Company: CMCT
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000908311-25-000038
Chunk: 54

Company: Creative Media & Community Trust Corp
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 54
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%, respectively, of the Company’s loans subject to credit risk were concentrated in the hospitality industry. As of March 31, 2025 and December 31, 2024, 95.2% and 92.3%, respectively, of the Company’s loans subject to credit risk were current. The Company classifies loans with negative characteristics in substandard categories ranging from special mention to doubtful. As of March 31, 2025 and December 31, 2024, $3.9 million and $4.8 million, respectively, of loans subject to credit risk were classified in substandard categories. 

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Table of ContentsCREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSMarch 31, 2025 (Unaudited) – (Continued)

6. OTHER INTANGIBLE ASSETS AND LIABILITIESA schedule of the Company’s intangible assets and liabilities and related accumulated amortization and accretion as of March 31, 2025 and December 31, 2024 is as follows (in thousands):March 31, 2025December 31, 2024Intangible assets:Acquired in-place leases, net of accumulated amortization of $2,890 and $5,195, respectively, with an average useful life of 3 and 6 years, respectively.$531 $610 Acquired above-market leases, net of accumulated amortization of $37 and $36, respectively, with an average useful life of 0 and 7 years, respectively.— 1 Trade name and license2,957 2,957 Total intangible assets, net$3,488 $3,568 Amortization of the acquired above-market leases is recorded as a reduction to rental and other property income, and amortization of the acquired in-place leases is included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization of the acquired below-market leases is recorded as an increase to rental and other property income in the accompanying consolidated statements of operations. During the three months ended March 31, 2025 and 2024, the Company recognized amortization related to its intangible assets and liabilities as follows (in thousands):Three Months Ended March 31,20252024Acquired above-market lease amortization$1 $2 Acquired in-place lease amortization$79 $94 A schedule of future amortization and