CMRF

MKT CAP $1BP/E 13.6DIV YIELD —FCF YIELD —REV TTM $411M −12.5%NET INCOME $72.9MNET DEBT $2.8B52W 0.00 – 2.55SEC XBRL · TTM TO Invalid Date

How CMRF rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

37%

of sentences unchanged

Added

496

new sentences

Dropped

495

sentences removed

Length

−551

words, now 48,674

New in FY2025

For a comparison of the years ended December 31, 2024 and 2023, see Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
The following table compares our summarized results of operations for the years ended December 31, 2025 and 2024 by operating segment (amounts in thousands): For the Year Ended December 31, 2025 2024 Change Revenues: Credit Segment $ 304,321 $ 389,988 $ (85,667) Real Estate Segment 111,615 93,525 18,090 Corporate (319) 416,004 483,900 (67,896) Expenses: Credit Segment 261,696 603,837 (342,141) Real Estate Segment 91,983 122,779 (30,796) Corporate 41,278 51,802 (10,524) 394,957 778,418 (383,461) Other income (expense): Credit Segment 18,460 (10,034) 28,494 Real Estate Segment 1,717 2,268 (551) Corporate 11,151 9,994 1,157 31,328 2,228 29,100 Net income (loss) 52,375 (292,290) 344,665 Net income allocated to non-controlling interest Net income (loss) attributable to the Company $ 52,356 $ (292,301) $ 344,657 Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Credit Segment Revenues The decrease in our Credit segment revenues of $85.7 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily due to a decrease in the overall size of our investment portfolio and a decline in interest rates during the year ended December 31, 2025.
As of December 31, 2025, we held credit investments with an outstanding principal balance of $4.2 billion compared to credit investments with an outstanding principal of $4.4 billion as of December 31, 2024.
The decrease in our Credit segment expenses of $342.1 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily due to a $272.0 million decrease in the provision for credit losses, primarily due to six first mortgage loans that were moved to a risk rating of 5 during the year ended December 31, 2024, compared to no downgrades to a risk rating of 5 during the year ended December 31, 2025.
The decrease was further driven by a $65.2 million decrease in interest expense, primarily due to decreased outstanding borrowings used to fund credit investments during the year ended December 31, 2025.
Net Interest Income (amounts in thousands): For the Year Ended December 31, 2025 2024 Change Interest income from loans held-for-investment $ 282,467 $ 349,426 $ (66,959) Interest income from real estate-related securities and other 21,854 40,562 (18,708) Interest expense (151,008) (216,218) 65,210 Net interest income $ 153,313 $ 173,770 $ (20,457) For the year ended December 31, 2025, net interest income for our Credit segment decreased $20.5 million.
While decreases in average outstanding balances were the primary drivers of the declines in both interest income and interest expense, net interest income was adversely impacted by a larger decline in weighted average interest rates earned on credit investments relative to the decline in weighted average borrowing rates.
Although interest expense declined due to lower borrowing rates and a meaningful reduction in average outstanding borrowings used to fund our credit investments, these impacts only partially offset the decline in interest income.
Other Income (Expense) Other income (expense) for our Credit segment consists of gain on investment in unconsolidated entities, unrealized gain (loss) on equity securities, and loss on extinguishment of debt, along with dividend income from equity securities owned.
Our credit segment had other income of $18.5 million during the year ended December 31, 2025, as compared to other expense of $10.0 million during the year ended December 31, 2024.
The increase in our Credit Segment other income (expense) of $28.5 million during the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily due to an unrealized gain on equity securities of $5.7 million during the year ended December 31, 2025 as compared to an unrealized loss on equity securities of $15.9 million during the year ended December 31, 2024, largely driven by the change in market value of our investment in an equity security of a public company.
The increase was further driven by other income of $3.9 million, consisting of $756,000 in loss on sale of CMBS and liquid corporate senior loans, during the year ended December 31, 2025, as compared to other expense of $6.8 million, consisting of $17.3 million in loss on sale of CMBS and liquid corporate senior loans during the year ended December 31, 2024.
The decrease in the loss on sale of CMBS and liquid corporate senior loans was slightly offset by a decrease in interest income of $4.4 million.
The increase in other income (expense) was partially offset by a $4.5 million decrease in gain on investment in unconsolidated entities and a decrease of $676,000 in loss on extinguishment of debt during the year ended December 31, 2025, as compared to the year ended December 31, 2024.
Real Estate Segment Revenues The increase in our Real Estate segment revenues of $18.1 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily due to the addition of 20 properties subsequent to December 31, 2024.
Expenses The decrease in our Real Estate segment expenses of $30.8 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily due to a decrease in impairment charges of $42.4 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024, as four properties were deemed to be impaired during the year ended December 31, 2025, resulting in impairment charges of $9.9 million, as compared to ten properties that were deemed to be impaired during the year ended December 31, 2024, resulting in impairment charges of $52.2 million.
The decrease in Real Estate segment expenses was partially offset by an increase in depreciation and amortization expense of $4.4 million and an increase in property operating expenses of $4.8 million driven by the addition of 20 properties subsequent to December 31, 2024.
Other Income Other income for our Real Estate segment primarily consists of gain on disposition of real estate and other income.
The decrease in our Real Estate segment other income of $551,000 for the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily due to the disposition of five properties resulting in a net gain of $1.5 million during the year ended December 31, 2025, compared to the disposition of seven properties resulting in a net gain of $1.9 million during the year ended December 31, 2024.
Corporate and Other Revenues Our corporate revenues, which consist primarily of rental income from our condominium and rental units acquired via foreclosure, decreased $319,000 during the year ended December 31, 2025 as compared to the year ended December 31, 2024, The Company disposed of 16 condominium units during the year ended December 31, 2025 and two units remained as of December 31, 2025.
The decrease in corporate expenses of $10.5 million during the year ended December 31, 2025 as compared to the year ended December 31, 2024, was partially due to no impairment charges related to condominium units during the year ended December 31, 2025, as compared to $9.1 million during the year ended December 31, 2024.
The decrease was further driven by decreases of $2.1 million and $537,000 in property operating expense and real estate tax expense, respectively, related to the disposition of 16 condominium units during the year ended December 31, 2025.
The decrease was partially offset by an increase in general and administrative expenses of $1.5 million, primarily in connection with restricted stock unit related expenses recorded during the year ended December 31, 2025, as well as increases in professional and escrow and trustee fees.
Other Income The increase in corporate other income of $1.2 million during the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily driven by the disposition of 16 condominium units resulting in a net gain of $6.6 million during year ended December 31, 2025, compared to the disposition of 11 condominium units resulting in a net gain of $4.8 million during the year ended December 31, 2024.
The increase was partially offset by a decrease in other income of $736,000 primarily due to a decrease in interest income generated by short-term liquid investments included in cash and cash equivalents on the consolidated balance sheets during the year ended December 31, 2025, as compared to the year ended December 31, 2024.
Comparison of the Years Ended December 31, 2025 and 2024 The following table reconciles our Real Estate segment net income (loss), calculated in accordance with GAAP, to net operating income (in thousands): Total For the Year Ended December 31, 2025 2024 Change Net income (loss) $ 21,349 $ (26,986) $ 48,335 Other expense, net (177) (413) Gain on disposition of real estate and condominium developments, net (1,540) (1,855) Real estate impairment 9,860 52,243 (42,383) Depreciation and amortization 36,402 31,981 4,421 Transaction-related expenses — Management fees 9,348 8,218 1,130 General and administrative expenses (144) Interest expense, net 23,274 23,248 Net operating income $ 98,940 $ 86,835 $ 12,105 A total of 181 properties were acquired before January 1, 2024 and represent our “same store” properties during the years ended December 31, 2025 and 2024.
“Non-same store” properties, for purposes of the table below, include properties acquired or disposed of on or after January 1, 2024.
The following table details the components of our Real Estate segment net operating income broken out between same store and non-same store properties (in thousands): Total Same Store Non-Same Store For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, 2025 2024 Change 2025 2024 Change 2025 2024 Change Rental and other property income $ 111,615 $ 93,525 $ 18,090 $ 86,333 $ 85,912 $ $ 25,282 $ 7,613 $ 17,669 Property operating expenses 8,437 3,639 4,798 3,098 2,969 5,339 4,669 Real estate tax expenses 4,238 3,051 1,187 2,291 2,443 (152) 1,947 1,339 Total property operating expenses 12,675 6,690 5,985 5,389 5,412 (23) 7,286 1,278 6,008 Net operating income $ 98,940 $ 86,835 $ 12,105 $ 80,944 $ 80,500 $ $ 17,996 $ 6,335 $ 11,661 Net Operating Income Same store property net operating income remained relatively consistent during the year ended December 31, 2025, as compared to the year ended December 31, 2024.
Non-same store property net operating income increased $11.7 million during the year ended December 31, 2025, as compared to the year ended December 31, 2024.
The increase was primarily due to the acquisition of 20 properties, including two properties acquired through deeds-in-lieu of foreclosure, for an aggregate fair value at the time of acquisition of $209.1 million subsequent to December 31, 2024, partially offset by the disposition of five properties for an aggregate gross sales price of $107.1 million subsequent to December 31, 2024.
Our Board authorized the following monthly distribution amounts per share, payable to stockholders as of the record date for the applicable month, for the periods indicated below: Period Commencing Period Ending Monthly Distribution Amount January 2023 September 2023 $0.0350 October 2023 December 2023 $0.0367 January 2024 December 2024 $0.0375 January 2025 June 2026 $0.0283 As of December 31, 2025, we had distributions payable of $14.5 million.
The following table presents distributions and source of distributions for the periods indicated below (dollar amounts in thousands): Year Ended December 31, 2025 2024 Amount Percent Amount Percent Distributions paid in cash $ 121,293 % $ 154,040 % Distributions reinvested 31,217 % 42,635 % Total distributions $ 152,510 % $ 196,675 % Source of distributions: Net cash provided by operating activities (1) (2) $ 152,510 % $ 196,675 % Total sources $ 152,510 % $ 196,675 % ____________________________________ (1) Net cash provided by operating activities for the years ended December 31, 2025 and 2024 was $136.0 million and $161.2 million, respectively.
(2) Our distributions covered by cash flows include cash flows from operating activities in excess of distributions from prior periods of $16.5 million and $35.4 million for the years ending December 31, 2025 and 2024, respectively.
Share Redemptions During the year ended December 31, 2025, we received valid redemption requests under our share redemption program totaling approximately 179.5 million shares, of which we redeemed approximately 4.9 million shares as of December 31, 2025 for $25.8 million (at an average redemption price of $5.23 per share) and approximately 1.5 million shares subsequent to December 31, 2025 for $7.9 million (at an average redemption price of $5.22 per share).
The remaining redemption requests relating to approximately 173.0 million shares went unfulfilled.
During the year ended December 31, 2024, we received valid redemption requests under our share redemption program totaling approximately 151.9 million shares, of which we redeemed approximately 5.6 million shares as of December 31, 2024 for $33.9 million (at an average redemption price of $6.09 per share) and approximately 1.8 million shares subsequent to December 31, 2024 for $11.1 million (at an average redemption price of $6.09 per share).
Sources of Liquidity Our primary sources of liquidity include cash and cash equivalents and available borrowings under our debt facilities, which are set forth in the following table (in thousands): December 31, 2025 December 31, 2024 Cash and cash equivalents $ 184,674 $ 181,291 Unused borrowing capacity (1) 52,776 91,786 $ 237,450 $ 273,077 ____________________________________ (1) Reflects the total borrowing capacity approved by the lenders related to the assets pledged as collateral, less the drawn amount.
The following table details our outstanding financing arrangements and borrowing capacity as of December 31, 2025 (in thousands): Portfolio Financing Outstanding Principal Balance Maximum Capacity (1) Notes payable – variable rate debt $ 378,775 $ 378,775 ABS mortgage notes 758,520 758,520 Credit facilities 187,500 318,000 Repurchase facilities 1,777,400 2,984,256 (2) Total portfolio financing $ 3,102,195 $ 4,439,551 ___________________________________ (1) Subject to borrowing availability.
Variance between Average and Quarter-End Repurchase Facility Borrowings Outstanding The following table compares the average amount outstanding under our Repurchase Facilities (as defined in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K) during each quarter and the amount outstanding as of the end of each quarter, together with an explanation of significant variances (amounts in thousands): Quarter Ended Quarter-End Balance Weighted-Average Balance During Quarter Variance December 31, 2024 $ 1,693,142 $ 1,779,490 $ (86,348) (1) March 31, 2025 $ 1,688,721 $ 1,681,737 $ 6,984 June 30, 2025 $ 1,693,710 $ 1,621,436 $ 72,274 September 30, 2025 $ 1,613,093 $ 1,618,193 $ (5,100) December 31, 2025 $ 1,777,400 $ 1,641,465 $ 135,935 (2) ____________________________________ (1) Variance driven by late quarter timing of CMBS sales and debt pay downs, primarily in connection with the Master Repurchase Agreement with Wells Fargo and the amended and restated Master Repurchase Agreement with Barclays Bank (as described in further detail in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K).

and 456 more.

Gone since FY2024

For a comparison of the years ended December 31, 2023 and 2022, see Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
The following table compares our summarized results of operations for the years ended December 31, 2024 and 2023 by operating segment (amounts in thousands): For the Year Ended December 31, 2024 2023 Change Revenues: Credit Segment $ 389,988 $ 453,480 $ (63,492) Real Estate Segment 93,525 115,056 (21,531) Corporate 387 323 64 483,900 568,859 (84,959) Expenses: Credit Segment 603,837 412,341 191,496 Real Estate Segment 122,779 105,874 16,905 Corporate 51,802 58,126 (6,324) 778,418 576,341 202,077 Other (expense) income: Credit Segment (10,034) (17,674) 7,640 Real Estate Segment 2,268 44,159 (41,891) Corporate 9,994 9,083 911 2,228 35,568 (33,340) Net (loss) income (292,290) 28,086 (320,376) Net income allocated to non-controlling interest 11 8 3 Net (loss) income attributable to the Company $ (292,301) $ 28,078 $ (320,379) Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023 Credit Segment Revenues The decrease in our Credit segment revenues of $63.5 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily due to the suspension of interest income on three of our risk-rated 5 first mortgage loans with a carrying value of $373.8 million that were placed on nonaccrual status and were past due on their interest payments as of December 31, 2024, as well as a decrease in the overall size of our investment portfolio and a decline in interest rates during the year ended December 31, 2024.
As of December 31, 2024, we held credit investments with an outstanding principal balance of $4.4 billion compared to credit investments with an outstanding principal of $5.1 billion as of December 31, 2023.
The increase in our Credit segment expenses of $191.5 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily due to a $208.5 million increase in the provision for credit losses, primarily due to the asset-specific credit loss provision on funded and unfunded commitments recognized on seven of the Company’s first mortgage loan investments and the increase in provision for credit loss related to two CMBS positions that was recognized due to a decline in the underlying collateral value during the year ended December 31, 2024.
Other Expense Other expense for our Credit segment consists of gain on investment in unconsolidated entities, unrealized (loss) gain on equity securities, and loss on extinguishment of debt, along with dividend income from our equity securities.
The decrease in our Credit segment other expense of $7.6 million during the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to a $25.2 million decrease in other (expense) income, net, driven by a $36.4 million decrease in loss on sale of CMBS during the year ended December 31, 2024, as compared to the same period in 2023, partially offset by a $13.7 million increase in loss on sale of liquid corporate senior loans during the year ended December 31, 2024, as compared to the same period in 2023.
The decrease in other expense was further driven by a $1.9 million increase in gain on investment in unconsolidated entities and a decrease of $1.2 million in loss on extinguishment of debt during the year ended December 31, 2024, as compared to the same period in 2023.
The decrease in other expense was partially offset by a $15.9 million unrealized loss on equity securities during the year ended December 31, 2024, compared to a $4.8 million unrealized gain on equity securities during the year ended December 31, 2023.
Real Estate Segment Revenues The decrease in our Real Estate segment revenues of $21.5 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily due to the disposition of seven properties subsequent to December 31, 2023 and the disposition of 188 properties during the year ended December 31, 2023.
Expenses The increase in our Real Estate segment expenses of $16.9 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily due to an increase in impairment charges of $31.8 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, as ten properties were deemed to be impaired during the year ended December 31, 2024, due to sales prices or revised cash flow estimates that were less than their respective carrying values, resulting in impairment charges of $52.2 million, as compared to six properties that were deemed to be impaired during the year ended December 31, 2023, resulting in impairment charges of $20.4 million.
The increase was partially offset by the disposition of seven properties subsequent to December 31, 2023.
Other Income Other income for our Real Estate segment primarily consists of gain on disposition of real estate, loss on extinguishment of debt and other income.
The decrease in our Real Estate segment other income of $41.9 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily due to the disposition of seven properties resulting in a net gain of $1.9 million during the year ended December 31, 2024, compared to the disposition of 188 properties resulting in a net gain of $44.4 million during the year ended December 31, 2023.
Corporate and Other Revenues Our corporate revenues, which consist primarily of rental income from our condominium and rental units acquired via foreclosure, did not meaningfully change during the year ended December 31, 2024 as compared to the year ended December 31, 2023.
The decrease in corporate expenses of $6.3 million during the year ended December 31, 2024 as compared to the year ended December 31, 2023, was partially due to a $5.6 million decrease in impairment charges related to condominium units during the year ended December 31, 2024, as compared to the year ended December 31, 2023, and a decrease in interest expense, net of $4.3 million, driven by the pay down and termination of the credit agreement with JPMorgan Chase Bank, N.A. and PNC Bank, N.A.
(the “CMFT Credit Facility”) and the paydown and termination of the variable rate debt assumed by the Company upon completing the January 2021 foreclosure of assets which previously secured the Company's mezzanine loans (the “Assumed Variable Rate Debt”) during the year ended December 31, 2023.
The decrease was further driven by a $3.4 million decrease in transaction-related expenses driven by a tax settlement related to the Company’s condominium units during the year ended December 31, 2023.
In addition, we saw a decrease in property operating expenses of $1.9 million, primarily driven by decreased condominium-related legal expenses during the year ended December 31, 2024 as compared to the year ended December 31, 2023.
The decrease was partially offset by an increase in general and administrative expenses of $8.9 million, primarily in connection with restricted stock unit related expenses recorded during the year ended December 31, 2024 as well as an increase in escrow and trustee fees and a non-recurring increase in taxes.
Other Income The increase in corporate other income of $911,000 during the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily driven by a decrease of $4.4 million in loss on extinguishment of debt during the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily in connection with the paydown and termination of the CMFT Credit Facility and the refinanced Assumed Variable Rate Debt.
The increase was further driven by the disposition of 11 condominium units resulting in a net gain of $4.8 million during year ended December 31, 2024, compared to the disposition of 18 condominium units resulting in a net gain of $3.6 million during the year ended December 31, 2023.
The increase was partially offset by a decrease in other (expense) income, net of $4.7 million primarily due to a decrease in interest income generated by decreased short-term liquid investments included in cash and cash equivalents on the consolidated balance sheets during the year ended December 31, 2024, as compared to the year ended December 31, 2023.
Comparison of the Years Ended December 31, 2024 and 2023 The following table reconciles our Real Estate segment net (loss) income, calculated in accordance with GAAP, to net operating income (in thousands): Total For the Year Ended December 31, 2024 2023 Change Net (loss) income $ (26,986) $ 53,341 $ (80,327) Loss on extinguishment of debt — 1,192 (1,192) Other (expense) income, net (413) 4,380 (4,793) Gain on disposition of real estate and condominium developments, net (1,855) (49,731) 47,876 Real estate impairment 52,243 20,404 31,839 Depreciation and amortization 31,981 42,532 (10,551) Transaction-related expenses — 10 (10) Management fees 8,218 10,702 (2,484) General and administrative expenses 399 709 (310) Interest expense, net 23,248 22,884 364 Net operating income $ 86,835 $ 106,423 $ (19,588) A total of 185 properties were acquired before January 1, 2023 and represent our “same store” properties during the years ended December 31, 2024 and 2023.
“Non-same store” properties, for purposes of the table below, include properties acquired or disposed of on or after January 1, 2023.
The following table details the components of our Real Estate segment net operating income broken out between same store and non-same store properties (in thousands): Total Same Store Non-Same Store For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, 2024 2023 Change 2024 2023 Change 2024 2023 Change Rental and other property income $ 93,525 $ 115,056 $ (21,531) $ 87,370 $ 87,462 $ (92) $ 6,155 $ 27,594 $ (21,439) Property operating expenses 3,639 5,203 (1,564) 3,054 3,171 (117) 585 2,032 (1,447) Real estate tax expenses 3,051 3,430 (379) 2,547 2,732 (185) 504 698 (194) Total property operating expenses 6,690 8,633 (1,943) 5,601 5,903 (302) 1,089 2,730 (1,641) Net operating income $ 86,835 $ 106,423 $ (19,588) $ 81,769 $ 81,559 $ 210 $ 5,066 $ 24,864 $ (19,798) Net Operating Income Same store property net operating income remained relatively consistent during the year ended December 31, 2024, as compared to the year ended December 31, 2023.
Non-same store property net operating income decreased $19.8 million during the year ended December 31, 2024, as compared to the year ended December 31, 2023.
The decrease was primarily due to the disposition of seven properties subsequent to December 31, 2023 in addition to the disposition of 188 properties during the year ended December 31, 2023.
Our Board authorized the following monthly distribution amounts per share, payable to stockholders as of the record date for the applicable month, for the periods indicated below: Period Commencing Period Ending Monthly Distribution Amount January 2022 September 2022 $0.0305 October 2022 December 2022 $0.0339 January 2023 September 2023 $0.0350 October 2023 December 2023 $0.0367 January 2024 December 2024 $0.0375 January 2025 June 2025 $0.0283 As of December 31, 2024, we had distributions payable of $16.5 million.
The following table presents distributions and source of distributions for the periods indicated below (dollar amounts in thousands): Year Ended December 31, 2024 2023 Amount Percent Amount Percent Distributions paid in cash $ 154,040 78 % $ 141,818 77 % Distributions reinvested 42,635 22 % 42,879 23 % Total distributions $ 196,675 100 % $ 184,697 100 % Source of distributions: Net cash provided by operating activities (1) (2) $ 196,675 100 % $ 184,697 100 % Total sources $ 196,675 100 % $ 184,697 100 % ____________________________________ (1) Net cash provided by operating activities for the years ended December 31, 2024 and 2023 was $161.2 million and $223.8 million, respectively.
(2) Our distributions covered by cash flows for the year ended December 31, 2024 include cash flows from operating activities in excess of distributions from prior periods of $35.4 million.
Share Redemptions During the year ended December 31, 2024, we received valid redemption requests under our share redemption program totaling approximately 151.9 million shares, of which we redeemed approximately 5.6 million shares as of December 31, 2024 for $33.9 million (at an average redemption price of $6.09 per share) and approximately 1.8 million shares subsequent to December 31, 2024 for $11.1 million (at an average redemption price of $6.09 per share).
During the year ended December 31, 2023, we received valid redemption requests under our share redemption program totaling approximately 110.2 million shares, of which we redeemed approximately 5.2 million shares as of December 31, 2023 for $33.9 million (at an average redemption price of $6.57 per share) and approximately 1.7 million shares subsequent to December 31, 2023 for $11.0 million (at an average redemption price of $6.31 per share).
The remaining redemption requests relating to approximately 103.3 million shares went unfulfilled.
Sources of Liquidity Our primary sources of liquidity include cash and cash equivalents and available borrowings under our debt facilities, which are set forth in the following table (in thousands): December 31, 2024 December 31, 2023 Cash and cash equivalents $ 181,291 $ 247,500 Unused borrowing capacity (1) 91,786 100,138 $ 273,077 $ 347,638 ____________________________________ (1) Reflects the total borrowing capacity approved by the lenders related to the assets pledged as collateral, less the drawn amount.
The following table details our outstanding financing arrangements and borrowing capacity as of December 31, 2024 (in thousands): Portfolio Financing Outstanding Principal Balance Maximum Capacity (1) Notes payable – variable rate debt $ 606,452 $ 606,452 ABS mortgage notes 758,520 758,520 Credit facilities 124,500 318,000 Repurchase facilities 1,693,142 3,054,030 (2) Total portfolio financing $ 3,182,614 $ 4,737,002 ___________________________________ (1) Subject to borrowing availability.
Variance between Average and Quarter-End Repurchase Facility Borrowings Outstanding The following table compares the average amount outstanding under our Repurchase Facilities (as defined in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K) during each quarter and the amount outstanding as of the end of each quarter, together with an explanation of significant variances (amounts in thousands): Quarter Ended Quarter-End Balance Weighted-Average Balance During Quarter Variance December 31, 2023 $ 2,067,264 $ 2,212,706 $ (145,442) (1) March 31, 2024 $ 2,028,944 $ 2,065,339 $ (36,395) June 30, 2024 $ 1,929,204 $ 1,975,822 $ (46,618) September 30, 2024 $ 1,810,749 $ 1,888,858 $ (78,109) December 31, 2024 $ 1,693,142 $ 1,779,490 $ (86,348) (2) ____________________________________ (1) Variance driven by late quarter timing of CMBS sales and debt pay downs primarily in connection with the amended and restated Master Repurchase Agreement with Barclays Bank PLC (as described in further detail in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K).
(2) Variance driven by late quarter timing of CMBS sales and debt pay downs, primarily in connection with the Master Repurchase agreement with Wells Fargo Bank, N.A and the amended and restated Master Repurchase Agreement with Barclays Bank PLC (as described in further detail in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K).
Capital Resources Our principal demands for funds will be for the acquisition or origination of credit investments and real estate, and the payment of tenant improvements, acquisition-related expenses, operating expenses, distributions, redemptions and interest and principal on current and any future debt financings, including principal repayments of $1.7 billion within the next 12 months, $104.0 million of which has a rolling term that resets monthly, as further discussed in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K.
Contractual Obligations As of December 31, 2024, we had debt outstanding with a carrying value of $3.2 billion and a weighted average interest rate of 5.5%.

and 455 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch CMRF. Know when insiders buy.

One email the day a filing lands. Free.