, 2026
- Creative Media & Community Trust Corporation reported a decrease in total revenue to $29.4 million for Q1 2026 compared to $32.3 million in Q1 2025, reflecting an 8.9% decline year-over-year. Gross and operating margins…
- 10-K · April 29, 2026
- CMCT's 2025 10-K reveals a strategic shift towards premier multifamily assets under the CIM Group while maintaining its office and hotel holdings. The company faces challenges with a reported Q4 revenue of $28,451,000…
- 10-K · March 10, 2026
- The 2025 Form 10-K shows CMCT is repositioning toward premier multifamily assets under CIM Group’s platform while retaining office and hotel holdings; as of December 31, 2025 the portfolio consisted of 27 fee‑simple…
- 10-Q · August 14, 2025
- Q2 2025 revenue declined to $29.689M (down $4.750M or 13.8% YoY vs Q2 2024 $34.439M and down $2.606M or 8.1% vs Q1 2025 $32.295M). The quarter produced a GAAP loss per common share of $(18.94) and a loss before taxes of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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