20 unchanged sentences
CIM Group is headquartered in Los Angeles, California and has offices in Atlanta, Georgia, Chicago, Illinois, Dallas, Texas, New York, New York, Orlando, Florida, Phoenix, Arizona, London, UK and Tokyo, Japan.
−Removed: CIM Group also maintains additional offices with distribution staff and JV partnerships.
+Added: CIM Group also maintains additional offices with distribution staff and joint venture partnerships.
We rely upon our manager pursuant to our Second Amended and Restated Management Agreement dated March 24, 2023 (the “Management Agreement”), and certain of its affiliates to provide substantially all of our day-to-day management, including relying on our investment advisor, CIM Capital IC Management, LLC (the “Investment Advisor”), an affiliate of our manager, which provides substantially all of the day-to-day management of our wholly-owned subsidiary, CMFT Securities Investments, LLC (“CMFT Securities”), with respect to investments in securities and certain other investments held by CMFT Securities and its subsidiaries.
140 unchanged sentences
consideration of relevant factors, including prevailing and projected economic conditions, current tenant rolls and tenant creditworthiness, whether we could apply the proceeds from the sale of the asset to acquire other assets, whether disposition of the asset would increase cash flows, and whether the sale of the asset would be a prohibited transaction under the Code or otherwise impact our status as a REIT for federal income tax purposes.
−Removed: During the year ended December 31, 2024, we sold seven properties for an aggregate gross sales price of $90.6 million, resulting in net proceeds of $87.2 million after closing costs and a net gain of $1.9 million.
+Added: During the year ended December 31, 2025, we sold five properties for an aggregate gross sales price of $107.1 million, resulting in net proceeds of $102.7 million after closing costs and a net gain of $1.5 million.
Financing Strategy
8 unchanged sentences
The following table details our outstanding financing arrangements and borrowing capacity as of December 31, 2025 (in thousands):
−Removed: Portfolio Financing Outstanding Principal Balance Maximum Capacity (1)
+Added: Portfolio Financing Outstanding Principal Balance
+Added: Maximum Capacity (1)
Notes payable – variable rate debt
23 unchanged sentences
Our Board establishes an estimated per share net asset value (“NAV”) of the Company’s common stock for purposes of assisting broker-dealers in meeting their customer account statement reporting obligations under Financial Industry Regulatory Authority (“FINRA”) Rule 2231.
−Removed: The historical estimated per share NAV of our common stock approved by the Board are set forth below:
+Added: The following table presents the estimated per share NAV of our common stock approved by the Board from November 14, 2023 through March 27, 2026:
Effective Date of Valuation
NAV per Share
−Removed: October 1, 2015 $ 9.70
November 14, 2023
2 unchanged sentences
March 27, 2026
−Removed: March 30, 2020 $ 7.77
−Removed: May 29, 2020 $ 7.26
−Removed: August 14, 2020 $ 7.31
−Removed: May 26, 2021 $ 7.20
−Removed: December 21, 2022 $ 6.57
−Removed: November 14, 2023 $ 6.31
−Removed: March 1, 2024 $ 6.09
−Removed: March 28, 2025 $ 5.22
For participants in the DRIP, distributions are reinvested in shares of our common stock under the DRIP at the most recent estimated per share NAV as determined by our Board.
−Removed: As of December 31, 2024, the estimated per share NAV of our common stock was $6.09, which was established by the Board on February 29, 2024 using a valuation date of January 31, 2024.
+Added: As of December 31, 2025, the estimated per share NAV of our common stock was $5.22, which was established by the Board and effective on March 28, 2025 using a valuation date of December 31, 2024.
Effective on March 27, 2026, the Board established an updated estimated per share NAV of our common stock, using a valuation date of December 31, 2025, of $5.14 per share.
31 unchanged sentences
In addition, our manager generally shall continue to be entitled to reimbursement for costs and expenses to the extent incurred on behalf of the Company in accordance with the Management Agreement.
−Removed: The Management Agreement had an initial three-year term and shall be deemed renewed automatically each year thereafter for an additional one-year period unless the Company provides 180 days’ written notice of termination to the manager after the
−Removed: affirmative vote of 2/3 of the Company’s independent directors.
+Added: The Management Agreement had an initial three-year term and shall be deemed renewed automatically each year thereafter for an additional one-year period unless the Company provides 180 days’ written notice of termination to the manager after the affirmative vote of 2/3 of the Company’s independent directors.
If the Management Agreement is terminated without cause, the manager shall receive a termination fee equal to three times the sum of (a) the average annual management fee and (b) the average annual Incentive Compensation during the 24-month period prior to the termination.
13 unchanged sentences
For additional information related to conflicts of interest, see Part I, Item 1A.
−Removed: R isk Fac t o rs — Risks Related to Conflicts of Interest and Part II, Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations — C o nflicts of Interest of this Annual Report on Form 10-K.
+Added: Risk Factors — Risks Related to Conflicts of Interest and Part II, Item 7.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations — Conflicts of Interest of this Annual Report on Form 10-K.
Human Capital Resources
1 unchanged sentence
We have entered into the Management Agreement with CMFT Management, and the Investment Advisory and Management Agreement with our Investment Advisor, pursuant to which CMFT Management has agreed to provide, or arrange for other service providers to provide, management and administrative services to us and our subsidiaries, and our Investment Advisor has agreed to provide investment advisory services to CMFT Securities for the assets it manages.
−Removed: In our lending and investing activities, we compete for opportunities with a variety of institutional lenders and investors, including other REITs, specialty finance companies, public and private, commercial and investment banks, commercial finance and insurance companies and other financial institutions.
+Added: In our lending and real estate investing activities, we compete for opportunities with a variety of institutional lenders and investors, including other REITs, specialty finance companies, public and private companies, commercial and investment banks, commercial finance and insurance companies and other financial institutions.
Several other REITs and other investment vehicles have raised significant amounts of capital, and may have investment objectives that overlap with ours, which may create additional competition for lending and investment opportunities.
13 unchanged sentences
Copies of our filings with the SEC are available on our sponsor’s website, http://www.cimgroup.com , free of charge.
−Removed: The information on our sponsor’s website is not incorporated by reference into this Annual Report on Form 10-K.
+Added: The information on our
+Added: sponsor’s website is not incorporated by reference into this Annual Report on Form 10-K.
Copies of our filings with the SEC may also be obtained from the SEC’s website, http://www.sec.gov .
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.