Company: CMCT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0000908311-25-000096
Chunk: 124

Company: Creative Media & Community Trust Corp
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 124
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 other income, which has not been allocated to our operating segments, was $87,000 for the three months ended September 30, 2025, a decline from $158,000 for the three months ended September 30, 2024 driven by a decrease in interest earned from money market accounts.

Expenses

Office Expenses: Office expenses decreased to $6.9 million for the three months ended September 30, 2025, compared to $7.6 million for the three months ended September 30, 2024. The decrease is mainly due to lower operating expenses at an office property in Oakland, California as a result of lower occupancy, partially offset by an increase in real estate taxes at an office property in Austin, Texas. 

Hotel Expenses: Hotel expenses increased to $6.7 million for the three months ended September 30, 2025, compared to $6.2 million for the three months ended September 30, 2024. The increase was primarily due to increased occupancy and property management fees during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. 

Multifamily Expenses: Multifamily expenses decreased to $2.9 million for the three months ended September 30, 2025, compared with $3.9 million for the three months ended September 30, 2024. The decrease was mainly due to a decrease in real estate tax expense as well as decreases in repairs and maintenance expenses at our multifamily properties. 

Lending Expenses: Lending expenses represent expenses from our lending subsidiaries, including interest expense, general and administrative expenses and fees to related parties. Lending expenses were $1.9 million for the three months ended September 30, 2025, compared to $2.0 million for the three months ended September 30, 2024. The decrease was primarily due to a decrease in current expected credit losses (“CECL”) and a decrease in interest expense due to loan paydowns. 

Asset Management and Other Fees to Related Parties: Asset management fees and other fees to related parties, which have not been allocated to our operating segments, were $331,000 for the three months ended September 30, 2025, compared to $515,000 for the three months ended September 30, 2024. The decrease was a result of a reduction in asset management fees related to a decrease in our net asset value, primarily resulting from