Creative Media & Community Trust Corporation — Second Quarter 2026 Earnings Summary

Financial Performance

• Net loss attributable to common stockholders was $(11.0) million, or $(4.03) per diluted share, compared to a net loss of $(14.3) million, or $(1,784.88) per diluted share, in the second quarter of 2025.
• Funds from operations (FFO) attributable to common stockholders was $(3.5) million, or $(1.28) per diluted share, compared to $(7.9) million, or $(981.63) per diluted share, in the prior year period.
• Core FFO attributable to common stockholders was $(3.4) million, or $(1.25) per diluted share, compared to $(7.0) million, or $(870.25) per diluted share, in the prior year period.
• Total segment net operating income (NOI) decreased 5.2% to $9.3 million for the three months ended June 30, 2026, from $9.8 million in the same period in 2025.
• NOI, exclusive of loss from unconsolidated entities, increased 22.2% to $12.5 million for the three months ended June 30, 2026, from $10.3 million in the prior year period.
• Undepreciated common book value was $130.58 per share as of June 30, 2026.
• Total revenues were $29.7 million for the three months ended June 30, 2026, compared to $29.7 million in the same period in 2025.
• Total expenses were $36.4 million for the three months ended June 30, 2026, compared to $38.2 million in the prior year period.
• Loss from unconsolidated entities was $(3.2) million for the three months ended June 30, 2026, compared to $(0.4) million in the prior year period.

Guidance and Future Outlook

• Management is evaluating the potential sale of one or more real estate assets.
• The Company continues to focus on premier multifamily assets and strengthening its balance sheet.
• The Company does not currently intend to redeem additional Preferred Stock at its election but will evaluate redemption requests submitted by holders.
• The Company is in discussions with a lender regarding the Sheraton Hotel to refinance the asset, expecting an upsized loan and reduced interest rate.

Business Segments and Product Lines

• Office: Same-store office NOI was $4.0 million for the three months ended June 30, 2026, compared to $5.5 million in the prior year period. Same-store occupancy was 71.9% (up 380 basis points year-over-year), and leased percentage was 72.3% (up 220 basis points year-over-year). Annualized rent per occupied square foot was $58.69, down from $60.96 in the prior year period. The Company executed 16,176 square feet of leases with terms longer than 12 months.
• Multifamily: Same-store multifamily occupancy was 95.3% as of June 30, 2026, representing a 1,190 basis point improvement from the second quarter of 2025. Multifamily segment NOI increased to $638,000 for the three months ended June 30, 2026, from $189,000 in the prior year period. Monthly rent per occupied unit was $2,560, and net monthly rent per occupied unit was $2,286.
• Hotel: Hotel segment NOI was $4.6 million for the three months ended June 30, 2026, compared to $4.2 million in the prior year period. RevPAR was $180.47 for the three months ended June 30, 2026, compared to $166.83 in the prior year period. The Company substantially completed renovations of the public space and all 505 rooms, and is exploring converting underutilized space into eight additional rooms.
• Portfolio Composition: As of June 30, 2026, the portfolio consisted of 27 fee-simple assets and five investments in unconsolidated joint ventures. The 12 office properties totaled approximately 1.3 million rentable square feet with 71.9% occupancy. The five multifamily properties were 93.6% occupied.

Market and Competitive Landscape

• 78% of the multifamily portfolio is located in the Bay Area, where the residential market is rapidly improving.
• In-place rents at Bay Area multifamily assets are approximately 12% below current asking rents, providing an opportunity to grow net operating income.
• The Oakland Office Building faces challenging demand, with a non-recourse mortgage maturing in the third quarter of 2026; the Company elected not to invest additional capital to refinance the mortgage.
• Steady leasing interest is noted at Culver City and Austin creative office assets.

Risks and Challenges

• The non-recourse mortgage on the Oakland Office Building matured in the third quarter of 2026, and the Company is engaging with the servicer on a long-term resolution without investing additional capital.
• Forward-looking statements highlight risks including timing and operational effects of development activities, ability to raise in-place rents, fluctuations in market rents, inflation, higher interest rates, general economic conditions, high unemployment, and geopolitical disruptions.
• Loss from unconsolidated entities significantly impacted reported net loss, driven by real estate valuation adjustments recognized by unconsolidated entities.

Management Commentary and Tone

• Management stated that operating trends continue to improve across the multifamily portfolio, Los Angeles and Austin office assets, and the hotel.
• The Company highlighted significant progress in its plan to accelerate focus toward premier multifamily assets, strengthen the balance sheet, and improve liquidity.
• Since September 2024, the Company completed financings on nine assets, fully retired its recourse credit facility, sold its lending business, and redeemed approximately $397.7 million of Preferred Stock in exchange for Common Stock.

Other Key Points

• The Company effected two 1-for-10 reverse stock splits in March and April 2026; all share and per share amounts in the release were adjusted retroactively.
• During the three months ended June 30, 2026, the Company redeemed 22,035 shares of Series A1 Preferred Stock and 39,266 shares of Series A Preferred Stock, resulting in the issuance of 308,679 shares of Common Stock.
• Preferred stock dividends were declared for the second quarter of 2026 on Series A ($0.34375 per share), Series A1 ($0.38375 per share), and Series D ($0.353125 per share), payable on July 15, 2026.
• Total assets were $782.9 million as of June 30, 2026, down from $859.2 million as of December 31, 2025.
• Debt, net, was $498.8 million as of June 30, 2026, down from $509.8 million as of December 31, 2025.
• Cash and cash equivalents were $12.8 million as of June 30, 2026, compared to $15.4 million as of December 31, 2025.