Company: CMCT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0000908311-25-000096
Chunk: 132

Company: Creative Media & Community Trust Corp
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 132
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 balance on our debt as a result of new mortgage loans closed during the fourth quarter of 2024 and first and second quarters of 2025, partially offset by paydowns on our 2022 Credit Facility as well as one of our mortgage loans.

General and Administrative Expenses: General and administrative expenses, which have not been allocated to our operating segments, were $3.1 million for the nine months ended September 30, 2025, compared to $3.6 million for the nine months ended September 30, 2024. The decrease is primarily attributable to a decrease in accounting and tax preparation fees during the nine months ended September 30, 2025. 

Transaction-Related Costs: Transaction-related costs were $1.4 million for both the nine months ended September 30, 2025 and 2024. 

Depreciation and Amortization Expense: Depreciation and amortization expense was $20.2 million for the nine months ended September 30, 2025, compared with $19.4 million for the nine months ended September 30, 2024. The increase is due to incremental increases to the depreciable asset base at our hotel property. 

Loss on Early Extinguishment of Debt: Loss on early extinguishment of debt was $88,000 for the nine months ended September 30, 2025 as a result of the payoff and termination of the 2022 Credit Facility. No such amounts were incurred during the prior year period.

Impairment of Real Estate: Impairment of real estate was $221,000 for the nine months ended September 30, 2025, due to an impairment charge recognized in connection with an office property in Austin, Texas. No such amounts were incurred during the prior year period.

Gain on Sale of Real Estate: Gain on sale of real estate was $679,000 for the nine months ended September 30, 2025, due to the sale of a land parcel in Oakland, California. There were no dispositions during the prior year period.

Provision for Income Taxes: Provision for income taxes was $353,000 for the nine months ended September 30, 2025, compared with $573,000 for the nine months ended September 30, 2024. The increase was due to lower taxable income at our taxable REIT subsidiaries compared to the prior year period as well as our taxable REIT subsidiaries writing off the receivable for a