0000908311-26-000054 | 10-Q | XBRL Viewer | Creative Media Community Trust Corp

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REDEEMABLE PREFERRED STOCK - Dividends - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class of Stock [Line Items]
Payments on preferred stock dividends	$ 5,010	$ 5,965
Redeemable preferred stock dividends declared or accumulated	$ 4,180	5,484
Series A1 Preferred Stock
Class of Stock [Line Items]
Annual dividend rate	6.00%
Preferred stock, dividend rate (in usd per share)	$ 0.3750
Dividend increase per year for failure to timely declare or pay dividends, maximum increase	2.50%
Payments on preferred stock dividends	$ 3,700	4,500
Dividends, preferred stock, aggregate value	2,600	45
Redeemable preferred stock dividends declared or accumulated	$ 3,000	4,100
Series A Preferred Stock
Class of Stock [Line Items]
Annual dividend rate	5.50%
Preferred stock, dividend rate (in usd per share)	$ 0.34375
Payments on preferred stock dividends	$ 1,300	1,400
Dividends, preferred stock, aggregate value	567	16
Redeemable preferred stock dividends declared or accumulated	$ 1,200	1,400
Series D Preferred Stock
Class of Stock [Line Items]
Annual dividend rate	5.65%
Preferred stock, dividend rate (in usd per share)	$ 0.35313
Payments on preferred stock dividends	$ 16	17
Dividends, preferred stock, aggregate value	6
Redeemable preferred stock dividends declared or accumulated	$ 14	$ 17

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Deferred Rent Receivable and Charges (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Deferred rent receivable	$ 10,464	$ 10,850
Deferred leasing costs, net of accumulated amortization of $5,435 and $5,749, respectively	6,670	7,137
Deferred financing costs, net of accumulated amortization of $112	0	705
Deferred rent receivable and charges, net	17,134	18,692
Deferred leasing costs, accumulated amortization	5,435	5,749
Deferred loan costs, accumulated amortization	$ 112	$ 112

INVESTMENTS IN REAL ESTATE

3 Months Ended

Mar. 31, 2026

Real Estate [Abstract]

INVESTMENTS IN REAL ESTATE

3. INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following (in thousands):




	March 31, 2026		December 31, 2025

Land	$	172,614	$	172,614
Land improvements	5,595		5,595
Buildings and improvements	662,081		652,102
Furniture, fixtures, and equipment	19,905		19,702
Tenant improvements	24,141		24,832
Work in progress	12,342		18,631
Investments in real estate	896,678		893,476
Accumulated depreciation	(201,199)		(195,389)
Net investments in real estate	$	695,479	$	698,087

For the three months ended March 31, 2026 and 2025, the Company recorded depreciation expense of $7.0 million and $5.9 million, respectively.

2026 and 2025 Transactions —There were no acquisitions or dispositions of investments in real estate during the three months ended March 31, 2026 and 2025.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

For more information regarding the Company’s significant accounting policies and estimates, please refer to “Basis of Presentation and Summary of Significant Accounting Policies” contained in Note 2 to the Company’s consolidated financial statements for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 10, 2026.

Interim Financial Information—The accompanying interim consolidated financial statements of the Company have been prepared by the Company’s management in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of the Company’s management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The accompanying interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Principles of Consolidation—The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In determining whether the Company has controlling interests in an entity and the requirement to consolidate the accounts in that entity, the Company analyzes its investments in real estate in accordance with standards set forth in GAAP to determine whether they are variable interest entities (“VIEs”), and if so, whether the Company is the primary beneficiary. The Company’s judgment with respect to its level of influence or control over an entity and whether the Company is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Company’s ownership interest, the Company’s voting interest, the size of the Company’s investment (including loans), and the Company’s ability to participate in major policy-making decisions. The Company’s ability to correctly assess its influence or control over an entity affects the presentation of these investments in real estate on the Company’s consolidated financial statements. In addition, as of March 31, 2026, the Company has determined that its Unconsolidated Joint Ventures (as defined below) are considered VIEs. Applying the consolidation requirements for VIEs, the Company determined that it is not the primary beneficiary based on its lack of power to direct activities and its

obligations to absorb losses and right to receive benefits. Therefore, the Unconsolidated Joint Ventures do not qualify for consolidation. The Company accounts for its investments in Unconsolidated Joint Ventures as equity method investments.

Reclassifications—Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has broken out $631,000 of straight-line rental income from the change in other assets in the consolidated statement of cash flows for the three months ended March 31, 2025. This reclassification had no effect on the previously reported total cash flows from operating activities.

Investments in Real Estate—Investments in real estate are stated at depreciated cost. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:


Buildings and improvements			15 - 40 years
Furniture, fixtures, and equipment			3 - 5 years
Tenant improvements			Lesser of useful life or lease term

The purchase consideration of the real estate acquired, which includes the transaction costs incurred in connection with such acquisitions, is recorded at fair value to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market and below-market leases, in-place leases and ground leases, if any, based in each case on their respective relative fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market rate loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate.

Capitalized Project Costs

The Company capitalizes project costs, including pre-construction costs, interest expense, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, or construction of a project, while activities are ongoing to prepare an asset for its intended use. Such costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred.

Recoverability of Investments in Real Estate—The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Investments in real estate are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If, and when, such events or changes in circumstances are present, the recoverability of assets to be held and used requires significant judgment and estimates and is measured by a comparison of the carrying amount to the future undiscounted cash flows expected to be generated by the assets and their eventual disposition. If the undiscounted cash flows are less than the carrying amount of the assets, an impairment is recognized to the extent the carrying amount of the assets exceeds the estimated fair value of the assets. The process for evaluating real estate impairment requires management to make significant assumptions related to certain inputs, including rental rates, lease-up period, occupancy, estimated holding periods, capital expenditures, growth rates, market discount rates and terminal capitalization rates. These inputs require a subjective evaluation based on the specific property and market. Changes in the assumptions could have a significant impact on either the fair value, the amount of impairment charge, if any, or both. Any asset held for sale is reported at the lower of the asset’s carrying amount or fair value, less costs to sell. When an asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the asset. No impairment of long-lived assets was recognized during the three months ended March 31, 2026 and 2025 (Note 3).

Investments in Unconsolidated Entities—The Company accounts for its investments in the unconsolidated joint ventures (the “Unconsolidated Joint Ventures”) under the equity method, as the Company has the ability to exercise significant influence over the investments. The Unconsolidated Joint Ventures record their assets and liabilities at fair value. As such, the Company records its share of the Unconsolidated Joint Ventures’ unrealized gains or losses as well as its share of the revenues and expenses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s consolidated balance sheet and such share is recognized within the Company’s income from unconsolidated entities on the consolidated statements of operations.

Derivative Financial Instruments—As part of risk management and operational strategies, from time to time, we may enter into derivative contracts with various counterparties. All derivatives are recognized on the balance sheet at their

estimated fair value. On the date that we enter into a derivative contract, we designate the derivative as a fair value hedge, a cash flow hedge, a foreign currency fair value or cash flow hedge, a hedge of a net investment in a foreign operation, or a trading or non-hedging instrument.

Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company has interest rate caps that are used to manage exposure to interest rate movements, but do not meet the requirements to be designated as hedging instruments. The change in fair value of the derivative instruments that are not designated as hedges is recorded directly to earnings as interest expense on the accompanying consolidated statements of operations. See Note 8 for further disclosures about our derivative financial instruments and hedging activities.

Revenue Recognition—At the inception of a revenue-producing contract, the Company determines if a contract qualifies as a lease and if not, then as a customer contract. Based on this determination, the appropriate treatment in accordance with GAAP is applied to the contract, including its revenue recognition.

Revenue from leasing activities

The Company operates as a lessor of both office and multifamily real estate assets. When the Company enters into a contract or amends an existing contract, the Company evaluates if the contracts meet the definition of a lease using the following criteria:

•One party (lessor) must hold an identified asset;

•The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and

•The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract.

The Company determined that the Company’s contracts with its tenants explicitly identify the premises and that any substitution rights to relocate tenants to other premises within the same building stated in the contract are not substantive. Additionally, so long as payments are made timely under such contracts, the Company’s tenants have the right to obtain substantially all the economic benefits from the use of the identified asset and can direct how and for what purpose the premises are used to conduct their operations. Therefore, the contracts with the Company’s tenants constitute leases.

All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases when collectability is probable and the tenant has taken possession or controls the physical use of the leased asset. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is recorded as deferred rent. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is considered the owner of the improvements, any tenant improvement allowance that is funded is treated as an incentive. Lease incentives paid to tenants are included in other assets and amortized as a reduction to rental revenue on a straight-line basis over the term of the related lease. As of March 31, 2026 and December 31, 2025, lease incentives of $1.4 million and $1.3 million, respectively, are presented net of accumulated amortization of $1.1 million and $1.1 million, respectively.

Reimbursements from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes, insurance, and other recoverable costs, are recognized as revenue and are included in rental and other property income in the period the expenses are incurred, with the corresponding expenses included in rental and other property operating expense. Tenant reimbursements are recognized and presented on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the specified good or service and control that specified good or service before it is transferred to the tenant. The Company has elected not to separate lease and non-lease components as the pattern of revenue recognition does not differ for the two components, and the non-lease component is not the primary component in the Company’s leases.

In addition to minimum rents, certain leases, including the Company’s parking leases with third-party operators, provide for additional rents based upon varying percentages of tenants’ sales in excess of annual minimums. Percentage rent is recognized once lessees’ specified sales targets have been met.

For the three months ended March 31, 2026 and 2025, the Company recognized rental income as follows (in thousands):


	Three Months Ended March 31,
		2026		2025
Rental and other property income
Fixed lease payments (1)		$	14,020	$	14,369
Variable lease payments (2)		2,278		2,851
Rental and other property income		$	16,298	$	17,220

(1)Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above-market leases, below-market leases and lease incentives.

(2)Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from the Company’s operating leases plus cash payments from tenants deemed not probable of collections.

Collectability of Future Lease Payments

The Company continually reviews whether collection of future lease payments, including any straight-line rent, and current and future operating expense reimbursements from tenants is probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of future lease payments is not probable, the Company will record a reduction to rental and other property income and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of future lease payments is based on the best information available at the time of estimate. The Company does not use a general reserve approach. As of March 31, 2026 and December 31, 2025, the Company had identified certain tenants where collection was no longer considered probable and decreased outstanding receivables by $229,000 and $371,000, respectively.

Revenue from lending activities

Interest income included in interest and other income is comprised of interest earned on loans and the Company’s short-term investments and the accretion of loan discounts. Interest income is accrued as earned.

Revenue from hotel activities

The Company recognizes revenue from hotel activities separate from its leasing activities. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. Various performance obligations of hotel revenues can be categorized as follows:

•cancellable and noncancelable room revenues from reservations and

•ancillary services including facility usage and food or beverage.

Cancellable reservations represent a single performance obligation of providing lodging services at the hotel. The Company satisfies its performance obligation and recognizes revenues associated with these reservations over time as services are rendered to the customer. The Company satisfies its performance obligation and recognizes revenues associated with noncancelable reservations at the earlier of (i) the date on which the customer cancels the reservation or (ii) over time as services are rendered to the customer.

Ancillary services include facilities usage and providing food and beverage. The Company satisfies its performance obligation and recognizes revenues associated with these services at a point in time when the good or service is delivered to the customer.

At inception of a contract with a customer for hotel goods and services, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate.

The Company presents hotel revenues net of sales, occupancy, and other taxes.

Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 17 (in thousands):


	Three Months Ended March 31,
		2026		2025
Hotel properties
Hotel income		$	11,877	$	12,134
Rental and other property income		487		520

Interest and other income		12		27
Hotel revenues		$	12,376	$	12,681

Deferred Rent Receivable and Charges—Deferred rent receivable and charges consist of deferred rent, deferred leasing costs, deferred offering costs (Note 11), deferred financing costs and other deferred costs.

Deferred leasing costs, which represent lease commissions and other direct costs associated with the acquisition of tenants, are capitalized and amortized on a straight-line basis over the terms of the related leases.

Deferred financing costs related to the securing of a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s prior period total deferred costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facilities.

As of March 31, 2026 and December 31, 2025, deferred rent receivable and charges, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Deferred rent receivable	$	10,464	$	10,850
Deferred leasing costs, net of accumulated amortization of $5,435 and $5,749, respectively	6,670		7,137

Deferred financing costs, net of accumulated amortization of $112	—		705

Deferred rent receivable and charges, net	$	17,134	$	18,692

Redeemable Preferred Stock—Beginning on the date of original issuance of any given shares of Series A1 Preferred Stock, par value $0.001 per share (“Series A1 Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series A1 Preferred Stock Stated Value”), Series A Preferred Stock, par value $0.001 per share (“Series A Preferred Stock”) with an initial stated value of $25.00 per share, subject to adjustment (the “Series A Preferred Stock Stated Value”), or Series D Preferred Stock, par value $0.001 per share (“Series D Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series D Preferred Stock Stated Value”), the holder of such shares has the right to require the Company to redeem such shares, subject to certain limitations as discussed in Note 11. The Company records the activity related to the Series A1 Preferred Stock (for issuances prior to June 2024), Series A Preferred Stock, Series A Preferred Warrants and Series D Preferred Stock in permanent equity. With respect to shares of Series A1 Preferred Stock issued from June 2024 through September 2024, in the event a holder of Series A1 Preferred Stock requests redemption of such shares and such redemption takes place prior to the first anniversary of the date of original issuance, the Company is required to pay such redemption in cash. As a result, beginning from June 2024 through September 2024, the Company recorded issuances of Series A1 Preferred Stock in temporary equity. With respect to shares of Series A1 Preferred Stock issued from June 2024 through September 2024, on the first anniversary of the date of original issuance of a particular share of Series A1 Preferred Stock the Company reclassified such share of Series A1 Preferred Stock from temporary equity to permanent equity as the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapses on the first anniversary date.

Noncontrolling Interests—Noncontrolling interests represent the interests in various properties owned by third parties.

Restricted Cash—The Company’s mortgage loan and hotel management agreements provide for depositing cash into restricted accounts reserved for capital expenditures, free rent, tenant improvement, leasing commission obligations and real estate taxes.

Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases such estimates on historical experience, information available at the time, and assumptions the Company believes to be reasonable under the circumstances at such time. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements—In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.

RELATED-PARTY TRANSACTIONS - Affiliate Investments and Other - Narrative (Details)	1 Months Ended			3 Months Ended
	Oct. 31, 2023 USD ($) ft²	Feb. 28, 2023 USD ($)	Feb. 28, 2022 USD ($)	Mar. 31, 2026 USD ($) ft²	Mar. 31, 2025 USD ($)	Dec. 29, 2025 USD ($)	Nov. 01, 2024	May 15, 2019 ft²
Related Party Transaction [Line Items]
Other liabilities				$ 0	$ 815,000
Income from unconsolidated entities				(1,376,000)	(1,151,000)
Corporate Joint Venture \| Eleven year lease
Related Party Transaction [Line Items]
Operating lease term								11 years
Square feet \| ft²								30,000
Affiliated Entity
Related Party Transaction [Line Items]
Consolidated net worth				105,000,000.0
Liquid assets				$ 6,000,000.0
Aggregate principal amount						$ 4,000,000.0
Fixed interest rate						7.50%
1910 Sunset Boulevard
Related Party Transaction [Line Items]
Other liabilities			$ 22,400,000
Ownership Interest				44.20%
1910 Sunset Boulevard \| Office Building
Related Party Transaction [Line Items]
Square feet \| ft²				105,064
1910 Sunset Boulevard \| Corporate Joint Venture
Related Party Transaction [Line Items]
Other liabilities			$ 51,000,000.0
1902 Park Avenue
Related Party Transaction [Line Items]
Ownership Interest				25.50%
1902 Park Avenue \| Corporate Joint Venture
Related Party Transaction [Line Items]
Purchase price		$ 19,100,000
Ownership Interest		50.00%					25.50%
1015 N Mansfield Avenue
Related Party Transaction [Line Items]
Ownership Interest				28.80%
1015 N Mansfield Avenue \| Office Building
Related Party Transaction [Line Items]
Square feet \| ft²				44,141
1015 N Mansfield Avenue \| Corporate Joint Venture
Related Party Transaction [Line Items]
Purchase price	$ 18,000,000.0
Ownership Interest	28.80%
Percentage of ownership acquired	100.00%
Income from unconsolidated entities				$ (1,400,000)	(1,200,000)
1015 N Mansfield Avenue \| Corporate Joint Venture \| Office Building
Related Party Transaction [Line Items]
Area of land (square feet) \| ft²	44,141
4750 Wilshire JV \| Eleven year lease
Related Party Transaction [Line Items]
Ownership Interest								20.00%
4750 Wilshire JV \| Corporate Joint Venture \| Eleven year lease
Related Party Transaction [Line Items]
Income from unconsolidated entities				$ 84,000	$ 82,000

DEBT - Schedule of Future Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
2026 (Nine months ending December 31, 2026)	$ 163,944
2027	178,008
2028	30,190
2029	0
2030	105,000
Thereafter	27,070
Total Debt	504,212
Mortgages Payable
Debt Instrument [Line Items]
2026 (Nine months ending December 31, 2026)	163,944
2027	178,008
2028	30,190
2029	0
2030	105,000
Thereafter	0
Total Debt	477,142	$ 476,959
Mortgages Payable \| Fixed Rate Mortgage Payable Due June 7, 2026
Debt Instrument [Line Items]
Total Debt	66,300
Mortgages Payable \| Fixed Rate Mortgage Payable Due July 1, 2026
Debt Instrument [Line Items]
Total Debt	97,100
Junior subordinated notes
Debt Instrument [Line Items]
2026 (Nine months ending December 31, 2026)	0
2027	0
2028	0
2029	0
2030	0
Thereafter	27,070
Total Debt	$ 27,070	$ 27,070

REDEEMABLE PREFERRED STOCK - Schedule of Issuances, Reclassifications and Redemptions for each class of Preferred Stock in Permanent Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 266,249	$ 306,264
Ending balance	$ 256,835	$ 294,635
Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	12,462,885	12,546,499
Beginning balance	$ 310,446	$ 311,903
Ending balance (in shares)	2,749,172	12,247,812
Ending balance	$ 69,250	$ 304,484
Series A1 Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Preferred Stock paid in Common Stock	$ 2,599	$ 43
Series A1 Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	8,749,542	8,372,689
Beginning balance	$ 217,451	$ 207,387
Redemption of Preferred Stock paid in Common Stock (in shares)	(7,734,130)	(194,216)
Redemption of Preferred Stock paid in Common Stock	$ (191,566)	$ (4,813)
Ending balance (in shares)	1,015,412	8,178,473
Ending balance	$ 25,885	$ 202,574
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Preferred Stock paid in Common Stock	$ 522	$ 23
Ending balance (in shares)	1,711,195
Series A Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,669,018	4,125,363
Beginning balance	$ 91,906	$ 103,326
Redemption of Preferred Stock paid in Common Stock (in shares)	(1,957,823)	(104,471)
Redemption of Preferred Stock paid in Common Stock	$ (49,094)	$ (2,606)
Ending balance (in shares)	1,711,195	4,020,892
Ending balance	$ 42,812	$ 100,720
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Preferred Stock paid in Common Stock	$ 6
Ending balance (in shares)	22,565
Series D Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	44,325	48,447
Beginning balance	$ 1,089	$ 1,190
Redemption of Preferred Stock paid in Common Stock (in shares)	(21,760)
Redemption of Preferred Stock paid in Common Stock	$ (536)
Ending balance (in shares)	22,565	48,447
Ending balance	$ 553	$ 1,190

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

SEGMENT DISCLOSURE - Schedule of Segment Net Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Line Items]
Revenues	$ 29,417	$ 32,295
EXPENSES:
Interest expense	9,124	9,758
General and administrative	2,032	2,181
Total Expenses	38,195	37,295
Income (loss) from unconsolidated entities	(1,376)	(1,151)
Hotel
Segment Reporting [Line Items]
Revenues	12,376	12,681
Lending Segment
EXPENSES:
Expense reimbursements to related parties	0	659
Segment net operating income (loss)	9,842	11,755
Lending Segment \| Office
Segment Reporting [Line Items]
Revenues	12,578	13,054
EXPENSES:
Operating	5,839	5,636
General and administrative	302	288
Total Expenses	6,141	5,924
Income (loss) from unconsolidated entities	62	(29)
Segment net operating income (loss)	6,499	7,101
Lending Segment \| Hotel
Segment Reporting [Line Items]
Revenues	12,376	12,681
EXPENSES:
Operating	8,400	7,986
General and administrative	20	11
Total Expenses	8,420	7,997
Segment net operating income (loss)	3,956	4,684
Lending Segment \| Multifamily
Segment Reporting [Line Items]
Revenues	3,872	4,091
EXPENSES:
Operating	2,908	3,503
General and administrative	139	86
Total Expenses	3,047	3,589
Income (loss) from unconsolidated entities	(1,438)	(1,122)
Segment net operating income (loss)	(613)	(620)
Lending Segment \| Lending
Segment Reporting [Line Items]
Revenues	0	2,378
EXPENSES:
Interest expense	0	574
Expense reimbursements to related parties	0	659
General and administrative	0	555
Total Expenses	0	1,788
Segment net operating income (loss)	$ 0	$ 590

STOCKHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($) $ in Millions	3 Months Ended		47 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	May 31, 2022
Equity [Abstract]
Stock repurchase program authorized amount				$ 10.0
Shares repurchased (in shares)	0	0	27
Cost of shares repurchased			$ 4.7

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Preferred Stock (Details) - $ / shares	Mar. 31, 2026	Sep. 30, 2024	Jun. 30, 2022
Series A1 Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	25.00	$ 25.00
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	0.001
Preferred stock, liquidation preference per share (in usd per share)	25.00
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	0.001		$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00

- Definition

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- Definition

The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.

+ References + Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

8. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

In the ordinary course of business, the Company may use certain types of derivative instruments for the purpose of managing or hedging its interest rate risk.

The following table summarizes the terms of the Company’s interest rate cap agreements as of March 31, 2026 (dollar amounts in thousands):

Outstanding Notional

Fair Value of Assets

Balance Sheet

Amount as of

Strike

Effective

Maturity

as of

Location

March 31, 2026

Rates (1)

Dates

March 31, 2026

Interest Rate Caps

Other assets

172,288

4.5% to 5.75%

12/6/2024 - 8/04/2025

1/1/2027 - 1/31/2027

____________________________________

(1)The index used for the Company’s interest rate cap agreements is 1-Month Term SOFR.

Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 13. The notional amount under the derivative instruments is an indication of the extent of the Company’s involvement in the instruments, but does not represent exposure to credit, interest rate or market risks.

Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company has an interest rate cap that is used to manage exposure to interest rate movements but does not meet the requirements to be designated as a hedging instrument. The change in fair value of the derivative instrument that is not designated as a hedge is recorded directly to earnings as interest expense on the accompanying consolidated statements of operations. During the three months ended March 31, 2026, the Company recorded an unrealized gain of $17,000, which was included in interest expense on the accompanying consolidated statements of operations related to its interest rate caps. During the three months ended March 31, 2025, the Company recorded an unrealized loss of $78,000, which was included in interest expense on the accompanying consolidated statements of operations related to its interest rate caps.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LOANS RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Allowance for Credit Losses

The following table presents the activity in the Company’s CECL for the three months ended March 31, 2025 (dollar amounts in thousands):


	Loans Receivable









Allowance for credit losses as of December 31, 2024	$	2,032
Net adjustment to reserve for expected credit losses	39

Allowance for credit losses as of March 31, 2025	$	2,071

Schedule of Carrying Amounts of Assets and Liabilities Held for Sale

The following is the detail of the carrying amounts of assets and liabilities classified as held for sale on the consolidated balance sheets as of December 31, 2025:


	December 31, 2025
Assets:



Restricted cash	$	4,423
Loans receivable, net (1)	54,213
Accounts receivable, net	633

Other intangible assets (2)	2,957
Other assets	3,633

Total assets held for sale	$	65,859

Liabilities:
Debt, net (3)	$	17,330
Accounts payable and accrued expenses	2,508


Other liabilities	2,128

Total liabilities associated with assets held for sale	$	21,966

(1)Loans receivable, net as of December 31, 2025 consisted of total Small Business Administration (the “SBA”) 7(a) loans receivable of $53.2 million and net deferred capitalized costs of $1.0 million. Upon the reclassification of First Western to held for sale, the CECL balance related to the loans receivable was reversed. The loans receivable were subsequently written down to their estimated fair value (based on the contractual sales price) less costs to sell, resulting in a loss on assets held for sale of $298,000 for the year ended December 31, 2025. Following the loss on assets held for sale, as of December 31, 2025, the aggregate net assets and liabilities of First Western were recorded at fair value, less costs to sell. During the three months ended March 31, 2026, the Company finalized the sale and based on additional operating and investing activity at First Western and certain transaction-related adjustments, recognized a net gain of $1.7 million.

(2)Other intangible assets as of December 31, 2025 represented First Western’s trade name and SBA license, with an aggregate carrying value of $3.0 million.

(3)Debt, net as of December 31, 2025 consisted of the following: Secured borrowings – government guaranteed loans of $1.3 million, along with net unamortized premiums of $19,000, and SBA 7(a) loan-backed notes of $16.4 million, net of deferred debt origination costs of 402,000.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Investments in Real Estate (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments in Real Estate
Impairment of real estate	$ 0	$ 0
Buildings and improvements \| Minimum
Investments in Real Estate
Estimated useful lives	15 years
Buildings and improvements \| Maximum
Investments in Real Estate
Estimated useful lives	40 years
Furniture, fixtures, and equipment \| Minimum
Investments in Real Estate
Estimated useful lives	3 years
Furniture, fixtures, and equipment \| Maximum
Investments in Real Estate
Estimated useful lives	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

EARNINGS PER SHARE (''EPS'') (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Per Share Computations

The following table reconciles the numerator and denominator used in computing the Company’s basic and diluted per-share amounts for net loss attributable to common stockholders for the three months ended March 31, 2026 and 2025 (in thousands, except per share amounts):


	Three Months Ended March 31,
		2026		2025

Numerator:
Net loss attributable to common stockholders		$	(34,695)	$	(11,898)
Redeemable preferred stock dividends declared on dilutive shares		—		—
Diluted net loss attributable to common stockholders		$	(34,695)	$	(11,898)

Denominator:
Basic weighted average shares of Common Stock outstanding		492		6
Effect of dilutive securities—contingently issuable shares		—		—
Diluted weighted average shares and common stock equivalents outstanding		492		6

Net loss attributable to common stockholders per share:
Basic		$	(70.52)	$	(1,983.00)
Diluted		$	(70.52)	$	(1,983.00)

SEGMENT DISCLOSURE (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Net Operating Income (Loss)

The net operating income (loss) of the Company’s segments for the three months ended March 31, 2026 and 2025 is as follows (in thousands):


	Three Months Ended March 31,
		2026		2025

Office (1):
Revenues		$	12,578	$	13,054
Property expenses:
Operating		5,839		5,636
General and administrative		302		288
Total property expenses		6,141		5,924
Income (loss) from unconsolidated entities		62		(29)
Segment net operating income—office		6,499		7,101
Hotel:
Revenues		12,376		12,681
Property expenses:
Operating		8,400		7,986
General and administrative		20		11
Total property expenses		8,420		7,997
Segment net operating income—hotel		3,956		4,684
Multifamily (1):
Revenues		3,872		4,091
Property expenses:
Operating		2,908		3,503
General and administrative		139		86
Total property expenses		3,047		3,589
Loss from unconsolidated entities		(1,438)		(1,122)
Segment net operating loss—multifamily		(613)		(620)
Lending (2):
Revenues		—		2,378
Lending expenses:
Interest expense		—		574
Expense reimbursements to related parties—lending segment		—		659
General and administrative		—		555
Total lending expenses		—		1,788
Segment net operating income—lending		—		590
Total segment net operating income		$	9,842	$	11,755

(1)In the above table, activity related to 1015 N Mansfield JV is included within the office segment, while activity related to the 1902 Park JV and the 4750 Wilshire JV is included in the multifamily segment. Beginning on October 1, 2025, in connection with the 1910 Sunset JV’s commencement of leasing at the 1915 Park Project, the Company began reporting its share of the income from the operations of the 1915 Park Project in its multifamily segment, while income from the operations of the 1910 Sunset Office Building continue to be reported in its office segment.

(2)Lending segment was sold in connection with the closing of the sale of First Western on January 21, 2026. As the lending segment activity was de minimis during the period it remained under the Company’s ownership for the three months ended March 31, 2026, the related amounts are included within non-segment interest and other income, interest expense, and general and administrative, as applicable, in the following table.

Schedule of Reconciliation of Segment Net Operating Income to Net Loss Attributable to the Company

A reconciliation of the Company’s segment net operating income to net loss attributable to the Company for the three months ended March 31, 2026 and 2025 is as follows (in thousands):


	Three Months Ended March 31,
		2026		2025

Total segment net operating income		$	9,842	$	11,755
Interest and other income		591		91
Asset management and other fees to related parties		(584)		(360)
Expense reimbursements to related parties—corporate		(875)		(626)
Interest expense		(9,124)		(9,184)
General and administrative		(1,571)		(1,241)
Transaction-related costs		(7)		(26)
Depreciation and amortization		(7,721)		(6,560)
Loss on early extinguishment of debt		(705)		—

Gain on sale of First Western		1,737		—

Loss before provision for income taxes		(8,417)		(6,151)
Provision for income taxes		—		(121)
Net loss		(8,417)		(6,272)
Net loss attributable to noncontrolling interests		108		158
Net loss attributable to the Company		$	(8,309)	$	(6,114)

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of March 31, 2026 and December 31, 2025 are as follows (in thousands):


	March 31, 2026		December 31, 2025

Condensed assets:
Office	$	400,246	$	402,151
Hotel	115,713		114,994
Multifamily	267,616		270,645
Lending (1)	—		67,867
Non-segment assets	8,746		3,530
Total assets	$	792,321	$	859,187

(1)Lending segment was sold in connection with the closing of the sale of First Western on January 21, 2026. As of December 31, 2025, the Company had reclassified $65.9 million of lending segment assets as held-for-sale, in connection with the sale

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

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+ Details

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Financial Instrument Not Recorded at Fair Value on a Recurring Basis

The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on the Company’s consolidated balance sheets are as follows (dollar amount in thousands):


	March 31, 2026				December 31, 2025
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level






Liabilities:
Mortgages payable (1)	$	268,403	$	251,679	$	268,403	$	251,632	3
Junior subordinated notes (1)	$	27,070	$	26,195	$	27,070	$	26,176	3

(1)The carrying amounts for the mortgages payable and junior subordinated notes represent the principal outstanding amounts, excluding deferred debt issuance costs and discounts.

REDEEMABLE PREFERRED STOCK (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Issuances, Reclassifications and Redemptions for each class of Preferred Stock in Permanent Equity

The table below provides information regarding the issuances, reclassifications and redemptions of each class of the Company’s preferred stock in permanent equity during the three months ended March 31, 2026 and 2025 (dollar amounts in thousands):


	Preferred Stock

	Series A1			Series A			Series D			Total
	Shares	Amount		Shares	Amount		Shares	Amount			Shares	Amount
Balances, December 31, 2024	8,372,689	$	207,387	4,125,363	$	103,326	48,447	$	1,190		12,546,499	$	311,903






Redemption of Series A1 Preferred Stock paid in Common Stock	(194,216)	(4,813)		—	—		—	—			(194,216)	(4,813)





Redemption of Series A Preferred Stock paid in Common Stock	—	—		(104,471)	(2,606)		—	—			(104,471)	(2,606)


Balances, March 31, 2025	8,178,473	$	202,574	4,020,892	$	100,720	48,447	$	1,190		12,247,812	$	304,484



































Balances, December 31, 2025	8,749,542	$	217,451	3,669,018	$	91,906	44,325	$	1,089		12,462,885	$	310,446






Redemption of Series A1 Preferred Stock paid in Common Stock	(7,734,130)	(191,566)		—	—		—	—			(7,734,130)	(191,566)

Redemption of Series D Preferred Stock paid in Common Stock	—	—		—	—		(21,760)	(536)			(21,760)	(536)



Redemption of Series A Preferred Stock paid in Common Stock	—	—		(1,957,823)	(49,094)		—	—			(1,957,823)	(49,094)


Balances, March 31, 2026	1,015,412	$	25,885	1,711,195	$	42,812	22,565	$	553		2,749,172	$	69,250

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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+ Details

FAIR VALUE MEASUREMENTS - Schedule of Fair Values of Financial Instrument Not Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Carrying Amount
Liabilities:
Mortgages payable	$ 268,403	$ 268,403
Junior subordinated notes	27,070	27,070
Estimated Fair Value \| Level 3 \| Fair Value, Nonrecurring
Liabilities:
Mortgages payable	251,679	251,632
Junior subordinated notes	$ 26,195	$ 26,176

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

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+ Details

- Definition

Fair value of subordinated debt obligations including, but not limited to, subordinated loan, subordinated bond, subordinated debenture or junior debt.

+ References + Details

INVESTMENT IN UNCONSOLIDATED ENTITIES

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED ENTITIES

4. INVESTMENT IN UNCONSOLIDATED ENTITIES

The following table details the Company’s equity method investments in the Unconsolidated Joint Ventures. See Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (dollars in thousands):


				Ownership Interest	Carrying Value
Joint Venture	Asset Type	Location	Date of Acquisition	March 31, 2026	March 31, 2026		December 31, 2025
1910 Sunset Boulevard (1)	Office / Multifamily	Los Angeles, CA	February 11, 2022	44.2%	$	12,760	$	12,941
4750 Wilshire Boulevard (2)	Multifamily / Office	Los Angeles, CA	February 17, 2023	20.0%	4,106		5,368
1902 Park Avenue (3)	Multifamily	Los Angeles, CA	February 28, 2023	25.5%	5,916		5,866
1015 N Mansfield Avenue (4)	Office (Development)	Los Angeles, CA	October 10, 2023	28.8%	6,931		6,920
Total investments in unconsolidated entities					$	29,713	$	31,095

______________________

(1)1910 Sunset Boulevard is an office building with 105,064 square feet of office space and 2,760 square feet of retail space. The 1910 Sunset JV (defined below) has completed construction on its 1915 Park Project (defined below) to build 36 multifamily units on the 1915 Park Avenue land parcel adjacent to the office building.

(2)4750 Wilshire Boulevard is a three-story building with 30,335 square feet of office space located on the first floor. The remainder of the building was substantially converted into 68 for-lease multifamily units in September 2024.

(3)1902 Park Avenue is a 76-unit four-story multifamily building.

(4)1015 N Mansfield Avenue is an office building with a 44,141 square foot site area and a parking garage. The site is being evaluated for different development options, including creative office or other commercial space. As of March 31, 2026, this property was in pre-development phase and the formal development plan has not been finalized for the property.

1910 Sunset Boulevard— In February 2022, the Company invested in an Unconsolidated Joint Venture (the “1910 Sunset JV”) with a CIM-managed separate account (the “1910 Sunset JV Partner”) to purchase an office property located at 1910 Sunset Boulevard in Los Angeles, California (the “1910 Sunset Office Building”) along with an adjacent vacant land parcel located at 1915 Park Avenue, for a gross purchase price of approximately $51.0 million, of which the Company initially contributed approximately $22.4 million and the 1910 Sunset JV Partner initially contributed the remaining balance. In September 2022, the 1910 Sunset JV obtained financing through a mortgage loan of $23.9 million secured by the office property (the “1910 Sunset Mortgage Loan”). The Company provided a limited guarantee to the lender under the 1910 Sunset Mortgage Loan.

During the year ended December 31, 2025, the 1910 Sunset JV completed its project to build 36 multifamily units on the 1915 Park Avenue land parcel adjacent to the office building (the “1915 Park Project”) and began leasing during the fourth quarter of 2025. The 1910 Sunset JV financed the project through a combination of cash from operations at its office property, additional equity contributions from existing investors, and proceeds from a mortgage loan from a third-party lender (which has a balance of $8.1 million as of March 31, 2026 and total borrowing availability of $9.4 million). As of March 31, 2026, the 1910 Sunset JV had incurred total costs of $12.7 million in connection with the 1915 Park Project.

Beginning on October 1, 2025, in connection with the 1910 Sunset JV’s commencement of leasing at the 1915 Park Project, the Company began reporting its share of the income from the operations of the 1915 Park Project in its multifamily segment, while income from the operations of the 1910 Sunset Office Building continue to be reported in its office segment.

4750 Wilshire Boulevard— In February 2023, three co-investors (the “4750 Wilshire JV Partners”) acquired an 80% interest in a property owned by a subsidiary of the Company located at 4750 Wilshire Boulevard in Los Angeles, California (“4750 Wilshire”) for a gross sales price of $34.4 million (excluding transaction costs). The Company retained a 20% interest in 4750 Wilshire through an Unconsolidated Joint Venture arrangement between the Company and the 4750 Wilshire JV Partners (the “4750 Wilshire JV”). Two of the three floors of 4750 Wilshire were converted from office-use into 68 for-lease multifamily units (the “4750 Wilshire Project”), with the first floor of 4750 Wilshire continuing to function as 30,335 square

feet of office space. The 4750 Wilshire Project which was financed by a combination of equity contributions from the 4750 Wilshire JV Partners and a third-party construction loan, secured by 4750 Wilshire, which closed in March 2023 and had a balance of $38.2 million as of March 31, 2026 (with total borrowing availability of $38.5 million) (the “4750 Wilshire Construction Loan”). The Company provided a limited guarantee to the lender under the 4750 Wilshire Construction Loan. As of March 31, 2026, total costs of $28.9 million had been incurred by the 4750 Wilshire JV in connection with the 4750 Wilshire Project.

Pursuant to the co-investment agreement, the 4750 Wilshire JV pays an ongoing management fee to the Company. In addition, the Company may earn incentive fees based on the performance of 4750 Wilshire after the conversion.1902 Park Avenue— In February 2023, the Company and a CIM-managed interval fund (the “1902 Park JV Partner”) purchased a multifamily property in the Echo Park neighborhood of Los Angeles, California for a gross purchase price of $19.1 million (excluding transaction costs) (the “1902 Park JV”), with the Company owning a 50% interest. In connection with the closing of this transaction in February 2023, the 1902 Park JV obtained financing through a mortgage loan of $9.6 million secured by the multifamily property (the “1902 Park Mortgage Loan”). In October 2024, the 1902 Park JV admitted a new third-party co-investor and used part of the net capital contribution of such third party co-investor to satisfy the 1902 Park Mortgage Loan in full. Subsequent to this contribution, the Company’s ownership share of the 1902 Park JV was 25.5%. Pursuant to the co-investment agreement, the 1902 Park JV pays an ongoing management fee to the Company.

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 formal development plan has not been finalized for the property. The Company owns 28.8% of the 1015 N Mansfield JV.

The Company recorded a loss of $1.4 million and $1.2 million related to its investment in the Unconsolidated Joint Ventures during the three months ended March 31, 2026 and 2025, respectively.

DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of March 31, 2026 and December 31, 2025, and the debt activity for the three months ended March 31, 2026 (in thousands):


			During the Three Months Ended March 31, 2026
	Balances as of December 31, 2025		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of March 31, 2026
Mortgages Payable:
Fixed rate mortgages payable	$	268,403	$	—	$	—	$	—	$	268,403
Variable rate mortgages payable	208,556		333		(150)		—		208,739
	476,959		333		(150)		—		477,142
Deferred debt issuance costs — Mortgages Payable	(3,520)		(66)		—		614		(2,972)
Total Mortgages Payable	473,439		267		(150)		614		474,170




Other Debt:
Lending division credit facility	10,449		—		(10,449)		—		—


Junior subordinated notes	27,070		—		—		—		27,070


Discount on junior subordinated notes	(1,190)		—		—		28		(1,162)
Total Other Debt	36,329		—		(10,449)		28		25,908
Total Debt, Net	$	509,768	$	267	$	(10,599)	$	642	$	500,078

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of March 31, 2026 are as follows (in thousands):


Years Ending December 31,	Mortgages Payable (1)		Junior Subordinated Notes		Total

2026 (Nine months ending December 31, 2026)	$	163,944	$	—	$	163,944
2027	178,008		—		178,008
2028	30,190		—		30,190
2029	—		—		—
2030	105,000		—		105,000
Thereafter	—		27,070		27,070
	$	477,142	$	27,070	$	504,212

(1)With regard to the $66.3 million 1150 Clay Mortgage, which matures on June 7, 2026, and the $97.1 million 1 Kaiser Mortgage, which matures on July 1, 2026, see the discussion under Fixed Rate Mortgages Payable. With regard to the $81.0 million Channel House Mortgage, which matures on January 31, 2027, see the discussion under Variable Rate Mortgages Payable.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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ORGANIZATION AND OPERATIONS (Details)	Apr. 20, 2026	Mar. 26, 2026	Mar. 31, 2026 hotel $ / shares
Class of Stock [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.001
Reverse stock split ratio, common stock		0.1
Subsequent event
Class of Stock [Line Items]
Reverse stock split ratio, common stock	0.1
Hotel
Class of Stock [Line Items]
Number of real estate properties owned \| hotel			1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciliation of Hotel Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Hotel income	$ 11,877	$ 12,134
Rental and other property income	16,298	17,220
Interest and other income	1,242	2,941
Total Revenues	29,417	32,295
Hotel
Disaggregation of Revenue [Line Items]
Hotel income	11,877	12,134
Rental and other property income	487	520
Interest and other income	12	27
Total Revenues	$ 12,376	$ 12,681

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Investments in Unconsolidated Entities


				Ownership Interest	Carrying Value
Joint Venture	Asset Type	Location	Date of Acquisition	March 31, 2026	March 31, 2026		December 31, 2025
1910 Sunset Boulevard (1)	Office / Multifamily	Los Angeles, CA	February 11, 2022	44.2%	$	12,760	$	12,941
4750 Wilshire Boulevard (2)	Multifamily / Office	Los Angeles, CA	February 17, 2023	20.0%	4,106		5,368
1902 Park Avenue (3)	Multifamily	Los Angeles, CA	February 28, 2023	25.5%	5,916		5,866
1015 N Mansfield Avenue (4)	Office (Development)	Los Angeles, CA	October 10, 2023	28.8%	6,931		6,920
Total investments in unconsolidated entities					$	29,713	$	31,095

______________________

(3)1902 Park Avenue is a 76-unit four-story multifamily building.

SEGMENT DISCLOSURE - Schedule of Reconciliation of Segment Operating Income to Net Loss Attributable to Company (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Line Items]
Interest and other income	$ 1,242	$ 2,941
Asset management and other fees to related parties	(584)	(360)
Interest expense	(9,124)	(9,758)
General and administrative	(2,032)	(2,181)
Transaction-related costs	(7)	(26)
Depreciation and amortization	(7,721)	(6,560)
Loss on early extinguishment of debt	(705)	0
Gain on sale of First Western	1,737	0
LOSS BEFORE PROVISION FOR INCOME TAXES	(8,417)	(6,151)
Provision for income taxes	0	(121)
NET LOSS	(8,417)	(6,272)
Net loss attributable to noncontrolling interests	108	158
NET LOSS ATTRIBUTABLE TO THE COMPANY	(8,309)	(6,114)
Lending Segment
Segment Reporting [Line Items]
Total segment net operating income	9,842	11,755
Expense reimbursements to related parties—corporate	0	(659)
Corporate And Reconciling Items
Segment Reporting [Line Items]
Interest and other income	591	91
Asset management and other fees to related parties	(584)	(360)
Interest expense	(9,124)	(9,184)
General and administrative	(1,571)	(1,241)
Transaction-related costs	(7)	(26)
Depreciation and amortization	(7,721)	(6,560)
Loss on early extinguishment of debt	(705)	0
Gain on sale of First Western	1,737	0
Non-segment assets
Segment Reporting [Line Items]
Expense reimbursements to related parties—corporate	$ (875)	$ (626)

DEBT - Junior Subordinated Notes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Accrued interest and unused commitment fee payable	$ 2.3	$ 1.8
Junior subordinated notes
Debt Instrument [Line Items]
Interest rate margin (in percentage)	3.51%

- Definition

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+ Details

STOCK-BASED COMPENSATION PLANS - Schedule of Granted Awards of Restricted Shares of Common Stock to each Independent Members of the Board of Directors (Details) - Restricted Stock - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Aug. 31, 2025	Aug. 31, 2024	Mar. 31, 2026	Mar. 31, 2025
Share-based compensation plans
Award vesting period			1 year
Directors Independent
Share-based compensation plans
Restricted Shares of Common Stock - Individual (in shares)	86	1
Restricted Shares of Common Stock - Aggregate (in shares)	344	4
Restricted shares of common stock			$ 55	$ 55

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS The Company evaluated events subsequent to March 31, 2026, and concluded that, other than those items already disclosed elsewhere in the notes to the consolidated financial statements, no subsequent events have occurred that would require recognition or disclosure in the consolidated unaudited financial statements.

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Future Minimum Rental Revenue Under Long-Term Operating Leases

Future minimum rental revenue under long-term operating leases as of March 31, 2026, excluding tenant reimbursements of certain costs, are as follows (excludes unconsolidated properties, in thousands):


Years Ended December 31,	Total

2026 (Nine months ending December 31, 2026)	$	39,702
2027	36,094
2028	20,654
2029	16,700
2030	10,048
Thereafter	52,991
	$	176,189

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Interest Rate Cap Derivatives (Details) - Interest Rate Caps $ in Thousands	Mar. 31, 2026 USD ($)
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Outstanding Notional Amount	$ 172,288
Fair Value of Assets	$ 20
Minimum
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Strike Rates	4.50%
Maximum
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Strike Rates	5.75%

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 32: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

+ Details

INVESTMENTS IN REAL ESTATE - Schedule of Net Investments in Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Real Estate [Abstract]
Land	$ 172,614	$ 172,614
Land improvements	5,595	5,595
Buildings and improvements	662,081	652,102
Furniture, fixtures, and equipment	19,905	19,702
Tenant improvements	24,141	24,832
Work in progress	12,342	18,631
Investments in real estate	896,678	893,476
Accumulated depreciation	(201,199)	(195,389)
Net investments in real estate	$ 695,479	$ 698,087

REDEEMABLE PREFERRED STOCK

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

REDEEMABLE PREFERRED STOCK

11. REDEEMABLE PREFERRED STOCK


	Preferred Stock

	Series A1			Series A			Series D			Total
	Shares	Amount		Shares	Amount		Shares	Amount			Shares	Amount
Balances, December 31, 2024	8,372,689	$	207,387	4,125,363	$	103,326	48,447	$	1,190		12,546,499	$	311,903






Redemption of Series A1 Preferred Stock paid in Common Stock	(194,216)	(4,813)		—	—		—	—			(194,216)	(4,813)





Redemption of Series A Preferred Stock paid in Common Stock	—	—		(104,471)	(2,606)		—	—			(104,471)	(2,606)


Balances, March 31, 2025	8,178,473	$	202,574	4,020,892	$	100,720	48,447	$	1,190		12,247,812	$	304,484



































Balances, December 31, 2025	8,749,542	$	217,451	3,669,018	$	91,906	44,325	$	1,089		12,462,885	$	310,446






Redemption of Series A1 Preferred Stock paid in Common Stock	(7,734,130)	(191,566)		—	—		—	—			(7,734,130)	(191,566)

Redemption of Series D Preferred Stock paid in Common Stock	—	—		—	—		(21,760)	(536)			(21,760)	(536)



Redemption of Series A Preferred Stock paid in Common Stock	—	—		(1,957,823)	(49,094)		—	—			(1,957,823)	(49,094)


Balances, March 31, 2026	1,015,412	$	25,885	1,711,195	$	42,812	22,565	$	553		2,749,172	$	69,250

Series A1 Preferred Stock—From June 2022 through September 2024, the Company conducted a public offering with respect to shares of its Series A1 Preferred Stock, par value $0.001 per share with an initial stated value of $25.00 per share, subject to adjustment. As of September 2024, the Company has suspended its offering of Series A1 Preferred Stock.

Shares of Series A1 Preferred Stock issued from June 2022 through May 2024 were recorded in permanent equity at the time of their issuance. With respect to Series A1 Preferred Stock, for shares issued in June 2024 and thereafter, in the event a holder of Series A1 Preferred Stock requests redemption of such shares and such redemption takes place prior to the first anniversary of the date of original issuance, the Company is required to pay such redemption in cash. As a result, net proceeds from the issuance of shares of Series A1 Preferred Stock from June 2024 and through September 2024 were initially recorded in temporary equity at an amount equal to the gross proceeds allocated to such shares of Series A1 Preferred Stock minus the costs specifically identifiable to the issuance of such shares and the non-issuance specific offering costs allocated to such shares. With respect to shares of Series A1 Preferred Stock issued from June 2024 through September 2024, on the first anniversary of the issuance of a particular share of such Series A1 Preferred Stock, the Company reclassified such share of Series A1 Preferred Stock from temporary equity to permanent equity as the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapsed on the first anniversary date. As of March 31, 2026, the Company had reclassified an aggregate of $20.8 million in net proceeds from temporary equity to permanent equity.

As of March 31, 2026, the Company had issued in registered public offerings 12,040,878 shares of the Series A1 Preferred Stock and received gross proceeds of $298.2 million and additionally had issued 200,000 shares of Series A1 Preferred Stock as payment for services to CIM Service Provider, LLC (the “Administrator”), for which no cash proceeds were received. In connection with the issuance of shares of Series A1 Preferred Stock, $22.0 million of costs specifically identifiable to the offering of Series A1 Preferred Stock was allocated to the Series A1 Preferred Stock. Such costs include commissions, dealer manager fees and other offering fees and expenses.

If the net proceeds from the issuance of shares of Series A1 Preferred Stock are less than the redemption value of such shares at the time they were issued, or if the redemption value of such shares subsequently becomes greater than the carrying value of such shares, an adjustment is recorded to increase the carrying amount of such shares to their redemption value as of the balance sheet date. Such adjustment is considered a deemed dividend for purposes of calculating basic and diluted EPS. The Company recorded no redeemable preferred stock deemed dividends related to such adjustments during both the three months ended March 31, 2026 and March 31, 2025.

As of March 31, 2026, there were 1,015,412 shares of Series A1 Preferred Stock outstanding and 11,225,466 shares of Series A1 Preferred Stock had been redeemed. Of the 11,225,466 shares of Series A1 Preferred Stock that have been redeemed, the redemption of 183,081 shares of Series A1 Preferred Stock were paid in cash (all of which were redeemed at the option of the holders). As of March 31, 2026, the Company had, at its option, redeemed 10,129,244 shares of Series A1 Preferred Stock, all of which were paid in shares of Common Stock, including all accrued and unpaid dividends as of each redemption date and, in addition, as of March 31, 2026, 913,141 shares redeemed at the option of the holders were paid in shares of Common Stock, including all accrued and unpaid dividends as of the redemption date (collectively, the “Series A1 In-Kind Redemptions”). The Series A1 In-Kind Redemptions resulted in the aggregate issuance of 2,096,914 shares of Common Stock (adjusted for the Reverse Stock Splits).

Series A Preferred Stock—The Company conducted a continuous public offering of Series A Preferred Stock, with each issued share of Series A Preferred Stock initially accompanied by one warrant (“Series A Preferred Warrant”) to purchase 0.25 of a share of Common Stock, subject to adjustment, from October 2016 through January 2020. Proceeds and expenses from the sale were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance.

From February 2020 through June 2022, the Company conducted a continuous public offering with respect to shares of the Company’s Series A Preferred Stock, which, since February 2020, was no longer being issued as a unit with an accompanying Series A Preferred Warrant. In June 2022, the Company concluded the offering of Series A Preferred Stock.

As of March 31, 2026, the Company had issued in registered public offerings 8,251,657 shares of Series A Preferred Stock and 4,603,287 Series A Preferred Warrants and received gross proceeds of $205.4 million and $761,000, respectively, and additionally, had issued 568,681 shares of Series A Preferred Stock as payment for services to the Administrator, for which no cash proceeds were received. In connection with the cumulative issuance of Series A Preferred Stock and Series A Preferred Warrants, $17.0 million and $142,000 of costs specifically identifiable to the offering of the Series A Preferred Stock and Series

A Preferred Warrants, respectively, were allocated to the Series A Preferred Stock and Series A Preferred Warrants, respectively. Such costs include commissions, dealer manager fees and other offering fees and expenses.

On the first anniversary of the issuance of a particular share of Series A Preferred Stock, the Company reclassifies such share of Series A Preferred Stock from temporary equity to permanent equity as the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapsed on the first anniversary date. As of March 31, 2026, the Company had reclassified an aggregate of $199.6 million in net proceeds from temporary equity to permanent equity.

As of March 31, 2026, there were 1,711,195 shares of Series A Preferred Stock outstanding and 7,109,143 shares of Series A Preferred Stock had been redeemed. Of the 7,109,143 shares of Series A Preferred Stock that have been redeemed, the redemption of 2,330,186 shares of Series A Preferred Stock were paid in cash, 2,313,106 of which were redeemed at the option of the holders and 17,080 of which were redeemed at the option of the Company. As of March 31, 2026, the Company, at its option, redeemed 4,019,649 shares of Series A Preferred Stock, all of which were paid in shares of Common Stock, including all accrued and unpaid dividends as of each redemption date and, in addition, as of March 31, 2026, 759,308 shares redeemed at the option of the holders were paid in shares of Common Stock, including all accrued and unpaid dividends as of the redemption date (collectively, the “Series A In-Kind Redemptions”). The Series A In-Kind Redemptions resulted in the aggregate issuance of 534,863 shares of Common Stock (adjusted for the Reverse Stock Splits).

Series D Preferred Stock—From February 2020 through June 2022, the Company conducted a continuous public offering with respect to shares of its Series D Preferred Stock, par value $0.001 per share, subject to adjustment. The selling price of the Series D Preferred Stock was $25.00 per share for all sales that occurred from the beginning of the offering to and including June 28, 2020 and $24.50 per share thereafter. Shares of Series D Preferred Stock were recorded in permanent equity at the time of their issuance. In June 2022, the Company concluded the offering of its Series D Preferred Stock.

As of March 31, 2026, the Company had issued in registered public offerings 56,857 shares of Series D Preferred Stock and received gross proceeds of $1.4 million. In connection with such issuance, $35,000 of costs specifically identifiable to the offering of Series D Preferred Stock were allocated to the Series D Preferred Stock. Such costs include commissions, dealer manager fees and other offering fees and expenses.

As of March 31, 2026, there were 22,565 shares of Series D Preferred Stock outstanding and 34,292 shares of Series D Preferred Stock had been redeemed. Of the 34,292 shares of Series D Preferred Stock that have been redeemed, the redemption of 8,410 shares of Series D Preferred Stock were paid in cash (all of which were redeemed at the option of the holders). As of March 31, 2026, the Company had, at its option, redeemed 21,760 shares of Series D Preferred Stock, all of which were paid in shares of Common Stock, including all accrued and unpaid dividends as of the redemption date and, in addition, as of March 31, 2026, 4,122 shares redeemed at the option of the holders were paid in shares of Common Stock, including all accrued and unpaid dividends as of the redemption date (collectively, the “Series D In-Kind Redemptions”). The Series D In-Kind Redemptions resulted in the aggregate issuance of 6,057 shares of Common Stock (adjusted for the Reverse Stock Splits).

Dividends—With respect to the payment of dividends or the distribution of amounts upon liquidation, dissolution or winding-up, the Series A1 Preferred Stock, the Series A Preferred Stock and Series D Preferred Stock rank on parity with respect to each other and senior to the Common Stock.

Holders of Series A1 Preferred Stock are entitled to receive, if, as and when authorized by the Company’s Board of Directors, and declared by the Company out of legally available funds, cumulative cash dividends (the “Series A1 Dividend”) on each share of Series A1 Preferred Stock at the greater of (i) an annual rate of 6.0% of the Series A1 Preferred Stock Stated Value (i.e., the equivalent of $0.3750 per share per quarter) and (ii) the Federal Funds (Effective) Rate for such quarter and plus 2.5% of the Series A1 Preferred Stock Stated Value divided by four, up to a maximum of 2.5% of the Series A1 Preferred Stock Stated Value per quarter. Holders of Series A Preferred Stock are entitled to receive, if, as and when authorized by the Company’s Board of Directors, and declared by the Company out of legally available funds, cumulative cash dividends on each share of Series A Preferred Stock at an annual rate of 5.50% of the Series A Preferred Stock Stated Value (i.e., the equivalent of $0.34375 per share per quarter) (the “Series A Dividend”). Holders of Series D Preferred Stock are entitled to receive, if, as and when authorized by the Company’s Board of Directors, and declared by the Company out of legally available funds, cumulative cash dividends on each share of Series D Preferred Stock at an annual rate of 5.65% of the Series D Preferred Stock Stated Value (i.e., the equivalent of $0.35313 per share per quarter) (the “Series D Dividend”). Dividends on each share of Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock begin accruing on, and are cumulative from, the date of issuance.

During the three months ended March 31, 2026, the Company paid $3.7 million, $1.3 million and $16,000 of cash dividends on the Series A1 Preferred Stock, Series A Preferred Stock, and Series D Preferred Stock, respectively. Additionally, during the three months ended March 31, 2026, the Company paid dividends of $2.6 million, $567,000 and $6,000 on the Series A1 Preferred Stock, Series A Preferred Stock, and Series D Preferred Stock, respectively, in shares of Common Stock due to these dividends being accrued and unpaid at the time that such applicable shares of Preferred Stock were redeemed in shares of Common Stock. During the three months ended March 31, 2025, the Company paid $4.5 million, $1.4 million and $17,000 of cash dividends on the Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock, respectively. Additionally, during the three months ended March 31, 2025, the Company paid dividends of $45,000 and $16,000 on the Series A1 Preferred Stock and Series A Preferred Stock, respectively, in shares of Common Stock due to these dividends being accrued and unpaid at the time that such applicable shares of Preferred Stock were redeemed in shares of Common Stock.

During the three months ended March 31, 2026, the Company recorded $3.0 million, $1.2 million, and $14,000, related to the Series A1 Preferred Stock, Series A Preferred Stock, and Series D Preferred Stock, respectively, in redeemable preferred stock dividends declared or accumulated on the consolidated statements of operations. These amounts reflect dividends declared during the period as well as dividends accumulated for the period on the Company’s cumulative redeemable preferred stock, in each case regardless of whether such dividends were paid during the period. These amounts are deducted from net loss attributable to the Company to arrive at net loss attributable to common stockholders. During the three months ended March 31, 2025, the Company recorded $4.1 million, $1.4 million and $17,000, related to Series A1 Preferred Stock, Series A Preferred Stock, and Series D Preferred Stock, respectively, in redeemable preferred stock dividends declared or accumulated on the consolidated statements of operations.

Redemptions—The Company’s Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock are redeemable at the option of the holder or the Company. The redemption schedule of the Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock allows redemptions at the option of the holder of Series A1 Preferred Stock, Series A Preferred Stock or Series D Preferred Stock from the date of original issuance of any such shares at the Series A1 Preferred Stock Stated Value, Series A Preferred Stock Stated Value or Series D Preferred Stock Stated Value, respectively, less a redemption fee applicable prior to the fifth anniversary of the issuance of such shares, plus accrued and unpaid dividends. The Company has the right to redeem the Series A1 Preferred Stock after the date that is twenty-four months following the original issuance of such shares of Series A1 Preferred Stock at the Series A1 Preferred Stock Stated Value, plus accrued and unpaid dividends. The Company has the right to redeem the Series A Preferred Stock or Series D Preferred Stock after the fifth anniversary of the date of original issuance of such shares at the Series A Preferred Stock Stated Value or Series D Preferred Stock Stated Value, respectively, plus accrued and unpaid dividends. With respect to redemptions of the Series A1 Preferred Stock, Series A Preferred Stock or Series D Preferred Stock, at the Company’s discretion, the redemption price will be paid in cash and/or in Common Stock based on the volume weighted average price of the Company’s Common Stock for the 20 trading days prior to the redemption; provided that the redemption price of any shares of Series A1 Preferred Stock issued in June 2024 and thereafter that are redeemed prior to the first anniversary of the date of original issuance of such shares must be paid in cash.

On March 16, 2026, the Company redeemed, at the Company’s option, 1,869,573 shares of Series A Preferred Stock, 7,539,638 shares of Series A1 Preferred Stock and 21,760 shares of Series D Preferred Stock in shares of Common Stock (the “March 2026 Redemption”). Other than the March 2026 Redemption, the Company does not currently intend to redeem, at the Company’s election, additional Preferred Stock in shares of Common Stock. However, the Company will evaluate redemption requests submitted by holders of its shares of Preferred Stock at the time it receives them and may elect to redeem those Preferred Shares in Common Stock or cash, at the Company’s discretion.

As of May 1, 2026, the Company has received redemption requests related to Series A1 Preferred Stock and Series A Preferred Stock, totaling approximately $204,000, which the Company intends to redeem in shares of Common Stock as soon as practical after the Company opens its trading window in accordance with its Insider Trading Policy.

During the three months ended March 31, 2026, the Company recorded $18.5 million, $3.6 million, $19,000 related to the Series A1 Preferred Stock, Series A Preferred Stock, and Series D Preferred Stock, respectively, in redeemable preferred stock redemptions on the consolidated statements of operations, which reflect the excess amount of the redemption value over the carrying value of the Preferred Stock at the time of the redemption and is deducted from net loss attributable to the Company to arrive at net loss attributable to common stockholders. During the three months ended March 31, 2025, the Company recorded $130,000 and $170,000 related to the Series A1 Preferred Stock and Series A Preferred Stock, respectively, in redeemable preferred stock redemptions on the consolidated statements of operations.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Lease incentives	$ 1,400	$ 1,300
Lease incentives, accumulated amortization	1,100	1,100
Allowance for uncollectible accounts receivable	$ 229	$ 371

DEBT - Schedule of Debt Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt [Roll Forward]
Long-term debt, beginning balance	$ 509,768
Repayments	(10,599)
Accretion & (Amortization)	614	$ 735
Accretion & (Amortization)	642
Net proceeds	267
Long-term debt, ending balance	500,078
Outstanding, ending balance	504,212
Mortgages Payable
Debt [Roll Forward]
Outstanding, beginning balance	476,959
Deferred debt origination costs — other	(2,972)		$ (3,520)
Long-term debt, beginning balance	473,439
Debt Issuances & Assumptions	333
Payment of deferred debt origination costs	(66)
Repayments	(150)
Accretion & (Amortization)	614
Net proceeds	267
Long-term debt, ending balance	474,170
Outstanding, ending balance	477,142
Mortgages Payable \| Fixed rate mortgages payable
Debt [Roll Forward]
Outstanding, beginning balance	268,403
Debt Issuances & Assumptions	0
Repayments	0
Outstanding, ending balance	268,403
Mortgages Payable \| Variable rate mortgages payable
Debt [Roll Forward]
Outstanding, beginning balance	208,556
Debt Issuances & Assumptions	333
Repayments	(150)
Outstanding, ending balance	208,739
Other Debt
Debt [Roll Forward]
Long-term debt, beginning balance	36,329
Repayments	(10,449)
Accretion & (Amortization)	28
Net proceeds	0
Long-term debt, ending balance	25,908
Line of Credit \| Revolving Credit Facility \| Lending division credit facility
Debt [Roll Forward]
Outstanding, beginning balance	10,449
Debt Issuances & Assumptions	0
Repayments	(10,449)
Outstanding, ending balance	0
Junior subordinated notes
Debt [Roll Forward]
Outstanding, beginning balance	27,070
Premiums (discounts), beginning balance	(1,190)
Debt Issuances & Assumptions	0
Repayments	0
Accretion & (Amortization)	28
Premiums (discounts), ending balance	(1,162)
Outstanding, ending balance	$ 27,070

LOANS RECEIVABLE - Schedule of Allowance for Credit Losses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,032
Net adjustment to reserve for expected credit losses	39
Ending balance	$ 2,071

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477263/942-210-45-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph c
-Publisher SEC

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (1)
-Publisher SEC

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
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+ Details

OTHER INTANGIBLE ASSETS - Schedule of Amortization of Acquired Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Acquired above-market lease amortization
Intangible Asset, Finite-Lived [Line Items]
Acquired leases amortization	$ 0	$ 1
Acquired in-place lease amortization
Intangible Asset, Finite-Lived [Line Items]
Acquired leases amortization	$ 30	$ 79

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Equity Investments in Unconsolidated Entities (Details) $ in Thousands	Mar. 31, 2026 USD ($) ft² unit	Dec. 31, 2025 USD ($) unit	Sep. 30, 2024 unit	Feb. 28, 2023 ft² unit
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated entities	$ 29,713	$ 31,095
1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Ownership Interest	44.20%
Total investments in unconsolidated entities	$ 12,760	$ 12,941
1910 Sunset Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	105,064
1910 Sunset Boulevard \| Retail Site
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	2,760
1910 Sunset Boulevard \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit	36	36
4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Ownership Interest	20.00%
Total investments in unconsolidated entities	$ 4,106	$ 5,368
4750 Wilshire Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	30,335			30,335
4750 Wilshire Boulevard \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit			68	68
1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Ownership Interest	25.50%
Total investments in unconsolidated entities	$ 5,916	5,866
1902 Park Avenue \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit	76
1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Ownership Interest	28.80%
Total investments in unconsolidated entities	$ 6,931	$ 6,920
1015 N Mansfield Avenue \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	44,141

EARNINGS PER SHARE (''EPS'')

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE ("EPS")

10. EARNINGS PER SHARE (“EPS”)

The computation of basic EPS is based on the Company’s weighted average shares outstanding. No shares of Series D Preferred Stock, Series A Preferred Stock, or Series A1 Preferred Stock outstanding as of March 31, 2026 or 2025 were included in the computation of diluted EPS because they had no dilutive effect. Outstanding Series A Preferred Warrants were

not included in the computation of diluted EPS for the three months ended March 31, 2025 because their impact was either anti-dilutive or such warrants were not exercisable during such periods (Note 12). As of March 31, 2025, all of the Series A Preferred Warrants had expired.

EPS for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS in the respective periods. In addition, EPS is calculated independently for each component and may not be additive due to rounding.


	Three Months Ended March 31,
		2026		2025

Numerator:
Net loss attributable to common stockholders		$	(34,695)	$	(11,898)
Redeemable preferred stock dividends declared on dilutive shares		—		—
Diluted net loss attributable to common stockholders		$	(34,695)	$	(11,898)

Denominator:
Basic weighted average shares of Common Stock outstanding		492		6
Effect of dilutive securities—contingently issuable shares		—		—
Diluted weighted average shares and common stock equivalents outstanding		492		6

Net loss attributable to common stockholders per share:
Basic		$	(70.52)	$	(1,983.00)
Diluted		$	(70.52)	$	(1,983.00)

SEGMENT DISCLOSURE - Schedule of Assets and Capital Expenditures and Loan Originations (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Total assets	$ 792,321,000	$ 859,187,000
Asset held for sale	0	65,859,000
Held-for-sale \| First Western
Segment Reporting [Line Items]
Asset held for sale		65,859,000
Operating Segments \| Office
Segment Reporting [Line Items]
Total assets	400,246,000	402,151,000
Operating Segments \| Hotel
Segment Reporting [Line Items]
Total assets	115,713,000	114,994,000
Operating Segments \| Multifamily
Segment Reporting [Line Items]
Total assets	267,616,000	270,645,000
Operating Segments \| Lending
Segment Reporting [Line Items]
Total assets	0	67,867,000
Non-segment assets
Segment Reporting [Line Items]
Total assets	$ 8,746,000	$ 3,530,000

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	1-13610
Entity Registrant Name	CREATIVE MEDIA & COMMUNITY TRUST CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	75-6446078
Entity Address, Address Line One	4700 Wilshire Boulevard
Entity Address, City or Town	Los Angeles,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90010
City Area Code	(866)
Local Phone Number	242-1266
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	CMCT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,639,158
Entity Central Index Key	0000908311
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Key Money (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Deferred key money amortization period (in years)	30 years
Deferred key money	$ 5,500	$ 4,700
Deferred key money, accumulated amortization	$ 101	$ 48

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

13. FAIR VALUE MEASUREMENTS

The Company determines the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. The hierarchy for inputs used in measuring fair value is as follows:

Level 1 Inputs—Quoted prices in active markets for identical assets or liabilities

Level 2 Inputs—Observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3 Inputs—Unobservable inputs

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

Management’s estimation of the fair value of the Company’s financial instruments is based on a Level 3 valuation in the fair value hierarchy established for disclosure of how a company values its financial instruments. In general, quoted market prices from active markets for the identical financial instrument (Level 1 inputs), if available, should be used to value a financial instrument. If quoted prices are not available for the identical financial instrument, then a determination should be made if Level 2 inputs are available. Level 2 inputs include quoted prices for similar financial instruments in active markets for identical or similar financial instruments in markets that are not active (i.e., markets in which there are few transactions for the financial instruments, the prices are not current, price quotations vary substantially, or in which little information is released publicly). There is limited reliable market information for the Company’s financial instruments and the Company utilizes other methodologies based on unobservable inputs for valuation purposes since there are no Level 1 or Level 2 inputs available. Accordingly, Level 3 inputs are used to measure fair value.

In general, estimates of fair value may differ from the carrying amounts of the financial assets and liabilities primarily as a result of the effects of discounting future cash flows. Considerable judgment is required to interpret market data and develop estimates of fair value. Accordingly, the estimates presented are made at a point in time and may not be indicative of the amounts the Company could realize in a current market exchange.

The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities.

Debt—The carrying amounts of the Company’s secured borrowings - government guaranteed loans, SBA 7(a) loan-backed notes, Lending Division Revolving Credit Facility and variable rate mortgages payable approximate their fair values, as the interest rates on these securities are variable and approximate current market interest rates. The Company determines the fair value of fixed rate mortgage notes payable and junior subordinated notes by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.

Loans Receivable—As of December 31, 2025, the Company reclassified the assets and liabilities of First Western as held for sale, including the Company’s portfolio of loans receivable. See Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) later in this footnote for further discussion of the fair value measurement of the assets held for sale.

Derivative Instruments— The Company’s derivative instruments are comprised of two interest rate caps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the respective counterparties.

Other Financial Instruments—The carrying amounts of the Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses approximate their fair values due to their short-term maturities at March 31, 2026 and December 31, 2025. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments.


	March 31, 2026				December 31, 2025
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level






Liabilities:
Mortgages payable (1)	$	268,403	$	251,679	$	268,403	$	251,632	3
Junior subordinated notes (1)	$	27,070	$	26,195	$	27,070	$	26,176	3

(1)The carrying amounts for the mortgages payable and junior subordinated notes represent the principal outstanding amounts, excluding deferred debt issuance costs and discounts.

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to investments in real estate is discussed in Note 2.

As of December 31, 2025, the Company reclassified the assets and liabilities of First Western as held for sale, including the Company’s portfolio of loans receivable. See Note 5 for more detail on the assets and liabilities held for sale. Upon the reclassification of First Western to held for sale, the CECL balance related to the loans receivable was reversed. The loans receivable were subsequently written down to their estimated fair value (based on the contractual sales price) less costs to sell, resulting in a loss on assets held for sale of $298,000 for the year ended December 31, 2025. During the three months ended March 31, 2026, the Company finalized the sale and based on additional operating and investing activity at First Western and certain transaction-related adjustments, recognized a net gain of $1.7 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

RELATED-PARTY TRANSACTIONS - Schedule of Fees and Expense Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Asset management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	$ 584	$ 360
Property management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	523	554
Property management fees \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	27	20
Onsite management and other cost reimbursement
Related Party Transaction [Line Items]
Related party, amount of transaction	1,824	1,760
Onsite management and other cost reimbursement \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	118	91
Lease commissions
Related Party Transaction [Line Items]
Related party, amount of transaction	23	129
Lease commissions \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	11	7
Construction management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	180	232
Construction management fees \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	2	58
Development management reimbursements
Related Party Transaction [Line Items]
Related party, amount of transaction	254	402
Development management reimbursements \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	73	175
Expense reimbursements to related parties - corporate
Related Party Transaction [Line Items]
Related party, amount of transaction	875	626
Expenses reimbursements to related parties - lending segment
Related Party Transaction [Line Items]
Related party, amount of transaction	$ 0	659
Personnel fees \| Affiliated Entity
Related Party Transaction [Line Items]
Related party, deferred personnel costs		$ 18

INVESTMENTS IN REAL ESTATE - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) property	Mar. 31, 2025 USD ($) property
Real Estate [Abstract]
Depreciation expense \| $	$ 7.0	$ 5.9
Number of property acquisitions or dispositions \| property	0	0

SEGMENT DISCLOSURE

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT DISCLOSURE

17. SEGMENT DISCLOSURE

The Company’s reportable segments during the three months ended March 31, 2026 and 2025 consist of three types of commercial real estate properties, namely, office, hotel and multifamily. As previously disclosed, the Company completed the sale of its lending business on January 21, 2026, and, as a result, the Company’s lending business ceased to be one of the Company’s reportable segments during the three months ended March 31, 2026. As the lending segment activity was de minimis during the period it remained under the Company’s ownership for the three months ended March 31, 2026, the related amounts are included within non-segment interest and other income, interest expense, and general and administrative, as applicable. Management internally evaluates the operating performance and financial results of the segments based on net operating income. The Company also has certain general and administrative level activities, including public company expenses, legal, accounting, and tax preparation that are not considered separate operating segments. The reportable segments are accounted for on the same basis of accounting as described in the notes to the Company’s audited consolidated financial statements for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

For the Company’s real estate segments, the Company defines net operating income (loss) as rental and other property income and expense reimbursements less property related expenses, and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and provision (benefit) for income taxes. For the Company’s lending segment, the Company defines net operating income as interest income net of interest expense and general overhead expenses.

The Company’s chief operating decision maker (“CODM”) is the Company’s executive management team, comprised of the Chief Executive Officer, Chief Investment Officer, Chief Financial Officer, and the 1st Vice President for portfolio oversight of CIM.

The CODM evaluates performance and allocates resources based on segment net operating income (loss). All expense categories on the statement of operations are significant and there are no other significant segment expenses that would require disclosure. The CODM uses net operating income (loss) to make key operating decisions, such as identifying attractive investment opportunities, evaluating underwriting standards, determining the appropriate level of leverage to enhance returns on equity and deciding on the sources of financing.

The net operating income (loss) of the Company’s segments for the three months ended March 31, 2026 and 2025 is as follows (in thousands):


	Three Months Ended March 31,
		2026		2025

Office (1):
Revenues		$	12,578	$	13,054
Property expenses:
Operating		5,839		5,636
General and administrative		302		288
Total property expenses		6,141		5,924
Income (loss) from unconsolidated entities		62		(29)
Segment net operating income—office		6,499		7,101
Hotel:
Revenues		12,376		12,681
Property expenses:
Operating		8,400		7,986
General and administrative		20		11
Total property expenses		8,420		7,997
Segment net operating income—hotel		3,956		4,684
Multifamily (1):
Revenues		3,872		4,091
Property expenses:
Operating		2,908		3,503
General and administrative		139		86
Total property expenses		3,047		3,589
Loss from unconsolidated entities		(1,438)		(1,122)
Segment net operating loss—multifamily		(613)		(620)
Lending (2):
Revenues		—		2,378
Lending expenses:
Interest expense		—		574
Expense reimbursements to related parties—lending segment		—		659
General and administrative		—		555
Total lending expenses		—		1,788
Segment net operating income—lending		—		590
Total segment net operating income		$	9,842	$	11,755

A reconciliation of the Company’s segment net operating income to net loss attributable to the Company for the three months ended March 31, 2026 and 2025 is as follows (in thousands):


	Three Months Ended March 31,
		2026		2025

Total segment net operating income		$	9,842	$	11,755
Interest and other income		591		91
Asset management and other fees to related parties		(584)		(360)
Expense reimbursements to related parties—corporate		(875)		(626)
Interest expense		(9,124)		(9,184)
General and administrative		(1,571)		(1,241)
Transaction-related costs		(7)		(26)
Depreciation and amortization		(7,721)		(6,560)
Loss on early extinguishment of debt		(705)		—

Gain on sale of First Western		1,737		—

Loss before provision for income taxes		(8,417)		(6,151)
Provision for income taxes		—		(121)
Net loss		(8,417)		(6,272)
Net loss attributable to noncontrolling interests		108		158
Net loss attributable to the Company		$	(8,309)	$	(6,114)

The condensed assets for each of the segments as of March 31, 2026 and December 31, 2025 are as follows (in thousands):


	March 31, 2026		December 31, 2025

Condensed assets:
Office	$	400,246	$	402,151
Hotel	115,713		114,994
Multifamily	267,616		270,645
Lending (1)	—		67,867
Non-segment assets	8,746		3,530
Total assets	$	792,321	$	859,187

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Straight-line rental income	$ (386)	$ (631)
Other assets	$ (2,771)	(4,184)
Reclassification
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Straight-line rental income		631
Other assets		$ 631

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 99: http://www.xbrl.org/2003/role/disclosureRef
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Reference 100: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147476151/220-40-65-1

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Recognized Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Fixed lease payments	$ 14,020	$ 14,369
Variable lease payments	2,278	2,851
Rental and other property income	$ 16,298	$ 17,220

RELATED-PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

RELATED-PARTY TRANSACTIONS

14. RELATED-PARTY TRANSACTIONS

Asset Management and Other Fees to Related Parties

Asset Management Fees; Administrative Fees and Expenses—CIM Urban Partners, L.P. (“CIM Urban”), a wholly owned subsidiary of the Company, and CIM Capital, LLC, an affiliate of CIM Group (“CIM Capital”), have an investment management agreement, pursuant to which CIM Urban engaged CIM Capital to provide certain services to CIM Urban (the “Investment Management Agreement”). CIM Capital has assigned its duties under the Investment Management Agreement to its four wholly owned subsidiaries: CIM Capital Securities Management, LLC, a securities manager, CIM Capital RE Debt Management, LLC, a debt manager, CIM Capital Controlled Company Management, LLC, a controlled company manager, and CIM Capital Real Property Management, LLC, a real property manager. The “Operator” refers to CIM Capital and its four wholly owned subsidiaries.

The Company and its subsidiaries have a master services agreement (the “Master Services Agreement”) with CIM Service Provider, LLC (the “Administrator”), an affiliate of CIM Group, pursuant to which the Administrator provides, or arranges for other service providers to provide, management and administration services to the Company and its subsidiaries.

On January 5, 2022, the Company and certain of its subsidiaries entered into a Fee Waiver (the “Fee Waiver”) with the Operator and the Administrator with respect to fees that are payable to them. The Fee Waiver is effective retroactively to January 1, 2022 (the “Effective Date”). Pursuant to the Fee Waiver, the Administrator agreed to voluntarily waive any fees in excess of those set forth in the Fee Waiver, to the extent it would otherwise have been entitled to such additional compensation under the Master Service Agreement, and the Operator agreed to voluntarily waive any fees in excess of those set forth in the Fee Waiver, to the extent it would otherwise have been entitled to such additional compensation under the Investment Management Agreement. Following the end of each quarter, the Administrator will deliver to the Company (i) a calculation of the cumulative fees earned by the Operator and the Administrator under the methodology prescribed by the Fee Waiver from the Effective Date through the end of such quarter and (ii) a calculation of the cumulative fees that would have been earned by the Operator and the Administrator during such period under the Master Services Agreement and the Investment Management Agreement without giving effect to the Fee Waiver. If, in respect of any quarter, the aggregate fees that are payable under the methodology prescribed by the Fee Waiver exceed the aggregate fees that would have been payable under the Master Services Agreement and the Investment Management Agreement, without giving effect to the Fee Waiver, such quarter will be deemed an “Excess Quarter”. For any quarter following an Excess Quarter, the Company (upon the direction of the independent members of the Board) may, at its option and upon written notice to Administrator, elect to calculate all fees due to the Administrator and the Operator in accordance with the Master Services Agreement and the Investment Management Agreement, without giving effect to the Fee Waiver, from and after such Excess Quarter. Any such election by the Company will be irrevocable, and all fees due to the Administrator and the Operator from and after such election will be calculated in accordance with the Master Services Agreement and the Investment Management Agreement, without giving effect to the Fee Waiver.

The fees payable to the Operator and the Administrator are determined as follows under the Fee Waiver.

1.Base Fee: A base asset management fee (the “Base Fee”) is payable quarterly in arrears to the Operator in an amount equal to an annual rate of 1% (or 0.25% per quarter) of the average of the “Net Asset Value Attributable to Common Stockholders” as of the first and last day of the applicable quarter. Net Asset Value Attributable to Common stockholders is defined as (a) the sum of the Company’s (1) investments in real estate at fair value, (2) cash, (3) loans receivable at fair value and (4) the book value of the other assets of the Company, excluding deferred costs and net of other liabilities at book value, less (b) the Company’s (i) debt at face value, (ii) outstanding preferred stock at stated value, and (iii) non-controlling interests at book value; provided, that, non-controlling interests in any UPREIT operating partnership relating to the Company shall not be excluded.

2.Incentive Fee: An incentive fee (the “Revised Incentive Fee”) is payable quarterly in arrears to the Administrator with respect to the quarterly core funds from operations in excess of a quarterly threshold equal to 1.75% (i.e., 7.00% on an annualized basis) of the Company’s “Adjusted Common Equity” (as defined below) for such quarter (“Excess Core FFO”) as follows: (i) no Revised Incentive Fee in any quarter in which the Excess Core FFO is $0; (ii) 100% of any Excess Core FFO up to an amount equal to the product of (x) the average of the Adjusted Common Equity as of the first and last day of the applicable quarter and (y) 0.4375%; and (iii) 20% of any Excess Core FFO thereafter. Revised Incentive Fees payable for any partial quarter will be appropriately prorated.

“Adjusted Common Equity” means Common Equity plus Excluded Depreciation and Amortization. “Common Equity” means Total Stockholders’ Equity minus Excluded Equity. “Total Stockholders’ Equity” means the amount reflected as total stockholders’ equity in accordance with GAAP on the consolidated balance sheet of the Company and its subsidiaries as of the last day of a given quarter. “Excluded Equity” means the sum of all preferred securities of the Company and its subsidiaries classified as permanent equity in accordance with GAAP on the consolidated balance sheet of the Company and its subsidiaries as of the last day of a given quarter. “Excluded Depreciation and Amortization” means, for a given quarter, the amount of all accumulated depreciation and amortization of (i) the Company and its subsidiaries and (ii) to the extent allocable to the Company and its subsidiaries, the unconsolidated affiliates, in each case as of the last day of such quarter that corresponds to the periodic depreciation and amortization expense calculated in each case in accordance with GAAP that is a permitted add back to net income calculated in accordance with GAAP when calculating funds from operations.

3.Capital Gains Fee: A capital gains fee (the “Capital Gains Fee”) is payable quarterly in arrears to the Administrator in an amount equal to (i) 15% of the cumulative aggregate realized capital gains minus the cumulative aggregate realized capital losses (in each case since the Effective Date), minus (ii) the aggregate capital gains fees paid since the Effective Date. Realized capital gains and realized capital losses are calculated by subtracting from the sales price of a property: (a) any costs incurred to sell such property, and (b) the current gross value of the property (meaning the property’s original acquisition price plus any subsequent, non-reimbursed capital improvements thereon paid for by the Company).

Pursuant to the Investment Management Agreement, the asset management fee prior to January 1, 2022 was calculated (without giving effect to the Fee Waiver) as a percentage of the daily average adjusted fair value of CIM Urban’s assets as follows (dollar amounts in thousands):


Daily Average Adjusted Fair Value of CIM Urban’s Assets				Quarterly Fee
From Greater of		To and Including		Percentage

$	—	$	500,000	0.2500%
$	500,000	$	1,000,000	0.2375%
$	1,000,000	$	1,500,000	0.2250%
$	1,500,000	$	4,000,000	0.2125%
$	4,000,000	$	20,000,000	0.1000%

Asset management fees are included in asset management and other fees to related parties in the accompanying consolidated statements of operations.

Under the Master Services Agreement, for fiscal quarters prior to April 1, 2020, the Company paid a base service fee (the “Base Service Fee”) to the Administrator initially set at $1.0 million per year (subject to an annual escalation by a specified inflation factor beginning on January 1, 2015), payable quarterly in arrears. On May 11, 2020, the Master Services Agreement was amended to replace the Base Service Fee with an incentive fee pursuant to which the Administrator was entitled to receive, on a quarterly basis, 15.00% of the Company’s quarterly core funds from operations in excess of a quarterly threshold equal to 1.75% (i.e., 7.00% on an annualized basis) of the Company’s average Adjusted Common Equity (defined above) for such quarter. The amendment was effective as of April 1, 2020 and was further modified by the Fee Waiver described above. No such incentive fee was paid by the Company.

In addition, pursuant to the terms of the Master Services Agreement, the Administrator may receive compensation and/or reimbursement for performing certain services for the Company and its subsidiaries that are not covered by the Base Fee. During the three months ended March 31, 2026 and 2025, such services performed by the Administrator and its affiliates included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources, corporate communications, operational and ongoing support in connection with the Company’s Preferred Stock. The Company will also reimburse the Administrator for the Company’s share of broken deal expenses that are incurred by the Administrator and its affiliates (i.e., fees and expenses relating to investments that were contemplated but the Company did not make and/or transactions that could have been executed by the Company but that the Company did not consummate, including fees and expenses associated with performing due diligence review and negotiating the terms of such investments or transactions). The Administrator’s compensation is based on the salaries and benefits of the employees of the Administrator and/or its affiliates

who performed these services (allocated based on the percentage of time spent on the affairs of the Company and its subsidiaries). The expense for such services is included in expense reimbursements to related parties—corporate in the accompanying consolidated statements of operations.

Property Management Fees and Reimbursements—CIM Management, Inc. and certain of its affiliates (collectively, the “CIM Management Entities”), all affiliates of CIM Group, provide property management, leasing, and development services to properties owned by the Company. Property management fees earned by the CIM Management entities and onsite management costs incurred are included in rental and other property operating expenses in the accompanying consolidated statements of operations, with the exception of certain onsite management costs which are capitalized in some cases. Leasing commissions earned are capitalized to deferred charges on the accompanying consolidated balance sheets. Construction management fees and development management reimbursements are capitalized to investments in real estate on the accompanying consolidated balance sheets.

Lending Segment Expenses—The Company had a Staffing and Reimbursement Agreement with CIM SBA Staffing, LLC (“CIM SBA”), an affiliate of CIM Group, and the Company’s subsidiary, PMC Commercial Lending, LLC. The agreement provided that CIM SBA would provide personnel and resources to the Company and that the Company would reimburse CIM SBA for the costs and expenses of providing such personnel and resources. The expense for such services was included in expense reimbursements to related parties—lending segment in the accompanying consolidated statements of operations.

Offering-Related Fees—CCO Capital, LLC (“CCO Capital”) became the exclusive dealer manager for the Company’s prior public offering of the Series A Preferred Stock and Series A Preferred Warrants effective as of May 31, 2019. CCO Capital is a registered broker dealer and is under common control with the Operator and the Administrator. The Company’s offering of the Series A Preferred Warrants ended at the end of January 2020. On January 28, 2020, the Company entered into the Second Amended and Restated Dealer Manager Agreement, pursuant to which CCO Capital acted as the exclusive dealer manager for the Company’s prior public offering of its Series A Preferred Stock and Series D Preferred Stock. The Second Amended and Restated Dealer Manager Agreement was subsequently amended by the Company and CCO Capital to address changes to, among other things, selling commissions and dealer manager fees.

On November 22, 2022, the Company entered into the Fourth Amended and Restated Dealer Manager Agreement, pursuant to which CCO Capital acted as the exclusive dealer manager for the Company’s prior public offering of its Series A1 Preferred Stock.

The Company recorded fees and expense reimbursements as shown in the table below for services provided by related parties related to the services described above during the periods indicated (in thousands):


	Three Months Ended March 31,
		2026		2025

Asset Management Fees:
Asset management fees		$	584	$	360
Property Management Fees and Reimbursements:
Property management fees(1)		$	523	$	554
Onsite management and other cost reimbursement(2)		$	1,824	$	1,760
Leasing commissions(3)		$	23	$	129
Construction management fees(4)		$	180	$	232
Development management reimbursements(5)		$	254	$	402
Administrative Fees and Expenses:

Expense reimbursements to related parties - corporate		$	875	$	626
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (6)		$	—	$	659

Does not include the Company’s share of the property management fees from the Unconsolidated Joint Ventures of $27,000 and $20,000 for the three months ended March 31, 2026 and 2025, respectively.

(2)Does not include the Company’s share of the onsite management and other cost reimbursements from the Unconsolidated Joint Ventures of $118,000 and $91,000 for the three months ended March 31, 2026 and 2025, respectively.

(3)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Ventures of $11,000 and $7,000 for the three months ended March 31, 2026 and 2025, respectively.

(4)Does not include the Company’s share of the construction management fees from the Unconsolidated Joint Ventures of $2,000 and $58,000 for the three months ended March 31, 2026 and 2025, respectively.

(5)Does not include the Company’s share of the development management reimbursements from the Unconsolidated Joint Ventures of $73,000 and $175,000 for the three months ended March 31, 2026 and 2025, respectively.

(6)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $18,000 for the three months ended March 31, 2025.

As of March 31, 2026 and December 31, 2025, due to related parties consisted of the following (in thousands):


	March 31, 2026		December 31, 2025

Asset management fees	$	588	$	1,303
Property management fees and reimbursements	1,148		13,574
Expense reimbursements - corporate	309		3,968
Expense reimbursements - lending segment	—		3,255
Upfront dealer manager and trailing dealer manager fees	241		203

Other amounts due to the CIM Management Entities and certain of its affiliates	93		516
Total due to related parties	$	2,379	$	22,819

Investments with Affiliates of CIM Group

In February 2022, the Company invested with the 1910 Sunset JV Partner, a CIM-managed separate account, in the 1910 Sunset JV which purchased an office property in Los Angeles, California for a gross purchase price of approximately $51.0 million, of which the Company initially contributed approximately $22.4 million and the 1910 Sunset JV Partner initially contributed the remaining balance. See Note 2 and Note 4 for more information.

In February 2023, the Company and the 1902 Park JV Partner invested in the 1902 Park JV, which purchased a multifamily property in the Echo Park neighborhood of Los Angeles, California for a gross purchase price of $19.1 million, with the Company owning a 50% interest. In October 2024, the 1902 Park JV admitted a new third-party co-investor and used part of the net capital contribution of such third party co-investor to satisfy the 1902 Park JV’s mortgage loan in full. Subsequent to this contribution, the Company’s ownership share of the 1902 Park JV was 25.5%. See Note 2 and Note 4 for more information.

In October 2023, the Company and 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 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 Company owns 28.8% of the 1015 N Mansfield JV.

Other

On May 15, 2019, an affiliate of CIM Group entered into an approximately 11-year lease that runs through May 2030 for approximately 30,000 rentable square feet with respect to a property owned by 4750 Wilshire JV, in which the Company has a 20% interest. For the three months ended March 31, 2026, the Company’s share of the income from the tenant earned by the 4750 Wilshire JV was $84,000. For the three months ended March 31, 2025, the Company’s share of the income from the tenant earned by the 4750 Wilshire JV was $82,000.

In connection with the loan agreement for one of the Company’s fixed rate mortgages payable secured by three of the Company’s office properties in Los Angeles, California (the “Wilshire Mortgage Loan”), the Company (in such capacity, the “REIT Guarantor”) and CIM Group Investments, LLC, an affiliate of CIM Group (the “CIM Guarantor,” and, together with the REIT Guarantor, the “Guarantor”), delivered a customary non-recourse carveout guaranty to the lenders (the “Guaranty Agreement”), under which (i) the Company agreed to indemnify the lenders with respect to certain “non-recourse carveout

events” and to be fully liable for the Wilshire Mortgage Loan in certain circumstances (e.g., the voluntary bankruptcy of the Borrowers and other insolvency events (collectively, the “Bankruptcy Events”)) and (ii) the CIM Guarantor is jointly and severally fully liable with the Company for the Wilshire Mortgage Loan in the case of Bankruptcy Events (collectively, the “Guaranties”). The Guaranty Agreement requires the Guarantor to maintain a net worth of no less than $105.0 million and liquid assets of no less than $6.0 million, in each case, exclusive of the values of the collateral for the Wilshire Mortgage Loan, provided that in the event of any partial prepayment or partial defeasance of the Wilshire Mortgage Loan, the above-referenced net worth and liquidity requirements will be reduced in proportion to the principal amount of the Wilshire Mortgage Loan that is partially prepaid and/or defeased, as the case may be.

On December 29, 2025, an affiliate of CIM Group extended an unsecured term loan facility to the Company with total available principal of $4.0 million and with an applicable interest rate of 7.5%. The unsecured term loan facility expired concurrent with the closing of the sale of First Western on January 21, 2026, and the Company did not borrow any amounts under the facility prior to its maturity.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Intangible Assets and Related Accumulated Amortization and Accretion

A schedule of the Company’s intangible assets and related accumulated amortization and accretion as of March 31, 2026 and December 31, 2025, is as follows (in thousands):




	March 31, 2026		December 31, 2025

Intangible assets:
Acquired in-place leases, net of accumulated amortization of $894 and $1,874, respectively, with an average useful life of 11 and 2 years, respectively.	$	409	$	439

Schedule of Amortization of Acquired Leases

During the three months ended March 31, 2026 and 2025, the Company recognized amortization related to its intangible assets as follows (in thousands):


	Three Months Ended March 31,
		2026		2025

Acquired above-market lease amortization		$	—	$	1
Acquired in-place lease amortization		$	30	$	79

Schedule of Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities

A schedule of future amortization and accretion of acquired intangible assets as of March 31, 2026, is as follows (in thousands):


	Assets
	Acquired
	In-Place
Years Ending December 31,	Leases

2026 (Nine months ending December 31, 2026)	$	92
2027	123
2028	122
2029	72
2030	—
Thereafter	—
	$	409

OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

Intangible Asset, Goodwill and Other [Abstract]

OTHER INTANGIBLE ASSETS

6. OTHER INTANGIBLE ASSETS

A schedule of the Company’s intangible assets and related accumulated amortization and accretion as of March 31, 2026 and December 31, 2025, is as follows (in thousands):




	March 31, 2026		December 31, 2025

Intangible assets:
Acquired in-place leases, net of accumulated amortization of $894 and $1,874, respectively, with an average useful life of 11 and 2 years, respectively.	$	409	$	439

Amortization of acquired above-market leases, if any, is recorded as a reduction to rental and other property income, and amortization of acquired in-place leases is included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization of acquired below-market leases, if any, is recorded as an increase to rental and other property income in the accompanying consolidated statements of operations.

During the three months ended March 31, 2026 and 2025, the Company recognized amortization related to its intangible assets as follows (in thousands):


	Three Months Ended March 31,
		2026		2025

Acquired above-market lease amortization		$	—	$	1
Acquired in-place lease amortization		$	30	$	79

A schedule of future amortization and accretion of acquired intangible assets as of March 31, 2026, is as follows (in thousands):


	Assets
	Acquired
	In-Place
Years Ending December 31,	Leases

2026 (Nine months ending December 31, 2026)	$	92
2027	123
2028	122
2029	72
2030	—
Thereafter	—
	$	409

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Interest Rate Caps
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Unrealized gain (loss) on derivatives	$ 17	$ (78)

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

RELATED-PARTY TRANSACTIONS - Schedule of Due to Related Parties (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Total due to related parties	$ 2,379	$ 22,819
Affiliated Entity
Related Party Transaction [Line Items]
Total due to related parties	2,379	22,819
Asset management fees \| Affiliated Entity
Related Party Transaction [Line Items]
Total due to related parties	588	1,303
Property management fees and reimbursements \| Affiliated Entity \| C I M Management Entities
Related Party Transaction [Line Items]
Total due to related parties	1,148	13,574
Expense reimbursements \| Affiliated Entity \| Non-segment assets
Related Party Transaction [Line Items]
Total due to related parties	309	3,968
Expense reimbursements \| Affiliated Entity \| Lending Segment
Related Party Transaction [Line Items]
Total due to related parties	0	3,255
Upfront dealer manager and trailing dealer manager fees \| Affiliated Entity
Related Party Transaction [Line Items]
Total due to related parties	241	203
Other amounts due to the CIM Management Entities and certain of its affiliates \| Affiliated Entity \| C I M Management Entities and Related Parties
Related Party Transaction [Line Items]
Total due to related parties	$ 93	$ 516

LEASES (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
2026 (Nine months ending December 31, 2026)	$ 39,702
2027	36,094
2028	20,654
2029	16,700
2030	10,048
Thereafter	52,991
Total	$ 176,189

INVESTMENT IN UNCONSOLIDATED ENTITIES - Narrative (Details)	1 Months Ended			3 Months Ended
	Oct. 31, 2023 USD ($) ft²	Feb. 28, 2023 USD ($) ft² unit investor	Feb. 28, 2022 USD ($)	Mar. 31, 2026 USD ($) ft² unit	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) unit	Nov. 01, 2024	Sep. 30, 2024 unit	Sep. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Outstanding balance				$ 504,212,000
Work in progress				12,342,000		$ 18,631,000
Loss from unconsolidated entities				$ 1,376,000	$ 1,151,000
1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Ownership interest				44.20%
4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Interests acquired		20.00%
Ownership interest				20.00%
4750 Wilshire Boulevard \| Three Co-Investors
Schedule of Equity Method Investments [Line Items]
Purchase price		$ 34,400,000
Number of co-investors \| investor		3
Interests acquired		80.00%
1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Ownership interest				25.50%
1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Ownership interest				28.80%
Multifamily \| 1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit				36		36
Multifamily \| 4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit		68						68
Multifamily \| 1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit				76
Office Building \| 1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Square feet \| ft²				105,064
Office Building \| 4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Square feet \| ft²		30,335		30,335
Office Building \| 1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Square feet \| ft²				44,141
Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Outstanding balance				$ 477,142,000		$ 476,959,000
Corporate Joint Venture \| 1915 Park Project
Schedule of Equity Method Investments [Line Items]
Work in progress				12,700,000
Corporate Joint Venture \| 4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Project cost				28,900,000
Corporate Joint Venture \| 1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Purchase price		$ 19,100,000
Ownership interest		50.00%					25.50%
Corporate Joint Venture \| 1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Purchase price	$ 18,000,000.0
Ownership interest	28.80%
Percentage of ownership acquired	100.00%
Loss from unconsolidated entities				1,400,000	$ 1,200,000
Corporate Joint Venture \| Office Building \| 1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Area of land (square feet) \| ft²	44,141
Corporate Joint Venture \| Mortgages Payable \| 1915 Park Project
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount				9,400,000
Outstanding balance				8,100,000
Corporate Joint Venture \| Mortgages Payable \| 4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount				38,500,000
Outstanding balance				$ 38,200,000
Corporate Joint Venture \| Mortgages Payable \| 1902 Park JV
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount		$ 9,600,000
Office Property, Los Angeles, California
Schedule of Equity Method Investments [Line Items]
Purchase price			$ 22,400,000
Office Property, Los Angeles, California \| Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Purchase price			$ 51,000,000.0
Office Property, Los Angeles, California \| Corporate Joint Venture \| Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount									$ 23,900,000

STOCK-BASED COMPENSATION PLANS - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Restricted Stock
Share-based compensation plans
Unrecognized compensation expense	$ 73

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LOANS RECEIVABLE - Narrative (Details) - USD ($)		3 Months Ended
LOANS RECEIVABLE - Narrative (Details) - USD ($)	Jan. 21, 2026	Mar. 31, 2026	Mar. 31, 2025	Apr. 01, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net adjustment to reserve for expected credit losses			$ 39,000
Net gain		$ 1,737,000	$ 0
Assets held for sale		0			$ 65,859,000
Liabilities held for sale		0			$ 21,966,000
First Western
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net gain		$ 1,700,000
First Western \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase price	$ 44,900,000
Net cash proceeds	31,200,000
Net gain	$ 1,700,000
First Western \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Subsequent event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Escrow deposit				$ 1,000,000.0

LOANS RECEIVABLE - Schedule of Carrying Amounts of Assets and Liabilities (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Assets:
Total assets, net	$ 0		$ 65,859,000
Liabilities:
Total liabilities associated with assets held for sale	0		21,966,000
Loss on assets held for sale			298,000
Net gain	1,737,000	$ 0
First Western
Liabilities:
Net gain	$ 1,700,000
Held-for-sale \| First Western
Assets:
Restricted cash			4,423,000
Loans receivable, net			54,213,000
Accounts receivable, net			633,000
Other intangible assets			2,957,000
Other assets			3,633,000
Total assets, net			65,859,000
Liabilities:
Debt, net			17,330,000
Accounts payable and accrued expenses			2,508,000
Other liabilities			2,128,000
Total liabilities associated with assets held for sale			21,966,000
Loans receivable			54,213,000
Other intangible assets			2,957,000
SBA 7(a) Loans \| Held-for-sale \| First Western
Assets:
Loans receivable, net			53,200,000
Liabilities:
Loans receivable			53,200,000
Net deferred capitalized costs			1,000,000.0
Secured Borrowings Principal \| Held-for-sale \| First Western
Liabilities:
Loan-backed notes			1,300,000
Amortization of debt discount (premium), reclassified			(19,000)
SBA 7(a) loan-backed notes \| Held-for-sale \| First Western
Liabilities:
Loan-backed notes			16,400,000
Deferred debt issuance costs — other \| Held-for-sale \| First Western
Liabilities:
Deferred debt issuance costs — other, reclassified			$ 402,000

Consolidated Balance Sheets - USD ($)	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Investments in real estate, net	$ 695,479,000	$ 698,087,000
Investments in unconsolidated entities	29,713,000	31,095,000
Cash and cash equivalents	15,789,000	15,439,000
Restricted cash	21,987,000	22,246,000
Accounts receivable, net	4,347,000	2,598,000
Deferred rent receivable and charges, net	17,134,000	18,692,000
Other intangible assets, net	409,000	439,000
Other assets	7,463,000	4,732,000
Assets held for sale, net (Note 5)	0	65,859,000
TOTAL ASSETS	792,321,000	859,187,000
LIABILITIES:
Debt, net	500,078,000	509,768,000
Accounts payable and accrued expenses	21,228,000	26,979,000
Due to related parties	2,379,000	22,819,000
Other liabilities	11,801,000	11,406,000
Liabilities associated with assets held for sale, net (Note 5)	0	21,966,000
Total liabilities	535,486,000	592,938,000
COMMITMENTS AND CONTINGENCIES (Note 15)
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 2,639,158 shares issued and outstanding as of March 31, 2026 and 26,997 shares issued and outstanding as of December 31, 2025	26,000	3,000
Additional paid-in capital	1,285,605,000	1,019,044,000
Distributions in excess of earnings	(1,098,826,000)	(1,064,132,000)
Total stockholders’ equity	256,055,000	265,361,000
Noncontrolling interests	780,000	888,000
Total equity	256,835,000	266,249,000
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	792,321,000	859,187,000
Series A Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	42,812,000	91,906,000
Series A1 Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	25,885,000	217,451,000
Series D Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	$ 553,000	$ 1,089,000

OTHER INTANGIBLE ASSETS - Schedule of Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities (Details) - Acquired in-place lease amortization - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Future amortization of acquisition related intangible assets
2026 (Nine months ending December 31, 2026)	$ 92
2027	123
2028	122
2029	72
2030	0
Thereafter	0
Intangible lease assets, net	$ 409	$ 439

EARNINGS PER SHARE ("EPS") - Schedule of Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss attributable to common stockholders	$ (34,695)	$ (11,898)
Redeemable preferred stock dividends declared on dilutive shares	0	0
Diluted net loss attributable to common stockholders	$ (34,695)	$ (11,898)
Denominator:
Basic weighted average shares of Common Stock outstanding (in shares)	492	6
Effect of dilutive securities—contingently issuable shares (in shares)	0	0
Diluted weighted average shares and common stock equivalents outstanding (in shares)	492	6
Net loss attributable to common stockholders per share:
Basic (in usd per share)	$ (70.52)	$ (1,983)
Diluted (in usd per share)	$ (70.52)	$ (1,983)

Consolidated Statements of Operation (Parenthetical)	3 Months Ended
Consolidated Statements of Operation (Parenthetical)	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible List]	Hotel	Hotel

STOCK-BASED COMPENSATION PLANS

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION PLANS

9. STOCK-BASED COMPENSATION PLANS

On April 3, 2015, the Company’s board of directors (the “Board of Directors”) unanimously approved the Company’s Equity Incentive Plan (the “Equity Incentive Plan”), which was approved by the Company’s stockholders. On June 27, 2023, the Equity Incentive Plan was amended by the Board of Directors, and subsequently approved by the Company’s stockholders, to authorize additional shares of Common Stock for issuance as compensation.

The Company has granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors under the Equity Incentive Plan as follows:

Grant Date (1)

Vesting Date

Restricted Shares of Common Stock - Individual

Restricted Shares of Common Stock - Aggregate

August 2024

August 2025

August 2026

344

(1) Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period, and generally vests based on one year of continuous service. The Company recorded compensation expense related to these restricted shares of Common Stock in the amount of $55,000 for both the three months ended March 31, 2026 and 2025.

As of March 31, 2026, there was $73,000 of total unrecognized compensation expense related to restricted shares of Common Stock which will be recognized ratably over the remaining vesting period.

REDEEMABLE PREFERRED STOCK - Redemptions - Narrative (Details) $ in Thousands			3 Months Ended
	May 01, 2026 USD ($)	Mar. 16, 2026 shares	Mar. 31, 2026 USD ($) day shares	Mar. 31, 2025 USD ($)
Class of Stock [Line Items]
Redeemable preferred stock redemptions			$ 22,206	$ 300
Subsequent event
Class of Stock [Line Items]
Redemption received	$ 204
Series A1 Preferred Stock
Class of Stock [Line Items]
Redemption period			24 months
Preferred stock redemption, trading days prior to redemption \| day			20
Redemption of preferred stock (in shares) \| shares		7,539,638	183,081
Redeemable preferred stock redemptions			$ 18,500	130
Series A Preferred Stock
Class of Stock [Line Items]
Redemption of preferred stock (in shares) \| shares		1,869,573	2,330,186
Redeemable preferred stock redemptions			$ 3,600	$ 170
Series D Preferred Stock
Class of Stock [Line Items]
Redemption of preferred stock (in shares) \| shares		21,760	8,410
Redeemable preferred stock redemptions			$ 19

RELATED-PARTY TRANSACTIONS - Asset Management and Other Fees to Related Parties - Narrative (Details)				3 Months Ended
	Jan. 05, 2022 USD ($)	May 11, 2020	Apr. 01, 2020 USD ($)	Mar. 31, 2026 subsidiary
Related Party Transaction [Line Items]
Incentive fee	$ 0
Master Services Agreement, Base Service Fee \| C I M Service Provider LLC \| Master Services Agreement
Related Party Transaction [Line Items]
Related party, amount of transaction			$ 1,000,000.0
Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, rate	0.4375%
Affiliated Entity \| FFO
Related Party Transaction [Line Items]
Related party transaction, rate	20.00%
Affiliated Entity \| Master Services Agreement, Amendment, Annual Incentive Fee
Related Party Transaction [Line Items]
Related party transaction, rate	1.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee
Related Party Transaction [Line Items]
Related party transaction, rate	0.25%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate		15.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee \| FFO
Related Party Transaction [Line Items]
Related party transaction, rate	100.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Per Quarter \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate	1.75%	1.75%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Annualized \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate	7.00%	7.00%
Affiliated Entity \| Capital Gain Fee
Related Party Transaction [Line Items]
Related party transaction, rate	15.00%
CIM Capital, LLC
Related Party Transaction [Line Items]
Number of subsidiaries \| subsidiary				4

DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT

7. DEBT

The following table summarizes the debt balances as of March 31, 2026 and December 31, 2025, and the debt activity for the three months ended March 31, 2026 (in thousands):


			During the Three Months Ended March 31, 2026
	Balances as of December 31, 2025		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of March 31, 2026
Mortgages Payable:
Fixed rate mortgages payable	$	268,403	$	—	$	—	$	—	$	268,403
Variable rate mortgages payable	208,556		333		(150)		—		208,739
	476,959		333		(150)		—		477,142
Deferred debt issuance costs — Mortgages Payable	(3,520)		(66)		—		614		(2,972)
Total Mortgages Payable	473,439		267		(150)		614		474,170




Other Debt:
Lending division credit facility	10,449		—		(10,449)		—		—


Junior subordinated notes	27,070		—		—		—		27,070


Discount on junior subordinated notes	(1,190)		—		—		28		(1,162)
Total Other Debt	36,329		—		(10,449)		28		25,908
Total Debt, Net	$	509,768	$	267	$	(10,599)	$	642	$	500,078

Fixed Rate Mortgages Payable—The Company’s fixed rate mortgages payable are non-recourse and are secured by, among other things, first priority deeds of trust, security agreements or other similar security instruments on the fee simple interests in properties underlying such mortgages and assignments of rents receivable. As of March 31, 2026, the Company’s fixed rate mortgages payable had fixed interest rates of 6.25%, 4.14% and 7.41% per annum, with payments of interest only and initial maturity dates of June 7, 2026, July 1, 2026 and January 11, 2030, respectively.

With regard to the mortgage payable with a balance of $66.3 million as of March 31, 2026 maturing on June 7, 2026 (the “1150 Clay Mortgage”), the Company executed the final one-year extension option under the mortgage in June 2025. The Company intends to work with the lender in order to refinance the 1150 Clay Mortgage beyond its stated maturity date of June 7, 2026. Although the Company believes it is likely it will be able to refinance the 1150 Clay Mortgage prior to June 7, 2026, there can be no assurance that such refinancing will occur. If the Company and the lender under the 1150 Clay Mortgage cannot agree on an extension of the mortgage and the Company fails to repay the loan in full upon its contractual maturity date, such failure would constitute an event of default under the mortgage and would allow the lender to, among other remedies, take possession of the property.

With regard to the mortgage payable with a balance of $97.1 million as of March 31, 2026 maturing on July 1, 2026 (the “1 Kaiser Mortgage”), the Company intends to work with the lender in order to refinance the 1 Kaiser Mortgage beyond its stated maturity date of July 1, 2026. Although the Company believes it is likely it will be able to refinance the 1 Kaiser Mortgage prior to July 1, 2026, there can be no assurance that such refinancing will occur. If the Company and the lender under the 1 Kaiser Mortgage cannot agree on an extension of the mortgage and the Company fails to repay the loan in full upon its contractual maturity date, such failure would constitute an event of default under the mortgage and would allow the lender to, among other remedies, take possession of the property.

Variable Rate Mortgages Payable—The Company’s variable rate mortgages payable are non-recourse and are secured by, among other things, first priority deeds of trust, security agreements or other similar security instruments on the Company’s fee simple and leasehold interests in its hotel asset and adjacent parking garage and by a deed of trust on and assignment of rents receivable from a multifamily property. As of March 31, 2026, the Company’s variable rate mortgages payable had a variable interest rate of SOFR plus 4.35%, SOFR plus 3.36%, SOFR plus 3.00% and SOFR plus 2.95%, with a maturity date of January 1, 2027 (with three one-year extension options), January 31, 2027, February 14, 2027 (with one one-year extension option) and April 3, 2028 (with two one-year extension options), respectively. The mortgages with maturity dates of January 1, 2027, January 31, 2027, and February 14, 2027 have monthly payments of interest only, while the mortgage with an initial maturity date of April 3, 2028 (the “Penn Field Mortgage”) has monthly payments of interest plus $50,000 of principal. With regard to the Penn Field Mortgage, during the three months ended March 31, 2026, the Company entered into an amendment to, among other things, provide additional borrowing advances in the amount of $2.5 million under the Penn

Field Mortgage and increase the monthly payments to interest plus $60,000 of principal, with the increased monthly payments beginning subsequent to March 31, 2026.

With regard to the mortgage payable with a balance of $81.0 million as of March 31, 2026 secured by a multifamily property in Oakland, California (the “Channel House Mortgage”), on August 4, 2025 the Company reached an agreement with the lender to extend the maturity date through January 31, 2027 (the “Channel House Mortgage Extension”). In connection with the Channel House Mortgage Extension, the Company made a repayment of $6.0 million under the Channel House Mortgage, reducing it from its previous balance of $87.0 million. Although the Company believes it is likely it will be able to refinance the Channel House Mortgage prior to January 31, 2027, there can be no assurance that such refinancing will occur. If the Company and the lender under the Channel House Mortgage cannot agree on an extension of the mortgage and the Company fails to repay the loan in full upon its contractual maturity date, such failure would constitute an event of default under the mortgage and would allow the lender to, among other remedies, take possession of the property.

Lending Division Revolving Credit Facility—In June 2025, a subsidiary of the Company, as borrower, entered into an agreement (the “Lending Division Revolving Credit Facility”) with a bank that included a $20.0 million revolving credit facility secured by the unguaranteed portion of certain of such subsidiary’s SBA 7(a) loans receivable and other assets of such subsidiary, subject to a borrowing base calculation, and fully guaranteed by the Company. In connection with the closing of the sale of First Western on January 21, 2026, as further discussed in Note 5, the remaining balance of $10.4 million under the Lending Division Revolving Credit Facility was paid in full, resulting in the termination of the Lending Division Revolving Credit Facility. The Company recorded a loss on early extinguishment of debt during the three months ended March 31, 2026 of $705,000 related to the write-off of deferred debt origination costs previously recorded in deferred rent receivable and charges, net in the Company’s consolidated balance sheets.

Junior Subordinated Notes—The Company has junior subordinated notes with a variable interest rate which resets quarterly based on the three-month SOFR plus 3.51%, with quarterly interest only payments. The junior subordinated balance is due at maturity on March 30, 2035. The junior subordinated notes may be redeemed at par at the Company’s option.

Other—Deferred debt issuance costs, which represent certain legal and third-party fees incurred in connection with the Company’s borrowing activities, are capitalized and amortized to interest expense on a straight-line or effective interest method over the life of the related loan. Deferred debt issuance costs are presented net of accumulated amortization and are a reduction to total debt.

As of March 31, 2026 and December 31, 2025, accrued interest and unused commitment fees payable of $2.3 million and $1.8 million, respectively, are included in accounts payable and accrued expenses.

Future principal payments on the Company’s debt (face value) as of March 31, 2026 are as follows (in thousands):


Years Ending December 31,	Mortgages Payable (1)		Junior Subordinated Notes		Total

2026 (Nine months ending December 31, 2026)	$	163,944	$	—	$	163,944
2027	178,008		—		178,008
2028	30,190		—		30,190
2029	—		—		—
2030	105,000		—		105,000
Thereafter	—		27,070		27,070
	$	477,142	$	27,070	$	504,212

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (h)
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

LEASES

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

16. LEASES


Years Ended December 31,	Total

2026 (Nine months ending December 31, 2026)	$	39,702
2027	36,094
2028	20,654
2029	16,700
2030	10,048
Thereafter	52,991
	$	176,189

DEBT - Lending Division Revolving Credit Facility (Narrative) (Details) - Revolving Credit Facility - Lending division credit facility - Line of Credit - USD ($)		3 Months Ended
	Jan. 21, 2026	Mar. 31, 2026	Jun. 30, 2025
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 20,000,000.0
Repayment of credit facilities	$ 10,400,000
Write off deferred debt issuance costs		$ 705,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

RELATED-PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Related Party Transactions


Daily Average Adjusted Fair Value of CIM Urban’s Assets				Quarterly Fee
From Greater of		To and Including		Percentage

$	—	$	500,000	0.2500%
$	500,000	$	1,000,000	0.2375%
$	1,000,000	$	1,500,000	0.2250%
$	1,500,000	$	4,000,000	0.2125%
$	4,000,000	$	20,000,000	0.1000%


	Three Months Ended March 31,
		2026		2025

Asset Management Fees:
Asset management fees		$	584	$	360
Property Management Fees and Reimbursements:
Property management fees(1)		$	523	$	554
Onsite management and other cost reimbursement(2)		$	1,824	$	1,760
Leasing commissions(3)		$	23	$	129
Construction management fees(4)		$	180	$	232
Development management reimbursements(5)		$	254	$	402
Administrative Fees and Expenses:

Expense reimbursements to related parties - corporate		$	875	$	626
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (6)		$	—	$	659

Does not include the Company’s share of the property management fees from the Unconsolidated Joint Ventures of $27,000 and $20,000 for the three months ended March 31, 2026 and 2025, respectively.

(3)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Ventures of $11,000 and $7,000 for the three months ended March 31, 2026 and 2025, respectively.

(6)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $18,000 for the three months ended March 31, 2025.

As of March 31, 2026 and December 31, 2025, due to related parties consisted of the following (in thousands):


	March 31, 2026		December 31, 2025

Asset management fees	$	588	$	1,303
Property management fees and reimbursements	1,148		13,574
Expense reimbursements - corporate	309		3,968
Expense reimbursements - lending segment	—		3,255
Upfront dealer manager and trailing dealer manager fees	241		203

Other amounts due to the CIM Management Entities and certain of its affiliates	93		516
Total due to related parties	$	2,379	$	22,819

STOCK-BASED COMPENSATION PLANS (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Granted Awards of Restricted Shares of Common Stock to each Independent Members of the Board of Directors

The Company has granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors under the Equity Incentive Plan as follows:

Grant Date (1)

Vesting Date

Restricted Shares of Common Stock - Individual

Restricted Shares of Common Stock - Aggregate

August 2024

August 2025

August 2026

344

STOCKHOLDERS' EQUITY - Narrative (Details) - $ / shares	3 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details) - $ / shares	Mar. 31, 2026	Mar. 31, 2025	Jan. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Dividends declared, common (in usd per share)	$ 0	$ 0
Warrant right to purchase a share of common stock (in shares)			0.25
Registration Statement
Subsidiary, Sale of Stock [Line Items]
Number of warrants included in preferred stock unit (in shares)			1
Warrant right to purchase a share of common stock (in shares)			0.25
Series A Preferred Stock \| Registration Statement
Subsidiary, Sale of Stock [Line Items]
Number of shares included in preferred stock unit (in shares)			1

DEBT - Mortgages Payable (Narrative) (Details)		1 Months Ended	3 Months Ended
DEBT - Mortgages Payable (Narrative) (Details)	Aug. 04, 2025 USD ($)	May 05, 2026 USD ($)	Mar. 31, 2026 USD ($) extension	Dec. 31, 2025 USD ($)	Aug. 03, 2025 USD ($)
Debt Instrument [Line Items]
Outstanding balance			$ 504,212,000
Repayments of debt			10,599,000
Mortgages Payable
Debt Instrument [Line Items]
Outstanding balance			477,142,000	$ 476,959,000
Repayments of debt			$ 150,000
Mortgages Payable \| Fixed Rate Mortgage Payable Due June 7, 2026
Debt Instrument [Line Items]
Fixed interest rate			6.25%
Outstanding balance			$ 66,300,000
Extension option, term			1 year
Mortgages Payable \| Fixed Rate Mortgage Payable Due July 1, 2026
Debt Instrument [Line Items]
Fixed interest rate			4.14%
Outstanding balance			$ 97,100,000
Mortgages Payable \| Fixed Rate Mortgage Payable Due January 11, 2030
Debt Instrument [Line Items]
Fixed interest rate			7.41%
Mortgages Payable \| Variable Rate Mortgages Payable Initial Maturity Date January 1, 2027
Debt Instrument [Line Items]
Interest rate margin (in percentage)			4.35%
Number of extension options \| extension			3
Extension option, term			1 year
Mortgages Payable \| Variable Rate Mortgages Payable Initial Maturity Date January 31, 2027
Debt Instrument [Line Items]
Outstanding balance			$ 81,000,000.0
Interest rate margin (in percentage)			3.36%
Repayments of debt	$ 6,000,000.0
Mortgages Payable \| Variable Rate Mortgages Payable Initial Maturity Date February 14, 2027
Debt Instrument [Line Items]
Interest rate margin (in percentage)			3.00%
Number of extension options \| extension			1
Extension option, term			1 year
Mortgages Payable \| Variable Rate Mortgages Payable Initial Maturity Date April 3, 2028
Debt Instrument [Line Items]
Interest rate margin (in percentage)			2.95%
Number of extension options \| extension			2
Extension option, term			1 year
Monthly payments of interest plus principal			$ 50,000
Mortgages Payable \| Variable Rate Mortgages Payable Initial Maturity Date April 3, 2028 \| Subsequent event
Debt Instrument [Line Items]
Monthly payments of interest plus principal		$ 60,000
Mortgages Payable \| Variable Rate Mortgages Payable Initial Maturity Date July 7, 2025
Debt Instrument [Line Items]
Outstanding balance					$ 87,000,000.0
Mortgages Payable \| Variable rate mortgages payable
Debt Instrument [Line Items]
Outstanding balance			208,739,000	$ 208,556,000
Aggregate principal amount			2,500,000
Repayments of debt			$ 150,000

RELATED-PARTY TRANSACTIONS - Schedule of Asset Management Fees Calculation (Details) - C I M Urban REIT Management L P $ in Thousands	Mar. 31, 2026 USD ($)
0 - 500,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.25%
0 - 500,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 0
0 - 500,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 500,000
500,000 - 1,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.2375%
500,000 - 1,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 500,000
500,000 - 1,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 1,000,000
1,000,000 - 1,500,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.225%
1,000,000 - 1,500,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 1,000,000
1,000,000 - 1,500,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 1,500,000
1,500,000 - 4,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.2125%
1,500,000 - 4,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 1,500,000
1,500,000 - 4,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 4,000,000
4,000,000 - 20,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.10%
4,000,000 - 20,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 4,000,000
4,000,000 - 20,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 20,000,000

LOANS RECEIVABLE

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

LOANS RECEIVABLE

5. LOANS RECEIVABLE

Current Expected Credit Losses

Current expected credit losses (“CECL”) reflected the Company’s estimate of potential credit losses related to loans receivable included in the Company’s consolidated balance sheets pursuant to ASU No. 2016-13, Financial Instruments Credit Losses, and subsequent amendments. There was no activity in the Company’s CECL for the three months ended March 31, 2026, due to the sale of the Company’s lending division in January 2026, as further discussed below.

The following table presents the activity in the Company’s CECL for the three months ended March 31, 2025 (dollar amounts in thousands):


	Loans Receivable









Allowance for credit losses as of December 31, 2024	$	2,032
Net adjustment to reserve for expected credit losses	39

Allowance for credit losses as of March 31, 2025	$	2,071

The net adjustments to the reserve for expected credit losses were recognized through net income on the Company’s consolidated statements of operations. During the three months ended March 31, 2025, the Company recorded an increase of $39,000 in its CECL related to its loans receivable, which was recorded in general and administrative expenses in the consolidated statement of operations.

Assets and Liabilities Held for Sale

As previously announced on November 12, 2025, the Company and First Western SBLC, LLC, a Florida limited liability company (formerly known as First Western SBLC, Inc.) and an indirect wholly owned subsidiary of the Company (“First Western”), entered into a membership interest purchase agreement, dated as of November 6, 2025 (the “Membership Interest Purchase Agreement”), with PG FR Holding, LLC, a Delaware limited liability company (the “Buyer”). The closing (the “Closing”) of the transactions contemplated by the Membership Interest Purchase Agreement (the “Transactions”) occurred on January 21, 2026, for a gross purchase price of $44.9 million (which is net of the outstanding balance of debt related to the 2023 securitization of certain loan receivables), resulting in proceeds of $31.2 million after the repayment of the Lending Division Revolving Credit Facility, and a net gain of $1.7 million. Subsequent to March 31, 2026, the Company received $1.0 million of escrow proceeds in connection with the Transactions.

As of December 31, 2025, the Company classified the assets and liabilities of First Western as held for sale. The following is the detail of the carrying amounts of assets and liabilities classified as held for sale on the consolidated balance sheets as of December 31, 2025:


	December 31, 2025
Assets:



Restricted cash	$	4,423
Loans receivable, net (1)	54,213
Accounts receivable, net	633

Other intangible assets (2)	2,957
Other assets	3,633

Total assets held for sale	$	65,859

Liabilities:
Debt, net (3)	$	17,330
Accounts payable and accrued expenses	2,508


Other liabilities	2,128

Total liabilities associated with assets held for sale	$	21,966

(2)Other intangible assets as of December 31, 2025 represented First Western’s trade name and SBA license, with an aggregate carrying value of $3.0 million.

There were no assets or liabilities classified as held for sale as of March 31, 2026.

ORGANIZATION AND OPERATIONS	3 Months Ended
ORGANIZATION AND OPERATIONS	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS Creative Media & Community Trust Corporation (the “Company”) is a Maryland corporation and real estate investment trust (“REIT”). The Company primarily acquires, develops, owns and operates both premier multifamily properties situated in vibrant communities throughout the United States and Class A and creative office real assets in markets with similar business and employment characteristics to its multifamily investments. The Company also owns one hotel in northern California. The Company seeks to apply the expertise of CIM Group Management, LLC (“CIM Group” or “CIM”) and its affiliates to the acquisition, development and operation of premier multifamily properties and creative office assets that cater to rapidly growing industries such as technology, media and entertainment in vibrant and emerging communities throughout the United States. The Company’s common stock, $0.001 par value per share (“Common Stock”), is currently traded on the Nasdaq Capital Market (“Nasdaq”) under the ticker symbol “CMCT.” Nasdaq is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market. All companies whose securities are listed on Nasdaq must meet certain financial requirements and adhere to Nasdaq’s corporate governance standards. On August 15, 2025, the Company voluntarily delisted its Common Stock from the Tel Aviv Stock Exchange, where it had previously been listed under the ticker symbol “CMCT.” See Part II Item 5 of this Quarterly Report on Form 10-Q. On March 26, 2026, the Company effected a 1-for-10 reverse stock split on its Common Stock, and on April 20, 2026, the Company effected a 1-for-10 reverse stock split on its Common Stock (collectively, the “Reverse Stock Splits”). Unless otherwise specified, all Common Stock and per share of Common Stock amounts set forth in this Quarterly Report on Form 10-Q have been adjusted to give retroactive effect to the Reverse Stock Splits.

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (8,417)	$ (6,272)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization, net	7,716	6,634
Straight-line rental income	386	631
(Gain) loss on interest rate caps	(17)	78
Loss on early extinguishment of debt	705	0
Gain on sale of First Western	(1,737)	0
Amortization of deferred debt origination costs	614	735
Amortization of premiums and discounts on debt	28	26
Unrealized premium adjustment	0	165
Amortization of deferred costs and accretion of fees on loans receivable, net	0	(160)
Write-offs of uncollectible receivables	88	168
Deferred income taxes	0	(24)
Stock-based compensation	55	55
Loss from unconsolidated entities	1,376	1,151
Loans funded, held for sale to secondary market	0	(3,117)
Proceeds from sale of guaranteed loans	0	4,588
Principal collected on loans subject to secured borrowings	0	12
Commitment fees remitted and other operating activity	0	(104)
Changes in operating assets and liabilities:
Accounts receivable	(837)	372
Other assets	(2,771)	(4,184)
Accounts payable and accrued expenses	(2,145)	(1,636)
Deferred leasing costs	(257)	(949)
Other liabilities	(338)	(1,091)
Due to related parties	(20,440)	4,130
Net cash (used in) provided by operating activities	(25,991)	1,208
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(3,993)	(6,316)
Receipt of deferred key money	787	0
Investment in unconsolidated entity	0	(815)
Return of investment from unconsolidated entity	14	0
Proceeds from sale of assets held for sale, net	44,630	0
Loans funded	0	(1,200)
Principal collected on loans	0	3,174
Net cash provided by (used in) investing activities	41,438	(5,157)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(10,599)	(2,594)
Proceeds from revolving credit facilities, term notes and mortgages	333	9,013
Payment of principal on secured borrowings	0	(12)
Payment of deferred costs	(66)	(228)
Net proceeds from issuance of Preferred Stock	(14)	(8)
Payment of preferred stock dividends	(5,010)	(5,965)
Net cash (used in) provided by financing activities	(15,356)	206
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	91	(3,743)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	37,685	52,868
End of period	37,776	49,125
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	15,789	19,772
Restricted cash	21,987	29,353
Total cash and cash equivalents and restricted cash	37,776	49,125
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	7,852	7,686
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments	5,113	4,543
Other amounts due from Unconsolidated Joint Venture partners included in other assets	396	396
Escrow receivable in connection with sale of First Western	1,000	0
Accrued deferred debt origination costs	0	100
Accrual of dividends payable to preferred stockholders	1,002	5,423
Accrued Redeemable Preferred Stock fees	$ 241	$ 183

REDEEMABLE PREFERRED STOCK - Series D Preferred Stock - Narrative (Details) - Series D Preferred Stock - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 16, 2026	Mar. 31, 2026	Jun. 30, 2022	Jun. 29, 2020	Jun. 28, 2020
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)		$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)		56,857
Gross proceeds from issuance of preferred stock and warrants		$ 1,400
Issuance offering costs for preferred stock and warrants		$ 35
Preferred stock, shares outstanding (in shares)		22,565
Preferred stock, shares redeemed (in shares)		34,292
Redemption of preferred stock (in shares)	21,760	8,410
Common stock, issued shares (in shares)		6,057
Preferred Stock, Redemption Period Two
Class of Stock [Line Items]
Redemption of preferred stock paid in common stock (in shares)		21,760
Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Redemption of preferred stock (in shares)		4,122
Continuous Public Offering
Class of Stock [Line Items]
Purchase price (in usd per share)				$ 24.50	$ 25.00

Consolidated Statements of Operation - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
REVENUES:
Rental and other property income	$ 16,298	$ 17,220
Hotel income	11,877	12,134
Interest and other income	1,242	2,941
Total Revenues	29,417	32,295
EXPENSES:
Rental and other property operating	17,147	17,125
Asset management and other fees to related parties	584	360
Interest	9,124	9,758
General and administrative	2,032	2,181
Transaction-related costs	7	26
Depreciation and amortization	7,721	6,560
Loss on early extinguishment of debt (Note 7)	(705)	0
Total Expenses	38,195	37,295
Loss from unconsolidated entities	(1,376)	(1,151)
Gain on sale of First Western (Note 5)	1,737	0
LOSS BEFORE PROVISION FOR INCOME TAXES	(8,417)	(6,151)
Provision for income taxes	0	121
NET LOSS	(8,417)	(6,272)
Net loss attributable to noncontrolling interests	108	158
NET LOSS ATTRIBUTABLE TO THE COMPANY	(8,309)	(6,114)
Redeemable preferred stock dividends declared or accumulated (Note 11)	(4,180)	(5,484)
Redeemable preferred stock redemptions (Note 11)	(22,206)	(300)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (34,695)	$ (11,898)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:
Basic (in usd per share)	$ (70.52)	$ (1,983)
Diluted (in usd per share)	$ (70.52)	$ (1,983)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	492	6
Diluted (in shares)	492	6
Non-segment assets
EXPENSES:
Expense reimbursements to related parties	$ 875	$ 626
Lending Segment
EXPENSES:
Expense reimbursements to related parties	$ 0	$ 659

INVESTMENTS IN REAL ESTATE (Tables)

3 Months Ended

Mar. 31, 2026

Real Estate [Abstract]

Schedule of Investments in Real Estate

Investments in real estate consist of the following (in thousands):




	March 31, 2026		December 31, 2025

Land	$	172,614	$	172,614
Land improvements	5,595		5,595
Buildings and improvements	662,081		652,102
Furniture, fixtures, and equipment	19,905		19,702
Tenant improvements	24,141		24,832
Work in progress	12,342		18,631
Investments in real estate	896,678		893,476
Accumulated depreciation	(201,199)		(195,389)
Net investments in real estate	$	695,479	$	698,087

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Interim Financial Information

Principles of Consolidation

Reclassifications

Reclassifications—Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation.

Investments in Real Estate

Investments in Real Estate—Investments in real estate are stated at depreciated cost. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:


Buildings and improvements			15 - 40 years
Furniture, fixtures, and equipment			3 - 5 years
Tenant improvements			Lesser of useful life or lease term

Capitalized Project Costs

Recoverability of Investments in Real Estate

Investments in Unconsolidated Entities

Derivative Financial Instruments

Revenue Recognition

Revenue from leasing activities

•One party (lessor) must hold an identified asset;

•The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and

•The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract.

Collectability of Future Lease Payments

Revenue from lending activities

Revenue from hotel activities

•cancellable and noncancelable room revenues from reservations and

•ancillary services including facility usage and food or beverage.

At inception of a contract with a customer for hotel goods and services, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate.

The Company presents hotel revenues net of sales, occupancy, and other taxes.

Deferred Rent Receivable and Charges

Redeemable Preferred Stock

Noncontrolling Interests

Noncontrolling Interests—Noncontrolling interests represent the interests in various properties owned by third parties.

Restricted Cash

Key Money

Key Money—Key money received in connection with the hotel management agreement which the Company has entered into with the franchisor of its hotel property in Sacramento, California (the “Sheraton Management Agreement”) following the completion of specific capital projects is deferred and amortized over the 30-year term of the Sheraton Management Agreement. Deferred key money is classified as deferred income and recorded in other liabilities in the Company’s accompanying consolidated balance sheet and amortized as an offset to management fees paid to the franchisor under the Sheraton Management Agreement.

Use of Estimates

Recently Issued Accounting Pronouncements

Fair Value of Financial Instruments

Level 1 Inputs—Quoted prices in active markets for identical assets or liabilities

Level 2 Inputs—Observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3 Inputs—Unobservable inputs

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2026
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	12. STOCKHOLDERS’ EQUITY Dividends Holders of the Company’s Common Stock are entitled to receive dividends, if, as and when authorized by the Board of Directors and declared by the Company out of legally available funds. In determining the Company’s dividend policy, the Board of Directors considers many factors including the amount of cash resources available for dividend distributions, capital spending plans, cash flow, the Company’s financial position, applicable requirements of the Maryland General Corporation Law (“MGCL”), any applicable contractual restrictions, and future growth in NAV and cash flow per share prospects. Consequently, the dividend rate on a quarterly basis does not necessarily correlate directly to any individual factor. No cash dividends were declared for the three months ended March 31, 2026 or 2025. Series A Preferred Warrants Prior to February 2020, the Series A Preferred Stock was sold as a unit that included one share of Series A Preferred Stock and one Series A Preferred Warrant that could be exercised to purchase 0.25 of a share of Common Stock. The Series A Preferred Warrants were exercisable beginning on the first anniversary of the date of their original issuance until and including the fifth anniversary of the date of such issuance. Proceeds and expenses from the sale of the Series A Preferred Stock and Series A Preferred Warrants were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance. As of March 31, 2025, all of the Series A Preferred Warrants had expired. Share Repurchase Program In May 2022, the Company’s Board of Directors approved a repurchase program of up to $10.0 million of the Company’s Common Stock (the “SRP”). Under the SRP, the Company, in its discretion, may purchase shares of its Common Stock from time to time in the open market or in privately negotiated transactions. The amount and timing of purchases of shares will depend on a number of factors, including, without limitation, the price and availability of shares, trading volume, general market conditions and compliance with applicable securities law. The SRP has no termination date and may be suspended or discontinued at any time. There were no repurchases during the three months ended March 31, 2026 or 2025. As of March 31, 2026, the Company had repurchased 27 shares of Common Stock (adjusted for the Reverse Stock Splits) for $4.7 million.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Investment in Real Estate

Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:


Buildings and improvements			15 - 40 years
Furniture, fixtures, and equipment			3 - 5 years
Tenant improvements			Lesser of useful life or lease term

Schedule of Recognized Rental Income

For the three months ended March 31, 2026 and 2025, the Company recognized rental income as follows (in thousands):


	Three Months Ended March 31,
		2026		2025
Rental and other property income
Fixed lease payments (1)		$	14,020	$	14,369
Variable lease payments (2)		2,278		2,851
Rental and other property income		$	16,298	$	17,220

Schedule of Reconciliation of Hotel Revenue

Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 17 (in thousands):


	Three Months Ended March 31,
		2026		2025
Hotel properties
Hotel income		$	11,877	$	12,134
Rental and other property income		487		520

Interest and other income		12		27
Hotel revenues		$	12,376	$	12,681

Schedule of Deferred Rent Receivables and Charges, Net

As of March 31, 2026 and December 31, 2025, deferred rent receivable and charges, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Deferred rent receivable	$	10,464	$	10,850
Deferred leasing costs, net of accumulated amortization of $5,435 and $5,749, respectively	6,670		7,137

Deferred financing costs, net of accumulated amortization of $112	—		705

Deferred rent receivable and charges, net	$	17,134	$	18,692

Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Preferred Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Non-controlling Interests	Series A1 Preferred Stock	Series A1 Preferred Stock Total Stockholders' Equity	Series A1 Preferred Stock Common Stock	Series A1 Preferred Stock Preferred Stock	Series A1 Preferred Stock Additional Paid-in Capital	Series A1 Preferred Stock Distributions in Excess of Earnings	Series D Preferred Stock	Series D Preferred Stock Total Stockholders' Equity	Series D Preferred Stock Common Stock	Series D Preferred Stock Preferred Stock	Series D Preferred Stock Additional Paid-in Capital	Series D Preferred Stock Distributions in Excess of Earnings	Series A Preferred Stock	Series A Preferred Stock Total Stockholders' Equity	Series A Preferred Stock Common Stock	Series A Preferred Stock Preferred Stock	Series A Preferred Stock Additional Paid-in Capital	Series A Preferred Stock Distributions in Excess of Earnings
Beginning balance (in shares) at Dec. 31, 2024			4,662
Beginning balance at Dec. 31, 2024	$ 306,264	$ 304,516	$ 119	$ 311,903	$ 994,973	$ (1,002,479)	$ 1,748				$ 207,387						$ 1,190						$ 103,326
Beginning balance (in shares) at Dec. 31, 2024				12,546,499							8,372,689						48,447						4,125,363
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense	55	55			55
Par value adjustment	0		$ (107)		107
Redemption of Preferred Stock paid in Common Stock (in shares)										(963)	(194,216)											(1,921)	(104,471)
Redemption of Series A1 Preferred Stock paid in Common Stock								$ 43	$ 43	$ 5	$ (4,813)	$ 4,982	$ (131)							$ 23	$ 23	$ 3	$ (2,606)	$ 2,796	$ (170)
Dividends to holders of Series Preferred Stock								(4,068)	(4,068)				(4,068)	$ (17)	$ (17)				$ (17)	(1,393)	(1,393)				(1,393)
Net loss	(6,272)	(6,114)				(6,114)	(158)
Ending balance (in shares) at Mar. 31, 2025			7,546
Ending balance at Mar. 31, 2025	294,635	293,045	$ 20	$ 304,484	1,002,913	(1,014,372)	1,590				$ 202,574						$ 1,190						$ 100,720
Ending balance (in shares) at Mar. 31, 2025				12,247,812							8,178,473						48,447						4,020,892
Beginning balance (in shares) at Dec. 31, 2025			26,997
Beginning balance at Dec. 31, 2025	266,249	265,361	$ 3	$ 310,446	1,019,044	(1,064,132)	888				$ 217,451						$ 1,089						$ 91,906
Beginning balance (in shares) at Dec. 31, 2025				12,462,885							8,749,542						44,325						3,669,018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense	55	55			55
Par value adjustment	0		$ (237)		237
Redemption of Preferred Stock paid in Common Stock (in shares)										(2,084,881)	(7,734,130)					(5,941)	(21,760)					(521,339)	(1,957,823)
Redemption of Series A1 Preferred Stock paid in Common Stock								2,599	2,599	$ 203	$ (191,566)	$ 212,504	(18,542)	6	6	$ 1	$ (536)	$ 560	(19)	522	522	$ 56	$ (49,094)	$ 53,205	(3,645)
Dividends to holders of Series Preferred Stock								$ (3,010)	$ (3,010)				$ (3,010)	$ (14)	$ (14)				$ (14)	$ (1,155)	$ (1,155)				$ (1,155)
Net loss	(8,417)	(8,309)				(8,309)	(108)
Ending balance (in shares) at Mar. 31, 2026			2,639,158
Ending balance at Mar. 31, 2026	$ 256,835	$ 256,055	$ 26	$ 69,250	$ 1,285,605	$ (1,098,826)	$ 780				$ 25,885						$ 553						$ 42,812
Ending balance (in shares) at Mar. 31, 2026				2,749,172							1,015,412			22,565			22,565			1,711,195			1,711,195

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) interest_rate_cap	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of interest rate caps \| interest_rate_cap	2
Loss on assets held for sale			$ 298
Net gain	$ 1,737	$ 0
First Western
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net gain	$ 1,700

- Definition

The number of derivative instruments of a particular group held by the entity.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Commitment and Contingencies [Line Items]
Future obligations under leases to fund tenant improvements and in other future construction obligation	$ 5,000
Restricted cash	21,987	$ 22,246	$ 29,353
Expected costs	2,600
Key money receivable	2,500
Mortgages Payable
Commitment and Contingencies [Line Items]
Debt instrument, unused borrowing capacity, amount	911
Subsidiary of Common Parent
Commitment and Contingencies [Line Items]
Litigation settlement amount	700
Restricted cash for tenant improvement allowance
Commitment and Contingencies [Line Items]
Restricted cash	$ 13,000

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Cap Derivatives

The following table summarizes the terms of the Company’s interest rate cap agreements as of March 31, 2026 (dollar amounts in thousands):

Outstanding Notional

Fair Value of Assets

Balance Sheet

Amount as of

Strike

Effective

Maturity

as of

Location

March 31, 2026

Rates (1)

Dates

March 31, 2026

Interest Rate Caps

Other assets

172,288

4.5% to 5.75%

12/6/2024 - 8/04/2025

1/1/2027 - 1/31/2027

____________________________________

(1)The index used for the Company’s interest rate cap agreements is 1-Month Term SOFR.

REDEEMABLE PREFERRED STOCK - Series A1 and Series A Preferred Stock Narrative (Details) - USD ($)		3 Months Ended
	Mar. 16, 2026	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2024	Jan. 31, 2020
Class of Stock [Line Items]
Warrant right to purchase a share of common stock (in shares)					0.25
Net proceeds from issuance of Preferred Stock		$ (14,000)	$ (8,000)
Series A Preferred Warrants
Class of Stock [Line Items]
Gross proceeds from issuance of preferred stock and warrants		761,000
Issuance offering costs for preferred stock and warrants		$ 142,000
Number of warrants included in preferred stock unit (in shares)					1
Warrants issued (in shares)		4,603,287
Series A1 Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)		$ 0.001		$ 0.001
Preferred stock, liquidation preference per share (in usd per share)		$ 25.00		$ 25.00
Reclassifications of net proceeds from temporary to permanent equity		$ 20,800,000
Issuance offering costs for preferred stock and warrants		22,000,000.0
Redeemable preferred stock dividends		$ 0	$ 0
Preferred stock including temporary equity shares outstanding (in shares)		1,015,412
Preferred stock, shares redeemed (in shares)		11,225,466
Redemption of preferred stock (in shares)	7,539,638	183,081
Common stock, issued shares (in shares)		2,096,914
Series A1 Preferred Stock \| Preferred Stock, Redemption Period One
Class of Stock [Line Items]
Redemption of preferred stock paid in common stock (in shares)		10,129,244
Series A1 Preferred Stock \| Preferred Stock, Redemption Period Two
Class of Stock [Line Items]
Redemption of preferred stock paid in common stock (in shares)		913,141
Series A1 Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		12,040,878
Gross proceeds from issuance of preferred stock and warrants		$ 298,200,000
Series A1 Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		200,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)		$ 0.001
Preferred stock, liquidation preference per share (in usd per share)		$ 25.00
Reclassifications of net proceeds from temporary to permanent equity		$ 199,600,000
Gross proceeds from issuance of preferred stock and warrants		205,400,000
Issuance offering costs for preferred stock and warrants		$ 17,000,000.0
Preferred stock, shares redeemed (in shares)		7,109,143
Redemption of preferred stock (in shares)	1,869,573	2,330,186
Common stock, issued shares (in shares)		534,863
Preferred stock, shares outstanding (in shares)		1,711,195
Redeemed at the option of the Company (in shares)		17,080
Series A Preferred Stock \| Preferred Stock, Redemption Period One
Class of Stock [Line Items]
Redemption of preferred stock paid in common stock (in shares)		759,308
Series A Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		8,251,657
Redemption of preferred stock (in shares)		2,313,106
Series A Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		568,681
Redemption of preferred stock paid in common stock (in shares)		4,019,649
Net proceeds from issuance of Preferred Stock		$ 0

OTHER INTANGIBLE ASSETS - Schedule of Intangible Assets and Related Accumulated Amortization and Accretion (Details) - Acquired in-place lease amortization - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Intangible assets:
Intangible lease assets, accumulated amortization	$ 894	$ 1,874
Acquired finite lived intangible lease assets average useful life	11 years	2 years
Intangible assets, net	$ 409	$ 439

EARNINGS PER SHARE ('EPS") - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive shares (in shares)	0	0
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive shares (in shares)	0	0
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive shares (in shares)	0	0
Series A1 Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive shares (in shares)	0	0

SEGMENT DISCLOSURE - Narrative (Details) - property	3 Months Ended
SEGMENT DISCLOSURE - Narrative (Details) - property	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Number of reportable segments not disclosed flag	reportable segments
Number of types of commercial real estate properties	3	3

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES General—In connection with the ownership and operation of real estate properties, the Company has certain obligations for the payment of tenant improvement allowances and lease commissions in connection with new leases and renewals. The Company had a total of $5.0 million in future obligations under leases to fund tenant improvement as of March 31, 2026. As of March 31, 2026, $13.0 million was funded to reserve accounts included in restricted cash on the Company’s consolidated balance sheet for tenant improvement obligations in connection with various mortgage loan agreements. Under the terms of the Sheraton Management Agreement, the Company is obligated to complete specific renovation projects at its hotel property (the “Sheraton Renovations”). As of March 31, 2026, the expected costs to complete the Sheraton Renovations was $2.6 million. As of March 31, 2026, the Company was entitled to receive an additional $2.5 million of key money under the Sheraton Management Agreement, to be made available to the Company upon completion of specific aspects of the Sheraton Renovation. The Company also has available borrowings of $911,000 under a mortgage loan agreement at its hotel property which can be used to finance remaining costs related to the Sheraton Renovations. Litigation—The Company is not currently involved in any material pending or threatened legal proceedings nor, to the Company’s knowledge, are any material legal proceedings currently threatened against the Company, other than routine litigation arising in the ordinary course of business. In the normal course of business, the Company is periodically party to certain legal actions and proceedings involving matters that are generally incidental to the Company’s business. While the outcome of these legal actions and proceedings cannot be predicted with certainty, in management’s opinion, the resolution of these legal proceedings and actions will not have a material adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company’s ability to satisfy its debt service obligations or to maintain its level of distributions on its Preferred Stock or renew dividends on its Common Stock. A subsidiary of the Company is a defendant in a lawsuit in connection with injuries sustained by a third-party contractor at a property previously owned by such subsidiary. Such subsidiary has reached an agreement in principle to settle the lawsuit with the plaintiff, pursuant to which such subsidiary’s share of the settlement payment is expected to be approximately $700,000. The Company anticipates that such payment will be made directly from the Company’s insurance carrier, which will be responsible for the entire payment. Accordingly, the Company does not expect this lawsuit to have any adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company’s ability to satisfy its debt service obligations or to maintain the level of distributions on the Company’s Preferred Stock or any renewed dividends on our Common Stock. Environmental Matters—In connection with the ownership and operation of real estate properties, the Company may be potentially liable for costs and damages related to environmental matters, including asbestos-containing materials. The Company has not been notified by any governmental authority of any noncompliance, liability, or other claim in connection with any of the properties, and the Company is not aware of any other environmental condition with respect to any of the properties that management believes will have a material adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company’s ability to satisfy its debt service obligations or to maintain its level of distributions on our Preferred Stock or any renewed dividends on our Common Stock.