CIM Real Estate Finance Trust (CMFT) is a non-traded REIT that operates two businesses: commercial real estate lending and owning net-leased commercial properties. On the lending side, CMFT originates and acquires primarily floating-rate, senior secured first mortgage loans on commercial real estate — typically interest-only loans with 3-10 year terms. As of year-end 2025, the credit portfolio included 78 loans with a net book value of $3.5B, plus smaller holdings in real estate-related securities. On the property side, CMFT owns 202 single-tenant commercial properties (~6.7M sq ft across 37 states), leased under long-term net leases to national and regional retail, restaurant, and industrial tenants. The portfolio was 96.5% leased as of year-end 2025. Under net lease structures, tenants bear most operating costs, which limits CMFT's capital expenditure obligations and makes rental income more predictable. CMFT uses meaningful leverage across both segments, with debt-to-gross assets of 62.5% at year-end 2025, financed primarily through repurchase facilities and ABS mortgage notes. CMFT is externally managed by an affiliate of CIM Group, a Los Angeles-based real estate and infrastructure firm, which earns a 1.50% annual base management fee on equity plus a 20% performance fee above a 7% return hurdle. As a non-traded REIT, CMFT raised capital through broker-dealer offerings and has not yet listed on a national exchange, though a listing remains a potential future objective.