UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-O

(Mark One): 区

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

□

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission File Number 1-13610

CIM COMMERCIAL TRUST CORPORATION

(Exact name of registrant as specified in its charter)

Maryland

(State or Other Jurisdiction of Incorporation or Organization)

17950 Preston Road, Suite 600, Dallas, Texas

(Address of Principal Executive Offices)

75-6446078 (I.R.S. Employer Identification No.) 75252

(Zip Code)

(972) 349-3200

(Registrant's telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Common Stock, \$0.001 Par Value	CMCT	Nasdaq Global Market
Common Stock, \$0.001 Par Value	CMCT-L	Tel Aviv Stock Exchange
Series L Preferred Stock, \$0.001 Par Value	CMCTP	Nasdaq Global Market
Series L Preferred Stock, \$0.001 Par Value	CMCTP	Tel Aviv Stock Exchange
(Title of each class)	(Trading symbol)	(Name of each exchange on which registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ሬ □ Νο Ο

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ሬ No □

Indicate by check mark whether the Registrant is a large accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	Accelerated filer	Non-accelerated filer
Smaller reporting company	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes □ No ሬ

As of November 4, 2020, the Registrant had outstanding 14,827,410 shares of common stock, par value \$0.001 per share.

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (In thousands, except per share amounts)

	Three Months Ended September 30,			Nine Months Ended September 30,
	2020 2019				2020	2019
		(Unaudited)
REVENUES:
Rental and other property income	S	12,897	S	17,306	ਦਿੱਤੇ	41.416	S	73,306
Hotel income		1,525		7,734		10,153		27,087
Interest and other income		2,912		4,175		7,810		12,955
		17,334		29,215		59,379		113,348
EXPENSES:
Rental and other property operating		8,822		13,286		28,829		49,197
Asset management and other fees to related parties		2,387		2,699		7,408		10,496
Expense reimbursements to related parties-corporate		639		630		2,066		1,819
Expense reimbursements to related parties-lending segment		901		652		2,581		1,840
Interest		2,643		2,403		8,706		8,998
General and administrative		1,736		1,384		5,138		4,793
Transaction costs				340				600
Depreciation and amortization		5,273		5,180		15,728		21,995
Loss on early extinguishment of debt (Note 6)		281				281		29,982
Impairment of real estate (Note 3)								69,000
		22,682		26,574		70,737		198,720
Gain on sale of real estate (Note 3)				302				433,104
(LOSS) INCOME BEFORE (BENEFIT) PROVISION FOR INCOME TAXES		(5,348)		2,943		(11,358)		347,732
(Benefit) provision for income taxes		(18)		87		(731)		686
NET (LOSS) INCOME		(5,330)		2,856		(10,627)		347,046
Net loss (income) attributable to noncontrolling interests		7		(8)		1		165
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY		(5,323)		2,848		(10,626)		347,211
Redeemable preferred stock dividends declared or accumulated (Note 9)		(4,267)		(4,470)		(13,613)		(12,934)
Redeemable preferred stock deemed dividends (Note 9)		(87)				(300)
Redeemable preferred stock redemptions (Note 9)		(1)				(67)		(8)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	A	(9,678) \$				(1,622) \$ (24,606) \$ 334,269
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE: (1)
Basic	ക	(0.65)	S	(0.11)	સ્ત્ર	(1.67)	ર્સ્ડ	22.90
Diluted	સ્ત્ર	(0.65)	સ્ત્ર	(0.11)	ಕೊ	(1.67)		21.24
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: (1)
Basic		14,805		14,598		14,729		14,598
Diluted		14,805		14,599		14,729		15,825

(1) our common stock effected on September 3, 2019.

The accompanying notes are an integral part of these consolidated financial statements.

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							Nine Months Ended September 30, 2019
	Common Stock (1)				Preferred Stock
				Series A		Series L
	Shares		Par Value	Shares	Amount	Shares	Amount		Additional Paid-in Capital	Accumulated Other Comprehensive Income		Distributions in Excess of Earnings	Non- controlling Interests	Total Equity
									(Unaudited)
Balances, March 31, 2019	14,598,357	ಳಿ	44	1,669,881	\$ 41,541	8,080,740	\$229,251	ಳಿ	789,578	ക	ക	(151,570) \$	663	\$ 909,507
Distributions to noncontrolling interests													(47)	(47)
Stock-based compensation expense	3,556								44					44
Common dividends (\$0.375 per share) (1)												(5,476)		(5,476)
Issuance of Series A Preferred Warrants									31					31
Dividends to holders of Series A Preferred Stock (\$0.34375 per share)												(1,150)		(1,150)
Reclassification of Series A Preferred Stock to permanent equity				474,462	11,827				(1,002)					10,825
Redemption of Series A Preferred Stock				(1,667)	(41)				4			(4)		(41)
Net income												52,566	1	52,567
Balances, June 30, 2019	14,601,913	ಕೆ	44	2,142,676	\$ 53,327	8,080,740 \$229,251		है	788,655	ਫ਼ l	్రార్థి	(105,634) \$	617	\$ 966,260

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Consolidated Statements of Equity (Continued) (In thousands, except share and per share amounts)

(Continued)

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (In thousands)

	Nine Months Ended September 30,
	2020	2019
		(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	ક્ષ્	(10,627) \$ 347,046
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent and amortization of intangible assets, liabilities and lease inducements	(1,013)	(2,019)
Depreciation and amortization	15,728	21,995
Reclassification from AOCl to interest expense		(1,806)
Reclassification from other assets to interest expense for swap termination		1,421
Change in fair value of swaps		209
Gain on sale of real estate		(433,104)
Impairment of real estate		69,000
Loss on early extinguishment of debt	281	29,982
Amortization of deferred loan costs	859	864
Amortization of premiums and discounts on debt		(97) (150)
Unrealized premium adjustment	844	1,293
Amortization and accretion on loans receivable, net	(290)	(250)
Bad debt expense	2,311	73
Deferred income taxes	(915)	(76)
Stock-based compensation	167	138
Loans funded, held for sale to secondary market	(24,122)	(20,566)
Proceeds from sale of guaranteed loans	17,159	29,716
Principal collected on loans subject to secured borrowings	3,600	2,477
Other operating activity	(813)	(581)
Changes in operating assets and liabilities:
Accounts receivable and interest receivable		(60) 1,604
Other assets	1,159	2,065
Accounts payable and accrued expenses	રેજે રહે છે રહ્યું રહે છે અને સાંદર્ભ રાજ્યના સાથે અને સાથે અને સાથે અને સાથે છે. આ ગામના લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામનાં મુખ્યત્વે ખેતી, ખેતમ	(3,224)
Deferred leasing costs	(440)	(1,296)
Other liabilities	(870)	(7,956)
Due to related parties	3,710	(4,292)
Net cash provided by operating activities	7,169	32,563
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate	(13,210)	(19,946)
Proceeds from sale of real estate, net		941.032
Loans funded	(24,057)	(6,855)
Principal collected on loans	5,292	5,916
Other investing activity		81 354
Net cash (used in) provided by investing activities	(31,894)	920.501
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of unsecured revolving lines of credit, revolving credit facility and or term note	(48,000)	(135,500)
Proceeds from unsecured revolving lines of credit, revolving credit facility and or term note	61,500	74,000
Payment of mortgages payable		(46,000)
Investments in marketable securities in connection with the legal defeasance of mortgages payable		(268,194)
Prepayment penalties and other payments for early extinguishment of debt		(5,660)
Payment of principal on SBA 7(a) loan-backed notes	(7,159)	(7,625)
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	16,016
Payment of principal on secured borrowings	(3,600)	(2,477)

(Continued)

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (Continued) (In thousands)

		Nine Months Ended September 30,
		2020		2019
		(Unaudited)
Payment of deferred preferred stock offering costs		(683)		(497)
Payment of deferred loan costs		(535)		(34)
Payment of other deferred costs		(205)		(383)
Payment of common dividends		(3,319)		(12,045)
Payment of special cash dividends				(613,294)
Net proceeds from issuance of Series A Preferred Warrants		29		295
Net proceeds from issuance of Series A Preferred Stock		32,466		28,535
Net proceeds from issuance of Series D Preferred Stock		446
Payment of preferred stock dividends		(14,464)		(17,095)
Redemption of Series A Preferred Stock		(1,681)		(156)
Retirement of fractional shares of Common Stock				(1)
Noncontrolling interests' distributions		(45)		(515)
Noncontrolling interests' contributions				455
Net cash provided by (used in) financing activities		30,766		(1,006,191)
Change in cash balances included in assets held for sale				755
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		6,041		(52,372)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period		35,947		77,171
End of period	ക്ക	41,988	સ્ત્ર	24,799
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	S	32,111	S	13,292
Restricted cash		9,877		11,507
Total cash and cash equivalents and restricted cash	ಕಿತ	41,988	સ્ક્ર	24,799
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	S	7,952	ക്ക	10,788
Federal income taxes paid	સ્ત્રિ	273	સ્ત્રેન	850
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Additions to investments in real estate included in accounts payable and accrued expenses	સ્ત્રિ	1,047	સ્ક્રિ	3,275
Additions to deferred costs included in accounts payable and accrued expenses	ക്ക	221	ക്ക	344
Additions to preferred stock offering costs included in accounts payable and accrued expenses	સ્ત્રેન	653	સ્ક્રે	467
Accrual of dividends payable to preferred stockholders	ಕಿ	2,715	ക്ക	1,318
Preferred stock offering costs offset against redeemable preferred stock in temporary equity	ਵਿਚ	451	સ્ક્રિ	249
Preferred stock offering costs offset against redeemable preferred stock in permanent equity	S	4	ਦੇ ਚ	3
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	ಕಾ	27,434	સ્ત્ર	26,729
Additions to deferred loan costs included in accounts payable and accrued expenses	ക്ക	140	ക്ക
Reclassification of loans receivable, net to real estate owned	ਵਿਚ	174	સ્ક્રિ	243
Establishment of right-of use asset and lease liability	ಕಿತ		ക്ക	362
Marketable securities transferred in connection with the legal defeasance of mortgages payable	સ્ત્રિન		સ્ત્રે	268,194
Mortgage notes payable legally defeased	ക്ക		ക്ക	245,000
Mortgage note assumed in connection with our sale of real estate	ਵਿਚ		સ્ક્રિ	28,200
Redeemable preferred stock deemed dividends	ಕಿತ	300	ക
Redeemable Series A Preferred Stock fees included in accounts payable and accrued expenses	ਵਿਚ	386	ਦਿੱਤੇ
Redeemable Series D Preferred Stock fees included in accounts payable and accrued expenses	ಕಿತ	6	ਦਿੱਤੇ
Issuance of shares of Common Stock for asset management fees	ಕಿತ	2,359	ਦਿੱਤੇ
Payment of management fees and base service fee in preferred stock	S	2,663	es

The accompanying notes are an integral part of these consolidated financial statements.

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

Revenue from leasing activities

We operate as a lessor of real estate assets, primarily in Class A and creative office assets. In determining whether our contracts with our tenants constitute leases, we determined that our contracts explicitly identify the premises and that any substitution rights to relocate the tenant to other premises within the same building stated in the contract are not substantive. Additionally, so long as payments are made timely under these contracts, our tenants have the right to obtain substantially all the economic benefits from the use of this identified asset and can direct how and for what purpose the premises are used to conduct their operations. Therefore, our contracts with our tenants constitute leases.

All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased asset. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is recorded as deferred rent. If the lease provides for tenant improvements, we determine whether the tenant improvements, for accounting purposes, are owned by the tenant or us. When we are the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is considered the owner of the improvements, any tenant improvement allowance that is funded is treated as an incentives paid to tenants are included in other assets and amortized as a reduction to rental revenue on a straight-line basis over the term of the related lease.

Reimbursements from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes, insurance, and other recoverable costs, are recognized as revenue in the expenses are incurred. Tenant reimbursements are recognized and presented on a gross basis when we are primarily responsible for fulfilling the promise to provide the specified good or service and control that specified good or service before it is transferred to the have elected not to separate lease and non-lease components as the pattern of revenue recognition does not differ for the two components, and the non-lease component is not the primary component in our leases.

In addition to minimum rents, certain leases provide for additional rents based upon varying percentages of tenants' sales in excess of annual minimums. Percentage rent is recognized once lessees' specified sales targets have been met.

We derive parking revenues from leases with third-party operators. Our parking leases provide for additional rents based upon varying percentages of tenants' sales in excess of annual minimums. Parking percentage rent is recognized once lessees' specific sales targets have been met.

1 01 the allumine months oned of them 2017, W 150821264 Tond monto a 1010W

andad Santambar 20, 2020 and 2010, wa raganizad r

	Three Months Ended September 30,			Nine Months Ended September 30,
		20220		2019		2020		2019
				(in thousands)
Rental and other property income
Fixed lease payments (1)	S	12,382	S	15,389	S	38,294	S	66,925
Variable lease payments (2)		રી રે		1.917		3,122		6,381
Rental and other property income		12,897		17,306	A	41,416		73,306

(1) over the lease term, including amortization of acquired above-market leases and lease incentives.

(2) from our operating leases.

Revenue from lending activities

Interest income included in interest and other income is comprised of interest earned on loans and our short-term investments and the accretion of net loan origination fees and discounts. Interest income on loans is accrued with the accrual of interest suspended when the related loan becomes a Non-Accrual Loan (as defined below).

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

Revenue from hotel activities

Hotel revenue is recognized upon establishment of a contract with a customer. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. Various performance obligations of hotel revenues can be categorized as follows:

· cancellable and noncancelable room revenues from reservations and
· ancillary services including facility usage and food or beverage.

Cancellable reservations represent a single performance obligation of providing lodging services at the hotel. The Company satisfies its performance obligation and recognizes revenues associated with these reservations over time as services are rendered to the customer. The Company satisfies its performance obligation and recognizes revenues associated with noncancelable reservations at the earlier of (i) the date on which the cestomer cancels the reservation or (ii) over time as services are rendered to the customer.

Ancillary services include facilities usage and providing food and beverage. The Company satisfies its performance obligation and recognizes revenues associated with these services at a point in time as the good or service is delivered to the customer.

At inception of these contracts with customers for hotel revenues, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate.

We recognized hotel income of \$1,525,000 and \$7,734,000 for the three months ended September 30, 2020 and 2019, respectively, and \$10,153,000 and \$27,087,000 for the nine months ended September 30, 2020 and 2019, respectively. Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 17:

	Three Months Ended September 30,			Nine Months Ended September 30,
		2020		2019		2020		2019
				(in thousands)
Hotel properties
Hotel income	S	1.525	ਦੇ ਰੋ	7,734	ਦਿੱਤੇ	10,153	ਦਿੱ	27,087
Rental and other property income		222		736		911		2,208
Interest and other income		ો ર		41		ર્ભર		ી ૩૨
Hotel revenues	S	1,762	S	8.511	S	11,129	D	29,430

Tenant recoveries outside of the lease agreements

Tenant recoveries outside of the lease agreements are related to construction projects in which our tenants have agreed to fully reimburse us for all costs related to construction. These services include architectural, permit expediter and construction services. At inception of the contract with the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate. While these individual services are distinct, in the arrangement with the customer, all of these services are bundled together and represent a single package of construction services requested by the customer. The Company satisfies its performance obligation and recognizes revenues associated with these services over time as the construction is completed. No such amounts were recognized for tenant recoveries outside of the lease agreements for each of the three months ended September 30, 2020 and 2019, and \$205,000 were recognized for the nine months ended September 30, 2020 and 2019, respectively, which amounts are included in interest and other income on the consolidated statements of operations. As of September 30, 2020, there were no remaining performance obligations associated with tenant recoveries outside of the lease agreements.

Loans Receivable-Our loans receivable are carried at their unamortized principal balance less unamortized acquisition discounts and premiums, defered originations fees, retained loan loss reserves. All loans were originated pursuant to programs sponsored by the Small Business Administration (the "SBA"). The programs consist of loans

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

contracts that utilize the London Interbank Offered Rate ("LIBOR") as the benchmark reference rate. To be eligible for the optional expedients under this guidance, modifications of contractual terms that change, the amount or timing of contractual cash flows must be related to replacement of a reference rate. As it relates to the Company, the relevant optional expedient for contract modifications provides that entities can account for these modifications as a continuation of the existing contract without additional analysis. The ASU is effective for all business entities for interim and annual periods beginning on March 12, 2020 and provides for temporary relief through December 31, 2022. We are currently in the process of evaluating the impact of this new accounting guidance on our consolidated financial statements. but have not yet adopted the optional relief.

On April 10, 2020, the FASB issued a question-and-answer document (the "Q&A") to address stakeholder questions on the application of the lease accounting guidance for lease concessions related to the effects of COVID-19. The lease modification guidance in Topic 842, Leases, (or Topic 840, Leases) would require the Company to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was made pursuant to the enforceable rights and obligations of the existing lease agreement (precluded from applying the lease modification accounting framework). However, the Q&A provides that the Company may bypass the lease by lease analysis if certain criteria are met, and instead elect to either consistently apply, or consistently not apply, the lease modification framework to groups of leases with similar characteristics and similar circumstances. As described below, the Company has elected not to apply the lease modification guidance to concessions related to the effects of COVID-19 that do not result in a substantial increase in our rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than the total payments required by the original lease.

During the three and nine months ended September 30, 2020, the Company provided rental concessions to certain tenants in response to the impact of COVID-19. The Company's rental concessions during the three and nine months ended September 30, 2020 primarily provided for a deferral of rental payments or the application of security deposits to rental payments and replenishment of such security deposits with no substantive changes to the consideration provided for in the original lease. Such changes affected the timing, but not the amount, of the rental payments. In accordance with the above, the Company is accounting for these deferrals as if no changes were made to the Q&A had no material impact on the Company's consolidated financial statements as of and for the three and nine months ended September 30, 2020; however, its future impact on the Company is dependent upon the extent of lease concessions granted to tenants as a result of COVID-19 in future periods and the elections made by the Company at the time of entering into such concessions. Refer to Note 18 for a discussion regarding our lease concessions granted in connection with COVID-19.

3. INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:

	September 30, 2020	December 31, 2019
	(in thousands)
Land	S 134,421	134,421 ಕ್ಕೆ
Land improvements	2.603	2,713
Buildings and improvements	450,199	438,349
Furniture, fixtures, and equipment	4,682	4,628
Tenant improvements	33,562	35,667
Work in progress	8.578	13.484
Investments in real estate	634,045	629,262
Accumulated depreciation	(129,704)	(120,555)
Net investments in real estate	ಳಿ 504,341	508,707

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

We recorded depreciation expense of \$4,366,000 and \$4,156,000 for the three months ended September 30, 2020 and 2019, respectively, and \$12,960,000 and \$17,908,000 for the nine months ended September 30, 2020 and 2019, respectively.

The fair value of real estate acquired to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market leases, in-place leases and ground leases, if any, based in each case on their respective fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market rate loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate.

2020 Transactions-There were no acquisitions or dispositions during the nine months ended September 30, 2020.

2019 Transactions-There were no acquisitions during the nine months ended September 30, 2019.

We sold 100% fee-simple interests in the following properties to unrelated third-parties during the nine months ended September 30, 2019. Transaction costs related to these sales were expensed as incurred.

Property	Asset Type	Date of Sale	Square Feet	Sales Price	Transaction Costs	Gain on Sale
					(in thousands)
March Oakland Properties, Oakland, CA (1)	Office / Parking Garage	March 1, 2019	975,596	A 512,016	8.971 રે	289,779 A
830 1st Street, Washington, D.C.	Office	March 1, 2019	247,337	116,550	2,438	45,710
260 Townsend Street, San Francisco, CA	Office	March 14, 2019	66,682	66,000	2,539	42,092
1333 Broadway, Oakland, CA	Office	May 16, 2019	254,523	115,430	658	55,221
Union Square Properties, Washington, D.C. (2)	Office / Land	July 30, 2019	630,650	181,000	3,744	302
				990-996	S 18,350	433,104

(1) Webster Street Parking Garage.

⁽²⁾ Street. Prior to the sale, we determined that the book values of such properties exceeded their estimated fair values and recognized no impairment charge for the three months ended September 30, 2019, and \$69,000,000 for the nine months ended September 30, 2019 (Note 2). Our determination of the fair values of these properties was based on negotiations with the third-party buyer and the contract sales price. The gain on sale includes \$113,000 of extinguishment of noncontrolling interests as a result of the sale.

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

SBA 7(a) Loans Receivable, Paycheck Protection Program-Enacted in March 2020, the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act") implemented the Paycheck Protection Program, a new SBA 7(a) loan program that provides small businesses with uncollateralized and unguaranteed loans at an interest rate of 1.00%. The loans will be fully forgiven, subject to certain limitations, when used by the borrower for payroll costs, interest on mortgages, rent, and utilities. For those loans that are forgiven, the SBA will remit 100% of the remaining principal plus accrued interest to us. For those loans whose borrowers do not meet the criteria required for forgiveness, repayment obligations commence after the applicable deferment period in equal installments over the remaining term to maturity. A substantial portion of the loans that we originated under the Paycheck Protection Program have a two-year term and originally had a deferment period of six months: however, as a result of amendments to the Paycheck Protection Program, these loans now are deferred for up to 16 months. All loans approved by the SBA after June 5, 2020 have a five-year term and deferment period of 16 months. The loans are fully guaranteed by the SBA provided that originating lenders follow the requirements set forth in the Paycheck Program. Accordingly, there is no credit risk associated with these loans since the SBA has guaranteed payment of the principal and interest. Neither the government nor lenders charged borrowers any fees in connection with the Paycheck Program loans; however, the SBA paid lenders a fee upon funding loans under the Paycheck Protection Program.

As a SBA 7(a) licensee, we are an authorized lender under the Paycheck Protection Program and have originated \$16,016,000 of loans under the program as of September 30, 2020. We expect a significant portion of these loans will be forgiven and repaid, either in part or in full, by the SBA, including both principal and accrued interest.

SBA 7(a) Loans Receivable, Subject to Secured Borrowings-Represents the government guaranteed portions of loans originated under the SBA 7(a) Small Business Loan Program which were sold with the proceeds received from the sale reflected as secured borrowings-government guaranteed loans. There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal.

SBA 7(a) Loans Receivable, Held for Sale— Represents the government guaranteed portion of loans held for sale at the end of the period or that had been sold but in respect of which proceeds had not been received as of the period.

Other

As of September 30, 2020 and December 31, 2019, 100.0% and 99.6%, respectively, of our loans subject to credit risk were current. We classify loans with negative characteristics in substandard categories ranging from special mention to doubtful. As of September 30, 2020 and December 31, 2019, \$1,264,000 and \$1,362,000, respectively, of loans subject to credit risk were classified in substandard categories.

As of September 30, 2020 and December 31, 2019, our loans subject to credit risk were 99.0% and 98.7%, respectively, concentrated in the hospitality industry.

Enacted in March 2020, Section 1112 of the CARES Act ("Section 1112") provided for subsidy loan payments on all loans originated under the SBA 7(a) Small Business Loan Program in 'regular' servicing, which subsidies were not required to be repaid by the borrowers. The subsidy payments were paid by the SBA and reflected the initial six months of payments, including scheduled principal and interest payments, for any new loan originated from the implementation of the CARES Act through September 27, 2020. The overwhelming majority of borrowers under our SBA 7(a) Small Business Loan Program qualified for relief under Section 1112. The relief ended for most of our borrowers effective September 30, 2020.

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

Years Ending December 31,	Mortgage Payable	Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
				(in thousands)
2020 (Three months ending December 31, 2020)	S	S 107	8		S	450	S	557
2021		435				8,542		8.977
2022		449		166,500		9,333		176,282
2023		462				1,124		1,586
2024		477				703		1,180
Thereafter	97,100	6.622				38,057		141,779
	97,100	8,552		166,500		58,209		330,361

Future principal payments on our debt (face value) as of September 30, 2020 are as follows:

7. STOCK-BASED COMPENSATION PLANS

On April 3, 2015, our board of directors (the "Board of Directors") unanimously approved the CIM Commercial Trust Corporation 2015 Equity Incentive Plan (the "2015 Equity Incentive Plan"), which was approved by our stockholders. Under the 2015 Equity Incentive Plan, we granted awards of Common Stock to each of the independent members of the Board of Directors as follows:

Grant Date (1)	Vesting Date	Restricted Shares of	Restricted Shares of Common Stock - Individual Common Stock - Aggregate
May 2018	May 2019	1,126	3.378
May 2019	May 2020	889	3.556
July 2019	May 2020 (2)	81	324
May 2020	(3)	5.478	21,912

(1) generally vests based on one year of continuous service. We recorded compensation expense related to these restricted shares of Common Stock in the amount of \$5,000 and \$56,000 for the three months ended September 30, 2020 and 2019, respectively, and \$167,000 and \$138,000 for the nine months ended September 30, 2020 and 2019, respectively,

(2) 2019

(3) These shares will vest after one year of continuous service.

As of September 30, 2020, there was \$128,000 of total unrecognized compensation expense related to restricted shares of Common Stock which will be recognized ratably over the remaining vesting period.

Principal payments on secured borrowings and SBA 7(a) loan-backed notes, which are included in Other, are generally (1) dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled payments on the underlying loans. Our estimate will differ from actual amounts to the experience prepayments and or loan liquidations or charge-offs. No payments are received from the borrowers on the underlying loans.

⁽²⁾ through the PPPLF.

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

8. EARNINGS PER SHARE ("EPS")

The computations of basic EPS are based on our weighted average shares outstanding. The basic weighted average number of shares of Common Stock outstanding was 14,805,000 for the three months ended September 30, 2020 and 2019, respectively, and 14,598,000 for the nine months ended September 30, 2020 and 2019, respectively. In order to calculate the diluted werage number of Common Stock outstanding for the three and nine months ended September 30, 2020, the basic weighted average number of Common Stock outstanding was increased by 0 and 108 shares, respectively, to reflect the dilutive effect of certain shares of our Series A Preferred Stock. In order to calculate the diluted weighted average number of shares of Common Stock outstanding for the three and nine months ended September 30, 2019, the basic weighted average number of shares of Common Stock outstanding was increased by 1,000 and 1,227,000, respectively, to reflect the dilutive effect of certain shares of our Series A Preferred Stock. No shares of Series D Preferred Stock outstanding as of September 30, 2020 had a dilutive effect and no shares of Series D Preferred Stock were outstanding as of September 30, 2019. Outstanding Series A Preferred Warrants were not included in the computation of diluted EPS for the three and nine months ended September 30, 2020 and 2019 because their impact was either anti-dilutive or such warrants were not exercisable during such periods (Note 10). Outstanding shares of Series L Preferred Stock were not included in the computation of diluted EPS for the months ended September 30, 2020 and 2019 because such shares were not redeemable during such periods.

EPS for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS in the respective periods. In addition, EPS is calculated independently for each component and may not be additive due to rounding.

The following table reconciles the numerator and denominator used in computing our basic and diluted per-share amounts for net (loss) income attributable to common stockholders for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2020 2019				2020			2019
						(in thousands, except per share amounts)
Numerator:
Net (loss) income attributable to common stockholders	S	(9,678)	S	(1,622)	S	(24,606)	S	334,269
Redeemable preferred stock dividends declared on dilutive shares						(1)		1,917
Diluted net (loss) income attributable to common stockholders	S	(9,678)	S	(1,622)	S	(24,607)	S	336,186
Denominator:
Basic weighted average shares of Common Stock outstanding		14,805		14,598		14,729		14,598
Effect of dilutive securities-contingently issuable shares								1,227
Diluted weighted average shares and common stock equivalents outstanding		14,805		14,599		14,729		15,825
Net (loss) income attributable to common stockholders per share:
Basic	S	(0.65)	S	(0.11)	S	(1.67)	S	22.90
Diluted	S	(0.65)	ಕ್ಕಾ	(0.11)	S	(1.67)	S	21.24

9. REDEEMABLE PREFERRED STOCK

As of September 30, 2020, we had issued 5,896,536 shares of Series A Preferred Stock, 4,603,287 Series A Preferred Warrants and 18,737 shares of Series D Preferred Stock and received gross proceeds of \$147,864,000 of which was allocated to the Series A Preferred Stock, \$761,000 of which was allocated to the Series A Preferred Warrants, and \$452,000 of which was allocated to the Series D Preferred Stock) and, additionally, had issued 106,518 shares of Series A Preferred Stock as payment for services to the Administrator, for which \$0 in cash proceeds were received. In connection with such issuance, costs specifically identifiable to the offering of Series A Preferred Warrants and Series D Preferred Stock, such as commissions, dealer manager fees and other offering fees and expenses, totaled \$12,043,000

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

Dividend"). Dividends on each share of Series A Preferred Stock begin accruing on, and are of issuance.

We expect to pay the Series A Dividend in arrears on a monthly basis in accordance with the foregoing provisions, unless our results of operations, our general financing conditions, general economic conditions, applicable requirements of the Maryland General Corporation Law (the "MGCL") or other factors make it imprudent to do so. The timing and amount of the Series A Dividend will be determined by our Board of Directors, in its sole discretion, and may vary from time to time.

Cash dividends on our Series A Preferred Stock paid in respect of the nine months ended September 30, 2020 and 2019 consist of the following:

	Payment Date	Number of Shares		Cash Dividends
				(in thousands)
June 3, 2020	October 15, 2020	5,809,298	S	673
June 3, 2020	September 15, 2020	5,696,822	S	652
June 3, 2020	August 17, 2020	5,466,743	S	629
March 2, 2020	July 15, 2020	5,324,109	S	ਟਰੇਖ
March 2, 2020	June 15, 2020	5,033,203	S	563
March 2, 2020	May 15, 2020	4,853,969	S	ર્ટર્ન
January 28, 2020	April 15, 2020	4,827,633	S	547
January 28, 2020	March 16, 2020	4,684,453	S	530
January 28, 2020	February 18, 2020	4,581,353	S	રી રિ

August 8, 2019	October 15, 2019	4,091,980	S	1,318
June 4, 2019	July 15, 2019	3,601,721	S	1,150
February 20, 2019	April 15, 2019	3,149,924	S	1,010

On September 2, 2020, we declared a quarterly cash dividend of \$0.34375 per share of our Series A Preferred Stock, or portion thereof for issuances during the period from October 1, 2020. As a result, \$0.114583 per share will be paid on November 16, 2020 to holders of record of Series A Preferred Stock at the close of business on November 5, 2020, \$0.114583 per share will be paid on December 15, 2020 to holders of record of Series A Preferred Stock at the close of business on December 5, 2020, and \$0.114583 per share will be paid on January 15, 2021 to holders of record of Series A Preferred Stock at the close of business on January 5, 2021.

Series D Preferred Stock-Since February 2020, we have been conducting a continuous public offering with respect to shares of our series D preferred stock (the "Series D Preferred Stock"), par value \$25.00 per share (the "Series D Preferred Stock Stated Value"), subject to adjustment. The series D Preferred Stock was \$25.00 per share for all sales that occurred from the beginning of the offering to and including June 28, 2020 and is expected to be, and since June 29, 2020, has been, \$24.50 per share through the end of the life of the offering.

With respect to the payment of dividends, the Series D Preferred Stock ranks senior to our Series L Preferred Stock (as defined below) and our Common Stock and on parity with our Series A Preferred Stock. With respect to the distribution of amounts upon liquidation, dissolution or winding-up, the Series D Preferred Stock ranks on parity with our Series A Preferred Stock and Series L Preferred Stock, to the Series L Preferred Stock Stated Value (as defined below), and otherwise ranks senior to our Series L Preferred Stock and our Common Stock.

Our Series D Preferred Stock is redeemable at the option of the "Series D Preferred Stock Holde") or CIM Commercial. The redemption schedule of the Series D Preferred Stock allows redemptions at the Series D Preferred Stock Holder from the date of original issuance of Series D Preferred Stock at the Series D Preferred Stock Stated Value, less a redemption fee applicable prior to the issuance of such shares, plus accrued and unpaid dividends. CIM Commercial has the right to redeem the Series D Preferred Stock after the fifth anniversary of the issuance of such shares at the Series D Preferred Stock Stated Value, plus accrued and unpaid dividends. At the

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

Company's discretion, redemptions will be paid in cash or an equal value of Common Stock based on the volume weighted average price of our Common Stock for the 20 trading days prior to the redemption.

Shares of Series D Preferred Stock are recorded in permanent equity at the time of their issuance.

Holders of Series D Preferred Stock are entitled to receive, if, as and when authorized by our Board of Directors, and declared by us out of legally available funds, cumulative cash dividends on each share of Series D Preferred Stock at an annual rate of 5.65% of the Series D Preferred Stock Stated Value (1.e., the equivalent of \$0.35313 per share per quarter) (the "Series D Dividend"). Dividends on each share of Series D Preferred Stock begin accruing on, and are of issuance.

We expect to pay the Series D Dividend in arrears on a monthly basis in accordance with the foregoing provisions, unless our results of operations, our general financing conditions, general economic conditions, applicable requirements of the MGCL or other factors make it imprudent to do so. The timing and amount of the Series D Dividend will be determined by our Board of Directors, in its sole discretion, and may vary from time to time.

Cash dividends on our Series D Preferred Stock paid in respect of the nine months ended September 30, 2020 consist of the following:

	Payment Date	Number of Shares		Cash Dividends
				(in thousands)
June 3, 2020	October 15, 2020	18,737	S		2
June 3, 2020	September 15, 2020	18,737	S		2
June 3, 2020	August 17, 2020	6,900	S		1
March 2, 2020	July 15, 2020	6,900	S
March 2, 2020	June 15, 2020	6,900	S
March 2, 2020	May 15, 2020	6,580	S
March 2, 2020	April 15, 2020	5,980	S
March 2, 2020	March 16, 2020	5,600	S		0

On September 2, 2020, we declared a quarterly cash dividend of \$0.353125 per share of our Series D Preferred Stock, or portion thereof for issuances during the period from October 1, 2020. As a result, \$0.117708 per share will be paid on November 16, 2020 to holders of record of Series D Preferred Stock at the close of business on November 5, 2020, \$0.117708 per share will be paid on December 15, 2020 to holders of record of Series D Preferred Stock at the close of business on December 5, 2020, and \$0.117708 per share will be paid on January 15, 2021 to holders of record of Series D Preferred Stock at the close of business on January 5, 2021.

Series L Preferred Stock-On November 21, 2017, we issued 8,080,740 shares of Series L Preferred Stock having an initial stated value of \$28.37 per share ("Series L Preferred Stock Stated Value"), subject to adjustment. In November 2019, pursuant to a tender offer, we repurchased 2,693,580 shares of Series L Preferred Stock at a purchase price of \$29.12 per share (of which \$1.39, or \$3,744,000 in the aggregate, reflects the amount of accrued and unpaid dividends on the Series L Preferred Stock as of November 20, 2019), as converted to and in ILS (the "Tender Offer"). The total cost to repurchase the tendered shares, including professional fees to complete the Tender Offer of \$462,000 but excluding the dividends accrued in respect of such shares, was \$75,155,000, which was primarily funded from borrowings under the 2018 revolving credit facility (Note 6). We recognized \$5,873,000 of redeemable preferred stock redemptions in our consolidated statement of operations for the year ended December 31, 2019 in connection with the Tender Offer. The shares of Series L Preferred Stock accepted for payment by the Company were restored to the status of authorized but unissued shares of preferred stock without designation as to class or series

With respect to the payment of dividends, the Series L Preferred Stock ranks senior to our Common Stock (except with respect to and only to the extent of the Initial Dividend) and junior to our Series A Preferred Stock and Common Stock (with respect to and only to the Initial Dividend). With respect to the distribution of amounts upon liquidation, dissolution or winding-up, the Series L Preferred Stock ranks senior to our Common Stock, both (i) to the extent of the Series L Preferred Stock Stated Value and (ii) following payment to holders of our Commont equal to any unpaid Initial Dividend, to the extent of any accrued and unpaid dividends on the Series L Preferred Stock, on

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

Program lending, the government guaranteed portion of which is intended to be sold. Commitments generally have fixed expiration dates. Since some commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements.

General-In connection with the ownership and operation of real estate properties, we have certain obligations for the payment of tenant improvement allowances and lease commissions with new leases and renewals. CIM Commercial had a total of \$4,375,000 in future obligations under leases to fund tenant improvements and other future construction obligations as of September 30, 2020. As of September 30, 2020, \$2,815,000 was funded to reserve accounts included in restricted cash on our consolidated balance sheet for these tenant improvement obligations in connection with the mortgage loan agreement entered into in June 2016.

Employment Agreements-We have an employment agreement with one of our officers. Under certain circumstances, this employment agreement provides for (1) severance payment equal to the annual base salary paid to the officer and (2) death and disability payments in an amount equal to two time, respectively, the annual base salary paid to the officer.

Litigation-We are not currently involved in any material pending or threatened legal proceedings nor, to our knowledge, are any material legal proceedings currently threatened against us, other than routine in the ordinary course of business. In the normal course of business, we are periodically party to certain legal actions and proceedings involving matters that are generally incidental to our business. While the outcome of these legal actions and proceedings cannot be predicted with certainty, in management's opinion of these legal proceedings and actions will not have a material adverse effect on our business, financial condition, results of operations, cash flow or our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock.

In September 2018, we filed a lawsuit against the City and County of San Francisco seeking a refund of the \$11,845,000 in penalties, interest and legal fees paid by us for real property transfer tax allegedly due for a transaction in a prior year. We disputed that such penalties, interest and legal fees were payable but, in order to contest the asserted tax obligations, we had to pay such amounts to the City and County of San Francisco in August 2017. We have been vigorously pursuing this litigation and intend to continue to do so.

A subsidiary of the Company is a defendant in a lawsuit in connection with injuries sustained by a third-party contractor at a property previously owned by such subsidiary. While it is possible that a loss may be incurred, we are unable to estimate a range of potential losses due to the complexity and current status of the lawsuit. However, we maintain insurance coverage to mitigate the impact of adverse exposures in lawsuits of this nature and do not expect this lawsuit to have a material adverse effect on our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock.

SBA Related-If the SBA establishes that a loss on an SBA guaranteed loan is attributable to significant technical deficiencies in the manner in which the loan was originated, funded or serviced under the Paycheck Protection Program or the SBA 7(a) Small Business Loan Program, the SBA may seek recovery of the principal loss related to the deficiency from us. With respect to the guaranteed portion of SBA loans that have been sold, the SBA will first honor its guarantee and then seek compensation from us in the event that a loss is deemed to technical deficiencies. Based on historical experience, we do not expect that this contingency is probable to be asserted, it could have a material adverse effect on our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock.

Environmental Matters-In connection with the ownership and operation of real estate properties, we may be potentially liable for costs and damages related to environmental matters, including asbestos-containing materials. We have not been notified by any governmental authority of any noncompliance, liability, or other claim in connection with any of the properties, and we are not aware of any other environmental condition with respect to any of the properties that management believes will have a material adverse effect on our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock.

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

15. FUTURE MINIMUM LEASE RENTALS

Future minimum rental revenue under long-term operating leases as of September 30, 2020, excluding tenant reimbursements of certain costs, are as follows:

Years Ending December 31,		Total
	(in thousands)
2020 (Three months ending December 31, 2020)	S	11,516
2021		43,300
2022		39,870
2023		35,701
2024		34,309
Thereafter		51,433
	S	216,129

16. CONCENTRATIONS

Tenant Revenue Concentrations-Rental and other property income from Kaiser Foundation Health Plan, Incorporated ("Kaiser"), which occupied space in two of our Oakland, California properties, accounted for approximately 27.9% and 22.2% of our office segment revenues for the three months ended September 30, 2020 and 2019, respectively, and approximately 26.1% and 15.6% for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020 and December 31, 2019, \$51,000 and \$23,000, respectively, was due from Kaiser.

Rental and other property income from the U.S. General Services Administration and other government agencies (collectively, "Governmental Tenants"), which primarily occupied space in our properties located in Washington, D.C., which were sold during the year ended December 31, 2019, accounted for approximately 2.5% and 11.2% of our office segment revenues for the three months ended September 30, 2020 and 2019, respectively, and approximately 2.3% and 20.0% for the nine months ended September 30, 2020 and 2019, respectively, As of September 30, 2020 and December 31, 2019, \$3,000 and \$282,000, respectively, was due from Governmental Tenants.

Geographical Concentrations of Investments in Real Estate-As of both September 30, 2020 and December 31, 2019, we owned eight office properties, one hotel property, one parking garage, and one development site, which is being used as a parking lot. These properties are located in two states and in Washington, D.C. as of September 30, 2019.

Our revenue concentrations from properties are as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
California	88.6 %	84.1 %	90.0 %	77.7 %
Texas	11.4	7.4	9.8	5.1
Washington, D.C.		8.5	0.2	17.2
	100.0 %	100.0 %	100.0 %	100.0 %

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

The net operating income (loss) of our segments for the three and nine months ended September 30, 2020 and 2019 is as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
		2020		2019		2020		2019
				(in thousands)
Office:
Revenues	S	13,529	S	16,885	ಕ್ಕಾ	42,189	S	72,380
Property expenses:
Operating		6,026		7,205		17,338		29,677
General and administrative		61		41		397		397
Total property expenses		6,087		7,246		17,735		30,074
Segment net operating income-office		7,442		9,639		24,454		42,306
Hotel:
Revenues		1,762		8,511		11,129		29,430
Property expenses:
Operating		2,796		6,081		11,491		19,520
General and administrative		ે રેણવાડી તેમ જ દૂધની ડેરી જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામનાં પ્રાથમિક શાળા, પંચાયતઘર, આંગણવાડી તેમ જ દૂધની ડેરી જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામનાં પ્રાથમિક શાળા, આંગણ		31		રવ		108
Total property expenses		2,831		6,112		11,545		19,628
Segment net operating (loss) income-hotel		(1,069)		2,399		(416)		9,802
Lending:
Revenues		1,981		2,411		5,963		8,312
Lending expenses:
Interest expense		170		365		650		1,483
Expense reimbursements to related parties		901		652		2,581		1,840
General and administrative		641		505		1,562		1,343
Total lending expenses		1,712		1.522		4,793		4,666
Segment net operating income-lending		269		889		1,170		3,646
Total segment net operating income	S	6,642	ಕಾ	12,927	ಲ್ಲಿ	25,208	S	55,754

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

A reconciliation of our segment net operating income attributable to the Company for the three and nine months ended September 30, 2020 and 2019 is as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
		2020		2019		2020		2019
				(in thousands)
Total segment net operating income	S	6,642	S	12,927	ಕ್ಕಾ	25,208	S	55,754
Interest and other income		62		1,408		98		3,226
Asset management and other fees to related parties		(2,387)		(2,699)		(7,408)		(10,496)
Expense reimbursements to related parties-corporate		(639)		(630)		(2,066)		(1,819)
Interest expense		(2,473)		(2,038)		(8,056)		(7,515)
General and administrative		(999)		(807)		(3,125)		(2,945)
Transaction costs				(340)				(600)
Depreciation and amortization		(5,273)		(5,180)		(15,728)		(21,995)
Loss on early extinguishment of debt		(281)				(281)		(29,982)
Impairment of real estate								(69,000)
Gain on sale of real estate				302				433,104
(Loss) income before benefit (provision) for income taxes		(5,348)		2,943		(11,358)		347,732
Benefit (provision) for income taxes		18		(87)		731		(686)
Net (loss) income		(5,330)		2,856		(10,627)		347,046
Net loss (income) attributable to noncontrolling interests		7		(8)				165
Net (loss) income attributable to the Company	S	(5,323)	S	2,848	ਦੇ ਰੋ	(10,626)	A	347,211

The condensed assets for each of the segments as of September 30, 2020 and December 31, 2019, along with capital expenditures and loan originations for the nine months ended September 30, 2020 and 2019, are as follows:

		September 30, 2020	December 31, 2019
			(in thousands)
Condensed assets:
Office	S	468,858	న్	460,951
Hotel		101,234		104,029
Lending		103,577		82,140
Non-segment assets		14.444		20,472
Total assets	C	688,113	S	667,592

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Properties

As of September 30, 2020, our real estate portfolio consisted of 11 assets, all of which were fee-simple properties. As of September 30, 2020, our eight office properties and one development site which is being used as a parking lot, totaling approximately 1.3 million rentable square feet, were 79.5% occupied (during the nine months ended September 30, 2020, we completed the development of a former surface parking lot at 3601 S Congress Avenue into approximately 44,000 square feet of additional office space, which was 0% occupied as of September 30, 2020 and is included in the occupancy percentage as of September 30, 2020), and one hotel with an ancillary parking garage, which has a total of 503 rooms, had RevPAR of \$51.37 for the nine months ended September 30, 2020.

Strategy

Our strategy is principally focused on the acquisition of Class A and creative office assets in vibrant and improving metropolitan communities throughout the United States (including improving and developing such assets) in a manner that will prudently grow our NAV and cash flow per share of Common Stock.

Our strategy is centered around CIM Group's community qualification process. We believe this strategy provides us with a significant competitive advantage when making real estate acquisitions. The qualification process generally takes between six months and five years and is a critical component of CIM Group's evaluation. As part of the community qualification process, CIM Group examines the characteristics of a market to determine whether the district possesses certain characteristics prior to the extensive efforts CIM Group's investment professionals undertake when reviewing potential acquisitions in its qualified communities"). Qualified Communities"). Qualified Communities generally fall into one of two categories: (i) transitional metropolitan districts that have dedicated resources to become vibrant communities and (ii) well-established, thriving metropolitan areas (typically major central business districts). Qualified Communities are distinct districts which have dedicated resources to become or are currently vibrant communities where people can live, work, shop and be entertained, all within walking distance or close proximity to public transportation. These areas also generally have high barriers to entry, high population density, positive population trends and support for investment. CIM Group believes that a vast majority of the risks associated with acquiring real estate are mitigated by accumulating local market knowledge of the community where the asset is located. CIM Group typically spends significant time and resources qualifying targeted communities prior to making any acquisitions. Since 1994, CIM Group has identified Communities and has deployed capital in 75 of these communities. Although we may not deploy in Qualified Communities, it is expected that most of our assets will be identified through this systematic process.

CIM Group seeks to maximize the value of its holdings through active onsite property management and leasing. CIM Group has extensive in-house research, acquisition, credit analysis, development, finance, leasing and onsite property management capabilities, which leverage its deep understanding of metropolitan communities to position properties for multiple uses and to maximize operating income. As a vertically-integrated owner and operator, CIM Group has in-house onsite property management and leasing capabilities. Property managers prepare annual capital and operating budgets and monthly operating reports, monitor results, and oversee vendor services, maintenance and capital improvement schedules. In addition, they ensure that revenue objectives are met, lease terms are follected, preventative maintenance programs are implemented, vendors are evaluated and expenses are controlled. In addition, CIM Group's Real Assets Management Committee reviews and approves strategic plans for each asset, including financial, leasing, marketing, property positioning and disposition plans. The Real Assets Management Committee reviews and approves the annual business plan for each property, including its capital and operating budget. CIM Group's organizational structure provides for continuity through multidisciplinary teams responsible for an asset from the time of the original investment recommendation, through the implementation of the asset's business plan, and any disposition activities.

CIM Group's Investments and Development teams are separate groups that work very closely together on transactions requiring development expertise. While the Investments team is responsible for acquisition analysis, both the Investments and Development teams perform due diligence, evaluate and determine underwriting assumptions and participate in the development management and ongoing asset management of CIM Group's opportunistic assets. The Development team is also responsible for the oversight and or execution of securing entitlements and the development/repositioning process. In instances where CIM Group is not the lead developer, CIM Group's in-house Development team continues to provide development and construction oversight to co-sponsors through a shadow team that oversees of the development from beginning to end to ensure adherence to the budgets, schedules, quality and scope of the project in order to maintain CIM Group's vision for the final product. The Investments and Development teams interact as a cohesive team when sourcing, acquiring, executing and managing the business plan of an opportunistic acquisition.

We seek to utilize the CIM Group platform to acquire, improve and or develop real estate assets within CIM Group's Qualified Communities. We believe that these assets will provide greater returns than similar markets, as a result of the population growth, public commitment, and significant private investment that characterize these areas. Over time, we

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Over the next four quarters, we expect to see expiring cash rents as set forth in the table below:

	For the Three Months Ended
		December 31, March 31, 2020 2021	June 30. 2021		September 30, 2021
Expiring Cash Rents:
Expiring square feet (1)		67,631	23.495	26,923		16.006
Expiring rent per square foot (2)	క	47.09 \$	72.78 S	47.62 \$		41.80

(1) listed

(2) multiplied by twelve. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail.

During the three and nine months ended September 30, 2020, we executed leases with terms longer than 12 months totaling 9,759 and 45,236 square feet, respectively. The table below sets forth information on certain of our executed leases during the three and nine months ended September 30, 2020, excluding space that was vacant for more than one year, month-tomonth leases, leases with an original term of less than 12 months, related party leases, and space where the previous tenant was a related party:

	Number of Leases (1)	Rentable Square Feet		New Cash Rents per Square Foot (2)		Expiring Cash Rents per Square Foot (2)
Three months ended September 30, 2020	3	8.159	ಳಿ	35.79 S		35.53
Nine months ended September 30, 2020	10	39.916	ക	53.46 S		44.48

(1) Based on the number of tenants that signed leases.

(2) Cash rents represent gross monthly base rent, multiplied by twelve. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent.

Fluctuations in submarkets, buildings and terms of leases may cause large variations in these numbers and make predicting the changes in rent in any specific period difficult. Our rental and occupancy rates are impacted by general economic conditions, including the pace of regional and economic growth, and access to capital. Therefore, we cannot give any assurance that leases will be renewed or that available space will be re-leased at rental rates equal to or above the current market rates. Additionally, decreased demand and other negative trends or unforeseeable events, such as COVID-19, that impair our ability to timely renew or re-lease space could have a material adverse effect on our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock.

Tenants accounting for over 10% of revenues

Rental and other property income from Kaiser, which occupied space in two of our Oakland, California properties, accounted for approximately 27.9% and 22.2% of our office segment revenues for three months ended September 30, 2020 and 2019, respectively, and approximately 26.1% and 15.6% for the nine months ended September 30, 2020 and 2019, respectively.

Rental and other property income from Governmental Tenants, which primarily occupied space in our properties located in Washington, D.C., which were sold during the year ended December 31, 2019, accounted for approximately 2.5% and 11.2% of our office segment revenues for the three months ended September 30, 2020 and 2019, respectively, and approximately 2.3% and 20.0% for the nine months ended September 30, 2020 and 2019, respectively.

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Hotel Revenue: Hotel revenue decreased to \$1,762,000, or by 79.3%, for the three months ended September 30, 2020, compared to \$8,511,000 for the three months ended September 30, 2019, primarily due to a decrease in occupancy, average daily rate, and food, beverage, and other sundry hotel services during the third quarter of 2020 as compared to the third quarter of 2019 as a result of COVID-19. The outbreak of COVID-19 (see "—COVID-19" above), the temporary closure of the nearby Sacramento Convention Center until its expected reopening in early 2021, and renovations of the guest rooms, food and beverage amenities, public areas, meeting rooms and other amenties at the hotel during 2020, to the extent such renovations are resumed, are expected to cause hotel revenue to decline materially during the remainder of 2020 as compared to the fourth quarter of 2019.

Lending Revenue: Lending revenue represents revenue from our lending interest including interest income on loans and other loan related fee income. Lending revenue decreased to \$1,981,000, or by 17.8%, for the three months ended September 30, 2020, compared to \$2,411,000 for the three months ended September 30, 2019. The decrease is primarily due to a decrease in interest income resulting from a decrease in the prime rate.

Interest and Other Income: Interest and other income represents revenue generated outside of our reportable segments. Interest and other income decreased to \$62,000 for the three months ended September 30, 2020, compared to \$1,408,000 for the three months ended September 30, 2019. The decrease primarily relates to interest earned during the three months ended September 30, 2019 on the proceeds from certain of the 2019 Asset Sales.

Expenses

Office Expenses: Office expenses decreased to \$6,087,000, or by 16.0%, for the three months ended September 30, 2020, compared to \$7,246,000 for the three months ended September 30, 2019. The decrease is primarily due to the sale of two office properties in Washington, D.C., which was consummated in July 2019.

Hotel Expenses: Hotel expenses decreased to \$2,831,000, or by 53.7%, for three months ended September 30, 2020, compared to \$6,112,000 for the three months ended September 30, 2019, primarily as a result of decreased occupancy at the hotel due to COVID-19. The outbreak of COVID-19 (see "—COVID-19" above) is expected to cause hotel expenses to decrease during the remainder of 2020 as compared to the fourth quarter of 2019.

Asset Management and Other Fees to Related Parties: Asset management fees and other fees to related parties, which have not been allocated to our operating segments, were \$2,387,000 for the three months ended September 30, 2020, a decrease of \$312,000, compared to \$2,699,000 for the three months ended September 30, 2019. Asset management fees totaled \$2,387,000 for the three months ended September 30, 2020, compared to \$2,424,000 for three months ended September 30, 2019. Asset management fees are calculated based on a percentage of the daily average adjusted fair value of CIM Urban's assets, which are appraised in the fourth quarter of each year.

CIM Commercial also paid a Base Service Fee to the Administrator, a related party, which totaled \$275,000 for the three months ended September 30, 2019. On May 11, 2020, the Master Services Agreement was amended to replace the Base Service Fee with the Incentive Fee. The amendment is effective as of April 1, 2020. The Administrator did not earn an Incentive Fee for the three months ended September 30, 2020. Based on the expected performance of the remainder of 2020, we will pay no Incentive Fee in 2020; it is also very likely that we will not pay any Incentive Fee in 2021.

Expense Reimbursements to Related Parties—Corporate: The Administrator received compensation and or reimbursement for performing certain services for CIM Commercial and its subsidiaries that are not covered by the Base Service Fee or the Incentive Fee, as the case may be. For the three months ended September 30, 2020 and 2019, we expensed \$639,000 and \$630,000 for such services, respectively.

Interest Expense: Interest expense, which has not been allocated to our operating segments, was \$2,473,000 for the three months ended September 30, 2020, an increase of \$435,000 compared to \$2,038,000 for the three months ended September 30, 2019. The increase is primarily due to a higher average outstanding principal balance on our 2018 revolving credit facility during the three months ended September 30, 2020 compared to three months ended September 30, 2019, as well as an increase in interest expense on our 2018 revolving credit facility resulting from the 2018 Credit Facility Modification.

General and Administrative Expenses: General and administrative expenses, which have not been allocated to our operating segments, were \$999,000 for the three months ended September 30, 2020, an increase of \$192,000 compared to \$807,000 for the three months ended September 30, 2019. The increase is primarily due to a non-recurring reduction to general and administrative expenses that occurred during the three months ended September 30, 2019.

Transaction Costs: Transaction costs totaled \$0 for the three months ended September 30, 2020 and \$340,000 for the three months ended September 30, 2019.

Depreciation and Amortization Expense: Depreciation and amortization expense was \$5,273,000 for three months ended September 30, 2020, an increase of \$93,000 compared to \$5,180,000 for the three months ended September 30, 2019.

Loss on Early Extinguishment of Debt: Loss on early extinguishment of debt was \$281,000 for the three months ended September 30, 2020, compared to \$0 for the three months ended September 30, 2019. The loss on early extinguishment of debt was related to the write off of a portion of the deferred financing costs for the 2018 Credit of the reduction in total borrowing capacity in connection with the 2018 Credit Agreement Modification.

Gain on sale of real estate: There was no gain on sale of real estate for the three months ended September 30, 2020 and \$302,000 for the three months ended September 30, 2019. We recognized a gain on sale of real estate of \$302,000 in connection with the sale of two office properties and one development site in Washington, D.C, which was consummated in July 2019.

(Benefit) Provision for Income Taxes: (Benefit) provision for income taxes was \$(18,000) for the three months ended September 30, 2020 and \$87,000 for the three months ended September 30, 2019. The decrease in taxable income at our taxable REIT subsidiaries ("TRSs") during the three months ended September 30, 2020 resulting primarily from the effects of COVID-19 on our hotel in Sacramento, California.

Comparison of the Nine Months Ended September 30, 2020 to the Nine Months Ended September 30, 2019

Net (Loss) Income

		Nine Months Ended September 30,			Change
		2020		2019		S	0/0
		(dollars in thousands)
Total revenues	ಳಿ	59,379	સ્ત્ર	113,348	A	(53,969)	(47.6)%
Total expenses	S	70,737	A	198,720	S	(127,983)	(64.4)%
Gain on sale of real estate	ಳಿ		A	433,104	ಲ್ಲಿ	(433,104)	(100.0)%
Net (loss) income	ಳಿ	(10.627)	ક	347,046	રે	(357,673)	(103.1)%

Net (loss) income decreased to \$(10,627,000), or by \$(357,673,000), for the nine months ended September 30, 2020, compared to net income of \$347,046,000 for the nine months ended September 30, 2019. The decrease is primarily attributable to the gain on sale of real estate of \$43,104,000 recognized during the nine months ended September 30, 2019 as well as a decrease of \$30,546,000 in segment net operating income (primarily as a result of both the 2019 Asset Sales and the adverse impact of COVID-19), partially offset by \$69,000.000 in impairment of real estate recognized during the nine months ended September 30, 2019, and a \$29,982,000 loss on early extinguishment of debt recognized during the nine months ended September 30, 2019.

FFO

We believe that FFO is a widely recognized and appropriate measure of the performance of a REIT and that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REIT's, many of which present FFO when reporting their results. FFO represents net income (loss) attributable to common stockholders, computed in accordance with GAAP, which reflects the deduction of redeemable preferred stock dividends declared or accumulated, redeemable preferred stock deemed dividends, and redemable preferred stock redemptions, excluding gains (or losses) from sales of real estate, impairment of real estate depreciation and amortization. We calculate FFO in accordance with the standards established by the NAREIT.

Like any metric, FFO should not be used as the only measure of our performance because it excludes depreciation and amortization and captures neither the value of our real estate properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our

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Lending Expenses: Lending expenses represent expenses from our lending subsidiaries, including interest expense, general and administrative expenses and fees to related party. Lending expenses increased to \$4,793,000, or by 2.7%, for the nine months ended September 30, 2020, compared to \$4,666,000 for the nine months ended September 30, 2019, primarily due to an increase in costs incurred and expense reimbursements to related parties due to an increase related to the development of the loan origination for the Paycheck Protection Program and assistance with origination of SBA 7(a) loans under the Paycheck Protection Program, additions to our general reserves (included in general and administrative expenses) as a result of COVID-19, an increase in costs incurred and expense reimbursements as a result of the allocation of \$230,000 to the lending segment for a payment made to our former President who retired effective September 16, 2020, and an increase in general and administrative expense related to an increase in loan loss reserves, partially offset by decrease in interest expense as a result of a reduction in the outstanding balances of our SBA 7(a) loan-backed notes and secured borrowings.

Asset Management and Other Fees to Related Parties: Asset management fees and other fees to related parties, which have not been allocated to our operating segments, were \$7,408,000 for the nine months ended September 30, 2020, a decrease of \$3,088,000, compared to \$10,496,000 for the nine months ended September 30, 2019. Asset management fees totaled \$7,126,000 for the nine months ended September 30, 2020, compared to \$9,669,000 for the nine months ended September 30, 2019. Asset management fees are calculated based on a percentage of the daily average adjusted fair value of CIM Urban's assets, which are appraised in the fourth quarter of each year. The lower fees reflect a decrease in the adjusted fair value of CIM Urban's assets due to the 2019 Asset Sales, partially offset by incremental capital expenditures incurred in the first nine months of 2020.

CIM Commercial also paid a Base Service Fee to the Administrator, a related party, which totaled \$282,000 for the nine months ended September 30, 2020 compared to \$827,000 for the nine months ended September 30, 2019. On May 11, 2020, the Master Services Agreement was amended to replace the Base Service Fee The amendment is effective as of April 1, 2020. The Administrator did not earn an Incentive Fee for the three months ended September 30, 2020. Based on the expected performance of the Company for the remainder of 2020, we will pay no Incentive Fee in 2020; it is also very likely that we will not pay any Incentive Fee in 2021.

Expense Reimbursements to Related Parties-Corporate: The Administrator received compensation and or reimbursement for performing certain services for CIM Commercial and its subsidiaries that are not covered by the Base Service Fee or the Incentive Fee, as the case may be. For the nine months ended September 30, 2020 and 2019, we expensed \$2,066,000 and \$1,819,000 for such services, respectively.

Interest Expense: Interest expense, which has not been allocated to our operating segments, was \$8,056,000 for the nine months ended September 30, 2020, an increase of \$541,000 for the nine months ended September 30, 2019. The increase is primarily due to a higher average outstanding principal balance on our 2018 revolving credit facility during the nine months ended September 30, 2020 compared to the nine months ended September 30, 2019, as well as an increase in interest expense on our revolving credit facility from the 2018 Credit Facility Modification, partially offset by a decrease in the LIBOR component of our interest rates and the legal defeasance of mortgage loans with an aggregate outstanding principal balance of \$205,500,000 in connection with the sale of three office properties and a parking garage in Oakland, California, the prepayment of a \$46,000,000 mortgage loan in connection with the sale of an office property in Washington, D.C., and the assumption of a \$28,200,000 mortgage loan by the property in San Francisco, California, all of which were consummated in March 2019, and the legal defeasance of a mortgage loan with an outstanding principal balance of \$39,500,000 in connection with the sale of an office property in Oakland, California, which was consummated in May 2019.

General and Administrative Expenses: General and administrative expenses, which have not been allocated to our operating segments, were \$3,125,000 for the nine months ended September 30, 2020, an increase of \$180,000 compared to \$2,945,000 for the nine months ended September 30, 2019. The increase is primarily due to a non-recurring reduction to general and administrative expenses that occurred during the nine months ended September 30, 2019.

Transaction Costs: Transaction costs totaled \$0 for the nine months ended September 30, 2020 and \$600,000 for the nine months ended September 30, 2019.

Depreciation and Amortization Expense: Depreciation and amortization expense was \$15,728,000 for the nine months ended September 30, 2020, a decrease of \$6,267,000 compared to \$21,995,000 for the nine months ended September 30, 2019. The decrease is primarily due to the 2019 Asset Sales, and the impairment of two office properties and one development site in Washington, D.C., which decreased the carrying amounts of such properties and the depreciation thereon until such properties were held for sale in late June 2019 and sold in late July 2019.

Loss on Early Extinguishment of Debt: Loss on early extinguishment of debt was \$281,000 for the nine months ended September 30, 2020, compared to \$29,982,000 for the nine months ended September 30, 2019. The loss on early extinguishment of debt of \$281,000 for the nine months ended September 30, 2020 was related to the write off of a portion of

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our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock.

Sources and Uses of Funds

Mortgages

In June 2016, we entered into six mortgage loan agreements with an aggregate principal amount of \$392,000,000. In 2017 and 2019, in connection with the sales of certain office properties. \$294,900,000 in aggregate principal of these loans was defeased or assumed by the respective buyers in connection with the sale of the properties that were collateral for such loans.

Revolving Credit Facilities

In October 2018, CIM Commercial entered into the 2018 revolving credit facility with a bank syndicate. In September 2020, the 2018 revolving credit facility was amended (the "2018 Credit Facility Modification") primarily in order to modify the calculation of the borrowing base to mitigate the effect that COVID-19 has had on CIM Commercial's ability to borrow under the facility. As modified, CIM Commercial can borrow up to a maximum of \$209,500,000, subject to a borrowing base calculation. The 2018 revolving credit facility is secured by deeds of trust on certain properties. Outstanding advances under the 2018 revolving credit facility bear interest (a) during the Deferral Period (as defined below), which is currently in effect, at (i) the base rate plus 1.05% or (ii) LIBOR plus 2.05% and (b) following the Deferral Period, at (i) the base rate plus 0.55% or (i) LIBOR plus 1.55%. As of September 30, 2020 and December 31, 2019, the variable interest rate was 2.21% and 3.29%, respectively. The 2018 revolving credit facility is also subject to an unused commitment fee of 0.15% depending on the amount of aggregate unused commitments. The 2018 revolving credit facility matures in October 2022 and provides for one one-year extension option under certain conditions. The 2018 revolving credit facility contains and is not subject to any financial covenants, but is subject to a borrowing base calculation that determines the amount we can borrow. Under the terms of the 2018 Credit Facility Modification, the borrowing base calculation was modified for the period from September 2, 2020 through June 30, 2021 (the "Deferral Period is also subject to (i) an increase in the applicable interest rate as described at the beginning of this paragraph, (ii) the addition of a reserve amount of \$15,000,000 against our borrowing availability, which may be reduced by certain capital expenditures made in respect of our properties securing the 2018 Credit Facility, and (iii) the requirement that we maintain a minimum balance of "liquid assets" of \$15,000,000, defined as a combination of (a) unencumbered cash and (b) up to \$5,000,000 unfunded availability under the 2018 revolving credit facility. As of November 4, 2020, and December 31, 2019, \$166,500,000, \$166,500,000 and \$153,000,000, respectively, was outstanding under the 2018 revolving credit facility and approximately \$28,000,000, \$28,000,000, and \$73,900,000, respectively, was available for future borrowings.

In May 2020, to further enhance its liquidity position and maintain financial flexibility, CIM Commercial entered into the 2020 unsecured revolving credit facility with a bank pursuant to which CIM Commercial can borrow up to a maximum of \$10,000,000. Outstanding advances under the 2020 unsecured revolving credit facility bear interest at the rate of 1.00%. CIM Commercial also pays a revolving credit facility fee of 1.12% with each advance under the 2020 unsecured revolving credit facility, which fee is subject to a cap of \$112,000 in the aggregate. The 2020 unsecured revolving credit facility matures in May 2022. The 2020 unsecured revolving credit facility contains covenants including a maximum leverage ratio and a minimum fixed charge coverage ratio, as well as certain other conditions. As of both November 4, 2020 and September 30, 2020, \$0 was outstanding under the 2020 unsecured revolving credit facility and \$10,000,000 was available for future borrowings.

In June 2020, we borrowed funds from the Federal Reserve through the PPPLF. Advances under the PPPLF carry an interest rate of 0.35%, are made on a dollar-for-dollar basis based on the amount of loans originated under the Paycheck Protection Program and are secured by us under the Paycheck Protection Program. The PPPLF contains customary covenants but is not subject to any financial covenants. The maturity date of PPPLF borrowings is the same as the maturity date of the loans pledged to secure the extension of credit, generally two years. At maturity, both principal and accrued interest are due. The maturity date of a PPPLF borrowing will be accelerated if, among other things, we have been reimbursed by the SBA for a loan forgiveness (to the forgiveness), we have received payment from the SBA representing exercise of the loan guarantee or we have received payment from the underlying borrower (to the payment received). No new extensions of credit will be made under the PPPLF after September 30, 2020 unless the Federal Reserve Board and the United States Department of the Treasury decide to extend the PPPLF. We borrowed money under the PPPLF to finance all the loans we originated under the Paycheck Program. As of both November 4, 2020 and September 30, 2020, \$16,016,000 was outstanding under the PPPLF.

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Item 6. Exhibits

Exhibit Number	Exhibit Description
	10.1 Modification Agreement, dated as of September 2, 2020, among certain subsidiary borrowers of CIM Commercial Trust Corporation, each Lender party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the SEC on September 3, 2020).
	*31.1 Section 302 Officer Certification-Chief Executive Officer.
	*31.2 Section 302 Officer Certification-Chief Financial Officer.
	*32.1 Section 906 Officer Certification-Chief Executive Officer.
	*32.2 Section 906 Officer Certification-Chief Financial Officer.
	* 101.INS XBRL Instance Document - the instance document does not appear in the interactive data files because its XBRL on the Interactive Data File because its XBRL tags are embedded within the inline XBRL document
	* 101.SCH XBRL Taxonomy Extension Schema Document
	*101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
	*101.DEF XBRL Taxonomy Extension Definition Linkbase Document
	*101.LAB XBRL Taxonomy Extension Label Linkbase Document
	* 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
	*104 Cover page Interactive Data File, formatted in inline XBRL (included in Exhibit 101).

* Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: November 9, 2020

CIM COMMERCIAL TRUST CORPORATION

Bv:	/s/ DAVID THOMPSON
	David Thompson
	Chief Executive Officer

Dated: November 9, 2020

By:

/s/ NATHAN D. DEBACKER Nathan D. DeBacker Chief Financial Officer

AI assistant

Creative Media & Community Trust Corporation — Interim / Quarterly Report 2020

6737_rns_2020-11-10_963e17a8-b4ea-46b0-a38d-7c21ca1c77b7.pdf

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

FORM 10-O

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

CIM COMMERCIAL TRUST CORPORATION

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (In thousands, except per share amounts)

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Consolidated Statements of Equity (Continued) (In thousands, except share and per share amounts)

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (In thousands)

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (Continued) (In thousands)

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

Revenue from leasing activities

Revenue from lending activities

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

Revenue from hotel activities

Tenant recoveries outside of the lease agreements

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

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3. INVESTMENTS IN REAL ESTATE

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

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Other

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

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7. STOCK-BASED COMPENSATION PLANS

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements as of September 30, 2020 and December 31, 2019, and for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

8. EARNINGS PER SHARE ("EPS")

9. REDEEMABLE PREFERRED STOCK

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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES

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