Creative Media & Community Trust (CMCT) Q1 2026 earnings summary

Executive summary

• Completed major preferred stock redemptions totaling $396.2 million since September 2024, improving balance sheet and capital structure.

• Sold lending division (First Western) in January 2026, generating $31.2 million in net cash proceeds and a $1.7 million gain.

• Strategic focus on premier multifamily and creative office assets in high-growth, high-barrier markets, with ongoing asset dispositions.

• Substantially completed comprehensive hotel renovation, including all 505 rooms and public spaces.

• Executed two 1-for-10 reverse stock splits in March and April 2026 to maintain Nasdaq compliance.

Financial highlights

• Q1 2026 net loss attributable to common stockholders was $(34.7) million, or $(70.52) per diluted share; FFO was $(28.8) million, or $(58.47) per diluted share.

• Core FFO was $(5.9) million, or $(11.89) per diluted share, compared to $(5.1) million, or $(846.50) per diluted share, year-over-year.

• Total revenues for Q1 2026 were $29.4 million, down 8.9% year-over-year; total expenses were $38.2 million, up 2.4%.

• Segment NOI was $9.8 million in Q1 2026, down from $11.8 million in Q1 2025; NOI declines in hotel, office, and lending segments.

• Undepreciated book value per share was $147.22 as of March 31, 2026.

Outlook and guidance

• Full benefit of preferred stock redemptions expected to increase FFO by $16 million annually starting Q2 2026.

• Management expects further NOI improvement in multifamily through higher occupancy and market rent renewals.

• Ongoing evaluation of refinancing options for Sheraton Hotel and selective asset sales.

• Focus on extending debt maturities and asset-light co-investment strategies.

• No cash dividends declared on common stock for Q1 2026; preferred stock dividends continue.