Monitor resolution of the Oakland office mortgage default — loss of the asset would remove ~$97M in debt but also cash flow. The FFO miss vs consensus signals ongoing operational weakness despite balance sheet progress. Watch for asset sale announcements and any lender negotiations on the Oakland property.
Price Chart
Executive Summary
CMCT reported Q2 2026 results with total revenue of $29.7M (slightly beating $28.1M consensus) but FFO per share of $(1.28) missed the Street consensus of $(0.51) by 151%. The company continues to improve multifamily occupancy and reduce preferred stock, but the $97.1M Oakland office mortgage is in maturity default and the company elected not to refinance, adding significant downside risk.
Key Financial Metrics
Key Facts
- Net loss attributable to common stockholders: $(11.0) million, or $(4.03) per diluted share
- FFO per share: $(1.28) vs consensus $(0.51) — 151% miss
- Revenue: $29.7M vs consensus $28.1M — 5.6% beat
- Total segment NOI decreased 5.2% YoY to $9.3M
- Same-store multifamily occupancy improved to 95.3% (up 1,190 bps YoY)
- Oakland office mortgage ($97.1M) in maturity default; company elected not to invest additional capital
- Redeemed $397.7M of preferred stock since Sep 2024, reducing preferred dividends
- Undepreciated common book value: $130.58 per share
Financial Impact
FFO miss of $0.77 per share vs consensus; $97.1M mortgage in default with potential asset loss
Risk Factors
- Oakland office mortgage default could lead to foreclosure and loss of the asset
- High total debt of $498.8M with near-term maturities on multifamily properties
- Continued negative FFO and net losses despite preferred stock redemptions
- Dependence on asset sales for liquidity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000908311-26-000096 |
| Document: cmct-livequarterlypresen.htm | 0000908311-26-000096 |
| Document: cmct-20260814.htm | 0000908311-26-000096 |
| Document: 0000908311-26-000096-index-headers.html | 0000908311-26-000096 |
| Document: 0000908311-26-000096-index.html | 0000908311-26-000096 |
| Document: 0000908311-26-000096.txt | 0000908311-26-000096 |
| 8-K Data (Synthetic) | 0000908311-26-000096 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | 8-K | $2.67 $2.40 | ▲ +10.11% | ▲ +9.89% | $3.62 (−35.58%) |
Aug 14, 2026 7w ago | 8-K | $4.74 $5.25 | ▼ −10.76% | ▼ −12.13% | $3.62 (+23.63%) |
Jul 15, 2026 11w ago | 8-K | $2.66 $2.55 | ▲ +4.14% | ▲ +2.46% | $3.62 (−36.09%) |
Jun 17, 2026 15w ago | 8-K | $3.98 $3.25 | ▲ +18.34% | ▲ +16.68% | $3.62 (+9.05%) |
US Market Status
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