Creative Media & Community Trust Corporation — Director's Dealing 2014

Mar 11, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PMC COMMERCIAL TRUST /TX (PMCT)
CIK: 0000908311
Period of Report: 2014-03-11

Reporting Person: RESSLER RICHARD S (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-11	Common Shares of Beneficial Interest	J	22000003	—	Acquired	22000003	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-11	Class A Convertible Cumulative Pref Shares of Bnfcl Interest	$	P	65028571	Acquired		Common Shares of Beneficial Interest (455199997)	Indirect

Footnotes

F1: Acquisition of securities from the Issuer in connection with a merger transaction, as described in a registration statement on Form S-4 (File No. 333-190934) originally filed by the Issuer with the Securities and Exchange Commission on August 30, 2013 and declared effective on December 24, 2013.

F2: The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.

F3: The Issuer received securities in CIM Urban Partners, L.P., a Delaware limited partnership, and Urban Partners GP, LLC, a Delaware limited liability company, in exchange for the issuance of the common shares of beneficial interest and preferred shares of beneficial interest. The estimated per share purchase price of the common shares in the merger transaction, referenced in footnote (1) above, is $3.20 (using a closing price of the common shares of $8.70 per share on December 13, 2013 and taking into account a special dividend in an amount equal to $5.50 per share that was paid to holders of common shares immediately prior to the closing of the merger transaction).

F4: These shares are owned directly by Urban Partners II, LLC. The reporting person, together with Shaul Kuba and Avraham Shemesh, is a control person of CIM Holdings, Inc., which is the sole managing member of CIM Group, LLC, which is the sole manager of CIM Urban Partners GP, LLC, which is the sole managing member of Urban Partners II, LLC. The reporting person, CIM Holdings, Inc., CIM Group, LLC and CIM Urban Partners GP, LLC are indirect beneficial owners of the reported securities, subject to footnote (2) herein.

F5: Each class A convertible cumulative preferred share of beneficial interest will automatically convert into seven common shares of beneficial interest on the first business day on which there are sufficient authorized but unissued shares under the Issuer's declaration of trust to convert all of the preferred shares of beneficial interest into common shares of beneficial interest. The conversion feature has no expiration date.