$CMCT

PMC COMMERCIAL TRUST /TX

CIK:0000908311|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES:
Rental and other property income	$ 16,691,000	$ 15,779,000	$ 32,989,000	$ 32,999,000
Hotel income	$ 12,190,000	$ 11,173,000	$ 24,067,000	$ 23,307,000
Revenue from Contract with Customer, Product and Service [Extensible List]	Hotel	Hotel	Hotel	Hotel
Interest and other income	$ 802,000	$ 2,737,000	$ 2,044,000	$ 5,678,000
Total Revenues	29,683,000	29,689,000	59,100,000	61,984,000
EXPENSES:
Rental and other property operating	16,629,000	16,974,000	33,776,000	34,099,000
Asset management and other fees to related parties	859,000	349,000	1,443,000	709,000
Interest	9,046,000	10,176,000	18,170,000	19,934,000
General and administrative	1,518,000	1,801,000	3,550,000	3,982,000
Transaction-related costs	17,000	803,000	24,000	829,000
Depreciation and amortization	7,071,000	6,264,000	14,792,000	12,824,000
Loss on early extinguishment of debt (Note 7)	0	88,000	705,000	88,000
Impairment of real estate (Note 3)	0	221,000	0	221,000
Casualty loss, net	455,000	0	455,000	0
Total Expenses	36,447,000	38,245,000	74,642,000	75,540,000
Loss from unconsolidated entities	(3,222,000)	(437,000)	(4,598,000)	(1,588,000)
Gain on sale of First Western (Note 5)	0	0	1,737,000	0
LOSS BEFORE PROVISION FOR INCOME TAXES	(9,986,000)	(8,993,000)	(18,403,000)	(15,144,000)
Provision for income taxes	0	158,000	0	279,000
NET LOSS	(9,986,000)	(9,151,000)	(18,403,000)	(15,423,000)
Net loss attributable to noncontrolling interests	90,000	152,000	198,000	310,000
NET LOSS ATTRIBUTABLE TO THE COMPANY	(9,896,000)	(8,999,000)	(18,205,000)	(15,113,000)
Redeemable preferred stock dividends declared or accumulated (Note 11)	(980,000)	(5,280,000)	(5,160,000)	(10,764,000)
Redeemable preferred stock redemptions (Note 11)	(82,000)	0	(22,288,000)	(300,000)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (10,958,000)	$ (14,279,000)	$ (45,653,000)	$ (26,177,000)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:
Basic (in usd per share)	$ (4.03)	$ (1,784.88)	$ (28.30)	$ (3,739.57)
Diluted (in usd per share)	$ (4.03)	$ (1,784.88)	$ (28.30)	$ (3,739.57)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	2,722	8	1,613	7
Diluted (in shares)	2,722	8	1,613	7
Corporate
EXPENSES:
Expense reimbursements to related parties	$ 852,000	$ 891,000	$ 1,727,000	$ 1,517,000
Lending Segment
EXPENSES:
Expense reimbursements to related parties	$ 0	$ 678,000	$ 0	$ 1,337,000

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (18,403,000)	$ (15,423,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization, net	14,797,000	12,927,000
Straight-line rental income	381,000	865,000
(Gain) loss on interest rate caps	(13,000)	99,000
Impairment of real estate	0	221,000
Casualty loss, net	455,000	0
Loss on early extinguishment of debt	705,000	88,000
Gain on sale of First Western	(1,737,000)	0
Amortization of deferred debt origination costs	1,231,000	1,466,000
Amortization of premiums and discounts on debt	55,000	52,000
Unrealized premium adjustment	0	201,000
Amortization of deferred costs and accretion of fees on loans receivable, net	0	(235,000)
Write-offs of uncollectible receivables	198,000	687,000
Deferred income taxes	0	(117,000)
Stock-based compensation	128,000	110,000
Loss from unconsolidated entities	4,598,000	1,588,000
Loans funded, held for sale to secondary market	0	(3,993,000)
Proceeds from sale of guaranteed loans	0	5,484,000
Principal collected on loans subject to secured borrowings	0	26,000
Commitment fees remitted and other operating activity	0	(118,000)
Changes in operating assets and liabilities:
Accounts receivable	(648,000)	(49,000)
Other assets	(522,000)	(1,978,000)
Accounts payable and accrued expenses	(2,505,000)	(1,018,000)
Deferred leasing costs	(490,000)	(901,000)
Other liabilities	415,000	(1,116,000)
Due to related parties	(21,188,000)	(137,000)
Net cash used in operating activities	(22,543,000)	(1,271,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(6,334,000)	(12,751,000)
Receipt of deferred key money	787,000	0
Investment in unconsolidated entity	(35,000)	(1,209,000)
Return of investment from unconsolidated entity	69,000	0
Proceeds from sale of assets held for sale, net	45,630,000	0
Loans funded	0	(1,331,000)
Principal collected on loans	0	5,065,000
Net cash provided by (used in) investing activities	40,117,000	(10,226,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(12,779,000)	(20,053,000)
Proceeds from revolving credit facilities, term notes and mortgages	575,000	50,315,000
Payment of principal on secured borrowings	0	(26,000)
Payment of deferred costs	(80,000)	(2,069,000)
Net fees from issuance of Preferred Stock	(253,000)	(8,000)
Payment of Preferred Stock dividends	(6,012,000)	(11,395,000)
Noncontrolling interests’ distributions	0	(285,000)
Noncontrolling interests’ contributions	0	8,000
Net cash (used in) provided by financing activities	(18,549,000)	16,487,000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(975,000)	4,990,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	37,685,000	52,868,000
End of period	36,710,000	57,858,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	12,768,000	27,769,000
Restricted cash	23,942,000	30,089,000
Total cash and cash equivalents and restricted cash	36,710,000	57,858,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	16,355,000	17,035,000
Federal income taxes paid	0	110,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments	8,594,000	2,355,000
Other amounts due from Unconsolidated Joint Venture partners included in other assets	396,000	396,000
Accrual of dividends payable to preferred stockholders	964,000	5,280,000
Reclassification of Series A1 Preferred Stock from temporary equity to permanent equity	0	8,295,000
Deferred debt origination costs included in accounts payable	0	232,000
Write off of deferred debt origination costs	0	158,000
Accrued Redeemable Preferred Stock fees	$ 4,000	$ 183,000

Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Investments in real estate, net	$ 693,740,000	$ 698,087,000
Investments in unconsolidated entities	26,463,000	31,095,000
Cash and cash equivalents	12,768,000	15,439,000
Restricted cash	23,942,000	22,246,000
Accounts receivable, net	3,048,000	2,598,000
Deferred rent receivable and charges, net	16,901,000	18,692,000
Other intangible assets, net	378,000	439,000
Prepaid expenses and other assets	5,698,000	4,732,000
Assets held for sale, net (Note 5)	0	65,859,000
TOTAL ASSETS	782,938,000	859,187,000
LIABILITIES:
Debt, net	498,770,000	509,768,000
Accounts payable and accrued expenses	24,074,000	26,979,000
Due to related parties	1,631,000	22,819,000
Other liabilities	12,507,000	11,406,000
Liabilities associated with assets held for sale, net (Note 5)	0	21,966,000
Total liabilities	536,982,000	592,938,000
COMMITMENTS AND CONTINGENCIES (Note 15)
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 2,947,493 shares issued and outstanding as of June 30, 2026 and 26,997 shares issued and outstanding as of December 31, 2025	3,000	3,000
Additional paid-in capital	1,287,344,000	1,019,044,000
Distributions in excess of earnings	(1,109,784,000)	(1,064,132,000)
Total stockholders’ equity	245,266,000	265,361,000
Noncontrolling interests	690,000	888,000
Total equity	245,956,000	266,249,000
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	782,938,000	859,187,000
Series A Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	41,828,000	91,906,000
Series A1 Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	25,322,000	217,451,000
Series D Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	$ 553,000	$ 1,089,000