Creative Media & Community Trust (CMCT) is a small, externally managed REIT that owns and operates commercial real estate in urban U.S. markets. CIM Group, a Los Angeles-based real estate manager, manages CMCT under a fee arrangement; CMCT itself has no employees. CMCT's portfolio spans three property types: office (12 properties, ~1.3M sq ft), one full-service hotel (the Sheraton Grand Sacramento, 505 rooms), and multifamily residential (five properties, including joint ventures). Office assets focus on "creative office" space targeting tech, media, and entertainment tenants in Los Angeles, Oakland, and Austin. The hotel operates under a Marriott management agreement. Multifamily properties are newer, higher-end buildings in walkable urban neighborhoods in LA and the Bay Area. CMCT sold its SBA 7(a) small business lending platform in January 2026. CMCT targets dense, high-barrier urban neighborhoods that CIM Group characterizes as areas with strong employment and ongoing investment activity. Core earnings drivers include office occupancy (roughly 75% at year-end 2025), hotel RevPAR, and multifamily lease-up. CMCT's stated strategy is to grow multifamily exposure — through ground-up development and office-to-residential conversions — while reducing its traditional office footprint. The company carries significant property-level mortgage debt, most of it non-recourse following a 2025 refinancing. A key concentration risk: Kaiser Foundation Health Plan accounts for roughly 23% of annualized rental income.