The company's financial leverage has intensified, with the debt-to-equity ratio rising to 1.95 in 2026Q1 as total assets contracted to $792.3 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 792.32M | 859.19M | 889.55M | 891.2M | 690.25M | 660.87M | 685.62M | 667.59M | 1.34B | 1.34B | 2.02B | 2.1B | 2.09B | 253.41M | 247.71M | 251.25M | 252.13M | 228.24M | 227.52M | 231.42M | 240.4M | 259.19M | 253.84M | 132.29M | 149.7M | 156.28M | 151.4M | 197.24M | 196.69M | 115.88M | 121.75M |
| Asset Growth % | -13.88% | -3.41% | -0.18% | 29.11% | 4.45% | -3.61% | 2.7% | -50.27% | 0.45% | -33.94% | -3.59% | 0.17% | 726.6% | 2.3% | -1.41% | -0.35% | 10.46% | 0.32% | -1.68% | -3.74% | -7.25% | 2.11% | 91.88% | -11.63% | -4.21% | 3.22% | -23.24% | 0.28% | 69.74% | -4.82% | 103.6% |
| Real Estate & Other Assets | -725.19M | 710.66M | 718.99M | 718.95M | 512.06M | 508.93M | -6.5M | -7.35M | 16.44M | 34.8M | 1.63B | 1.71B | 14.65M | 8.02M | 6.67M | 6.83M | 0 | 4.39M | 213.06M | -721K | -5.26M | -24.73M | -39.44M | -122.58M | -52.42M | -57.92M | -72.38M | -80.3M | -75.27M | -5.8M | -2.76M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.04B | 957.73M | 1.61B | 1.69B | 1.72B | 1.68B | 1.68B | 1.26M | 3.48M | 5.48M | 0 | 0 | 4.41M | 23.55M | 38.08M | 43.34M | 46.8M | 52.72M | 65.67M | 70.68M | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 1000K | 1000K | -1000K | -1000K | 0 | 820K | 820K | 0 | 0 | 0 | 0 | 536K | 643K | 833K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 37.27M | 116.99M | 133.32M | 134.8M | 161.35M | 146.69M | 0 | 0 | 273.74M | 335.75M | 379.2M | 374.96M | 343.66M | 244.57M | 240.22M | 243.16M | 248.65M | 218.37M | 14.47M | 12.72M | 4.73M | 7.5M | 12.16M | 5.88M | 6.27M | 58.88M | 73.26M | 81.13M | 76.11M | 690K | 26.6M |
| Cash & Equivalents | 15.79M | 15.44M | 20.26M | 19.29M | 46.19M | 22.31M | 43.65M | 35.95M | 54.93M | 129.31M | 144.45M | 124.64M | 17.61M | 7.98M | 1.23M | 6.5M | 2.64M | 7.84M | 10.61M | 11.48M | 3.74M | 3.97M | 9.06M | 1.08M | 49K | 557K | 487K | 228K | 225K | 36K | 25.98M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 718K | 620K | 710K | 1000K | 1000K | 1000K | 691K | 1000K | 0 | 0 | 734K | 605K | 394K | 393K | 603K | 786K | 654K | 615K |
| Other Current Assets | 0 | 88.11M | 32.61M | 24.94M | 11.29M | 11.34M | -65.86M | -39.47M | 44.69M | 27.01M | 107.9M | 109.97M | 217.66M | 235.58M | 238.04M | 235.65M | 5.99M | 0 | 0 | 4.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 409K | 439K | 3.57M | 3.95M | 4.46M | 5.25M | 0 | 0 | 9.53M | 6.38M | 17.62M | 17.35M | 20.43M | 22.28M | 27.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 535.49M | 592.94M | 562.49M | 514.43M | 312.52M | 249.53M | 361.67M | 352.56M | 689.39M | 681.76M | 1.05B | 800.83M | 734.87M | 117.36M | 108.48M | 103.51M | 101.57M | 75.78M | 74.06M | 74.17M | 82.21M | 102.17M | 91.64M | 34.15M | 55.77M | 63.5M | 61.61M | 105.31M | 97.11M | 24.64M | 35.92M |
| Total Debt | 500.08M | 509.77M | 505.73M | 471.56M | 184.27M | 201.15M | 322.63M | 414.7M | 588.67M | 630.85M | 967.89M | 662.95M | 608.71M | 109.4M | 97.17M | 95.86M | 92.97M | 68.9M | 57.94M | 62.25M | 64.84M | 78.17M | 75.35M | 34.15M | 48.49M | 57.07M | 53.23M | 97.76M | 97.11M | 19.25M | 26.65M |
| Net Debt | 484.29M | 494.33M | 485.47M | 452.27M | 138.08M | 178.83M | 278.98M | 378.76M | 533.74M | 501.54M | 823.44M | 538.31M | 591.1M | 101.42M | 95.94M | 89.36M | 90.33M | 61.06M | 47.33M | 50.77M | 61.1M | 74.21M | 66.28M | 33.07M | 48.44M | 56.51M | 52.75M | 97.53M | 96.89M | 19.21M | 664K |
| Long-Term Debt | 336.13M | 499.32M | 477.88M | 430.17M | 184.27M | 201.15M | 319.76M | 302.88M | 588.67M | 630.85M | 967.89M | 662.95M | 608.71M | 108.1M | 91.05M | 95.86M | 92.97M | 68.51M | 57.94M | 59.19M | 64.84M | 84.04M | 75.35M | 33.38M | 48.49M | 57.07M | 53.23M | 97.76M | 97.11M | 19.25M | 26.65M |
| Short-Term Borrowings | 163.94M | 10.45M | 27.86M | 41.39M | 0 | 0 | 2.27M | 4.54M | 0 | 0 | 0 | 0 | 0 | 14.4M | 11.9M | 0 | 0 | 0 | 0 | 3.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 587K | 107.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 163.94M | 82.21M | 74.13M | 71.28M | 110.38M | 31.29M | 28.74M | 38.28M | 81.31M | 35.21M | 49.35M | 102.26M | 94.49M | 17.44M | 15.98M | 7.65M | 8.6M | 4.78M | 9.67M | 5.03M | 3.26M | 3.78M | 8.41M | 0 | 839K | 845K | 2.22M | 1.39M | 0 | -200K | 674K |
| Accounts Payable | 0 | 26.98M | 32.2M | 26.43M | 107.22M | 26.75M | 0 | 0 | 41.6M | 26.39M | 39.16M | 42.12M | 35.51M | 3.04M | 4.08M | 2.1M | 6.14M | 4.73M | 2.88M | 1.93M | 3.26M | 3.78M | 8.41M | 0 | 839K | 845K | 2.22M | 1.39M | 1.73M | -200K | 674K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -588.67M | -630.85M | -5.64M | 0 | 0 | 0 | 0 | 0 | 0 | 686K | 1.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 35.41M | 11.41M | 10.49M | 12.98M | 17.88M | 17.1M | -320.35M | -410.16M | 27.16M | 21.53M | 37.63M | 64.98M | 27.29M | 4.87M | 12.06M | 0 | 0 | 0 | 1.17M | 0 | -64.84M | -84.04M | -75.35M | -33.38M | -48.49M | -57.07M | -53.23M | -97.76M | -97.11M | -19.25M | -26.65M |
| Total Equity | 256.83M | 266.25M | 327.06M | 376.77M | 377.73M | 411.33M | 323.95M | 315.04M | 653.01M | 654.63M | 968.01M | 1.3B | 1.36B | 136.05M | 139.23M | 147.74M | 150.56M | 152.46M | 153.46M | 157.25M | 158.19M | 157.02M | 161.3M | 92.09M | 93.93M | 92.77M | 89.78M | 91.93M | 93.44M | 91.24M | 85.83M |
| Equity Growth % | -71.63% | -18.59% | -13.19% | -0.25% | -8.17% | 26.97% | 2.83% | -51.76% | -0.25% | -32.37% | -25.39% | -4.59% | 899.48% | -2.28% | -5.76% | -1.88% | -1.24% | -0.65% | -2.41% | -0.59% | 0.75% | -2.66% | 75.16% | -1.96% | 1.25% | 3.33% | -2.34% | -1.61% | 2.41% | 6.31% | 78.13% |
| Shareholders Equity | 256.06M | 265.36M | 325.31M | 374.4M | 377.36M | 410.99M | 323.5M | 314.53M | 652.17M | 653.74M | 967.1M | 1.3B | 1.36B | 135.15M | 138.33M | 146.84M | 149.66M | 151.56M | 153.46M | 157.25M | 158.19M | 157.02M | 161.3M | 92.09M | 93.93M | 92.77M | 89.78M | 91.93M | 93.44M | 91.24M | 85.83M |
| Minority Interest | 780K | 888K | 1.75M | 2.37M | 373K | 345K | 455K | 505K | 837K | 890K | 912K | 937K | 861K | 900K | 900K | 900K | 900K | 900K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 26K | 3K | 119K | 23K | 23K | 24K | 15K | 15K | 44K | 44K | 84K | 98K | 98K | 111K | 111K | 111K | 111K | 111K | 111K | 111K | 110K | 110K | 110K | 66K | 66K | 66K | 65K | 65K | 65K | 64K | 61K |
| Additional Paid-in Capital | 1.29B | 1.02B | 994.97M | 852.48M | 861.72M | 866.75M | 794.13M | 794.83M | 790.35M | 792.63M | 1.57B | 1.82B | 1.82B | 153.12M | 153.07M | 152.93M | 152.76M | 152.61M | 152.46M | 152.33M | 152.18M | 152.05M | 151.82M | 94.79M | 94.71M | 94.64M | 94.35M | 94.35M | 94.1M | 91.69M | 86.25M |
| Retained Earnings | -1.1B | -1.06B | -1B | -921.92M | -837.85M | -804.23M | -778.52M | -740.62M | -436.88M | -399.25M | -599.97M | -521.62M | -460.62M | 175.98M | 173.92M | -1.7M | 1.42M | 3.41M | 4.1M | 5.2M | 4.98M | 3.27M | 5.54M | -5.1M | -3.34M | -2.84M | -4.48M | -2.48M | -730K | -509K | -481K |
| Preferred Stock | 69.25M | 310.45M | 332.7M | 443.83M | 353.46M | 348.44M | 307.87M | 260.31M | 296.85M | 258.68M | 1.43M | 0 | 460.62M | 650K | 900K | 0 | 900K | 1.98M | 3.88M | 900K | 900K | 3.58M | 3.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -4.83% | -4.46% | -2.83% | -6.13% | 0.88% | -0.13% | -2.22% | 34.4% | 0.08% | 22.61% | 1.68% | 1.16% | 2.08% | 0.83% | -0.87% | 1.45% | 1.79% | 2.97% | 4.27% | 5.57% | 6.28% | 4.4% | 12.84% | 5.8% | 6.49% | 7.43% | 5.37% | 5.21% | 7.28% | 8.74% | 7.91% |
| Return on Equity (ROE) | -14.89% | -13.15% | -7.15% | -12.85% | 1.5% | -0.23% | -4.7% | 71.42% | 0.17% | 46.8% | 3.05% | 1.84% | 3.26% | 1.5% | -1.52% | 2.45% | 2.84% | 4.42% | 6.31% | 8.33% | 9.95% | 7.1% | 19.56% | 8.79% | 10.64% | 12.53% | 10.31% | 11.07% | 12.31% | 11.73% | 10.71% |
| Debt / Assets | 63.12% | 59.33% | 56.85% | 52.91% | 26.7% | 30.44% | 47.06% | 62.12% | 43.85% | 47.21% | 47.85% | 31.6% | 29.06% | 43.17% | 39.23% | 38.15% | 36.87% | 30.19% | 25.46% | 26.9% | 26.97% | 30.16% | 29.68% | 25.81% | 32.39% | 36.52% | 35.16% | 49.56% | 49.37% | 16.61% | 21.89% |
| Debt / Equity | 1.95x | 1.91x | 1.55x | 1.25x | 0.49x | 0.49x | 1.00x | 1.32x | 0.90x | 0.96x | 1.00x | 0.51x | 0.45x | 0.80x | 0.70x | 0.65x | 0.62x | 0.45x | 0.38x | 0.40x | 0.41x | 0.50x | 0.47x | 0.37x | 0.52x | 0.62x | 0.59x | 1.06x | 1.04x | 0.21x | 0.31x |
| Net Debt / EBITDA | 14.49x | 13.98x | 11.22x | 10.96x | 3.71x | 5.61x | 17.43x | 7.33x | 2.75x | 2.68x | 3.59x | 7.33x | 7.77x | 31.05x | - | 10.68x | 10.08x | 6.84x | 3.49x | 2.76x | 3.12x | 9.12x | 5.67x | 2.76x | 7.07x | 8.39x | 15.46x | 17.88x | 12.02x | 2.19x | 0.12x |
| Book Value per Share | 522.02 | 289.72 | 19189.33 | 38587.57 | 39979.04 | 52536.72 | 50969.35 | 44322.58 | 103803.65 | 65977.52 | 73784.44 | 92543.37 | 97410.81 | 9923.34 | 457829.66 | 485973.68 | 495915.68 | 502001.98 | 496159.07 | 508583.44 | 512276.55 | 502454.40 | 554118.86 | 496715.21 | 506355.80 | 501464.86 | 478088.39 | 489520.77 | 500198.07 | 506900.00 | 697229.89 |
Rising leverage and liquidity constraints
As reported in recent financial statements, CMCT's debt-to-equity ratio has climbed steadily from 1.25 in 2023Q4 to 1.95 by 2026Q1, signaling a concerning trend where the company is increasingly relying on debt financing while its underlying asset base and equity cushion continue to erode.
The consistent rise in the debt-to-equity ratio suggests that the company is struggling to deleverage in a high-interest rate environment. This trend warrants further investigation into whether the current debt load is sustainable given the persistent negative FFO and the lack of meaningful growth in total assets.
Based on the company's quarterly filings, cash reserves have remained stagnant or declined, hovering near $15.8 million as of 2026Q1, which provides minimal buffer for a REIT facing significant operational deficits and the ongoing need for capital-intensive tenant improvements in its creative office portfolio.
The limited cash position relative to the scale of the debt obligations suggests that liquidity is becoming increasingly constrained. Investors should monitor whether the company will be forced to pursue dilutive equity raises or asset sales to maintain its current operational and debt service requirements.
According to the provided balance sheet data, total assets have contracted from $891.2 million in 2023Q4 to $792.3 million in 2026Q1, indicating a clear trend of portfolio shrinkage that may reflect both asset impairments and the strategic disposal of underperforming properties in core markets.
This contraction in the asset base appears to be a direct consequence of the portfolio's inability to generate positive returns in the current office climate. The reduction in total assets may indicate that the company is attempting to right-size its footprint, though the simultaneous increase in leverage suggests this process is not yet yielding a stronger balance sheet.
As evidenced by the persistent negative return on equity, which reached -3.2% in 2026Q1, the company's equity base is being systematically depleted by ongoing operational losses, raising questions about the long-term viability of the current capital structure without significant external intervention or a fundamental turnaround.
The erosion of equity value is particularly concerning for a REIT, as it limits the company's ability to access capital markets on favorable terms. The negative ROE suggests that the capital currently deployed in the portfolio is failing to generate sufficient returns to cover the cost of capital, which may necessitate a more aggressive restructuring of the balance sheet.
Quick answers to the most common questions about buying CMCT stock.
As of 2025, Creative Media & Community Trust Corporation (CMCT) had total assets of $859.2M including $117.0M in current assets.
Creative Media & Community Trust Corporation (CMCT) carries total debt of $509.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Creative Media & Community Trust Corporation (CMCT) has total shareholders' equity (book value) of $265.4M ($289.72 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Creative Media & Community Trust Corporation (CMCT) reported a current ratio of 1.42x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.