2022 Q2 Form 10-Q Financial Statement

#000090831122000052 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $26.40M $24.78M $25.13M
YoY Change 16.45% 31.27% 40.92%
Cost Of Revenue $14.78M $13.30M $15.32M
YoY Change 20.54% 11.89% 25.66%
Gross Profit $11.62M $11.48M $9.807M
YoY Change 11.63% 64.21% 73.88%
Gross Profit Margin 44.02% 46.32% 39.03%
Selling, General & Admin $1.253M $1.815M $1.594M
YoY Change 9.34% -30.73% -2.21%
% of Gross Profit 10.78% 15.81% 16.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.017M $5.037M $4.977M
YoY Change -1.14% 0.4% -7.15%
% of Gross Profit 43.17% 43.88% 50.75%
Operating Expenses $6.227M $6.819M $6.539M
YoY Change 0.19% -10.86% -10.55%
Operating Profit $5.395M $4.659M $3.268M
YoY Change 28.57% -805.91% -295.69%
Interest Expense -$2.143M $2.170M -$1.923M
YoY Change -180.17% -17.55% -29.04%
% of Operating Profit -39.72% 46.58% -58.84%
Other Income/Expense, Net
YoY Change
Pretax Income $3.252M $2.609M $1.345M
YoY Change 113.53% -179.13% -130.71%
Income Tax $321.0K $307.0K $676.0K
% Of Pretax Income 9.87% 11.77% 50.26%
Net Earnings $2.922M $2.297M $666.0K
YoY Change 451.32% -162.59% -115.17%
Net Earnings / Revenue 11.07% 9.27% 2.65%
Basic Earnings Per Share -$0.10 -$0.12
Diluted Earnings Per Share $125.1K -$0.12 $28.47K
COMMON SHARES
Basic Shares Outstanding 23.37M shares 23.35M shares 23.37M shares
Diluted Shares Outstanding 23.35M shares 23.35M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.48M $17.06M $22.31M
YoY Change -72.41% -50.71% -33.6%
Cash & Equivalents $16.48M $17.06M $22.31M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $3.353M $2.952M $3.396M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.83M $20.01M $25.71M
YoY Change -67.76% -44.73% -27.18%
LONG-TERM ASSETS
Property, Plant & Equipment $502.6M $497.4M $498.0M
YoY Change 0.82% -0.93% -1.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $22.79M $22.53M $0.00
YoY Change
Other Assets $47.68M $49.33M $47.44M
YoY Change 3.34% 7.7% 3.12%
Total Long-Term Assets $657.9M $668.3M $635.2M
YoY Change 2.27% 2.86% -2.33%
TOTAL ASSETS
Total Short-Term Assets $19.83M $20.01M $25.71M
Total Long-Term Assets $657.9M $668.3M $635.2M
Total Assets $677.7M $688.3M $660.9M
YoY Change -3.84% 0.35% -3.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.20M $16.03M $26.75M
YoY Change 40.33% 41.86% 31.78%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.21M $21.84M $31.29M
YoY Change 7.81% 20.01% 15.9%
LONG-TERM LIABILITIES
Long-Term Debt $207.8M $228.2M $201.1M
YoY Change -20.29% -31.22% -37.98%
Other Long-Term Liabilities $20.58M $21.78M $17.10M
YoY Change 60.76% 80.03% 66.0%
Total Long-Term Liabilities $228.4M $250.0M $218.2M
YoY Change -16.5% -27.31% -34.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.21M $21.84M $31.29M
Total Long-Term Liabilities $228.4M $250.0M $218.2M
Total Liabilities $255.0M $271.8M $249.5M
YoY Change -14.39% -24.92% -31.0%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $24.00K $24.00K
YoY Change 60.0% 60.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $422.8M $377.1M $373.2M
YoY Change
Total Liabilities & Shareholders Equity $677.7M $688.3M $660.9M
YoY Change -3.84% 0.35% -3.61%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $2.922M $2.297M $666.0K
YoY Change 451.32% -162.59% -115.17%
Depreciation, Depletion And Amortization $5.017M $5.037M $4.977M
YoY Change -1.14% 0.4% -7.15%
Cash From Operating Activities $16.65M $8.639M $32.39M
YoY Change 26.03% 86.43% 472.21%
INVESTING ACTIVITIES
Capital Expenditures -$8.059M -$4.657M -$2.266M
YoY Change 1679.03% 1158.65% -70.38%
Acquisitions
YoY Change
Other Investing Activities $5.392M -$28.42M -$4.706M
YoY Change -758.36% -485.74%
Cash From Investing Activities -$2.667M -$33.08M -$6.972M
YoY Change 111.33% 830.23% 8.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.92M $21.41M -17.91M
YoY Change -229.17% -9369.26% -837.0%
NET CHANGE
Cash From Operating Activities 16.65M $8.639M 32.39M
Cash From Investing Activities -2.667M -$33.08M -6.972M
Cash From Financing Activities -16.92M $21.41M -17.91M
Net Change In Cash -2.935M -$3.028M 7.506M
YoY Change -111.72% -457.5% 352.17%
FREE CASH FLOW
Cash From Operating Activities $16.65M $8.639M $32.39M
Capital Expenditures -$8.059M -$4.657M -$2.266M
Free Cash Flow $24.71M $13.30M $34.65M
YoY Change 80.84% 165.71% 160.35%

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374000 USD
CY2021Q1 us-gaap Proceeds From Collection Of Loans Held For Sale
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212000 USD
CY2022Q1 us-gaap Other Operating Activities Cash Flow Statement
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-600000 USD
CY2021Q1 us-gaap Other Operating Activities Cash Flow Statement
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-83000 USD
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-372000 USD
CY2021Q1 us-gaap Increase Decrease In Accounts Receivable
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536000 USD
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3510000 USD
CY2021Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2530000 USD
CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-1717000 USD
CY2021Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-722000 USD
CY2022Q1 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
304000 USD
CY2021Q1 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
87000 USD
CY2022Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
4755000 USD
CY2021Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1863000 USD
CY2022Q1 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
1271000 USD
CY2021Q1 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
2631000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4634000 USD
CY2022Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
2383000 USD
CY2021Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
374000 USD
CY2022Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
2274000 USD
CY2021Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
0 USD
CY2022Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
22408000 USD
CY2021Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
CY2022Q1 us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
10407000 USD
CY2021Q1 us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
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CY2022Q1 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
4393000 USD
CY2021Q1 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
8638000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Repayments Of Other Long Term Debt
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12867000 USD
CY2021Q1 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
7653000 USD
CY2022Q1 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
40000000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
14985000 USD
CY2022Q1 us-gaap Repayments Of Secured Debt
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CY2021Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
212000 USD
CY2022Q1 cmct Payments Of Deferred Stock Issuance Costs
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223000 USD
CY2021Q1 cmct Payments Of Deferred Stock Issuance Costs
PaymentsOfDeferredStockIssuanceCosts
148000 USD
CY2022Q1 cmct Paymentof Other Deferred Costs
PaymentofOtherDeferredCosts
0 USD
CY2021Q1 cmct Paymentof Other Deferred Costs
PaymentofOtherDeferredCosts
125000 USD
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1753000 USD
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1112000 USD
CY2022Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
8942000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
5465000 USD
CY2022Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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11166000 USD
CY2021Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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10630000 USD
CY2022Q1 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
1147000 USD
CY2021Q1 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
687000 USD
CY2022Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
0 USD
CY2021Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
114000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
21412000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3028000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
847000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33651000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43649000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30623000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44496000 USD
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
17055000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
34605000 USD
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
13568000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
9891000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30623000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44496000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
1865000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
2321000 USD
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
25000 USD
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1144000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
213000 USD
CY2022Q1 cmct Stock Offering Costs Not Yet Paid
StockOfferingCostsNotYetPaid
151000 USD
CY2021Q1 cmct Stock Offering Costs Not Yet Paid
StockOfferingCostsNotYetPaid
739000 USD
CY2022Q1 cmct Accrual Of Dividends Payable To Preferred Stockholders
AccrualOfDividendsPayableToPreferredStockholders
3802000 USD
CY2021Q1 cmct Accrual Of Dividends Payable To Preferred Stockholders
AccrualOfDividendsPayableToPreferredStockholders
3072000 USD
CY2022Q1 cmct Offering Costs Offset Against Redeemable Preferred Stock Temporary Equity
OfferingCostsOffsetAgainstRedeemablePreferredStockTemporaryEquity
134000 USD
CY2021Q1 cmct Offering Costs Offset Against Redeemable Preferred Stock Temporary Equity
OfferingCostsOffsetAgainstRedeemablePreferredStockTemporaryEquity
87000 USD
CY2022Q1 us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
7667000 USD
CY2021Q1 us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
8243000 USD
CY2022Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 USD
CY2021Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
54000 USD
CY2022Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
15000 USD
CY2021Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
57000 USD
CY2022Q1 cmct Redeemable Preferred Stock Fees Incurred But Not Yet Paid
RedeemablePreferredStockFeesIncurredButNotYetPaid
596000 USD
CY2021Q1 cmct Redeemable Preferred Stock Fees Incurred But Not Yet Paid
RedeemablePreferredStockFeesIncurredButNotYetPaid
541000 USD
CY2022Q1 us-gaap Stock Issued1
StockIssued1
0 USD
CY2021Q1 us-gaap Stock Issued1
StockIssued1
2419000 USD
CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="margin-bottom:8pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1. ORGANIZATION AND OPERATIONS</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Creative Media &amp; Community Trust Corporation (formerly known as CIM Commercial Trust Corporation) (the “Company”), is a Maryland corporation and real estate investment trust (“REIT”). The Company primarily owns and operates Class A and creative office real assets in vibrant and improving metropolitan communities throughout the United States. The Company also owns one hotel in northern California and a lending platform that originates loans under the Small Business Administration (“SBA”) 7(a) loan program. The Company seeks to acquire, operate and develop premier multifamily 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 seeks to apply the expertise of CIM Group, L.P. (“CIM Group”) to the acquisition, development and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment characteristics to its creative office investments. </span></div><div style="margin-bottom:8pt;margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s common stock, $0.001 par value per share (“Common Stock”), is currently traded on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “CMCT”, and on the Tel Aviv Stock Exchange (the “TASE”) under the ticker symbol “CMCT-L.” The Company’s Series L preferred stock, $0.001 par value per share (“Series L Preferred Stock”), is currently traded on Nasdaq and on the TASE, in each case under the ticker symbol “CMCTP.” The Company has authorized for issuance 900,000,000 shares of common stock and 100,000,000 shares of preferred stock (“Preferred Stock”).</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company filed Articles of Amendment (the “Reverse Stock Split Amendment”) to effectuate a one-for-three reverse stock split of the Company’s Common Stock, effective on September 3, 2019 (the “Reverse Stock Split”). Pursuant to the Reverse Stock Split Amendment, every three shares of Common Stock issued and outstanding immediately prior to the effective time of the Reverse Stock Split were converted into one share of Common Stock, par value $0.003 per share. In connection with the Reverse Split Amendment, the Company filed Articles of Amendment to revert the par value of the Common Stock issued and outstanding from $0.003 per share to $0.001 per share, effective as of September 3, 2019, following the effective time of the Reverse Split Amendment. 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 Split, unless otherwise stated.</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company conducted a continuous public offering of Series A Preferred Units from October 2016 through January 2020, where each Series A Preferred Unit consisted of one share of Series A Preferred Stock, par value $0.001 per share, of the Company (collectively, the “Series A Preferred Stock”) with an initial stated value of $25.00 per share, subject to adjustment (the “Series A Preferred Stock Stated Value”), and one warrant (collectively, the “Series A Preferred Warrants”) to purchase 0.25 of a share of Common Stock, subject to adjustment (Note 11). Proceeds and expenses from the sale of the Series A Preferred Units were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance.</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since February 2020, the Company has been conducting a continuous public offering of Series A Preferred Stock and Series</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> D preferred stock, par value $0.001 per share (the “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 selling price of the Series A Preferred Stock in the offering has been, and is expected to continue to be, $25.00 per share and 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 is expected to be, and since June 29, 2020, has been, $24.50 per share through the end of the life of the offering.</span></div>
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
900000000 shares
CY2022Q1 cmct Preferred Stock Including Temporary Equity Shares Authorized
PreferredStockIncludingTemporaryEquitySharesAuthorized
100000000 shares
CY2019Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.003
CY2019Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.003
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Fiscal Period
FiscalPeriod
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interim Financial Information</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—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 </span>results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 given, among other things, the uncertain impact of the novel coronavirus (“COVID-19”) on the Company’s operations during the remainder of the year. 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 2021 Form 10-K.
CY2022Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
CY2021Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
CY2022Q1 us-gaap Incentive To Lessee
IncentiveToLessee
4000000 USD
CY2021Q4 us-gaap Incentive To Lessee
IncentiveToLessee
4000000 USD
CY2022Q1 cmct Incentive To Lessee Accumulated Amortization
IncentiveToLesseeAccumulatedAmortization
2800000 USD
CY2021Q4 cmct Incentive To Lessee Accumulated Amortization
IncentiveToLesseeAccumulatedAmortization
2700000 USD
CY2022Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
11623000 USD
CY2021Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
12444000 USD
CY2022Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
2473000 USD
CY2021Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
905000 USD
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
14096000 USD
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
13349000 USD
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
416000 USD
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
579000 USD
CY2022Q1 cmct Tenant Reimbursements Excluding Lease Agreements
TenantReimbursementsExcludingLeaseAgreements
0 USD
CY2021Q1 cmct Tenant Reimbursements Excluding Lease Agreements
TenantReimbursementsExcludingLeaseAgreements
0 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0 USD
CY2022Q1 us-gaap Financing Receivable Unamortized Purchase Premium Discount
FinancingReceivableUnamortizedPurchasePremiumDiscount
-9800000 USD
CY2021Q4 us-gaap Financing Receivable Unamortized Purchase Premium Discount
FinancingReceivableUnamortizedPurchasePremiumDiscount
-9600000 USD
CY2022Q1 cmct Loan And Leases Receivable Nonaccrual Loan And Lease Status Past Due Period
LoanAndLeasesReceivableNonaccrualLoanAndLeaseStatusPastDuePeriod
P60D
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Loan Loss Reserves</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—On a quarterly basis, and more frequently if indicators exist, the Company evaluates the collectability of its loans receivable. The Company’s evaluation of collectability involves significant judgment, estimates, and a </span>review of the ability of the borrower to make principal and interest payments, the underlying collateral and the borrowers’ business models and future operations. For the three months ended March 31, 2022 and 2021, the Company recorded a net impairment losses of $0 and 92,000, respectively, on its loans receivable. There were no material loans receivable subject to credit risk which were considered to be impaired as of March 31, 2022 or December 31, 2021. The Company considers a loan to be impaired when the Company does not expect to collect all of the contractual interest and principal payments as scheduled in the loan agreements. The Company also establishes a general loan loss reserve when available information indicates that it is probable a loss has occurred based on the carrying value of the portfolio and the amount of the loss can be reasonably estimated. Significant judgment is required in determining the general loan loss reserve, including estimates of the likelihood of default and the estimated fair value of the collateral. The general loan loss reserve includes those loans, which may have negative characteristics which have not yet become known to the Company. In addition to the reserves established on loans not considered impaired that have been evaluated under a specific evaluation, the Company establishes the general loan loss reserve using a consistent methodology to determine a loss percentage to be applied to loan balances. These loss percentages are based on many factors, primarily cumulative and recent loss history and general economic conditions.
CY2021Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
92000 USD
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
980000 USD
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
943000 USD
CY2022Q1 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
20702000 USD
CY2021Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
20870000 USD
CY2022Q1 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
9228000 USD
CY2021Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
8971000 USD
CY2022Q1 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
8205000 USD
CY2021Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
8453000 USD
CY2022Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
6360000 USD
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
6281000 USD
CY2022Q1 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
491000 USD
CY2021Q4 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
491000 USD
CY2022Q1 cmct Deferred Rent Receivable And Charges Net
DeferredRentReceivableAndChargesNet
35758000 USD
CY2021Q4 cmct Deferred Rent Receivable And Charges Net
DeferredRentReceivableAndChargesNet
36095000 USD
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—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 and at such time, including the impact of extraordinary events such as COVID-19. Actual results could differ from those estimates.</span>
CY2022Q1 us-gaap Land
Land
143508000 USD
CY2021Q4 us-gaap Land
Land
141236000 USD
CY2022Q1 us-gaap Land Improvements
LandImprovements
2648000 USD
CY2021Q4 us-gaap Land Improvements
LandImprovements
2644000 USD
CY2022Q1 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
454695000 USD
CY2021Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
454431000 USD
CY2022Q1 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
4405000 USD
CY2021Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
4398000 USD
CY2022Q1 us-gaap Tenant Improvements
TenantImprovements
29508000 USD
CY2021Q4 us-gaap Tenant Improvements
TenantImprovements
29733000 USD
CY2022Q1 us-gaap Development In Process
DevelopmentInProcess
11191000 USD
CY2021Q4 us-gaap Development In Process
DevelopmentInProcess
10260000 USD
CY2022Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
645955000 USD
CY2021Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
642702000 USD
CY2022Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
148511000 USD
CY2021Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
144718000 USD
CY2022Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
497444000 USD
CY2021Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
497984000 USD
CY2022Q1 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
4200000 USD
CY2021Q1 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
4200000 USD
CY2022Q1 cmct Number Of Properties Sold
NumberOfPropertiesSold
0 property
CY2021Q1 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
0 property
CY2021Q1 cmct Number Of Properties Sold
NumberOfPropertiesSold
0 property
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
2274000 USD
CY2022Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
0 USD
CY2022Q1 us-gaap Notes Receivable Gross
NotesReceivableGross
78930000 USD
CY2021Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
73260000 USD
CY2022Q1 cmct Financing Receivables Deferred Capitalized Costs Net
FinancingReceivablesDeferredCapitalizedCostsNet
1454000 USD
CY2021Q4 cmct Financing Receivables Deferred Capitalized Costs Net
FinancingReceivablesDeferredCapitalizedCostsNet
1226000 USD
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
980000 USD
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
943000 USD
CY2022Q1 us-gaap Notes Receivable Net
NotesReceivableNet
79404000 USD
CY2021Q4 us-gaap Notes Receivable Net
NotesReceivableNet
73543000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5010000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5251000 USD
CY2022Q1 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
996000 USD
CY2021Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
1134000 USD
CY2021 cmct Acquired Finite Lived Intangible Liabilities Weighted Average Useful Life
AcquiredFiniteLivedIntangibleLiabilitiesWeightedAverageUsefulLife
P5Y
CY2022Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
69000 USD
CY2021Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
115000 USD
CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
201145000 USD
CY2022Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
40000000 USD
CY2022Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
13241000 USD
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
294000 USD
CY2022Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
228198000 USD
CY2022Q1 cmct Line Of Credit Facility Accrued Interest And Unused Commitment Fee Payable
LineOfCreditFacilityAccruedInterestAndUnusedCommitmentFeePayable
473000 USD
CY2021Q4 cmct Line Of Credit Facility Accrued Interest And Unused Commitment Fee Payable
LineOfCreditFacilityAccruedInterestAndUnusedCommitmentFeePayable
467000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
92167000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1579000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8206000 USD
CY2022Q1 cmct Dilutive Securities Effect On Basic Earnings Per Share Redeemable Preferred Stock Dividends
DilutiveSecuritiesEffectOnBasicEarningsPerShareRedeemablePreferredStockDividends
-1000 USD
CY2021Q1 cmct Dilutive Securities Effect On Basic Earnings Per Share Redeemable Preferred Stock Dividends
DilutiveSecuritiesEffectOnBasicEarningsPerShareRedeemablePreferredStockDividends
0 USD
us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
153900000 USD
CY2021Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
7010799 USD
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1986000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1602000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1686000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
97939000 USD
CY2022Q1 cmct Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
35327000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
230300000 USD
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2477 shares
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2811000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2812000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-8206000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23349000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14808000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23351000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14808000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.55
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.55
CY2022Q1 us-gaap Proceeds From Issuance Of Preferred Stock Preference Stock And Warrants
ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants
200100000 USD
CY2022Q1 cmct Preferred Stock And Warrants Offering Costs Issuance Specific Offering Costs
PreferredStockAndWarrantsOfferingCostsIssuanceSpecificOfferingCosts
16600000 USD
CY2022Q1 cmct Preferred Stock And Warrants Offering Costs Non Issuance Specific Costs
PreferredStockAndWarrantsOfferingCostsNonIssuanceSpecificCosts
8200000 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
22408000 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
120000 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
22528000 USD
CY2022Q1 us-gaap Incentive Fee Expense
IncentiveFeeExpense
0 USD
CY2022Q1 cmct Outstanding Loan Commitments And Approvals To Fund Loans
OutstandingLoanCommitmentsAndApprovalsToFundLoans
16400000 USD
CY2022Q1 cmct Tenant Improvements Obligations
TenantImprovementsObligations
6700000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
33549000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
42628000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
40847000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
24808000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
18060000 USD
CY2022Q1 cmct Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
34517000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
194409000 USD
CY2022Q1 cmct Number Of Types Of Commercial Real Estate Properties
NumberOfTypesOfCommercialRealEstateProperties
2 property
CY2021Q1 cmct Number Of Types Of Commercial Real Estate Properties
NumberOfTypesOfCommercialRealEstateProperties
2 property
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
5004000 USD
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
5037000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2609000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3297000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
307000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
374000 USD
CY2022Q1 us-gaap Profit Loss
ProfitLoss
2302000 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-3671000 USD
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
5000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
2297000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-3670000 USD
CY2022Q1 us-gaap Assets
Assets
688265000 USD
CY2021Q4 us-gaap Assets
Assets
660866000 USD
CY2022Q1 cmct Capital Expenditures
CapitalExpenditures
1400000 USD
CY2021Q1 cmct Capital Expenditures
CapitalExpenditures
320000 USD
CY2022Q1 cmct Disposal Group Including Discontinued Operation New Mortgage Loans
DisposalGroupIncludingDiscontinuedOperationNewMortgageLoans
22776000 USD
CY2021Q1 cmct Disposal Group Including Discontinued Operation New Mortgage Loans
DisposalGroupIncludingDiscontinuedOperationNewMortgageLoans
25593000 USD
CY2022Q1 cmct Capital Expenditures And Disposal Group Originations Cost
CapitalExpendituresAndDisposalGroupOriginationsCost
24176000 USD
CY2021Q1 cmct Capital Expenditures And Disposal Group Originations Cost
CapitalExpendituresAndDisposalGroupOriginationsCost
25913000 USD

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