Company: CMCT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0000908311-25-000067
Chunk: 15

Company: Creative Media & Community Trust Corp
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 15
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 ended June 30, 2025, compared with $135,000 for such costs for the three months ended June 30, 2024. The increase was due to a higher level of costs during the three months ended June 30, 2025 related to contemplated transactions as well as dead deal costs that were expensed during the period.

Depreciation and Amortization Expense: Depreciation and amortization expense was $6.3 million for the three months ended June 30, 2025, generally consistent with $6.5 million for the three months ended June 30, 2024. 

Loss on Early Extinguishment of Debt: Loss on early extinguishment of debt was $88,000 for the three months ended June 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 three months ended June 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.

Provision for Income Taxes: Provision for income taxes was $158,000 for the three months ended June 30, 2025, compared to provision for income taxes of $288,000 for the three months ended June 30, 2024. The decrease in provision for income taxes was due to lower taxable income at our taxable REIT subsidiaries compared to the prior year period.

2025 Results of Operations

Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024 

Net Loss and FFO

 Six Months Ended June 30,Change 20252024$% (dollars in thousands)Total revenues$61,984 $68,437 $(6,453)(9.4)%Total expenses$75,540 $73,433 $2,107 2.9 %Net loss$(15,423)$(4,757)$(10,666)224.2 %

Net loss was $15.4 million for the six months ended June 30, 2025, compared to a net loss of $4.8 million for the six months ended June 30, 2024, an increase of $10.7 million. The increase