Company: CMCT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0000908311-25-000067
Chunk: 166

Company: Creative Media & Community Trust Corp
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 166
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 full. Subsequent to this contribution, the Company’s ownership share of the 1902 Park JV was 25.5%. In addition, the Company and the 1902 Park JV Partner will be receiving an ongoing management fee from such third party co-investor in connection with its co-investment in 1902 Park JV. 1015 N Mansfield Avenue— In October, 2023, the Company and a co-investor affiliated with CIM Group (the “1015 N Mansfield JV Partner”) acquired from an unrelated third party a 100% fee-simple interest in a plot of land located in the Sycamore media district of Los Angeles, California for a gross purchase price of $18.0 million (excluding transaction costs) (the “1015 N Mansfield JV”). The property has a site area of approximately 44,141 square feet and contains a parking garage that has been leased to a third-party tenant. The site is being evaluated for different creative office or other commercial space development options and was in pre-development phase as the Company has not finalized the formal development plan for the property. The Company owns 28.8% of the 1015 N Mansfield JV.

The Company recorded a loss of $437,000 and $1.6 million related to its investment in the Unconsolidated Joint Ventures during the three and six months ended June 30, 2025, respectively, and income of $1.1 million and $797,000 during the three and six months ended June 30, 2024, respectively. 

5. LOANS RECEIVABLE Loans receivable consist of the following (in thousands): June 30, 2025December 31, 2024SBA 7(a) loans receivable, subject to credit risk$20,174 $19,306 SBA 7(a) loans receivable, subject to loan-backed notes31,002 34,930 SBA 7(a) loans receivable, subject to secured borrowings1,356 1,383 SBA 7(a) loans receivable, held for sale— 1,494 Loans receivable52,532 57,113 Deferred capitalized costs, net1,013 1,129 Current expected credit losses(2,451)(2,032)Loans receivable, net$51,094 $56,210 SBA 7(a) Loans Receivable, Subject