Company: CMCT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0000908311-25-000096
Chunk: 169

Company: Creative Media & Community Trust Corp
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 169
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, 2025, and interim periods within fiscal years beginning after December 15, 2026, and early adoption is permitted. The Company is currently evaluating whether the adoption of ASU 2023-09 will have a material impact on its consolidated financial statements and disclosures.In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating whether the adoption of ASU 2024-03 will have a material impact on its consolidated financial statements and disclosures.

14

Table of ContentsCREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSSeptember 30, 2025 (Unaudited) – (Continued)

3. INVESTMENTS IN REAL ESTATEInvestments in real estate consist of the following (in thousands): September 30, 2025December 31, 2024Land$175,201 $175,682 Land improvements5,595 5,863 Buildings and improvements651,912 636,525 Furniture, fixtures, and equipment20,022 12,844 Tenant improvements16,681 26,942 Work in progress23,198 36,929 Investments in real estate892,609 894,785 Accumulated depreciation(189,938)(185,591)Net investments in real estate$702,671 $709,194 For the three months ended September 30, 2025 and 2024, the Company recorded depreciation expense of $6.9 million and $5.9 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company recorded depreciation expense of $18.6 million and $17.5 million, respectively. Impairment—The Company performs quarterly impairment review procedures, primarily through continuous monitoring of