CIM REAL ESTATE FINANCE TRUST, INC.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
CMRFStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001498547-25-000060
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001498547-25-000082
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 181 previous paragraphs and 182 current paragraphs.
115 unchanged; 58 reworded; 7 added; 5 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
•Acquired 14 commercial properties for an aggregate purchase price of $28.7 million.
Current report
•Disposed of 15 condominium units for an aggregate sales price of $68.1 million.
Current report
September 30, 2025, as compared to the same period in 2024. The increase was offset by a $2.0 million decrease in unrealized gain on equity securities during the three months ended September 30, 2025, as compared to the same period in 2024.
Current report
The increase in our Real Estate segment expenses of $3.0 million for the three months ended September 30, 2025, as compared to the same period in 2024, was primarily due to an increase in depreciation and amortization expense of $1.6 million. The increase was further driven by a $1.5 million increase in property operating, real estate tax and management fees expense. These increases were driven by the addition of 16 properties subsequent to September 30, 2024. Refer to “Same Store Analysis” below for a further discussion of net operating income at our “same store properties”.
Current report
The decrease in corporate other income of $515,000 during the three months ended September 30, 2025, as compared to the same period in 2024, was primarily due to a decrease in interest income generated by short-term liquid investments in cash and cash equivalents on the condensed consolidated balance sheets for the three months ended September 30, 2025.
Current report
Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Removed paragraphs (5)
Previous report
•Disposed of 11 condominium units for an aggregate sales price of $50.2 million.
Previous report
Other income for our Real Estate segment, which primarily consists of gain on disposition of real estate, net, and other income, did not meaningfully change during the three months ended June 30, 2025, compared to the same period in 2024.
Previous report
Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
Previous report
The increase in corporate other income of $1.3 million during the six months ended June 30, 2025 as compared to the same period in 2024, was primarily due to the disposition of 11 condominium units resulting in a net gain of $5.2 million during the six months ended June 30, 2025, compared to the disposition of eight condominium units resulting in a net gain of $3.3 million during the six months ended June 30, 2024.
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Reworded paragraphs (58)
Previous wording
As of June 30, 2025, our loan portfolio consisted of 73 loans with a net book value of $3.2 billion, and 20 investments in real estate-related securities and other of $295.2 million. The Company conducts and expects to continue to conduct its commercial real estate lending business through CLR, a Maryland statutory trust and subsidiary of the Company which we expect to be taxed as a REIT for U.S. federal income tax purposes. As of June 30, 2025, CLR holds a diversified portfolio of approximately $1.5 billion which includes first mortgage loans with a net book value of $1.1 billion, CMBS with an estimated fair value of $195.3 million, and an investment in the Unconsolidated Joint Venture with a carrying value of $155.4 million.
Current wording
As of September 30, 2025, our loan portfolio consisted of 76 loans with a net book value of $3.2 billion, and 18 investments in real estate-related securities and other of $246.1 million. The Company conducts and expects to continue to conduct its commercial real estate lending business through CLR, a Maryland statutory trust and subsidiary of the Company which we expect to be taxed as a REIT for U.S. federal income tax purposes. As of September 30, 2025, CLR holds a diversified portfolio of approximately $1.4 billion which includes first mortgage loans with a net book value of $1.1 billion,
Previous wording
As of June 30, 2025, we owned 185 properties, which consisted of 172 retail properties, nine office properties, and four industrial properties, representing 25 industry sectors and comprising approximately 6.6 million rentable square feet of commercial space located in 36 states, with a net book value of $1.1 billion. As of June 30, 2025, we owned condominium developments with a net book value of $33.3 million.
Current wording
As of September 30, 2025, we owned 198 properties, which consisted of 186 retail properties, eight office properties, and four industrial properties, representing 22 industry sectors and comprising approximately 6.4 million rentable square feet of commercial space located in 37 states, with a net book value of $1.0 billion. As of September 30, 2025, we owned condominium developments with a net book value of $17.7 million.
Previous wording
During the six months ended June 30, 2025, we disposed of four properties encompassing approximately 59,000 gross rentable square feet and 11 condominium units for a total consideration of $66.0 million, as further discussed in Note 4 — Real Estate Assets to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.
Current wording
During the nine months ended September 30, 2025, we disposed of five properties encompassing approximately 401,000 gross rentable square feet and 15 condominium units for a total consideration of $175.2 million, as further discussed in Note 4 — Real Estate Assets to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.
Previous wording
Our operating results and cash flows are primarily influenced by interest income from our credit investments, rental and other property income from our commercial properties, interest expense on our indebtedness and credit investments and other operating expenses. In general, our business model is such that rising interest rates will correlate to increases in our net income, while declining interest rates will correlate to decreases in our net income. As of June 30, 2025, 91.1% of our CMBS and loans held-for-investment by carrying value earned a floating rate of interest, indexed to SOFR, and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on certain of our floating rate loans. CMFT Management reviews our investment portfolio and is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary. In addition, as 94.9% of our rentable square feet was under lease, including any month-to-month agreements, as of June 30, 2025, with a weighted average remaining lease term of 9.1 years, we believe our exposure to changes in commercial rental rates on our portfolio is substantially mitigated, except for vacancies caused by tenant bankruptcies or other factors. Our manager regularly monitors the creditworthiness of our tenants by reviewing each tenant’s financial results, any available credit rating agency reports on the tenant or guarantor, the operating history of the property with such tenant, the tenant’s market share and track record within its industry segment, the general health and outlook of the tenant’s industry segment and other information for changes and possible trends. If our manager identifies significant changes or trends that may adversely affect the creditworthiness of a tenant, it will gather a more in-depth knowledge of the tenant’s financial condition and, if necessary, attempt to mitigate the tenant credit risk by evaluating the possible sale of the property or identifying a possible replacement tenant should the current tenant fail to perform on the lease.
Current wording
Our operating results and cash flows are primarily influenced by interest income from our credit investments, rental and other property income from our commercial properties, interest expense on our indebtedness and credit investments and other operating expenses. In general, our business model is such that rising interest rates will correlate to increases in our net income, while declining interest rates will correlate to decreases in our net income. As of September 30, 2025, 90.7% of our CMBS and loans held-for-investment by carrying value earned a floating rate of interest, indexed to SOFR, and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on certain of our floating rate loans. CMFT Management reviews our investment portfolio and is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary. In addition, as 96.9% of our rentable square feet was under lease, including any month-to-month agreements, as of September 30, 2025, with a weighted average remaining lease term of 9.6 years, we believe our exposure to changes in commercial rental rates on our portfolio is substantially mitigated, except for vacancies caused by tenant bankruptcies or other factors. Our manager regularly monitors the creditworthiness of our tenants by reviewing each tenant’s financial results, any available credit rating agency reports on the tenant or guarantor, the operating history of the property with such tenant, the tenant’s market share and track record within its industry segment, the general health and outlook of the tenant’s industry segment and other information for changes and possible trends. If our manager identifies significant changes or trends that may adversely affect the creditworthiness of a tenant, it will gather a more in-depth knowledge of the tenant’s financial condition and, if necessary, attempt to mitigate the tenant credit risk by evaluating the possible sale of the property or identifying a possible replacement tenant should the current tenant fail to perform on the lease.
Previous wording
Thesix months ended June 30, 2025 have been characterized by a mix of positive and challenging developments leading to continued volatility in global markets. Investor concerns over inflation, higher interest rates, slowing economic growth, uncertainty around the impacts of imposed tariffs, political and regulatory uncertainty and geopolitical conditions have persisted.
Current wording
Thenine months ended September 30, 2025 have been characterized by a mix of positive and challenging developments leading to continued volatility in global markets. Investor concerns over inflation, higher interest rates, slowing economic growth, uncertainty around the impacts of imposed tariffs, political and regulatory uncertainty and geopolitical conditions have persisted.
Previous wording
Heightened inflation caused the Federal Reserve to raise interest rates in 2022 and 2023. Although the majority of our business model is such that elevated interest rates will, all else being equal, correlate to increases in our net income, increases in interest rates may adversely affect the ability of our existing borrowers to pay debt service, tenants and property values of our own portfolio and the assets that serve as collateral for our loans. The Federal Reserve began to decrease interest rates in the second half of 2024 and has indicated that it may continue to decrease interest rates in 2025, though rates have been held steady so far this year. In a period of declining interest rates, our interest income on floating-rate investments may generally decrease, subject to the impact of interest rate floors in our investment portfolio.
Current wording
Heightened inflation caused the Federal Reserve to raise interest rates in 2022 and 2023. Although the majority of our business model is such that elevated interest rates will, all else being equal, correlate to increases in our net income, increases in interest rates may adversely affect the ability of our existing borrowers to pay debt service, tenants and property values of our own portfolio and the assets that serve as collateral for our loans. The Federal Reserve began to decrease interest rates in the second half of 2024 and in September 2025, however the timing, direction and extent of any future interest rate changes remains uncertain. In a period of declining interest rates, our interest income on floating-rate investments may generally decrease, subject to the impact of interest rate floors in our investment portfolio.
Previous wording
•Net loss attributable to the Company of $7.7 million, or $0.02 per share.
Current wording
•Net income attributable to the Company of $22.6 million, or $0.05 per share.
Previous wording
•Redeemed 3.6 million shares under the share redemption program for $20.5 million at an average price of $5.67 per share.
Current wording
•Redeemed 5.2 million shares under the share redemption program for $28.8 million at an average price of $5.54 per share.
Previous wording
•Declared aggregate distributions of $0.17 per share.
Current wording
•Declared aggregate distributions of $0.25 per share.
Previous wording
•Funded $42.6 million in existing first mortgage loans.
Current wording
•Funded $73.5 million in existing first mortgage loans.
Previous wording
•Invested $73.5 million in corporate senior loans.
Current wording
•Invested $97.2 million in corporate senior loans.
Previous wording
•Received principal repayments on loans held-for-investment of $261.5 million.
Current wording
•Received principal repayments on loans held-for-investment of $341.7 million.
Previous wording
•Received repayments on CMBS of $2.7 million and sold CMBS for an aggregate gross sales price of $43.6 million.
Current wording
•Invested $4.6 million in CMBS, received repayments on CMBS of $42.8 million and sold CMBS for an aggregate gross sales price of $60.9 million.
Previous wording
•Received proceeds from the repayment of portfolio investments on the CLO subordinated note of $3.9 million.
Current wording
•Received proceeds from the repayment of portfolio investments on the CLO subordinated note of $4.8 million.
Previous wording
•Funded an additional $24.3 million in NP JV Holdings.
Current wording
•Funded an additional $25.9 million in NP JV Holdings.
Previous wording
•Took control of assets securing two risk-rated 5 first mortgage loans, comprised of two office buildings, through deeds-in-lieu of foreclosure for an aggregate fair value of $151.0 million.
Current wording
•Took control of assets securing two risk-rated 5 first mortgage loans, comprised of two office buildings, through deeds-in-lieu of foreclosure with an aggregate fair value of $151.0 million. During the three months ended September 30, 2025, the Company disposed of one of the properties acquired via deed-in-lieu of foreclosure for an aggregate sales price of $91.3 million.
Previous wording
•Disposed of four properties for an aggregate sales price of $15.8 million.
Current wording
•Disposed of four additional properties for an aggregate sales price of $15.8 million.
Previous wording
•Decreased total debt by $145.7 million, reducing our ratio of debt to total gross assets net of gross intangible lease liabilities to 61.2%.
Current wording
•Decreased total debt by $202.4 million, reducing our ratio of debt to total gross assets net of gross intangible lease liabilities to 62.5%.
Previous wording
(1)Table does not include our investment in the Unconsolidated Joint Venture, which had a carrying value of $165.5 million as of June 30, 2025, $155.4 million of which is held through CLR as of June 30, 2025.
Current wording
(1)Table does not include our investment in the Unconsolidated Joint Venture, which had a carrying value of $163.0 million as of September 30, 2025, $152.7 million of which is held through CLR as of September 30, 2025.
Previous wording
(2)As of June 30, 2025, first mortgage loans with a net book value of $1.1 billion and CMBS with an estimated fair value of $195.3 million were held through CLR.
Current wording
(2)As of September 30, 2025, first mortgage loans with a net book value of $1.1 billion and CMBS with an estimated fair value of $142.7 million were held through CLR.
Previous wording
(1)As of June 30, 2025, 91.1% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR.
Current wording
(1)As of September 30, 2025, 90.7% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR.
Previous wording
(3)Table does not include our investment in the Unconsolidated Joint Venture, which had a carrying value of $165.5 million as of June 30, 2025.
Current wording
(3)Table does not include our investment in the Unconsolidated Joint Venture, which had a carrying value of $163.0 million as of September 30, 2025.
Previous wording
(5)Does not include the CLO subordinated note. As of June 30, 2025, the CLO subordinated note has an initial maturity date of July 2037 and an estimated effective yield of 15.2%.
Current wording
(5)Does not include the CLO subordinated note. As of September 30, 2025, the CLO subordinated note has an initial maturity date of July 2037 and an estimated effective yield of 15.1%.
Previous wording
As of June 30, 2025, we owned 185 properties located in 36 states, the gross rentable square feet of which was 94.9% leased, including any month-to-month agreements, with a weighted average lease term remaining of 9.1 years. As of June 30, 2025, we had certain geographic and industry concentrations in our property holdings. As of June 30, 2025, we had properties located in California, Virginia, and Ohio which accounted for 17%, 14%, and 13%, respectively, of our 2025 annualized rental income. In addition, we had tenants in the health and personal care stores and manufacturing industries, which accounted for 12% and 10%, respectively, of our 2025 annualized rental income. During the six months ended June 30, 2025, we disposed of four properties for an aggregate gross sales price of $15.8 million as well as 11 condominium units for a gross sales price of $50.2 million.
Current wording
As of September 30, 2025, we owned 198 properties located in 37 states, the gross rentable square feet of which was 96.9% leased, including any month-to-month agreements, with a weighted average lease term remaining of 9.6 years. As of September 30, 2025, we had certain geographic and industry concentrations in our property holdings. As of September 30, 2025, we had properties located in Virginia and Ohio which accounted for 16% and 14%, respectively, of our 2025 annualized rental income. In addition, we had tenants in the health and personal care stores and manufacturing industries, which accounted for 13% and 11% respectively, of our 2025 annualized rental income. During the nine months ended September 30, 2025, we disposed of five properties for an aggregate gross sales price of $107.1 million as well as 15 condominium units for a gross sales price of $68.1 million.
Previous wording
The following table summarizes our real estate acquisition activity during the three and six months ended June 30, 2025. No properties were acquired during the three and six months ended June 30, 2024.
Current wording
The following table summarizes our real estate acquisition activity during the three and nine months ended September 30, 2025 and 2024.
Previous wording
The following table compares our summarized results of operations for the three and six months ended June 30, 2025 and 2024 by operating segment (amounts in thousands):
Current wording
The following table compares our summarized results of operations for the three and nine months ended September 30, 2025 and 2024 by operating segment (amounts in thousands):
Previous wording
Our Credit segment revenues decreased $20.3 million for the three months ended June 30, 2025, as compared to the same period in 2024. The decrease was primarily due to a decrease in the overall size of our investment portfolio during the three months ended June 30, 2025 as compared to the same period in 2024. As of June 30, 2025, we held credit investments with an outstanding principal balance of $4.1 billion compared to credit investments with an outstanding principal balance of $4.8 billion as of June 30, 2024.
Current wording
Our Credit segment revenues decreased $21.4 million for the three months ended September 30, 2025, as compared to the same period in 2024. The decrease was primarily due to a decrease in the overall size of our investment portfolio during the three months ended September 30, 2025 as compared to the same period in 2024. As of September 30, 2025, we held credit investments with an outstanding principal balance of $4.0 billion compared to credit investments with an outstanding principal balance of $4.5 billion as of September 30, 2024.
Previous wording
Expenses for our Credit segment consist primarily of interest expense, management fees, increases (decreases) to our provision for credit losses, and general and administrative expenses. The decrease in our Credit segment expenses of $232.5 million for the three months ended June 30, 2025, as compared to the same period in 2024, was primarily due to a $211.7 million decrease in provision for credit losses during the three months ended June 30, 2025, as compared to the same period in 2024 due to a decrease in incremental asset-specific credit loss provisions on funded and unfunded commitments related to the Company’s first mortgage loans. The decrease was further driven by a $19.2 million decrease in interest expense, primarily due to decreased outstanding borrowings used to fund credit investments during the three months ended June 30, 2025 as compared to the same period in 2024.
Current wording
Expenses for our Credit segment consist primarily of interest expense, management fees, increases (decreases) to our provision for credit losses, and general and administrative expenses. The decrease in our Credit segment expenses of $36.4 million for the three months ended September 30, 2025, as compared to the same period in 2024, was primarily due to an $18.1 million decrease in provision for credit losses during the three months ended September 30, 2025, as compared to the same period in 2024, due to a decrease in incremental asset-specific credit loss provisions on funded and unfunded commitments related to the Company’s first mortgage loans. The decrease was further driven by a $17.4 million decrease in interest expense, primarily due to decreased outstanding borrowings used to fund credit investments during the three months ended September 30, 2025 as compared to the same period in 2024.
Previous wording
Other income for our Credit segment consists of gain on investment in unconsolidated entities, unrealized (loss) gain on equity securities, and dividend income from our equity securities. The increase in our Credit segment other income of $882,000 during the three months ended June 30, 2025, as compared to the same period in 2024, was primarily due to a $2.1 million decrease in unrealized loss on equity securities during the three months ended June 30, 2025, as compared to the same period in 2024. Furthermore, there was a $169,000 increase in gain on investment in unconsolidated entities during the three months ended June 30, 2025, as compared to the same period in 2024. The increase was partially offset by a $1.4 million decrease in other income, net during the three months ended June 30, 2025, as compared to the same period in 2024, primarily related to a
Current wording
Other income for our Credit segment consists of gain on investment in unconsolidated entities, unrealized gain (loss) on equity securities, and dividend income from our equity securities. The increase in our Credit segment other income of $3.0 million during the three months ended September 30, 2025, as compared to the same period in 2024, was primarily due to a $4.9 million increase in other income, net during the three months ended September 30, 2025, as compared to the same period in 2024, primarily related to the recognition of a $7.0 million loss on sale of liquid corporate senior loans during the three months ended September 30, 2024, partially offset by a $1.8 million decrease in interest income generated by short-term liquid investments in cash and cash equivalents on the condensed consolidated balance sheets during the three months ended
Previous wording
The increase in our Real Estate segment revenues of $5.7 million for the three months ended June 30, 2025, as compared to the same period in 2024, was primarily due to the addition of four properties subsequent to June 30, 2024. Refer to “Same Store Analysis” below for a further discussion of net operating income at our “same store properties”.
Current wording
The increase in our Real Estate segment revenues of $4.6 million for the three months ended September 30, 2025, as compared to the same period in 2024, was primarily due to the addition of 16 properties subsequent to September 30, 2024. Refer to “Same Store Analysis” below for a further discussion of net operating income at our “same store properties”.
Previous wording
Our corporate expenses consist primarily of general and administrative expenses, expense reimbursements to related parties, interest expense, net related to our credit facilities, and property operating expenses related to our condominium and rental units acquired via foreclosure. The decrease in corporate expenses of $4.6 million during the three months ended June 30, 2025 was primarily due to no condominium-related impairment expense being recorded for the three months ended June 30, 2025 as compared to $5.5 million during the same period in 2024.
Current wording
Our corporate expenses consist primarily of general and administrative expenses, expense reimbursements to related parties, interest expense, net related to our credit facilities, and property operating expenses related to our condominium and rental units acquired via foreclosure. The decrease in corporate expenses of $3.0 million during the three months ended September 30, 2025 was primarily due to no condominium-related impairment expense recorded for the three months ended September 30, 2025 as compared to $3.5 million during the same period in 2024. The decrease was partially offset by an increase of $898,000 in general and administrative expenses during the three months ended September 30, 2025 as compared to the same period in 2024, primarily in connection with restricted stock unit related expenses recorded during the three months ended September 30, 2025.
Previous wording
Our Credit segment revenues decreased $52.6 million for the six months ended June 30, 2025, as compared to the same period in 2024. The decrease was primarily due to a decrease in the overall size of our investment portfolio during the six months ended June 30, 2025 as compared to the same period in 2024. As of June 30, 2025, we held credit investments with an outstanding principal balance of $4.1 billion compared to credit investments with an outstanding principal balance of $4.8 billion as of June 30, 2024.
Current wording
Our Credit segment revenues decreased $74.0 million for the nine months ended September 30, 2025, as compared to the same period in 2024. The decrease was primarily due to a decrease in the overall size of our investment portfolio during the nine months ended September 30, 2025 as compared to the same period in 2024. As of September 30, 2025, we held credit investments with an outstanding principal balance of $4.0 billion compared to credit investments with an outstanding principal balance of $4.5 billion as of September 30, 2024.
Previous wording
Expenses for our Credit segment consist primarily of interest expense, management fees, increases (decreases) to our provision for credit losses, and general and administrative expenses. The decrease in our Credit segment expenses of $259.6 million for the six months ended June 30, 2025, as compared to the same period in 2024, was primarily due to a $217.0 million decrease in provision for credit losses during the six months ended June 30, 2025, as compared to the same period in 2024 due to six first mortgage loans that were moved to a risk rating of 5 during the six months ended June 30, 2024, compared to no downgrades to a risk rating of 5 during the six months ended June 30, 2025. The decrease was further driven by a $39.5 million decrease in interest expense, primarily due to decreased outstanding borrowings used to fund credit investments during the six months ended June 30, 2025 as compared to the same period in 2024.
Current wording
Expenses for our Credit segment consist primarily of interest expense, management fees, increases (decreases) to our provision for credit losses, and general and administrative expenses. The decrease in our Credit segment expenses of $296.0 million for the nine months ended September 30, 2025, as compared to the same period in 2024, was primarily due to a $235.1 million decrease in provision for credit losses during the nine months ended September 30, 2025, as compared to the same period in 2024 due to six first mortgage loans that were moved to a risk rating of 5 during the nine months ended September 30, 2024, compared to no downgrades to a risk rating of 5 during the nine months ended September 30, 2025. The decrease was further driven by a $56.9 million decrease in interest expense, primarily due to decreased outstanding borrowings used to fund credit investments during the nine months ended September 30, 2025 as compared to the same period in 2024.
Previous wording
Other income for our Credit segment consists of gain on investment in unconsolidated entities, unrealized (loss) gain on equity securities, loss on debt extinguishment, along with dividend income from our equity securities. The increase in our Credit segment other income (expense) of $12.6 million during the six months ended June 30, 2025, as compared to the same period in 2024, was primarily due to a $1.2 million unrealized gain on equity securities during the six months ended June 30, 2025, as compared to a $15.6 million unrealized loss on equity securities for the same period in 2024. The increase was partially offset by a $2.9 million decrease in other income, net during the six months ended June 30, 2025, as compared to the same period in 2024, primarily related to a $2.9 million decrease in interest income generated by short-term liquid investments in cash and cash equivalents on the condensed consolidated balance sheets, during the six months ended June 30, 2025 as compared to the same period in 2024. The increase was further offset by a $1.3 million decrease in gain on investment in unconsolidated entities during the six months ended June 30, 2025, as compared to the same period in 2024.
Current wording
Other income (expense) for our Credit segment consists of gain on investment in unconsolidated entities, unrealized gain (loss) on equity securities, loss on debt extinguishment, along with dividend income from our equity securities. Our Credit segment had other income of $14.0 million during the nine months ended September 30, 2025, as compared to other expense of $1.6 million during the same period in 2024. The change was primarily due to a $3.6 million unrealized gain on equity securities during the nine months ended September 30, 2025, as compared to an $11.2 million unrealized loss on equity securities for the same period in 2024. The increase was further driven by a $2.0 million increase in other income, net primarily related to an $8.0 million decrease in loss on sale of liquid corporate senior loans during the three months ended September 30, 2025, as compared to the same period in 2024, partially offset by a $4.7 million decrease in interest income generated by short-term liquid investments in cash and cash equivalents on the condensed consolidated balance sheets and a $1.1 million decrease in dividend income from our equity securities during the three months ended September 30, 2025, as compared to the same period in 2024. The increase was offset by a $2.2 million decrease in gain on investment in unconsolidated entities during the nine months ended September 30, 2025, as compared to the same period in 2024.
Previous wording
The increase in our Real Estate segment revenues of $10.0 million for the six months ended June 30, 2025, as compared to the same period in 2024, was primarily due to the addition of four properties subsequent to June 30, 2024. Refer to “Same Store Analysis” below for a further discussion of net operating income at our “same store properties”.
Current wording
The increase in our Real Estate segment revenues of $14.6 million for the nine months ended September 30, 2025, as compared to the same period in 2024, was primarily due to the addition of 16 properties subsequent to September 30, 2024. Refer to “Same Store Analysis” below for a further discussion of net operating income at our “same store properties”.
Previous wording
The decrease in our Real Estate segment expenses of $38.6 million for the six months ended June 30, 2025, as compared to the same period in 2024, was primarily due to a decrease in impairment charges of $43.8 million for the six months ended June 30, 2025, as compared to the same period in 2024, as three properties were deemed to be impaired during the six months ended June 30, 2025, resulting in impairment charges of $7.7 million, as compared to seven properties that were deemed to be impaired during the six months ended June 30, 2024, resulting in impairment charges of $51.5 million. The decrease in Real Estate segment expenses were partially offset by an increase in property operating expenses of $2.6 million driven by the acquisition of four properties subsequent to June 30, 2024. Refer to “Same Store Analysis” below for a further discussion of net operating income at our “same store properties”.
Current wording
The decrease in our Real Estate segment expenses of $35.6 million for the nine months ended September 30, 2025, as compared to the same period in 2024, was primarily due to a decrease in impairment charges of $43.8 million for the nine months ended September 30, 2025, as compared to the same period in 2024, as three properties were deemed to be impaired during the nine months ended September 30, 2025, resulting in impairment charges of $7.7 million, as compared to seven properties that were deemed to be impaired during the nine months ended September 30, 2024, resulting in impairment charges of $51.5 million. The decrease in Real Estate segment expenses was partially offset by an increase in depreciation and amortization expenses of $3.3 million and an increase in property operating expenses of $3.2 million driven by the acquisition of 16 properties subsequent to September 30, 2024. Refer to “Same Store Analysis” below for a further discussion of net operating income at our “same store properties”.
Previous wording
Other income for our Real Estate segment primarily consists of gain on disposition of real estate, net, and other income. The increase in our Real Estate segment other income of $322,000 for the six months ended June 30, 2025, as compared to the same period in 2024, was primarily due to the disposition of four properties resulting in a net gain of $411,000 during the six months ended June 30, 2025, compared to the disposition of two properties resulting in no gain or loss during the six months ended June 30, 2024.
Current wording
Other income for our Real Estate segment primarily consists of gain on disposition of real estate, net, and other income. The increase in our Real Estate segment other income of $1.4 million for the nine months ended September 30, 2025, as compared to the same period in 2024, was primarily due to the disposition of five properties resulting in a net gain of $1.5 million during the nine months ended September 30, 2025, compared to the disposition of three properties resulting in no gain or loss during the nine months ended September 30, 2024.
Previous wording
Our corporate revenues, which consist primarily of rental income from our condominium and rental units acquired via foreclosure, decreased $119,000 during the six months ended June 30, 2025 as compared to the same period in 2024, due to the disposition of all condominium units not under development during the six months ended June 30, 2025.
Current wording
Our corporate revenues, which consist primarily of rental income from our condominium and rental units acquired via foreclosure, decreased $218,000 during the nine months ended September 30, 2025 as compared to the same period in 2024, due to the disposition of all condominium units not under development during the nine months ended September 30, 2025.
Previous wording
Our corporate expenses consist primarily of general and administrative expenses, expense reimbursements to related parties, interest expense, net related to our credit facilities, and property operating expenses related to our condominium and rental units acquired via foreclosure. The decrease in corporate expenses of $7.0 million during the six months ended June 30, 2025 as compared to the same period in 2024, was primarily due to no condominium-related impairment expense recorded during the six months ended June 30, 2025, as compared to $5.5 million during the same period in 2024. The decrease in corporate expenses was further driven by a decrease in property operating expenses of $2.1 million, due to decreased condominium-related legal expenses and miscellaneous condominium repairs and maintenance expense during the six months ended June 30, 2025 as compared to the same period in 2024.
Current wording
Our corporate expenses consist primarily of general and administrative expenses, expense reimbursements to related parties, interest expense, net related to our credit facilities, and property operating expenses related to our condominium and rental units acquired via foreclosure. The decrease in corporate expenses of $9.9 million during the nine months ended September 30, 2025 as compared to the same period in 2024, was primarily due to no condominium-related impairment expense recorded during the nine months ended September 30, 2025, as compared to $8.9 million during the same period in 2024. The decrease in corporate expenses was further driven by a decrease in property operating expenses of $2.2 million, due to decreased condominium-related legal expenses and miscellaneous condominium repairs and maintenance expense during the nine months ended September 30, 2025, as compared to the same period in 2024. The decrease was partially offset by an increase of $2.2 million in general and administrative expenses during the nine months ended September 30, 2025, as compared to the same period in 2024, primarily in connection with restricted stock unit related expenses recorded during the nine months ended September 30, 2025.
Previous wording
The increase in corporate other income of $1.3 million during the three months ended June 30, 2025, as compared to the same period in 2024, was primarily due to a $1.6 million increase in gain on disposition of real estate and condominium developments, net, as a result of the disposition of six condominium units resulting in a net gain of $4.0 million during the three months ended June 30, 2025, compared to the disposition of four condominium units resulting in a net gain of $2.5 million for the three months ended June 30, 2024.
Current wording
The increase in corporate other income of $758,000 during the nine months ended September 30, 2025 as compared to the same period in 2024, was primarily due to the disposition of 15 condominium units resulting in a net gain of $6.3 million during the nine months ended September 30, 2025, compared to the disposition of 11 condominium units resulting in a net gain of $4.5 million during the nine months ended September 30, 2024. The increase was partially offset by a decrease in other income, net of $1.1 million due to a decrease in interest income generated by short-term liquid investments in cash and cash equivalents on the condensed consolidated balance sheets for the nine months ended September 30, 2025.
Showing the first 40 of 58 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
CMBS with an estimated fair value of $142.7 million, and an investment in the Unconsolidated Joint Venture with a carrying value of $152.7 million.
Current report — wording carried from elsewhere
Other income for our Real Estate segment primarily consists of gain on disposition of real estate, net, and other income. The increase in our Real Estate segment other income of $1.1 million during the three months ended September 30, 2025, as compared to the same period in 2024 was primarily due to the disposition of one property resulting in a net gain of $1.1 million during the three months ended September 30, 2025, as compared to the disposition of one property and no gain or loss during the same period in 2024.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
$2.0 million decrease in interest income generated by short-term liquid investments in cash and cash equivalents on the condensed consolidated balance sheets, which was partially offset by a $942,000 decrease in the loss on sale of liquid corporate senior loans during the three months ended June 30, 2025 as compared to the same period in 2024.
Previous report — wording carried elsewhere
The decrease in our Real Estate segment expenses of $46.5 million for the three months ended June 30, 2025, as compared to the same period in 2024, was primarily due to a decrease in impairment charges of $50.8 million for the three months ended June 30, 2025, as compared to the same period in 2024, as two properties were deemed to be impaired during the three months ended June 30, 2025, resulting in impairment charges of $648,000, as compared to seven properties impaired during the three months ended June 30, 2024, resulting in impairment charges of $51.5 million. The decrease in Real Estate segment expenses was partially offset by an increase in property operating expenses of $2.1 million driven by the acquisition of four properties subsequent to June 30, 2024. Refer to “Same Store Analysis” below for a further discussion of net operating income at our “same store properties”.
Previous report — wording carried elsewhere
Richard S. Ressler, the chairman of our Board, chief executive officer and president, who is also a founder and principal of CIM Group and is an officer/director of certain of its affiliates, is the vice president of our manager. Through his affiliation with