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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


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

For the quarterly period ended March 31, 2026


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

For the transition period from to

Commission file number 000-54939

CIM REAL ESTATE FINANCE TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland

27-3148022

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification Number)

2398 East Camelback Road, 4th Floor

Phoenix,

Arizona

85016

(Address of principal executive offices)

(Zip code)

(602)

778-8700

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

None

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 ☒ No ☐

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 ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “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 transition period 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 ☒

As of May 6, 2026, there were approximately 436.5 million shares of common stock, par value $0.01 per share, of CIM Real Estate Finance Trust, Inc. outstanding.

Table of Contents

CIM REAL ESTATE FINANCE TRUST, INC.

INDEX



PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025			3

Condensed Consolidated Statements of Operations for the three months ended March 3 1 , 202 6 and 20 25			4

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025			5

Condensed Consolidated Statements of Equity for the three months ended March 3 1 , 202 6 and 202 5			6

Condensed Consolidated Statements of Cash Flows for the three months ende d March 3 1 , 202 6 and 202 5			7

Notes to Condensed Consolidated Financial Statements			9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			46

Item 3. Quantitative and Qualitative Disclosures About Market Risk			61

Item 4. Controls and Procedures			62

PART II — OTHER INFORMATION

Item 1. Legal Proceedings			63

Item 1A. Risk Factors			63

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			63

Item 3. Defaults Upon Senior Securities			63

Item 4. Mine Safety Disclosures			63

Item 5. Other Information			63

Item 6. Exhibits			64

Signature			65

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

CIM REAL ESTATE FINANCE TRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts) (Unaudited)


	March 31, 2026		December 31, 2025
ASSETS
Real estate assets:
Land	$	306,073	$	311,000
Buildings, fixtures and improvements	776,701		794,637
Intangible lease assets	167,079		168,901
Condominium developments	12,023		11,964
Total real estate assets, at cost	1,261,876		1,286,502
Less: accumulated depreciation and amortization	(211,134)		(209,578)
Total real estate assets, net	1,050,742		1,076,924
Investment in unconsolidated entities	125,121		149,170
Real estate-related securities and other, at fair value, net of credit loss allowances of $182,299 and $182,104 as of March 31, 2026 and December 31, 2025, respectively	167,582		169,206
Loans held-for-investment and related receivables, net	3,379,068		3,752,467
Less: Current expected credit losses	(290,707)		(297,878)
Total loans held-for-investment and related receivables, net	3,088,361		3,454,589
Cash and cash equivalents	183,617		184,674
Restricted cash	22,423		4,598
Rents and tenant receivables, net	24,137		23,215


Prepaid expenses and other assets	34,490		10,000
Deferred costs, net	7,189		5,250
Accrued interest receivable	16,782		17,471
Assets held for sale	5,116		—
Total assets	$	4,725,560	$	5,095,097
LIABILITIES, REDEEMABLE COMMON STOCK AND EQUITY
Repurchase facilities, notes payable and credit facilities, net	$	2,726,397	$	3,093,039
Accrued expenses and accounts payable	39,197		43,989

Due to affiliates	13,988		12,650
Intangible lease liabilities, net	13,745		14,293
Distributions payable	14,784		14,477
Deferred rental income and other liabilities	5,799		6,228
Total liabilities	2,813,910		3,184,676
Commitments and contingencies (Note 10)
Redeemable common stock	159,582		160,488
EQUITY
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding	—		—
Common stock, $0.01 par value per share; 490,000,000 shares authorized, 436,734,553 and 436,908,325 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	4,372		4,372
Capital in excess of par value	3,539,124		3,537,903
Accumulated distributions in excess of earnings	(1,769,053)		(1,774,685)
Accumulated other comprehensive loss	(24,236)		(19,428)
Total stockholders’ equity	1,750,207		1,748,162
Non-controlling interests	1,861		1,771
Total equity	1,752,068		1,749,933
Total liabilities, redeemable common stock, non-controlling interests and stockholders’ equity	$	4,725,560	$	5,095,097

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

Table of Contents

CIM REAL ESTATE FINANCE TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts) (Unaudited)


	Three Months Ended March 31,
	2026		2025
Revenues:
Rental and other property income	$	25,768	$	28,808
Interest income	71,818		77,596
Total revenues	97,586		106,404
Expenses:
General and administrative	6,344		5,615
Interest expense, net	37,369		45,250
Property operating	2,701		2,465
Real estate tax	1,306		1,004
Expense reimbursements to related parties	3,065		3,003
Management fees	11,628		11,723
Transaction-related	—		59
Depreciation and amortization	8,830		8,828
Real estate impairment	—		7,026
(Decrease) increase in provision for credit losses	(7,123)		61,777
Total expenses	64,120		146,750




Other income (expense):
Gain on disposition of real estate and condominium developments, net	5,743		1,552
(Loss) gain on investment in unconsolidated entities	(971)		1,011
Unrealized gain on equity securities	3,317		3,300
Other income, net	1,799		1,609
Loss on extinguishment of debt	(282)		—
Total other income	9,606		7,472
Net income (loss)	$	43,072	$	(32,874)
Net income allocated to non-controlling interest	44		9
Net income (loss) attributable to the Company	$	43,028	$	(32,883)
Weighted average number of common shares outstanding:
Basic and diluted	436,809,143		437,153,747
Net income (loss) per common share:
Basic and diluted	$	0.10	$	(0.08)

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

Table of Contents

CIM REAL ESTATE FINANCE TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands) (Unaudited)


	Three Months Ended March 31,
	2026		2025
Net income (loss)	$	43,072	$	(32,874)
Other comprehensive (loss) income
Unrealized (loss) gain on CMBS	(2,672)		982
Unrealized loss on CLO subordinated note	(2,136)		(733)
Reclassification adjustment for realized loss included in income as other income	—		410
Amount of loss reclassified from other comprehensive income into income as an increase in provision for credit losses	—		71,022


Total other comprehensive (loss) income	(4,808)		71,681

Comprehensive income	38,264		38,807
Comprehensive income allocated to non-controlling interest	44		9
Comprehensive income attributable to the Company	$	38,220	$	38,798

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

Table of Contents

CIM REAL ESTATE FINANCE TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(in thousands, except share amounts) (Unaudited)


	Common Stock			Capital in Excess of Par Value		Accumulated Distributions in Excess of Earnings		Accumulated Other Comprehensive (Loss)		Total Stockholders’ Equity		Non-Controlling Interests		Total Equity
	Number of Shares	Par Value
Balance as of January 1, 2026	436,908,325	$	4,372	$	3,537,903	$	(1,774,685)	$	(19,428)	$	1,748,162	$	1,771	$	1,749,933
Issuance of common stock	1,402,104	14		7,305		—		—		7,319		—		7,319
Equity-based compensation	—	3		1,220		—		—		1,223		—		1,223
Distributions declared on common stock — $0.08 per common share	—	—		—		(37,396)		—		(37,396)		—		(37,396)
Redemptions of common stock	(1,575,876)	(17)		(8,210)		—		—		(8,227)		—		(8,227)
Changes in redeemable common stock	—	—		906		—		—		906		—		906
Contributions from non-controlling interests	—	—		—		—		—		—		46		46
Comprehensive income (loss)	—	—		—		43,028		(4,808)		38,220		44		38,264
Balance as of March 31, 2026	436,734,553	$	4,372	$	3,539,124	$	(1,769,053)	$	(24,236)	$	1,750,207	$	1,861	$	1,752,068


	Common Stock			Capital in Excess of Par Value		Accumulated Distributions in Excess of Earnings		Accumulated Other Comprehensive (Loss) Income		Total Stockholders’ Equity		Non-Controlling Interests		Total Equity
	Number of Shares	Par Value
Balance as of January 1, 2025	437,313,001	$	4,374	$	3,533,329	$	(1,676,562)	$	(86,283)	$	1,774,858	$	344	$	1,775,202
Issuance of common stock	1,416,038	13		8,608		—		—		8,621		—		8,621
Equity-based compensation	9,852	2		738		—		—		740		—		740
Distributions declared on common stock — $0.08 per common share	—	—		—		(37,201)		—		(37,201)		—		(37,201)
Redemptions of common stock	(1,844,645)	(18)		(11,218)		—		—		(11,236)		—		(11,236)
Changes in redeemable common stock	—	—		2,625		—		—		2,625		—		2,625
Contributions from non-controlling interests	—	—		—		—		—		—		200		200
Comprehensive (loss) income	—	—		—		(32,883)		71,681		38,798		9		38,807
Balance as of March 31, 2025	436,894,246	$	4,371	$	3,534,082	$	(1,746,646)	$	(14,602)	$	1,777,205	$	553	$	1,777,758

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

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CIM REAL ESTATE FINANCE TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (Unaudited)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income (loss)	$	43,072	$	(32,874)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, net	9,157		9,195
Amortization of deferred financing costs	2,167		2,255

Amortization and accretion on deferred loan fees	(3,139)		(1,915)
Amortization and accretion of premiums and discounts on credit investments	(1,325)		(1,241)
Accretion of interest income on CLO subordinated note	(1,012)		(1,028)
Capitalized interest income on real estate-related securities and loans held-for-investment	(3,732)		(3,925)
Equity-based compensation	1,223		740
Straight-line rental income	(884)		(1,551)
Recovery of uncollectible lease-related receivables	(11)		(1,357)
Gain on disposition of real estate assets and condominium developments, net	(5,743)		(1,552)
Loss on sale of credit investments, net	—		678
Loss (gain) on investment in unconsolidated entities	971		(1,011)

Unrealized gain on equity securities	(3,317)		(3,300)


Impairment of real estate assets	—		7,026

(Decrease) increase in provision for credit losses	(7,123)		61,777
Write-off of deferred financing costs	282		—

Changes in operating assets and liabilities:
Rents and tenant receivables, net	67		628
Prepaid expenses and other assets	2,819		1,516
Accrued interest receivable	689		243
Accrued expenses and accounts payable	(2,599)		(2,958)
Deferred rental income and other liabilities	(429)		1,046

Due to affiliates	1,338		(641)
Net cash provided by operating activities	32,471		31,751
Cash flows from investing activities:
Investment in unconsolidated entities	(24,375)		(13,998)
Return of investment in unconsolidated entities	47,453		3,893

Investment in liquid corporate senior loans	—		(1,253)
Investment in real estate assets and capital expenditures	(3,590)		(5,624)
Net proceeds from deeds-in-lieu of foreclosure	—		1,655
Investment in corporate senior loans	(37,393)		(32,596)
Origination and funding of first mortgage loans	(66,758)		(92,602)
Origination and exit fees received on first mortgage loans	1,251		1,644
Principal payments received on loans held-for-investment	483,840		54,326
Principal payments received on real estate-related securities	513		1,848
Proceeds from the repayment on the CLO subordinated note	1,092		2,342
Net proceeds from sale of real estate-related securities	—		43,616
Net proceeds from disposition of real estate assets and condominium developments	18,554		29,211
Net proceeds from sale of liquid corporate senior loans	—		2,943

Payment of loan escrow deposits	(27,309)		—



Net cash provided by (used in) investing activities	393,278		(4,595)

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CIM REAL ESTATE FINANCE TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (Unaudited) — Continued


	Three Months Ended March 31,
	2026		2025
Cash flows from financing activities:
Redemptions of common stock	$	(8,227)	$	(11,236)
Distributions to stockholders	(29,770)		(32,519)
Proceeds from borrowings	33,510		90,751
Repayments of borrowings	(401,056)		(116,671)



Contributions from non-controlling interests	46		200
Deferred financing costs paid	(3,484)		(524)
Net cash used in financing activities	(408,981)		(69,999)
Net increase (decrease) in cash and cash equivalents and restricted cash	16,768		(42,843)
Cash and cash equivalents and restricted cash, beginning of period	189,272		185,210
Cash and cash equivalents and restricted cash, end of period	$	206,040	$	142,367
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	$	183,617	$	139,308
Restricted cash	22,423		3,059
Total cash and cash equivalents and restricted cash	$	206,040	$	142,367
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	$	14,784	$	12,569
Accrued capital expenditures	$	155	$	1,556


Real estate acquired via deed-in-lieu of foreclosure	$	—	$	151,043
Assumption of other assets and liabilities related to real estate acquired via deed-in-lieu of foreclosure	$	—	$	(3,260)
Transfers of loans held-for-investment to real estate acquired via deed-in-lieu of foreclosure	$	—	$	(149,438)




Common stock issued through distribution reinvestment plan	$	7,319	$	8,621

Change in fair value of real estate-related securities	$	(4,809)	$	659


Supplemental Cash Flow Disclosures:
Interest paid	$	36,086	$	42,993
Cash paid for taxes	$	114	$	177

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

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)

NOTE 1 — ORGANIZATION AND BUSINESS

CIM Real Estate Finance Trust, Inc. (the “Company”) is a non-exchange traded real estate investment trust (“REIT”) formed as a Maryland corporation on July 27, 2010, that elected to be taxed, and operates its business to qualify, as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2012. The Company seeks to attain attractive risk-adjusted returns and create long term value for its investors by investing in a diversified portfolio of senior secured mortgage loans, creditworthy long-term net-leased property investments and other senior loan and liquid credit investments. As of March 31, 2026, the Company’s loan portfolio consisted of 77 loans with a net book value of $3.1 billion, and investments in real estate-related securities and other of $167.6 million. The Company conducts its commercial real estate lending business through CIM Commercial Lending REIT (“CLR”), a Maryland statutory trust and subsidiary of the Company which the Company expects to be taxed as a REIT for U.S. federal income tax purposes. As of March 31, 2026, CLR holds a diversified portfolio of approximately $1.5 billion which includes first mortgage loans with a net book value of $1.3 billion, commercial mortgage-backed securities (“CMBS”) with an estimated fair value of $63.5 million, and an investment in the Unconsolidated Joint Venture (as defined in Note 2 — Summary of Significant Accounting Policies) with a carrying value of $115.5 million. As of March 31, 2026, the Company owned 199 commercial real estate properties, comprising approximately 6.6 million rentable square feet of commercial space located in 36 states. As of March 31, 2026, the rentable square feet at these properties was 95.8% leased, including month-to-month agreements, if any. As of March 31, 2026, the Company owned condominium developments with a net book value of $12.0 million.

A majority of the Company’s business is conducted through CIM Real Estate Finance Operating Partnership, LP, a Delaware limited partnership, of which the Company is the sole general partner and owns, directly or indirectly, 100% of the partnership interests.

The Company is externally managed by CIM Real Estate Finance Management, LLC, a Delaware limited liability company (“CMFT Management”), which is an affiliate of CIM Group, LLC (“CIM Group”). CIM Group is a vertically-integrated community-focused real estate and infrastructure owner, operator, lender and developer. CIM Group is headquartered in Los Angeles, California and has offices in Atlanta, Georgia, Chicago, Illinois, Dallas, Texas, New York, New York, Orlando, Florida, Phoenix, Arizona, London, UK and Tokyo, Japan. CIM Group also maintains additional offices with distribution staff and joint venture partnerships.

The Company relies upon CIM Capital IC Management, LLC, the Company’s investment advisor (the “Investment Advisor”), to provide substantially all of the day-to-day management of its subsidiary, CMFT Securities Investments, LLC (“CMFT Securities”), with respect to investments in securities and certain other investments held by CMFT Securities and its subsidiaries. Collectively, CMFT Management, the Company’s manager, and the Investment Advisor, together with certain other affiliates of CIM Group, serve as the Company’s sponsor, which is referred to as the Company’s “sponsor” or “CIM”.

The Company conducted its initial public offering on a “best efforts” basis from January 26, 2012 to April 4, 2014 (the “Initial Offering”), during which a total of approximately 297.4 million shares of common stock were issued, including approximately 292.3 million shares of common stock that were sold to the public pursuant to the primary portion of the Initial Offering and approximately 5.1 million shares of common stock issued pursuant to the distribution reinvestment plan (“DRIP”) portion of the Initial Offering.

The Company then issued a total of approximately $241.7 million of shares of common stock under the DRIP (the “Initial DRIP Offering”) pursuant to a Registration Statement on Form S-3 until June 30, 2016. Subsequently, the Company registered an additional $600.0 million of shares of common stock under the DRIP (the “Secondary DRIP Offering,” and together with the Initial DRIP Offering, the “DRIP Offerings,” and the DRIP Offerings collectively with the Initial Offering, the “Offerings”) pursuant to a Registration Statement on Form S-3 (Registration No. 333-212832), which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 2, 2016 and automatically became effective upon filing. The Company began to issue shares under the Secondary DRIP Offering on August 2, 2016 and continues to issue shares under the Secondary DRIP Offering.

The Company’s board of directors (the “Board”) establishes an updated estimated per share net asset value (“NAV”) of the Company’s common stock on at least an annual basis for purposes of assisting broker-dealers that participated in the Initial Offering in meeting their customer account reporting obligations under Financial Industry Regulatory Authority Rule 2231.

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Distributions are reinvested in shares of the Company’s common stock for participants in the DRIP at the estimated per share NAV as determined by the Board. Additionally, the estimated per share NAV as determined by the Board serves as the per share NAV for purposes of the share redemption program. As of March 31, 2026, the most recent estimated per share NAV of the Company’s common stock was $5.14, which was established by the Board on March 19, 2026 using a valuation date of December 31, 2025. Commencing on March 27, 2026, distributions are reinvested in shares of the Company’s common stock under the DRIP at a price of $5.14 per share and $5.14 per share serves as the most recent estimated per share NAV for purposes of the share redemption program. The Company’s estimated per share NAVs are not audited or reviewed by its independent registered public accounting firm.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated financial statements.

Principles of Consolidation and Basis of Presentation

The condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2025, and related notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The condensed consolidated financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q.

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

In determining whether the Company has controlling interests in an entity and is required to consolidate the accounts in that entity, the Company analyzes its credit and real estate investments in accordance with standards set forth in GAAP to determine whether the entities are variable interest entities (“VIEs”), and if so, whether the Company is the primary beneficiary. The Company’s judgment with respect to its level of influence or control over an entity and whether the Company is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Company’s ownership interest, the Company’s voting interest, the size of the Company’s investment (including loans), and the Company’s ability to participate in major policy-making decisions. The Company will reassess its initial evaluation of whether an entity is a VIE when certain reconsideration events occur. The Company’s ability to correctly assess its influence or control over an entity affects the presentation of these credit and real estate investments on the Company’s condensed consolidated financial statements.

As of March 31, 2026, CLR is a VIE that is consolidated by the Company as the primary beneficiary, as the Company has the ability to direct the activities of CLR and the obligation to absorb CLR’s losses through its guarantee of CLR’s indebtedness, which is significant to CLR. The non-controlling interest on the condensed consolidated balance sheets represents the equity interests in CLR owned by outside investors. As of March 31, 2026, CLR’s loan portfolio consisted of senior secured mortgage loans with a net book value of $1.3 billion and investments in real estate-related securities of $63.5 million. In addition, as of March 31, 2026, the carrying value of CLR’s investment in CIM NP JV Holdings, LLC (“NP JV Holdings”) was $115.5 million. CLR had $1.0 billion of debt outstanding, as of March 31, 2026.

The Company is invested in a collateralized loan obligation (“CLO”), in which the Company subsequently invested $27.6 million in a subordinated note (the “CLO subordinated note”). The CLO is a VIE, given the insufficient equity at risk, evidenced by the tranched capital structure and multiple series of debt instruments issued. However, the Company, through its investment in the CLO subordinated note, lacks the ability to direct the activities that most significantly affect the entity’s economic performance. Additionally, the collateral manager, which does direct the activities that most significantly affect the entity’s economic performance, was deemed to not be under common control with the Company. As such, the Company was determined to not be the primary beneficiary and the CLO is not consolidated on the Company’s financial statements. As of

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

March 31, 2026, the fair value of the CLO subordinated note is $17.3 million and is included in real estate-related securities and other on the Company’s condensed consolidated balance sheets.

For more information, refer to Note 7 — Real Estate-Related Securities and Other.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Real Estate Assets

Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows:


Buildings			40 years
Site improvements			15 years
Tenant improvements			Lesser of useful life or lease term
Intangible lease assets			Lease term

The Company may assume legal title or physical possession of the collateral underlying a loan through a foreclosure or the execution of a deed-in-lieu of foreclosure. The acquired property is initially recognized at fair value in accordance with the asset acquisition provisions under the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”) within total real estate assets, net on the Company’s condensed consolidated balance sheet when the Company assumes legal title or physical possession. The value of acquired property is allocated based on the relative fair values of assets acquired and liabilities assumed, including, but not limited to, land, buildings, fixtures and improvements, and intangibles. For additional information, refer to Note 4 — Real Estate Assets.

Recoverability of Real Estate Assets

The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to: bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, lease concessions and other factors; a significant decrease in a property’s revenues due to lease terminations; vacancies; co-tenancy clauses; reduced lease rates; changes in anticipated holding periods; significant increases to budgeted costs for units under development; and a reduction in prevailing market values for assets being considered for disposition. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. The Company’s impairment assessment as of March 31, 2026 was based on the most current information available to the Company, including expected holding periods. If the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Assets for further discussion regarding real estate investment activity.

Assets Held for Sale

When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its fair value, net of selling costs. If, based on management’s best estimate, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount is then recorded to reflect the estimated fair value of the property, net of selling costs.

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Dispositions of Real Estate Assets

Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. Given the Company’s current asset portfolio and strategy, the Company’s dispositions during the three months ended March 31, 2026 and 2025 did not qualify for discontinued operations presentation and thus, the results of the properties and condominiums that were sold will not be reported as discontinued operations, and any associated gains or losses from the dispositions are included in gain on disposition of real estate and condominium developments, net. See Note 4 — Real Estate Assets for a discussion of the disposition of individual properties and condominiums during the three months ended March 31, 2026 and 2025.

Allocation of Purchase Price of Real Estate Assets

Upon the acquisition of real properties or after taking control of real assets through deeds-in-lieu of foreclosure as described above, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and other intangibles, based in each case on their relative fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities.

The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.

Certain acquisition-related expenses related to asset acquisitions are capitalized and allocated to tangible and intangible assets and liabilities, as described above. Acquisition-related manager expense reimbursements are expensed as incurred and are included in expense reimbursements to related parties in the accompanying condensed consolidated statements of operations. Other acquisition-related expenses continue to be expensed as incurred and are included in transaction-related expenses in the accompanying condensed consolidated statements of operations.

Investment in Unconsolidated Entities

The Company is engaged in an unconsolidated joint venture arrangement through NP JV Holdings (the “Unconsolidated Joint Venture”), of which it owns, indirectly through CMFT MT JV Holdings, LLC and CLR NP Holdings, LLC, a subsidiary of CLR, approximately 50% of the outstanding equity. Through the Unconsolidated Joint Venture, which holds approximately 91% of the membership interest in NewPoint JV, LLC (the “NewPoint JV”) pursuant to the terms of the Operating Agreement entered into between the Unconsolidated Joint Venture and NewPoint Bridge Lending, LLC, the Company indirectly owns approximately 46% of the outstanding equity of the NewPoint JV on a fully diluted basis. The Company accounts for its investment under the equity method. The equity method of accounting requires the investment to be initially recorded at cost, including transaction costs incurred to finalize the investment, and is subsequently adjusted for the Company’s share of equity in NP JV Holdings’ earnings and distributions, including unrealized gains and losses as a result of changes in fair value of the NewPoint JV. The Company records its share of NP JV Holdings’ profits or losses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s condensed consolidated balance sheets and such share is recognized as a profit or loss on the condensed consolidated statements of operations.

For more information, refer to Note 6 — Investment in Unconsolidated Entities.

Restricted Cash

The Company had $22.4 million and $4.6 million in restricted cash as of March 31, 2026 and December 31, 2025, respectively. Included in restricted cash was $1.8 million and $2.6 million held by lenders in lockbox accounts, as of March 31, 2026 and December 31, 2025, respectively. As part of certain of the Company’s debt agreements, rents from certain encumbered properties and interest income from certain first mortgage loans are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. Also included in restricted cash was $20.6 million of construction reserves, amounts held by lenders in escrow accounts for real estate taxes and

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

other lender reserves for certain properties, in accordance with the associated lender’s loan agreement as of March 31, 2026 and December 31, 2025.

Real Estate-Related Securities and Other

Real estate-related securities and other consists primarily of the Company’s investments in CMBS, CLOs and equity securities. The Company determines the appropriate classification for real estate-related securities at the time of purchase and reevaluates such designation as of each balance sheet date.

As of March 31, 2026, the Company classified its investments in CMBS and CLO subordinated note as available-for-sale as the Company is not actively trading the securities; however, the Company may sell them prior to their maturity. These investments are carried at their estimated fair value with unrealized gains and losses reported in other comprehensive (loss) income. The amortized cost of the Company’s CMBS is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. The amortized cost of the Company’s CLO subordinated note reflects accretion of interest income based on the effective yield method less any cash distributions received or entitled to be received. CLO subordinated note positions are entitled to recurring distributions, which are generally equal to the residual cash flows of payments received on underlying securities less contractual payments to debt holders and fund expenses.

The Company’s investments in equity securities of public and private companies are carried at their estimated fair values with unrealized gains and losses reported on the condensed consolidated statements of operations. Dividend income is included in other income, net on the condensed consolidated statements of operations, of which the Company recorded $821,000 and $1.2 million during the three months ended March 31, 2026 and March 31, 2025, respectively.

The Company monitors its CMBS and CLO subordinated note for changes in fair value. A loss is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost has resulted from a credit loss or other factors, such as market conditions. Such losses that are credit related are recorded as a current expected credit loss in (decrease) increase in provision for credit losses on the Company’s condensed consolidated statements of operations. Subsequent cumulative adverse changes in expected cash flows on the Company’s CMBS and CLO subordinated note are recognized as an increase to current expected credit losses. However, the allowance is limited to the amount by which the CMBS and CLO subordinated note’s amortized cost exceeds its fair value. Favorable changes in expected cash flows are recognized as a decrease to current expected credit losses. For additional information regarding the Company’s process for estimating current expected credit losses for its real estate-related securities, see the Current Expected Credit Losses section below.

Interest earned is either received in cash or capitalized to real estate-related securities and other in the Company’s condensed consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each security agreement.

Loans Held-for-Investment

The Company’s loans held-for-investment include loans related to real estate assets, as well as credit investments, including commercial mortgage loans and other loans and securities related to commercial real estate assets, as well as corporate loan opportunities that are consistent with the Company’s investment strategy and objectives. The Company intends to hold the loans held-for-investment for the foreseeable future or until maturity. Loans held-for-investment are carried on the Company’s condensed consolidated balance sheets at amortized cost, net of any current expected credit losses and are adjusted for amortization of premiums and accretion of discounts to maturity.

Interest earned is either received in cash or capitalized to loans held-for-investment and related receivables, net in the Company’s condensed consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each loan agreement.

Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. See the Revenue Recognition section below for additional information regarding the Company’s revenue from lending activities.

Current Expected Credit Losses

Current expected credit losses (“CECL”) required under the FASB, ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), reflects the Company’s current estimate of potential credit losses related to the Company’s loans held-for-

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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investment, CMBS and CLO included in the condensed consolidated balance sheets. Changes to current expected credit losses are recognized through net income on the Company’s condensed consolidated statements of operations. While ASC 326 does not require any particular method for determining current expected credit losses, it does specify current expected credit losses should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to the credit loss model should have some amount of loss reserve to reflect the GAAP framework underlying the credit loss model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors.

The Company estimates the current expected credit loss for its first mortgage loans primarily using the Weighted Average Remaining Maturity method, which has been identified as an acceptable method for estimating CECL reserves in the FASB Staff Q&A Topic 326, No. 1. This method requires the Company to reference historic loan loss data across a comparable data set and apply such loss rate to each loan investment over its expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (reduced by certain adjustments such as estimated costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. For the Company’s liquid corporate senior loans and corporate senior loans, the Company uses a probability of default and loss given default method using a comparable data set. The Company may use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. The Company only expects to charge-off impairment losses as a reduction to current expected credit losses and as a reduction to the respective loan balance if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be concluded if, in the Company’s determination, it is nearly certain that all amounts due will not be collected.

Quarterly, the Company evaluates the risk of all loans held-for-investment and assigns a risk rating based on a variety of factors, grouped as follows: (i) loan and credit structure, including the as-is loan-to-value (“LTV”) ratio and structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, dynamics of the geography, property type and local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; and (iv) quality, experience and financial condition of sponsor, borrower and guarantor(s).

Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows:

1-Outperform — Most satisfactory asset quality and liquidity, good leverage capacity. A “1” rating maintains predictable and strong cash flows from operations. The trends and outlook for the credit’s operations, balance sheet, and industry are neutral to favorable. Collateral, if appropriate, exceeds performance metrics;

2-Meets or Exceeds Expectations — Acceptable asset quality, moderate excess liquidity, modest leverage capacity. A “2” rating could have some financial/non-financial weaknesses which are offset by strengths; however, the credit demonstrates an ample current cash flow from operations. The trends and outlook for the credit’s operations, balance sheet, and industry are generally positive or neutral. Collateral performance, if appropriate, meets or exceeds substantially all performance metrics included in original or current underwriting / business plan;

3-Satisfactory — Acceptable asset quality, somewhat strained liquidity, minimal leverage capacity. A “3” rating is at times characterized by acceptable cash flows from operations. The trends and conditions of the credit’s operations and balance sheet are neutral. Collateral performance, if appropriate, meets or is on track to meet underwriting; business plan can reasonably be achieved;

4-Underperformance — The debt investment possesses credit deficiencies or potential weaknesses which deserve management’s close and continued attention. The obligor’s operations and/or balance sheet have demonstrated an adverse trend or deterioration which, while serious, has not reached the point where the liquidation of debt is

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jeopardized. These weaknesses are generally considered correctable by the borrower in the normal course of business but may weaken the asset or inadequately protect the Company’s credit position if not checked or corrected. Collateral performance, if appropriate, falls short of original underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and

5-Default/Possibility of Loss — The debt investment is protected inadequately by the current enterprise value or paying capacity of the obligor or of the collateral, if any. The underlying company’s operations have well-defined weaknesses based upon objective evidence, such as recurring or significant decreases in revenues and cash flows. Major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable; risk of principal loss. Collateral performance, if appropriate, is significantly worse than underwriting.

The Company generally assigns a risk rating of “3” to all newly originated or acquired loans held-for-investment during a most recent quarter, except in the case of specific circumstances warranting an exception.

In estimating credit losses related to real estate-related securities, management considers a variety of factors, including, but not limited to, the extent to which the fair value is less than the amortized cost basis, recent events specific to the security, industry or geographic area, the payment structure of the security, the failure of the issuer of the security to make scheduled interest or principal payments, and external credit ratings and recent changes in such ratings. Credit losses, if any, are estimated by calculating the difference between (i) the present value of estimated cash flows expected to be collected from the security discounted at the yield determined as of the initial acquisition date or, if since revised, as of the last date previously revised, and (ii) the net amortized cost basis of the security. Significant judgment is used in estimating future cash flows for the Company’s real estate-related securities.

Leases

The Company has lease agreements with lease and non-lease components. The Company has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or “CAM”), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Company has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. The Company is not a party to any material leases where it is the lessee.

Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations.

Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized.

Development Activities

Project costs and expenses, including interest incurred, associated with the development, construction and lease-up of a real estate project are capitalized as construction in progress. For additional information, refer to Note 4 — Real Estate Assets.

Revenue Recognition

Revenue from leasing activities

Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Company acquires a property, the terms of existing leases are considered to commence as

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of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved.

The Company continually reviews whether collection of future lease payments and current and future operating expense reimbursements from tenants are probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of future lease payments is not probable, the Company will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available at the time of estimate. The Company does not use a general reserve approach and lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable.

Revenue from lending activities

Interest income from the Company’s loans held-for-investment and CMBS is recognized using the effective interest method (or the modified straight-line method when it is materially consistent with the effective interest method). Interest income is comprised of interest earned on credit investments and the accretion and amortization of net loan origination fees, other fees and discounts recognized through the life of each investment. Interest income on loans is accrued as earned, with the accrual of interest suspended when the related loan becomes a nonaccrual loan. Interest income on the Company’s liquid corporate senior loans and corporate senior loans is accrued as earned beginning on the settlement date. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method.

The Company recognizes interest income on its CLO subordinated note using the effective yield method utilizing expected cash flows from the underlying positions. The accretable yield is initially measured as the excess of all cash flows expected to be collected attributable to the beneficial interest, estimated at the transaction date over the initial investment, and will be re-evaluated upon the receipt of each quarterly distribution. Expected cash flows inherent in the estimate of accretable yields are based on expectations of default, as well as other loan-performance assumptions that impact the loans underlying the CLO portfolio. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method.

Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest collected is recognized on a cash basis when received as investment income or as a reduction in the amortized cost basis, based on specific facts and circumstances, until accrual is resumed when the loan becomes contractually current and the Company believes all future principal and interest will be received according to the contractual loan terms.

Reportable Segments

The Company’s segment information reflects how the chief operating decision makers review information for operational decision-making purposes. The Company has two reportable segments:

Credit — engages primarily in acquiring and originating primarily floating rate first and second lien mortgage loans, either directly or through co-investments in joint ventures, related to real estate assets. This segment also includes investments in real estate-related and other securities, equity securities, liquid corporate senior loans and corporate senior loans. The Company’s credit segment derives its revenues from the lending activities described above under “Revenue Recognition”.

Real estate — engages primarily in acquiring and managing geographically diversified income-producing retail, industrial and office properties that are primarily single-tenant properties, which are leased to creditworthy tenants under long-term net leases. The Company’s real estate segment derives its revenues from the leasing activities described above under “Revenue Recognition”.

See Note 15 — Segment Reporting for a further discussion regarding these segments.

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Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements.

In November 2024, the FASB issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating whether the adoption of ASU 2024-03 will have a material impact on its consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU No. 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans (“ASU 2025-08”). ASU 2025-08 eliminates the distinction between purchased credit-deteriorated and non-credit-deteriorated loans and expands the use of the gross-up approach for substantially all purchased financial assets. ASU 2025-08 is effective for annual periods beginning after December 15, 2026 and interim periods within that year, with early adoption permitted. The Company is currently evaluating whether the adoption of ASU 2025-08 will have a material impact on its consolidated financial statements and disclosures.

NOTE 3 — FAIR VALUE MEASUREMENTS

GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:

Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).

Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.

The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities:

Real estate-related securities and other — The Company generally determines the fair value of its CMBS by utilizing broker-dealer quotations, reported trades or valuation estimates from pricing models to determine the reported price. Pricing models for CMBS are generally discounted cash flow models that usually consider the attributes applicable to a particular class of security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are valued using Level 1, Level 2 or Level 3 inputs.

The Company’s CLO subordinated note is valued using Level 3 inputs. The Company determines the fair value of its CLO subordinated note through consideration of the underlying investment portfolio metrics, including prepayment rates, default and recovery rates, and estimated market yields, supplemented by actual trades executed in the market and indicative prices

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provided by broker-dealers. Operating metrics related to the specific CLO subordinated note are also considered in determining the fair value of the investment.

The Company’s equity securities are valued using Level 1, Level 2 or Level 3 inputs depending upon the availability of the fair value inputs used in determining the respective fair values. The estimated fair value of the Company’s equity securities is based on quoted market prices when readily and regularly available in an active market.

A breakout of the Company’s CMBS, CLO subordinated note, and equity securities’ levels of the fair value hierarchy as of March 31, 2026 and December 31, 2025 can be found in the tables under Items Measured at Fair Value on a Recurring Basis below.

Repurchase facilities, notes payable and credit facilities — The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs. These financial instruments are valued using Level 2 inputs.

Derivative instruments — In the normal course of business, the Company may use certain types of derivative instruments, such as interest rate swaps and interest rate caps, for the purpose of managing or hedging its interest rate risk. All derivative instruments are carried at fair value and are generally valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the respective counterparties.

Although the Company has determined that the majority of the inputs used to value its derivatives has generally fallen within Level 2 of the fair value hierarchy, certain credit valuation adjustments associated with such derivatives may utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties.

Loans held-for-investment — The Company’s loans held-for-investment are recorded at cost upon origination, net of loan origination fees and discounts. The Company estimates the fair value of its loans held-for-investment by performing a present value analysis for the anticipated future cash flows using an appropriate market discount rate taking into consideration the credit risk. The Company has determined that its commercial real estate (“CRE”) loans held-for-investment and corporate senior loans are classified in Level 3 of the fair value hierarchy. The Company’s liquid corporate senior loans are classified as Level 2 or Level 3 depending on the number of market quotations or indicative prices from pricing services that are available, and whether the depth of the market is sufficient to transact at those prices in amounts approximating the Company’s investment position at the measurement date.

In accordance with the fair value hierarchy described above, the following table details the net book value and fair value of the financial instruments described above as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026				December 31, 2025
	Net Book Value		Fair Value		Net Book Value		Fair Value		Level
Financial assets:
First mortgage loans	$	2,672,202	$	2,709,416	$	3,074,451	$	3,131,673	3
Liquid corporate senior loans	22,732		18,860		22,664		19,294		(1)
Corporate senior loans	393,427		398,473		357,474		361,845		3
Total financial assets	$	3,088,361	$	3,126,749	$	3,454,589	$	3,512,812

Financial liabilities:
Repurchase facilities, notes payable and credit facilities	$	2,734,649	$	2,684,233	$	3,102,195	$	3,052,010	2
Total financial liabilities	$	2,734,649	$	2,684,233	$	3,102,195	$	3,052,010

____________________________________

(1)As of March 31, 2026, $15.3 million and $3.6 million of the Company’s liquid corporate senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively. As of December 31, 2025, $15.6 million and $3.7 million of the Company’s liquid corporate senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively.

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Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments.

Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, upon disposition of the financial assets and liabilities. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company does not expect that changes in classifications between levels will be frequent.

Items Measured at Fair Value on a Recurring Basis

In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets that are required to be measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):


	Balance as of March 31, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
CMBS	$	109,039	$	—	$	63,472	$	45,567
CLO subordinated note	17,337		—		—		17,337
Equity securities	41,206		40,449		—		757



Total financial assets	$	167,582	$	40,449	$	63,472	$	63,661


	Balance as of December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
CMBS	$	111,762	$	—	$	64,222	$	47,540
CLO subordinated note	19,555		—		—		19,555

Equity securities	37,889		37,165		—		724

Total financial assets	$	169,206	$	37,165	$	64,222	$	67,819

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The following are reconciliations of the changes in financial assets with Level 3 inputs in the fair value hierarchy for the three months ended March 31, 2026 (in thousands):


	Level 3
Beginning Balance, January 1, 2026	$	67,819
Total gains and losses:
Unrealized loss included in other comprehensive (loss) income	(2,389)
Current expected credit losses	(195)
Unrealized loss on CLO subordinated note	(2,136)
Purchases and payments received:



Proceeds from the repayment on the CLO subordinated note	(1,092)
Accreted interest income	1,012
Discounts, net	316
Capitalized interest income	326


Ending Balance, March 31, 2026	$	63,661

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to credit investments, real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies.

Properties acquired through deeds-in-lieu of foreclosure are recognized at fair value and included in total real estate assets, net on the Company’s condensed consolidated balance sheets upon foreclosure in accordance with the asset acquisition provisions of ASC 805. The Company is required to disclose real estate owned, a nonfinancial asset, at fair value on a non-recurring basis, in accordance with ASC 820, Fair Value Measurement and Disclosures (“ASC 820”). Under ASC 820, the Company may utilize the income, market or cost approach (or combination thereof) to determine the fair value of real estate owned. During the three months ended March 31, 2025, the Company took control of the assets securing two of its risk-rated 5 first mortgage loans, which are comprised of two office buildings, through deeds-in-lieu of foreclosure. The company utilized independent appraisals to assist in the determination of the fair value of the net real estate assets. The Company considered a variety of inputs including cash flow estimates, market data and comparable sales, as applicable. For the two properties, the independent appraisals utilized significant unobservable inputs, including discount rates of 10.8% and 10.0%, respectively, and capitalization rates of 9.0% and 8.5%, respectively. At the time of acquisition, the Company determined the aggregate fair value of the net real estate assets to be $151.0 million.

As of March 31, 2026, the Company had an aggregate $244.9 million asset-specific credit loss reserve on funded and unfunded commitments related to six of the Company’s first mortgage loans with an aggregate carrying value of $860.3 million. The asset-specific credit loss reserve was recorded based on the Company’s estimation of the fair value of the first mortgage loans’ aggregate underlying collateral, and reflects adjustments for estimated costs to sell, as well as the timing and manner in which the collateral is expected to be monetized as of March 31, 2026. These loans are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. The Company considered a variety of inputs in estimating the collateral fair value including property performance, market data and comparable sales, as applicable. The significant unobservable inputs used include the terminal capitalization rate, which ranged from 8.3% to 9.5%, and the discount rate, which ranged from 9.5% to 11.5%. For additional information regarding the first mortgage loans, refer to Note 8 — Loans Held-For-Investment.

As discussed in Note 4 — Real Estate Assets, during the three months ended March 31, 2026, no properties were deemed to be impaired. During the three months ended March 31, 2025, one property was deemed to be impaired due to a sales price or a revised cash flow estimate that was less than its respective carrying value, and its carrying value was reduced to an estimated fair value of $15.0 million, resulting in impairment charges of $7.0 million. Additionally, during the three months ended March 31, 2026 and 2025, no condominium units were deemed to be impaired. The Company estimates fair values using Level 3 inputs and a combined income and market approach, specifically using discounted cash flow analysis and recent comparable sales transactions. The evaluation of real estate assets for potential impairment requires the Company’s management to exercise significant judgment and to make certain key assumptions, including, but not limited to, the following: (1) terminal capitalization rates; (2) discount rates; (3) the number of years the property will be held; (4) property operating expenses; and

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(5) re-leasing assumptions, including the number of months to re-lease, market rental income and required tenant improvements. There are inherent uncertainties in making these estimates such as market conditions and the future performance and sustainability of the Company’s tenants. The Company determined that the selling prices used to determine the fair values were Level 2 inputs.

The following summarizes the ranges of discount rates and terminal capitalization rates used for the Company’s impairment test for the real estate assets during the three months ended March 31, 2025:


	Three Months Ended March 31,
2025
	Discount Rate	Terminal Capitalization Rate
	9.5% - 11.9%	9.0% - 11.4%

The following table presents the impairment charges by asset class recorded during the three months ended March 31, 2025 (in thousands):


	Three Months Ended March 31,
	2025
Asset class impaired:
Land	$	453
Buildings, fixtures and improvements	6,042
Intangible lease assets	531



Total impairment loss	$	7,026

NOTE 4 — REAL ESTATE ASSETS

Property Acquisitions

During the three months ended March 31, 2026, the Company did not acquire any properties. During the three months ended March 31, 2025, the Company took control of the assets securing two of its risk-rated 5 first mortgage loans, which are comprised of two office buildings, through deeds-in-lieu of foreclosure, with an aggregate fair value at the time of acquisition of $151.0 million, (together, the “2025 Property Acquisitions”).

The following table summarizes the purchase price allocation for the 2025 Property Acquisitions (in thousands):


	2025 Property Acquisitions
Land	$	69,189
Buildings, fixtures and improvements	46,544
Acquired in-place leases and other intangibles (1)	20,131
Acquired above-market leases (1)	15,294
Acquired below-market leases (2)	(115)

Total purchase price	$	151,043

____________________________________

(1) The amortization period for acquired in-place leases and other intangibles and above-market leases is 5.5 years.

(2) The amortization period for acquired below-market leases is 5.7 years

Condominium Development Project

During the three months ended March 31, 2026 and 2025, the Company capitalized $58,000 and $3.9 million, respectively, of expenditures associated with the development of condominiums acquired via foreclosure, which is included in condominium

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developments in the accompanying condensed consolidated balance sheets. No capitalized interest expense was included in the capitalized expenditures during the three months ended March 31, 2026 or 2025.

Condominium Dispositions

During the three months ended March 31, 2026, the Company did not dispose of any condominium units.

During the three months ended March 31, 2025, the Company disposed of condominium units for an aggregate sales price of $18.4 million, resulting in proceeds of $16.9 million after closing costs and a gain of $1.1 million. The Company has no continuing involvement that would preclude sale treatment with these condominium units. The gain on sale of condominium units is included in gain on disposition of real estate and condominium developments, net in the condensed consolidated statements of operations.

Property Dispositions and Real Estate Assets Held for Sale

During the three months ended March 31, 2026, the Company disposed of three retail properties for an aggregate gross sales price of $20.1 million, resulting in proceeds of $18.6 million after closing costs and a gain of $5.7 million. The gain on sale of real estate is included in gain on disposition of real estate and condominium developments, net in the condensed consolidated statements of operations. During the three months ended March 31, 2025, the Company disposed of three retail properties for an aggregate gross sales price of $13.0 million, resulting in proceeds of $12.3 million after closing costs and a gain of $418,000. The Company has no continuing involvement with the 2026 or 2025 dispositions that would preclude sale treatment with these properties.

As of March 31, 2026, the Company identified two properties with an aggregate net book value of $5.1 million as held for sale. Subsequent to March 31, 2026, the Company disposed of these properties for $6.0 million, as further discussed in Note 16 — Subsequent Events.

Impairment

The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion of the Company’s accounting policies regarding impairment of real estate assets.

No properties or condominium units were deemed to be impaired during the three months ended March 31, 2026.

During the three months ended March 31, 2025, one property totaling approximately 136,000 square feet with a carrying value of $22.0 million was deemed to be impaired and its carrying value was reduced to an estimated fair value of $15.0 million, resulting in impairment charges of $7.0 million, which was recorded in the condensed consolidated statements of operations. Additionally, during the three months ended March 31, 2025, no condominium units were deemed to be impaired.

See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges during the three months ended March 31, 2026 and 2025.

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

NOTE 5 — INTANGIBLE LEASE ASSETS AND LIABILITIES

Intangible lease assets and liabilities consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands, except weighted average life remaining):


	March 31, 2026		December 31, 2025
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $61,255 and $59,881, respectively (with a weighted average life remaining of 11.5 years and 11.6 years, respectively)
	$	90,662	$	93,674
Acquired above-market leases, net of accumulated amortization of $5,819 and $5,332, respectively (with a weighted average life remaining of 7.9 years and 7.9 years, respectively)
	9,343		10,014
Total intangible lease assets, net	$	100,005	$	103,688
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $7,052 and $7,078, respectively (with a weighted average life remaining of 12.4 years and 12.5 years, respectively)
	$	13,745	$	14,293

Amortization of the above-market leases is recorded as a reduction to rental and other property income, and amortization expense for the in-place leases and other intangibles is included in depreciation and amortization in the accompanying condensed consolidated statements of operations. Amortization of below-market leases is recorded as an increase to rental and other property income in the accompanying condensed consolidated statements of operations.

The following table summarizes the amortization related to the intangible lease assets and liabilities for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
In-place lease and other intangible amortization	$	2,711	$	2,876
Above-market lease amortization	$	530	$	513
Below-market lease amortization	$	326	$	269

As of March 31, 2026, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands):


	Amortization
	In-Place Leases and Other Intangibles		Above-Market Leases		Below-Market Leases
Remainder of 2026	$	7,754	$	1,563	$	965
2027	10,149		2,050		1,287
2028	9,151		1,729		1,287
2029	8,397		1,208		1,287
2030	7,962		1,037		1,278
Thereafter	47,249		1,756		7,641
Total	$	90,662	$	9,343	$	13,745

NOTE 6 — INVESTMENT IN UNCONSOLIDATED ENTITIES

During the year ended December 31, 2021, the Company entered into the Unconsolidated Joint Venture, of which the Company currently owns as of March 31, 2026, indirectly through CMFT MT JV Holdings, LLC and CLR NP Holdings, LLC, a subsidiary of CLR, approximately 50% of the outstanding equity. The Unconsolidated Joint Venture holds approximately 91% of the membership interest in the NewPoint JV. Through the Unconsolidated Joint Venture, the Company holds an approximate 46% interest in the NewPoint JV and accounts for its investment under the equity method. The primary purpose of the NewPoint JV is to source, underwrite, close and service on an ongoing basis multifamily bridge loans, participation interests, and other debt instruments such as loans. As of March 31, 2026 and December 31, 2025, the carrying value of the

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Company’s investment in NP JV Holdings was $125.1 million and $149.2 million, respectively, which approximates fair value and is included in investment in unconsolidated entities on the condensed consolidated balance sheets. The Company recorded a loss totaling $971,000 and a gain totaling $1.0 million, which represented its share of NP JV Holdings’ loss and gain, during the three months ended March 31, 2026 and 2025, respectively, in the condensed consolidated statements of operations. During the three months ended March 31, 2026, the Company contributed an additional $24.4 million in NP JV Holdings. The Company also received $47.5 million in distributions during the three months ended March 31, 2026, $45.4 million of which can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date. Furthermore, the $47.5 million in distributions received during the three months ended March 31, 2026 was recognized as a return of investment and reduced the invested capital and the carrying amount. As of March 31, 2026, the Company had $81.3 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying condensed consolidated balance sheets.

The Company provided a limited guaranty to NewPoint JV, under which the Company agreed to guarantee the Unconsolidated Joint Venture’s cross indemnity and its share of capital contribution obligations under the agreement with NewPoint JV.

The following tables provide summarized financial information of the Unconsolidated Joint Venture for the periods set forth below (in thousands):



	March 31, 2026		December 31, 2025
Assets:
Real estate investments - at fair value	$	91,300	$	96,109
Loans held-for-investment - at fair value, net of deferred fees	$	423,587	$	813,069
Total assets	$	534,421	$	932,250

Liabilities and equity:
Repurchase facilities and securitized debt, net of deferred fees	$	257,209	$	604,347
Total liabilities	$	260,365	$	609,645
Total equity	$	274,056	$	322,605


	Three Months Ended March 31,
	2026		2025
Total revenues	$	12,115	$	22,741
Total expenses	8,611		15,602
Net realized and unrealized loss	(5,562)		(4,882)
Net (loss) income	$	(2,058)	$	2,257

NOTE 7 — REAL ESTATE-RELATED SECURITIES AND OTHER

As of March 31, 2026, the Company’s real estate-related securities and other had an aggregate estimated fair value of $167.6 million, which included nine CMBS investments, one CLO subordinated note and four equity securities. The CMBS investments have initial maturity dates ranging from November 2026 through June 2058 and have interest rates ranging from 0.2% to 7.9% as of March 31, 2026, with one CMBS earning a zero coupon rate. As of March 31, 2026, two tranches of a CMBS position held by the Company did not mature as anticipated in July 2025 and were therefore in maturity default. As of March 31, 2026, the CLO subordinated note has an initial maturity date of July 2037 and an estimated effective yield of 15.6%. The following is a summary of the Company’s real estate-related securities and other as of March 31, 2026 (in thousands):


	Real Estate-Related Securities and Other
			Gross Unrealized
	Amortized Cost Basis		Gains		Losses		CECL		Fair Value
CMBS	$	305,754	$	75	$	(14,491)	$	(182,299)	$	109,039
CLO subordinated note	27,139		—		(9,802)		—		17,337
Equity securities	58,447		—		(17,241)		—		41,206

Total real estate-related securities and other	$	391,340	$	75	$	(41,534)	$	(182,299)	$	167,582

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

The following table provides the activity for the real estate-related securities and other during the three months ended March 31, 2026 (in thousands):


	Amortized Cost Basis		Unrealized (Loss) Gain		CECL		Fair Value
Real estate-related securities and other as of January 1, 2026	$	391,277	$	(39,967)	$	(182,104)	$	169,206





Accretion of discount on real estate-related securities	330		—		—		330
Accretion of interest income on CLO subordinated note	1,012		—		—		1,012

Capitalized interest income on real estate-related securities	326		—		—		326
Principal payments received on real estate-related securities	(513)		—		—		(513)
Proceeds from the repayment on the CLO subordinated note	(1,092)		—		—		(1,092)
Unrealized loss on real estate-related securities and other, net	—		(1,492)		—		(1,492)

Provision for credit losses	—		—		(195)		(195)
Real estate-related securities and other as of March 31, 2026	$	391,340	$	(41,459)	$	(182,299)	$	167,582

During the three months ended March 31, 2026, the Company sold no CMBS. Unrealized gains and losses on CMBS and the CLO subordinated note are recorded in other comprehensive (loss) income, with a portion of the amount subsequently reclassified into other income, net in the accompanying condensed consolidated statements of operations as securities are sold and gains and losses are recognized. During the three months ended March 31, 2026, the Company recorded $1.5 million of net unrealized loss on its real estate-related securities and other, comprised of a $2.7 million unrealized loss on CMBS and a $2.1 million unrealized loss on the CLO subordinated note, which are included in other comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income, and a $3.3 million unrealized gain on the Company’s equity securities, which is included in unrealized gain on equity securities in the accompanying condensed consolidated statements of operations.

During the three months ended March 31, 2025, the Company recorded $3.5 million of net unrealized gain on its real estate-related securities and other, comprised of a $982,000 unrealized gain on CMBS and a $733,000 unrealized loss on the CLO subordinated note, which are included in other comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income and a $3.3 million unrealized gain on the Company’s equity securities, which is included in unrealized gain on equity securities in the accompanying condensed consolidated statements of operations.

The scheduled maturities of the Company’s CMBS and CLO subordinated note as of March 31, 2026 are as follows (in thousands):


	CMBS and CLO Subordinated Note (1)
	Amortized Cost		Estimated Fair Value
Due within one year	$	43,335	$	43,299
Due after one year through five years	20,105		20,173
Due after five years through ten years	15,327		11,452
Due after ten years	61,341		40,968
Total	$	140,108	$	115,892

____________________________________

(1) Excludes two tranches of a CMBS position held by the Company that were in maturity default as of March 31, 2026. The CMBS had an aggregate amortized cost and estimated fair value of $192.8 million and $10.5 million, respectively, as of March 31, 2026.

Actual maturities of real estate-related securities can differ from contractual maturities because borrowers on certain corporate credit securities may have the right to prepay their respective debt obligations at any time. In addition, factors such as prepayments and interest rates may affect the yields on such securities.

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Current Expected Credit Losses – Real Estate-Related Securities

Current expected credit losses reflect the Company’s current estimate for potential credit losses related to real estate-related securities included in the Company’s condensed consolidated balance sheets. Current expected credit related losses are recorded in (decrease) increase in provision for credit losses on the Company’s condensed consolidated statements of operations. Refer to Note 2 — Summary of Significant Accounting Policies for further discussion of the Company’s current expected credit losses.

The following table presents the activity in the Company’s current expected credit losses related to its positions in two different tranches of a CMBS instrument for the three months ended March 31, 2026 and 2025 (in thousands):


	CMBS
Current expected credit losses as of January 1, 2026	$	182,104
Provision for credit losses	195
Current expected credit losses as of March 31, 2026	$	182,299


	CMBS
Current expected credit losses as of January 1, 2025	$	110,062
Provision for credit losses	72,266
Current expected credit losses as of March 31, 2025	$	182,328

During the year ended December 31, 2023, the loan collateralizing one of the Company’s CMBS positions went into payment default and was appraised by a special servicer, resulting in an appraisal reduction that reduced cash flows received from the respective CMBS position during the year ended December 31, 2023. During the year ended December 31, 2024, the CMBS was modified to provide for an extended maturity date of July 2025 plus a six-month extension option, and to reduce the interest rate to a fixed 0.019% per annum. Additionally, during the year ended December 31, 2024, the Company received notice of preliminary sales transaction activity in relation to the underlying collateral of this CMBS position, as well as an additional position in a separate tranche of this instrument, indicative of a bid below the carrying value of the investment. The Company considered various factors, including the factors noted above, in determining whether a credit loss existed. The present value of cash flows expected to be collected from the CMBS positions did not exceed their amortized cost basis. As such, the Company determined both tranches of the security the Company is invested in had incurred a credit loss. During the year ended December 31, 2025, the property collateralizing the CMBS positions was re-appraised by the special servicer resulting in a further reduction to the appraisal value. As a result, the Company concluded it is considered more likely than not that the Company will not be able to recover the amortized cost prior to disposal, resulting in a reclassification of unrealized losses previously determined to be driven by non-credit specific factors, as further discussed below. As of March 31, 2026, the CMBS was in maturity default as it was not repaid as anticipated during July 2025 and the extension option was not exercised.

As a result of the credit loss incurred, the Company recorded a $195,000 increase to the provision for credit losses on the condensed consolidated statements of operations during the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company recorded a $1.2 million increase to the provision for credit losses and reclassified $71.0 million of unrealized loss previously recorded in other comprehensive (loss) income in the condensed consolidated statements of operations. As of March 31, 2026, the amortized cost basis of the CMBS positions identified as having incurred a credit loss was $192.8 million prior to any credit loss provisions. The Company will continue to monitor for changes in expected cash flows in order to continue to measure the credit loss.

As of March 31, 2026, the Company had four CMBS positions and one CLO subordinated note with aggregate fair values of $59.0 million and $17.3 million, respectively, with unrealized losses reflected in other comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income. Upon evaluating these securities at the individual security level, the Company concluded that the unrealized losses included in other comprehensive (loss) income as of March 31, 2026 were noncredit-related and would be recovered from the securities’ estimated future cash flows. The Company considered various factors in reaching this conclusion, including that the Company did not intend to sell the securities, it was not considered more likely than not that the Company would be forced to sell the securities prior to recovering the amortized cost, and there were no material credit events that would have caused the Company to conclude that the amortized cost would not be recovered.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

NOTE 8 — LOANS HELD-FOR-INVESTMENT

The Company’s loans held-for-investment consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	As of March 31,		As of December 31,
	2026		2025

First mortgage loans	$	2,951,719	$	3,361,679
Total CRE loans held-for-investment and related receivables, net	2,951,719		3,361,679
Liquid corporate senior loans	26,880		26,909
Corporate senior loans	400,469		363,879
Loans held-for-investment and related receivables, net	$	3,379,068	$	3,752,467

Less: Current expected credit losses	$	(290,707)	$	(297,878)
Total loans held-for-investment and related receivables, net	$	3,088,361	$	3,454,589

The following table details overall statistics for the Company’s loans held-for-investment as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands):


	CRE Loans (1) (2)						Liquid Corporate Senior Loans						Corporate Senior Loans
	March 31, 2026			December 31, 2025			March 31, 2026			December 31, 2025			March 31, 2026			December 31, 2025
Number of loans	30			35			8			8			39			35
Principal balance	$	2,965,205		$	3,377,417		$	27,318		$	27,386		$	405,937		$	368,341
Net book value	$	2,672,202		$	3,074,451		$	22,732		$	22,664		$	393,427		$	357,474
Weighted-average interest rate (3)	6.7		%	7.0		%	10.0		%	10.0		%	9.4		%	9.5		%
Weighted-average maximum years to maturity	2.4			2.5			2.8			3.0			3.0			3.0
Unfunded loan commitments (4)	$	150,816		$	165,818		$	—		$	—		$	68,973		$	51,464

____________________________________

(1)As of March 31, 2026, 89.8% of the Company’s CRE loans by principal balance earned a floating rate of interest primarily indexed to the Secured Overnight Financing Rate (“SOFR”).

(2)Maximum maturity date assumes all extension options are exercised by the borrowers and assumes all relevant conditions are met for such extensions; however, the loans may be repaid prior to such date.

(3)The weighted-average interest rate is based on the relevant fixed rate or floating benchmark plus a spread. Excludes loans on nonaccrual status.

(4)Unfunded loan commitments are subject to the satisfaction of borrower milestones and are not reflected in the accompanying condensed consolidated balance sheets.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Activity relating to the Company’s loans held-for-investment portfolio was as follows for the three months ended March 31, 2026 (in thousands):


	CRE Loans		Liquid Corporate Senior Loans		Corporate Senior Loans		Total Loan Portfolio
Balance, January 1, 2026	$	3,074,451	$	22,664	$	357,474	$	3,454,589
Loan originations, acquisitions and funding	66,758		—		38,991		105,749

Principal repayments received	(482,315)		(68)		(1,457)		(483,840)

Capitalized interest	3,345		—		62		3,407


Deferred fees and other items (1)	(1,251)		—		(1,598)		(2,849)
Accretion and amortization of fees and other items	3,503		39		592		4,134
Reversal of (provision for) credit losses (2)	7,711		97		(637)		7,171
Balance, March 31, 2026	$	2,672,202	$	22,732	$	393,427	$	3,088,361

____________________________________

(1)Other items primarily consist of purchase discounts or premiums and deferred origination expenses.

(2)Does not include current expected losses for unfunded or unsettled loan commitments. Such amounts are included in accrued expenses and accounts payable on the accompanying condensed consolidated balance sheets.

As of March 31, 2026, the Company’s CRE loans had the following characteristics based on carrying value (dollar amounts in thousands):


Collateral Property Type	As of March 31, 2026
Office	$	1,761,637	59.7	%
Multifamily	405,134		13.7	%
Industrial	362,877		12.3	%
Hospitality	336,280		11.4	%
Mixed Use	85,791		2.9	%

Self-Storage	—		—	%
Total first mortgage loans	$	2,951,719	100	%
Less: current expected credit losses	(279,517)
Total first mortgage loans, net	$	2,672,202


Geographic Location	As of March 31, 2026
South	$	1,149,314	38.9	%
West	880,537		29.8	%
East	574,764		19.5	%
Various	347,104		11.8	%
Total first mortgage loans	$	2,951,719	100	%
Less: current expected credit losses	(279,517)
Total first mortgage loans, net	$	2,672,202

Current Expected Credit Losses – Loans Held-For-Investment

Current expected credit losses reflect the Company’s current estimate of potential credit losses related to loans held-for-investment included in the Company’s condensed consolidated balance sheets. Refer to Note 2 — Summary of Significant Accounting Policies for further discussion of the Company’s current expected credit losses.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

The following table presents the activity in the Company’s current expected credit losses related to loans held-for-investment by loan type for the three months ended March 31, 2026 and 2025 (in thousands):


	First Mortgage Loans		Unfunded First Mortgage Loans (1)		Liquid Corporate Senior Loans		Unfunded or Unsettled Liquid Corporate Senior Loans (1)		Corporate Senior Loans		Unfunded Corporate Senior Loans (1)		Total
Current expected credit losses as of January 1, 2026	$	287,228	$	18,130	$	4,245	$	—	$	6,405	$	840	$	316,848
(Reversal of) provision for credit losses	(7,711)		(550)		(97)		—		637		403		(7,318)
Charge-offs of CECL			—				—		—		—		—
Current expected credit losses as of March 31, 2026	$	279,517	$	17,580	$	4,148	$	—	$	7,042	$	1,243	$	309,530







Current expected credit losses as of January 1, 2025	$	381,825	$	13,917	$	5,814	$	—	$	4,497	$	677	$	406,730
(Reversal of) provision for credit losses	(11,922)		5,486		(2)		—		260		(63)		(6,241)
Charge-offs of CECL	(87,475)		—		(3,371)		—		—		—		(90,846)
Current expected credit losses as of March 31, 2025	$	282,428	$	19,403	$	2,441	$	—	$	4,757	$	614	$	309,643

____________________________________

(1)Current expected losses for unfunded or unsettled loan commitments are included in accrued expenses and accounts payable on the condensed consolidated balance sheets.

Changes to current expected credit losses are recognized through net income (loss) on the Company’s condensed consolidated statements of operations.

During the three months ended March 31, 2026, the Company recorded a net decrease of $7.3 million in the current expected credit loss reserve against the loans held-for-investment portfolio, bringing the total current expected credit loss reserve on funded and unfunded commitments to $309.5 million. The current expected credit loss reserve reflects certain loans assessed for impairment as well as macroeconomic and current portfolio conditions.

As of March 31, 2026, the Company did not have any first mortgage loan investments on nonaccrual status. As of March 31, 2026, the Company’s asset-specific credit loss reserve totaled $248.5 million on funded and unfunded commitments, which related to the Company’s risk-rated 5 first mortgage loans and liquid corporate senior loans. The asset-specific credit loss reserve is recorded based on the Company’s estimation of the fair value of each loan’s underlying collateral, less costs to sell the underlying collateral where applicable, as of March 31, 2026.

Risk Ratings

As further described in Note 2 — Summary of Significant Accounting Policies, the Company evaluates its loans held-for-investment portfolio on a quarterly basis. Each quarter, the Company assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, loan and credit structure, current LTV ratio, debt yield, collateral performance, and the quality and condition of the sponsor, borrower, and guarantor(s). Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2 — Summary of Significant Accounting Policies.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

The Company’s primary credit quality indicator is its risk ratings, which are further discussed above. The following table presents the net book value of the Company’s loans held-for-investment portfolio as of March 31, 2026 by year of origination, loan type, and risk rating (dollar amounts in thousands):


		Amortized Cost of Loans Held-For-Investment by Year of Origination (1)
		As of March 31, 2026
	Number of Loans	2026		2025		2024		2023		2022		Prior		Total
First mortgage loans by internal risk rating:
1	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—	—		—		—		—		—		—		—
3	21	55,456		560,184		80,877		230,550		552,382		302,422		1,781,871
4	3	—		—		102,637		34,756		172,150		—		309,543
5	6	—		—		—		—		503,852		356,453		860,305
Total first mortgage loans	30	55,456		560,184		183,514		265,306		1,228,384		658,875		2,951,719
Liquid corporate senior loans by internal risk rating: (2)
1	—	—		—		—		—		—		—		—
2	—	—		—		—		—		—		—		—
3	3	—		—		1,867		1,711		13,518		—		17,096
4	2	—		—		—		—		—		3,798		3,798
5	3	—		—		4,299		—		—		1,687		5,986
Total liquid corporate senior loans	8	—		—		6,166		1,711		13,518		5,485		26,880
Corporate senior loans by internal risk rating:
1	—	—		—		—		—		—		—		—
2	—	—		—		—		—		—		—		—
3	36	34,712		129,270		95,411		72,811		30,469		—		362,673
4	3	—		—		—		11,685		26,111		—		37,796
5	—	—		—		—		—		—		—		—
Total corporate senior loans	39	34,712		129,270		95,411		84,496		56,580		—		400,469
Less: Current expected credit losses														(290,707)
Total loans held-for-investment and related receivables, net	77													$	3,088,361
Weighted Average Risk Rating (3)														3.6

____________________________________

(1)Date loan was originated or acquired by the Company. Origination dates are subsequently updated to reflect material loan modifications.

(2)As of March 31, 2026, three of the Company’s liquid corporate senior loan investments were on nonaccrual status with an aggregate carrying value of $6.0 million, which represented less than 1.0% of the carrying value of the Company’s loans held-for-investment portfolio.

(3)Weighted average risk rating calculated based on carrying value at period end.

Loan Modifications

The Company may amend or modify a loan depending on the loan’s specific facts and circumstances, which are disclosable under ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”). Such modifications generally provide borrowers with additional time to refinance or sell the collateral property, interest payment adjustments, deferral of scheduled principal repayments, and/or adjustments or waivers of performance tests that are prerequisite to the extension of a loan maturity. Loan modifications that allow for the option to pay

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

interest in-kind (“PIK”) result in the interest being capitalized and added to the outstanding principal balance of the respective loan. During the three months ended March 31, 2026, the Company had no loan modifications that require disclosure pursuant to ASC 326.

NOTE 9 — REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES

As of March 31, 2026, the Company had $2.7 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 1.9 years and a weighted average interest rate of 4.7%. The weighted average years to maturity is computed using the scheduled repayment date as specified in each loan agreement where applicable. The weighted average interest rate is computed using the interest rate in effect until the scheduled repayment date.

The following table summarizes the debt balances as of March 31, 2026 and December 31, 2025, and the debt activity for the three months ended March 31, 2026 (in thousands):


			During the Three Months Ended March 31, 2026
	Balance as of December 31, 2025		Debt Issuances & Assumptions (1)		Repayments & Modifications		Amortization		Balance as of March 31, 2026

Notes payable – variable rate debt	$	378,775	$	—	$	(126,532)	$	—	$	252,243

ABS mortgage notes	758,520		—		—		—		758,520
Credit facilities	187,500		25,000		—		—		212,500
Repurchase facilities	1,777,400		8,510		(274,524)		—		1,511,386
Total debt	3,102,195		33,510		(401,056)		—		2,734,649



Deferred costs – variable rate debt	(679)		—		282		91		(306)
Deferred costs – ABS mortgage notes	(8,477)		—		—		531		(7,946)
Total debt, net	$	3,093,039	$	33,510	$	(400,774)	$	622	$	2,726,397

____________________________________

(1)Includes deferred financing costs incurred during the period, if any.

For more information regarding the Company’s debt activity during the year ended December 31, 2025, see Note 10 - Repurchase Facilities, Notes Payable and Credit Facilities in the Notes to Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Notes Payable

As of March 31, 2026, the Company had $252.2 million of variable rate debt outstanding, the borrowings of which are financed through note on note financing arrangements with Massachusetts Mutual Life Insurance Company (“Mass Mutual” and such financing, the “Mass Mutual Financing”), Citibank, N.A. (“Citibank” and such financing, the “Citibank Financing”), and Barclays Bank PLC (“Barclays” and such financing, the “Barclays Financing”) to provide financing for the Company’s CRE mortgage loans (the “Note on Note Financing Arrangements”).

The following table is a summary of the Note on Note Financing Arrangements as of March 31, 2026 (dollar amounts in thousands):


Note on Note Financing Arrangement	Date of Agreement	Maturity Date	Remaining Extension Options (1)	Weighted Average Interest Rate	Loans Financed under Note on Note Financing		Amount Financed
Citibank (2)	6/16/2023	8/9/2026	1/1 yr.	5.0%	$	83,948	$	62,961
Barclays (2)	10/20/2023	8/9/2026	1/1 yr.	5.0%	148,852		111,639
Mass Mutual	3/16/2022	10/13/2027	N/A	6.0%	195,197		77,643
Total					$	427,997	$	252,243

____________________________________

(1)Represents the number of extension options remaining and the term of each option. Such extension options are subject to certain conditions as set forth within each respective note on note financing agreement.

(2)Note on Note Financing Arrangement is held through CLR.

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

ABS Mortgage Notes

On July 28, 2021, the Company issued $774.0 million aggregate principal amount of asset backed securities (“ABS”) mortgage notes, Series 2021-1 (the “Class A Notes”) in six classes, as shown below:


Class of Notes	Initial Principal Balance		Principal Balance as of March 31, 2026		Note Rate	Anticipated Repayment Date	Rated Final Payment Date	Credit Rating (1)
A-1 (AAA)	$	146,400,000	$	140,208,000	2.09%	July 2028	July 2051	AAA (sf)
A-2 (AAA)	219,600,000		210,312,000		2.57%	July 2031	July 2051	AAA (sf)
A-3 (AA)	39,200,000		39,200,000		2.51%	July 2028	July 2051	AA (sf)
A-4 (AA)	58,800,000		58,800,000		3.04%	July 2031	July 2051	AA (sf)
A-5 (A)	124,000,000		124,000,000		2.91%	July 2028	July 2051	A (sf)
A-6 (A)	186,000,000		186,000,000		3.44%	July 2031	July 2051	A (sf)
	$	774,000,000	$	758,520,000

____________________________________

(1)Reflects credit rating from Standard & Poor’s Financial Services LLC (“Standard & Poor’s”).

The collateral pool for the Class A Notes is comprised of 169 of the Company’s double- and triple-net leased single tenant properties, together with the related leases and certain other rights and interests. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the Class A Notes was $984.6 million. As of March 31, 2026, amounts outstanding on the Class A Notes totaled $758.5 million with a weighted average interest rate of 2.8%. The Company may prepay the Class A Notes in full on or after the payment date beginning in July 2026 for the Class A-1 (AAA) Notes, the Class A-3 (AA) Notes and the Class A-5 (A) Notes, and on or after the payment date in July 2028 for the Class A-2 (AAA) Notes, the Class A-4 (AA) Notes and the Class A-6 (A) Notes.

Credit Facilities

As of March 31, 2026, CMFT CL Lending Sub AB, LLC (the “Borrower”), an indirect wholly owned subsidiary of the Company, had a revolving loan and security agreement (the “Second Amended Loan and Security Agreement”) with each of the lenders from time to time party thereto (the “Lenders”), Ally Bank as administrative agent and arranger (“Ally Bank”), and U.S. Bank Trust Company, National Association, as the collateral custodian, which provides for borrowings in an aggregate principal amount up to $300.0 million (the “Loan Facility”), which may be increased during the revolving period (as defined below) to an aggregate principal amount up to $500.0 million as agreed to by the Borrower, any applicable Lender and Ally Bank.

Borrowings under the Second Amended Loan and Security Agreement will bear interest equal to SOFR for the relevant interest period, plus an applicable rate. The applicable rate is 2.10% per annum (and an additional 2.00% per annum following an event of default under the Second Amended Loan and Security Agreement). The revolving period began on February 10, 2023, and concludes on the day preceding the earlier to occur of (i) the scheduled revolving period end date of February 6, 2029, (ii) the date of the declaration of the revolving period end date upon the occurrence and continuation of an event of default, and (iii) the termination date. The termination date is the earlier to occur of (i) February 6, 2031 (two years after the revolving period end date) and (ii) the date of the declaration of the termination date or the date of the automatic occurrence of the termination date upon the occurrence and continuation of an event of default. As of March 31, 2026, the amounts borrowed and outstanding under the Loan Facility totaled $200.0 million at a weighted average interest rate of 5.8%.

CMFT Corporate Credit Securities, LLC, an indirect wholly-owned, bankruptcy-remote subsidiary of the Company, has a revolving credit and security agreement (the “Fourth Amended Credit and Security Agreement”) with the lenders from time to time parties thereto, Citibank, as administrative agent, CMFT Securities, as equityholder and as collateral manager, Citibank (acting through its Agency & Trust division), as both a collateral agent and as a collateral custodian, and Virtus Group, LP, as collateral administrator. The Fourth Amended Credit and Security Agreement provides for available borrowings under the revolving credit facility up to an aggregate principal amount of $18.0 million (the “Credit Securities Revolver”). The Credit Securities Revolver may be increased from time to time pursuant to the Fourth Amended Credit and Security Agreement. As of March 31, 2026, the amounts borrowed and outstanding under the Credit Securities Revolver totaled $12.5 million at a weighted average interest rate of 6.4%.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Borrowings under the Fourth Amended Credit and Security Agreement will bear interest equal to the one-month Term SOFR (as defined in the Fourth Amended Credit and Security Agreement) for the relevant interest period, plus an applicable rate. The applicable rate is dependent on the type of loan being financed, which includes broadly syndicated, private and middle market loans meeting certain criteria as set forth in the Fourth Amended Credit and Security Agreement and ranges from 1.90% to 2.75% per annum during the first two years of the reinvestment period and 2.00% to 2.85% during the last year of the reinvestment period and 2.10% to 2.95% per annum during the amortization period (and, in each case, an additional 2.00% per annum following an event of default under the Fourth Amended Credit and Security Agreement). The reinvestment period began on December 31, 2019 and concluded on August 29, 2024 (the “Reinvestment Period”). The amortization period began on the last day of the Reinvestment Period and concludes on the date on which all obligations are paid in full (the “Amortization Period”). The final maturity date is the earliest to occur of: (i) the date that the Credit Securities Revolver is paid down and (ii) the second anniversary after the Reinvestment Period concludes. Borrowings under the Fourth Amended Credit and Security Agreement are secured by substantially all of the assets held by CMFT Corporate Credit Securities, LLC, which shall primarily consist of liquid corporate senior secured loans subject to certain eligibility criteria under the Fourth Amended Credit and Security Agreement.

The Company believes it was in compliance with the financial covenants under the Company’s various fixed and variable rate debt agreements, as of March 31, 2026.

Repurchase Facilities

As of March 31, 2026, indirectly owned subsidiaries of the Company (individually, a “Lending Sub”, and collectively, the “Lending Subs”), had Master Repurchase Agreements with Citibank, Barclays, Wells Fargo Bank, N.A. (“Wells Fargo”), Deutsche Bank AG (“Deutsche Bank”), and J.P. Morgan Securities LLC (“J.P. Morgan”) (collectively, the “Repurchase Agreements”) to provide financing primarily through each bank’s purchase of the Company’s CRE mortgage loans and CMBS and future funding advances each, a “Repurchase Facility,” and collectively, (the “Repurchase Facilities”).

The following table is a summary of the Repurchase Facilities as of March 31, 2026 (dollar amounts in thousands):


Repurchase Facility	Date of Agreement	Maturity Date	Remaining Extension Options (1)	Maximum Facility Size			Weighted Average Interest Rate		Loans Financed under Repurchase Facility (2)		Amount Financed
Citibank	6/4/2020	3/5/2027	2/1 yr.	$	26,537		6.2%	(3)	$	85,574	$	26,537
Citibank (4)	12/19/2023	12/19/2026	2/1 yr.	600,790			5.4%	(3)	518,463		397,906
Barclays	9/21/2020	9/22/2026	1/1 yr.	558,947			5.5%	(3)	728,669		359,417
Barclays (4)	12/4/2023	12/4/2026	2/1 yr.	691,053			5.5%	(3)	119,056		89,528
Wells Fargo	5/20/2021	8/30/2026	1/1 yr.	277,516			5.3%	(3)	459,976		277,517
Wells Fargo(4)	8/15/2025	8/15/2027	3/1 yr.	500,000			5.4%	(3)	285,250		216,050
Deutsche Bank (4)	10/8/2021	10/8/2026	1/1 yr.	300,000			6.3%	(3)	170,936		99,913
J.P. Morgan (4)	6/1/2022	(5)	(5)	—		(5)	4.9%	(6)	63,464		44,518
Total				$	2,954,843				$	2,431,388	$	1,511,386

__________________________________

(1)Represents the number of extension options remaining and the term of each option. Such extension options are subject to certain conditions as set forth within each respective Repurchase Agreement.

(2)CRE mortgage loan balances financed under the Repurchase Facilities with Citibank, Barclays, Wells Fargo and Deutsche Bank reflect the aggregate outstanding principal balance while the CMBS balance financed under the J.P. Morgan Repurchase Facility reflects fair value.

(3)Advances under the Repurchase Agreements accrue interest at per annum rates based on Term SOFR (as such term is defined in the applicable Repurchase Agreement) or the daily compounded SOFR plus a spread ranging from 1.30% to 3.00% to be determined on a case-by-case basis between Citibank, Barclays, Wells Fargo or Deutsche Bank and the Lending Subs.

(4)Repurchase facility is held through CLR.

(5)Facilities under the J.P. Morgan Repurchase Facility carry a rolling term which is reset monthly. Such facilities carry no maximum facility size.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

(6)Under the Master Repurchase Agreement with J.P. Morgan, advances under the repurchase agreement may be made based on one-month Term SOFR plus a spread designated by J.P. Morgan, which as of March 31, 2026, ranges from 1.05% to 1.35%.

The Repurchase Agreements provide for agreements by each of Citibank, Barclays, Wells Fargo, Deutsche Bank and J.P. Morgan to re-sell such purchased CRE mortgage loans and CMBS back to Lending Subs at a certain future date or upon demand.

In connection with certain of the Repurchase Agreements, the Company (as the guarantor) entered into guaranties with Citibank, Barclays, Wells Fargo, and Deutsche Bank (the “Initial Guaranties”), under which the Company agreed to guarantee up to 25% of the obligations of the applicable Lending Sub under certain Repurchase Agreements. In addition, in connection with certain of the Repurchase Agreements, the Company (as the “Initial Guarantor”) and CLR (as a “Replacement Guarantor” and together with the Initial Guarantor, the “Guarantors”) entered into or amended guaranties with Citibank, Barclays and Deutsche Bank during the year ended December 31, 2023 (the “2023 Guaranties”, and together with the Initial Guaranties, the “Guaranties”), on a joint and several basis until the satisfaction of certain conditions as set forth in the guaranties, at which point the Replacement Guarantor will become the sole guarantor under the guaranty (the “Guarantor Replacement Event”). Under the 2023 Guaranties, the Initial Guarantor and the Replacement Guarantors agreed to guarantee the respective Lending Subs’ obligations under the applicable Repurchase Agreements. Additionally, during the year ended December 31, 2025, in connection with the J.P. Morgan Repurchase Facility and the Wells Fargo Repurchase Facility, the Company and CLR (as the guarantors) entered into a guaranty with each of J.P. Morgan and Wells Fargo, under which the Company and CLR agreed to guarantee the obligations of the Lending Sub under the Repurchase Agreements with J.P. Morgan and Wells Fargo on a joint and several basis until the Company is permitted to be removed as a guarantor upon the satisfaction of certain conditions set forth in the guaranty, leaving CLR as the sole guarantor under the guaranties with J.P. Morgan and Wells Fargo.

The Repurchase Agreements and the Guaranties contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the Guaranties contain financial covenants that require the Company to maintain: (i) minimum liquidity of not less than the lower of (a) $50.0 million and (b) the greater of (A) $10.0 million and (B) 5% of the then-current Guarantors’ recourse indebtedness, as defined in the Guaranties; (ii) minimum consolidated net worth greater than or equal to $1.0 billion plus (a) prior to the Guarantor Replacement Event, as applicable, 75% of the equity issued by the Guarantors following the respective closing dates of the Repurchase Agreements (the “Repurchase Closing Dates”) or, from and after the Guarantor Replacement Event, as applicable, 75% of the equity issued by the Replacement Guarantor following the Guarantor Replacement Event, as applicable, minus (b) prior to the Guarantor Replacement Event, as applicable, the aggregate amount of any redemptions or similar transaction by the Guarantors from the Repurchase Closing Dates or, from and after the Guarantor Replacement Event, as applicable, the aggregate amount of any redemptions or similar transaction by the Replacement Guarantor following the Guarantor Replacement Event, as applicable; (iii) maximum leverage ratio of total indebtedness to total equity less than or equal to 80%; and (iv) minimum interest coverage ratio of EBITDA (as defined in the Guaranties) to interest expense equal to or greater than 1.40.

The Company believes it was in compliance with the financial covenants under the Repurchase Agreements as of March 31, 2026.

Maturities

Liquidity and Financial Condition — The Company has $1.5 billion of debt maturing within the next 12 months following the date these financial statements are issued. The Company is in active communication with its lenders to exercise the extension options under its Repurchase Facilities and notes payable that are maturing within the next 12 months, which management believes is probable given its history of meeting all compliance metrics with these Repurchase Facilities. The Company also has the ability to enter into new financing arrangements or refinance existing arrangements to meet its obligations as they become due, which management believes is probable based on the current loan-to-value ratios and assessment of the current lending environment.

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to March 31, 2026 (in thousands):


	Principal Repayments
Remainder of 2026	$	1,455,899
2027	320,230
2028	303,408
2029	—
2030	—
Thereafter	655,112
Total	$	2,734,649

NOTE 10 — COMMITMENTS AND CONTINGENCIES

Litigation

In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject.

Unfunded Commitments

As of March 31, 2026, the Company had $219.8 million of unfunded loan commitments related to its existing CRE loans held-for-investment and corporate senior loans, and $81.3 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying condensed consolidated balance sheets. Current expected credit losses for unfunded or unsettled loan commitments are included in accrued expenses and accounts payable on the accompanying condensed consolidated balance sheets.

Environmental Matters

In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

NOTE 11 — RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS

Management, investment advisory fees and incentive compensation

The Company has incurred fees and expenses payable to CMFT Management and certain of its affiliates in connection with the acquisition, management and disposition of its assets. On March 24, 2023, the Company and CMFT Management entered into the second amended and restated management agreement (the “Management Agreement”), which amended and restated the amended and restated management agreement between the parties dated August 20, 2019.

The Company pays CMFT Management a management fee, payable quarterly in arrears, equal to the greater of (a) $250,000 per annum ($62,500 per quarter) and (b) 1.50% per annum (0.375% per quarter) of the Company’s Equity (as defined in the Management Agreement).

CMFT Securities has an investment advisory and management agreement dated December 6, 2019 (the “Investment Advisory and Management Agreement”) with the Investment Advisor. CMFT Securities was formed for the purpose of holding any securities investments and certain other investments made by the Company. The Investment Advisor, a wholly-owned subsidiary of CIM Group, is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the

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March 31, 2026 (Unaudited) – (Continued)

“Advisers Act”). Pursuant to the Investment Advisory and Management Agreement, the Investment Advisor manages the day-to-day business affairs of CMFT Securities and its investments in corporate credit and real estate-related securities (collectively, the “Managed Assets”), subject to the supervision of the Board. In connection with the services provided by the Investment Advisor, CMFT Securities pays the Investment Advisor an investment advisory fee (the “Investment Advisory Fee”), payable quarterly in arrears, equal to 1.50% per annum (0.375% per quarter) of CMFT Securities’ Equity (as defined in the Investment Advisory and Management Agreement). Because the Managed Assets are excluded from the calculation of management fees payable by the Company to CMFT Management pursuant to the Management Agreement, the total management and advisory fees payable by the Company to its external advisors are not increased as a result of the Investment Advisory and Management Agreement.

In addition, the Investment Advisor has a sub-advisory agreement dated May 12, 2025 (the “Sub-Advisory Agreement”) with OFS Capital Management, LLC (the “Sub-Advisor”) to act as an investment sub-advisor to CMFT Securities. The Sub-Advisor is registered as an investment adviser under the Advisers Act and is an affiliate of the Investment Advisor. The Sub-Advisor principally provides investment management services with respect to the corporate credit-related securities held by CMFT Securities and its subsidiaries. The Sub-Advisor may allocate a portion of these corporate credit-related securities to its other clients, including affiliates of CIM Group. On a quarterly basis, the Investment Advisor designates 50% (or 25% if related to CMBS) of the sum of the Investment Advisory Fee and incentive compensation attributable to the assets for which the Sub-Advisor has provided investment management services payable to the Investment Advisor as sub-advisory fees.

CMFT Management is entitled to receive incentive compensation, payable with respect to each quarter, which is generally equal to the excess of (a) the product of (i) 20% and (ii) the excess of (A) Core Earnings (as defined in the Management Agreement) of the Company for the previous 12-month period, over (B) the product of (1) the Company’s Consolidated Equity (as defined in the Management Agreement) in the previous 12-month period, and (2) 7% per annum, over (b) the sum of any incentive compensation paid to CMFT Management with respect to the first three calendar quarters of such previous 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). During the three months ended March 31, 2026 and 2025, no incentive compensation fees were incurred.

In addition, the Investment Advisor is eligible to receive a portion of the incentive compensation payable to CMFT Management pursuant to the Management Agreement. In the event that the incentive compensation is earned and payable with respect to any quarter, CMFT Management calculates the portion of the incentive compensation that was attributable to the Managed Assets and payable to the Investment Advisor.

The Company’s subsidiary, CLR, entered into a separate management agreement (“CLR Management Agreement”) with CMFT Management on February 29, 2024 (“CLR Effective Date”) for the day-to-day management of CLR and its non-securities assets, pursuant to which CLR will pay CMFT Management a base management fee, payable in arrears, equal to 1.25% of CLR’s net asset value per share (or 0.90% of its net asset value per share for its founder share classes), plus a performance fee that is, subject to certain adjustment in the calculation for the measurement periods applicable to CLR’s Core Earnings (as defined in the CLR Management Agreement) during the first four calendar quarters, generally equal to the excess of (A) the product of (I) 10% and (II) the excess of (y) CLR’s Core Earnings for the previous 12-month period, over (z) the product of (i) CLR’s average adjusted capital, and (ii) a hurdle rate of 6.5% (7.25% for its founder share classes), each considered on an annualized basis, over (B) the sum of any performance fee paid to CMFT Management or the Investment Advisor with respect to the first three calendar quarters of such previous 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). No performance fee shall be payable by CLR to CMFT Management or the Investment Advisor with respect to any calendar quarter unless CLR’s Core Earnings for the 12 most recently completed calendar months (or such lesser number of completed calendar quarters following the CLR Effective Date) in the aggregate are greater than zero. Once CLR’s Core Earnings exceed the hurdle rate, CMFT Management is entitled to a “catch-up” fee equal to the amount of CLR’s Core Earnings in excess of the hurdle rate, until CLR’s Core Earnings for the applicable period equal 7.224% (8.0576% for CLR’s founder share classes), each considered on an annualized basis of CLR’s average adjusted capital. Thereafter, CMFT Management is entitled to receive 10% of CLR’s Core Earnings.

CLR Securities Investments, LLC (“CLR Securities”), a subsidiary of CLR, has an investment advisory and management agreement dated February 29, 2024 (the “CLR Investment Advisory and Management Agreement”) with the Investment Advisor pursuant to which the Investment Advisor manages the day-to-day business affairs of CLR Securities and its investments in real estate-related securities (collectively, the “CLR Managed Assets”), subject to the supervision of the CLR board of trustees. In connection with the services provided by the Investment Advisor, CLR Securities pays the Investment Advisor an investment advisory fee (the “CLR Investment Advisory Fee”), payable quarterly in arrears, equal to the proportion of the base management fee and performance fee calculated pursuant to the CLR Management Agreement that is attributable to the CLR Managed Assets. Because the CLR Managed Assets are excluded from the calculation of management fees payable by

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

CLR to CMFT Management pursuant to the Management Agreement, the total management and advisory fees payable by CLR to its external advisors are not increased as a result of the CLR Investment Advisory and Management Agreement.

The CLR Management Agreement and CLR Investment Advisory and Management Agreement (together, the “CLR Advisory Agreements”) each have an initial three-year term and shall be deemed renewed automatically each year thereafter for an additional one-year period unless CLR provides 180 days’ written notice of termination of a CLR Advisory Agreement after the affirmative vote of CLR’s independent trustees. If either CLR Advisory Agreement is terminated without cause, CMFT Management and/or the Investment Advisor, as applicable, shall receive a termination fee pursuant to the terminated CLR Advisory Agreement equal to three times the sum of (a) the average annual management fee and (b) the average annual incentive compensation incurred under the terminated CLR Advisory Agreement during the 24-month period prior to the termination.

The Company and CMFT Management have entered into an agreement (the “Offset Agreement”) whereby, (i) for so long as CMFT Management is the external manager of the Company and an affiliate of CIM Group, the Company’s management fee payable to CMFT Management will be reduced by the Company’s proportional share, based on its ownership of CLR, of the base management fee and performance fee payable to CMFT Management by CLR, and (ii) if the Management Agreement and either or both of the CLR Advisory Agreements are simultaneously terminated without cause, the termination fee payable by the Company to CMFT Management or the Investment Advisor, as applicable, under the applicable CLR Advisory Agreement shall be reduced by the Company’s proportional share, based on its ownership of CLR, of the termination fee payable to CMFT Management or the Investment Advisor by CLR under the applicable CLR Advisory Agreement, such that, in each case, the Company will not pay more fees than would otherwise be payable under its Management Agreement or Investment Advisory and Management Agreement, as applicable. The Offset Agreement also provides that CMFT Management will reimburse to the Company 50% of the organization and offering expenses paid by the Company for CLR, which reimbursement may be paid as a reduction in the management fee payable to CMFT Management under the Management Agreement. Organization and offering expenses is defined in the CLR Management Agreement as any and all costs and expenses incurred by or on behalf of CLR in connection with the formation of CLR and the marketing and distribution of its common shares of beneficial interest. During the three months ended March 31, 2026 and 2025, the Company did not receive any reimbursements from CMFT Management for organization and offering expenses paid by the Company for CLR.

The Investment Advisor has engaged the Sub-Advisor to act as an investment sub-advisor with respect to the assets held by CLR Securities. The Sub-Advisor principally provides investment management services with respect to the real estate related securities held by CLR Securities and its subsidiaries. On a quarterly basis, the Investment Advisor designates 50% of the sum of the CLR Investment Advisory Fee and incentive compensation attributable to the assets for which the Sub-Advisor has provided investment management services payable to the Investment Advisor as sub-advisory fees. The Sub-Advisory Agreement may be terminated by either party with 30 days’ advance written notice to the other party.

Pursuant to the Offset Agreement, fees payable by the Company to CMFT Management or the Investment Advisor will be offset by the Company’s proportional share, based on its ownership of CLR, of the fees payable by CLR or its affiliates under the CLR Management Agreement or CLR Investment Advisory Agreement to CMFT Management or the Investment Advisor.

Guaranties

From time to time, the Company guarantees certain of CLR’s indebtedness, as discussed further in Note 9 — Repurchase Facilities, Notes Payable and Credit Facilities.

Expense reimbursements to related parties

The Company reimburses CMFT Management, the Investment Advisor or their affiliates for certain expenses paid or incurred in connection with the services provided to the Company. The Company will reimburse CMFT Management, the Investment Advisor, or their affiliates for salaries and benefits paid to personnel who provide services to the Company, excluding the Company’s executive officers (other than the chief financial officer) and any portfolio management, acquisitions or investment professionals.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

The Company recorded fees and expense reimbursements as shown in the table below for services provided by CMFT Management or its affiliates related to the services described above during the periods indicated (in thousands):


	Three Months Ended March 31,
	2026		2025
Management fees	$	11,628	$	11,723



Expense reimbursements to related parties	$	3,065	$	3,003

Due to Affiliates

Of the amounts shown above, $14.0 million and $13.0 million had been incurred, but not yet paid, for services provided by CMFT Management or its affiliates in connection with the management and operating activities during the three months ended March 31, 2026 and 2025, respectively, and such amounts were recorded as liabilities of the Company as of such dates.

The following table details the components of due to affiliates (in thousands):


	March 31, 2026		December 31, 2025
Accrued management fees	$	12,965	$	11,703
Accrued expense reimbursement to related parties	1,023		947
Total due to affiliates	$	13,988	$	12,650

Development and Property Management Agreements

On January 7, 2021, the Company completed foreclosure proceedings to take control of the assets which previously secured its mezzanine loans, including 75 condominium units and 21 rental units across four buildings in New York. Upon foreclosure, and with the approval of the Board’s former valuation, compensation and affiliate transactions committee, CIM NY Management, LLC, an affiliate of the Company’s manager, CMFT Management, entered into a Development Management Agreement with the indirect wholly owned subsidiaries of the Company that own each of the four buildings (the “Building Owners”), wherein CIM NY Management, LLC will act as project manager in overseeing the development and construction of property improvements in accordance with each respective Development Management Agreement (the “Development Services”). In consideration for the Development Services, CIM NY Management, LLC will receive a development management fee from the Building Owners equal to 4% of the aggregate gross project costs expended during the term of the Development Management Agreement, subject to the conditions in each respective Development Management Agreement. During the three months ended March 31, 2026 the Company recorded no development management fees and during the three months ended March 31, 2025 the Company recorded $142,000 in development management fees. Additionally, CIM NY Management, LLC is reimbursed by the Building Owners for expenses incurred in connection with the Development Services, including services provided that are incidental to but not part of the Development Services. The Development Management Agreement shall remain in effect until the project completion date and is terminable by either party with fifteen days prior notice to the other party, with or without cause.

Additionally, on January 9, 2025, the Company took control of an office building in McLean, Virginia, through a deed-in-lieu of foreclosure, which previously secured one of its first mortgage loans, as discussed in Note 4 — Real Estate Assets. Upon taking control of the asset, and with the approval of the Board, CIM Management, Inc. (“CIM Management”), an affiliate of the Company’s manager, CMFT Management, entered into a Property Management and Services Agreement with the indirect wholly owned subsidiaries of the Company that own the office building (the “Office Building Owners”), wherein CIM Management will act as a property manager and property co-manager, as applicable, in overseeing the property’s day to day operations and as project manager in overseeing the development and construction of property improvements in accordance with the Property Management and Services Agreement (the “Management and Development Services”). In consideration for the Management and Development Services, CIM Management will receive a property management fee from the Office Building Owners equal to 1.5% of the operating receipts, as defined in the Property Management and Services Agreement, received by the Office Building Owners from operating the property, subject to the conditions set forth in the Property Management and Services Agreement. Additionally in consideration for the Management and Development Services, CIM Management will receive a development management fee from the Building Owners equal to 4% of the aggregate gross project costs expended during the term of the Development Management Agreement, subject to the conditions set forth in the Development Management Agreement. Additionally, CIM Management is reimbursed by the Office Building Owners for expenses incurred in connection with the Management and Development Services, including services provided that are

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

incidental to but not part of the Management and Development Services. The Property Management and Services Agreement shall remain in effect until the Office Building Owners sell all or substantially all of the property and is terminable by either party with fifteen days prior notice to the other party, with or without cause.

Investments with Affiliates of the Manager

In September 2021, the Company co-invested $68.4 million in preferred units and $138.8 million in a first mortgage loan to a third-party for the purchase of a multi-family, office and retail building in Fort Lauderdale, Florida with CIM Real Assets & Credit Fund, a fund that is advised by affiliates of CMFT Management (“CIM RACR”). The Company redeemed its investment in the preferred units during the year ended December 31, 2022 in exchange for an investment in a first mortgage loan. During the three months ended March 31, 2026, the first mortgage loan, which was in maturity default, was repaid in full.

In October 2021, the Company invested in a $130.0 million first mortgage loan, with an initial advance of $119.0 million, to a third-party, the proceeds of which were used to finance the acquisition of a property from a fund that is advised by an affiliate of CMFT Management. As of March 31, 2026, $98.0 million of the first mortgage loan was outstanding.

In November 2021, the Company entered into the Unconsolidated Joint Venture (the “MT-FT JV”) with CMMT Holdings, LLC, a fund that is advised by an affiliate of CMFT Management, for the purposes of investing in the NewPoint JV. As of March 31, 2026, the Company owned approximately 50% of the equity interests of the MT-FT JV and has committed to fund capital to the MT-FT JV up to $212.5 million, of which $131.2 million has been funded, net of $158.0 million returned to the Company that can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date. For more information on the NewPoint JV, see Note 2 — Summary of Significant Accounting Policies and Note 6 — Investment in Unconsolidated Entities.

In December 2021, the Company invested in a $155.0 million first mortgage loan, with an initial advance of $154.0 million, to a third-party, the proceeds of which were used to finance the acquisition of a property from a fund that is advised by an affiliate of CMFT Management. As of March 31, 2026, the first mortgage loan is held by the Company’s consolidated subsidiary, CLR, and $155.0 million of the first mortgage loan was outstanding.

In April 2022, the Company invested in a $147.0 million first mortgage loan, with an initial advance of $143.0 million, to a third-party, which was previously funded by a fund that is advised by an affiliate of CMFT Management. During the year ended December 31, 2025, the Company sold the first mortgage loan to its consolidated subsidiary, CLR, for $120.0 million. As of March 31, 2026, $120.4 million of the first mortgage loan was outstanding.

As of March 31, 2026, the Company and CIM RACR were co-invested in 11 corporate senior loans with an outstanding balance of $154.6 million. The Sub-Advisor provided investment management services related to these corporate senior loans pursuant to the Sub-Advisory Agreement.

As further described in Note 2 — Summary of Significant Accounting Policies, in August 2024, CMFT Corporate Credit Securities, LLC, an indirect wholly-owned, bankruptcy-remote subsidiary of the Company, entered into a master participation agreement (the “Master Participation Agreement”) with OFSI BSL XIV CLO, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands to sell a portion of the Company’s portfolio of liquid corporate senior loans. The collateral manager for OFSI BSL XIV CLO, Ltd. is OFS CLO Management II, LLC, an affiliate of the Sub-Advisor. During the year ended December 31, 2024, the sale of 185 liquid corporate senior loans closed pursuant to the Master Participation Agreement, with an aggregate principal balance of $265.4 million, resulting in net proceeds of $259.7 million after closing costs and a loss of $2.9 million. The liquid corporate senior loans served as the initial positions for the formation of a CLO, in which the Company subsequently invested $27.6 million in a CLO subordinated note.

NOTE 12 — ECONOMIC DEPENDENCY

Under various agreements, the Company has engaged and may in the future engage CMFT Management or its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services and stockholder relations. As a result of these relationships, the Company is dependent upon CMFT Management or its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

NOTE 13 — STOCKHOLDERS’ EQUITY

Equity-Based Compensation

On April 27, 2022, the Board and the compensation committee of the Board approved the Amended and Restated CIM Real Estate Finance Trust, Inc. 2022 Equity Incentive Plan (the “2022 Plan”) and the 2022 Plan was approved by the Company’s stockholders at the Company’s 2022 Annual Meeting of Stockholders held on July 12, 2022. Awards that are granted on or after the effective date of the 2022 Plan are subject to the terms and provisions of the 2022 Plan. The total number of shares of Company common stock reserved and available for issuance under the 2022 Plan at any time during the term of the 2022 Plan is 250,000 shares, and awards of approximately 4,000 shares of common stock are available for future grant at March 31, 2026. Under the 2022 Plan, the Board or the compensation committee of the Board has the authority to grant certain awards to employees, non-employee directors, and consultants or advisors of the Company, including stock option awards, restricted stock awards or deferred stock awards, which awards will further align such persons’ interests with the interests of the Company’s stockholders. The Board or the compensation committee of the Board also has the authority to determine the terms of any award granted pursuant to the 2022 Plan, including vesting schedules, restrictions and acceleration of any restrictions. The 2022 Plan may be amended or terminated by the Board or the compensation committee of the Board at any time, subject to the right of the Company’s stockholders to approve certain amendments.

On January 9, 2024, the compensation committee of the Board approved and adopted the CIM Real Estate Finance Trust, Inc. 2024 Manager Equity Incentive Plan (the “Manager Plan”) and the Manager Plan was approved by the Company’s stockholders at the Company’s 2024 Annual Meeting of Stockholders held on July 11, 2024. The Manager Plan provides for the grant of non-qualified stock options, restricted stock awards, restricted stock unit awards, and stock appreciation right awards, and dividend equivalents, to eligible named executive officers (as defined in Item 402 of Regulation S-K) of the Company or to CMFT Management, which in turn will transfer such incentives to employees, advisors, or consultants of CMFT Management and its affiliates who provide services to CMFT Management or its affiliates in support of the Company and its subsidiaries. The maximum number of shares of common stock of the Company that may be subject to awards granted under the Manager Plan is 12,000,000 shares. As of March 31, 2026, there were approximately 6.4 million shares remaining that may be subject to awards granted under the Manager Plan. The Manager Plan will expire on January 9, 2034, unless terminated earlier by the Board or the compensation committee.

The following tables summarize the (i) non-vested shares of restricted stock and restricted stock units and (ii) vesting schedule of shares of restricted stock and restricted stock units for the Company’s directors, officers and employees of the Manager as of March 31, 2026 (dollar amounts in thousands):


	Restricted Stock Grants (2022 Plan)	Restricted Stock Units (Manager Plan) (1)	Grant Date Fair Value (2)
Outstanding as of January 1, 2026	57,471	3,674,435
Granted	—	—	$	—
Vested	—	—	N/A
Forfeited	—	—	N/A
Outstanding as of March 31, 2026	57,471	3,674,435

____________________________________

(1)Each restricted stock unit represents a contingent right to receive one share of the Company’s common stock, payable 50% in the Company’s common stock and 50% in the cash value thereof.

(2)The fair value of the Company’s share awards is determined using the Company’s per share NAV on the date of grant.

Compensation expense related to the restricted shares and restricted stock units are recognized over the vesting period. The Company recorded compensation expense of $2.4 million and $1.4 million for the three months ended March 31, 2026 and 2025, respectively, related to the restricted shares and restricted stock units, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. As of March 31, 2026, there was $12.9 million of total unrecognized compensation expense related to these restricted shares and restricted stock units, which will be recognized ratably over the remaining respective periods of service.

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CIM REAL ESTATE FINANCE TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Below is a summary of restricted stock and restricted stock units vesting dates as of March 31, 2026:


	Restricted Stock Grants (2022 Plan)	Restricted Stock Units (Manager Plan)
Vesting Year
Remainder of 2026	57,471	1,852,347
2027	—	1,093,234
2028	—	728,854
2029	—	—

Total	57,471	3,674,435

NOTE 14 — LEASES

The Company’s real estate assets are leased to tenants under operating leases for which the terms, expirations and extension options vary. The Company’s operating leases do not convey to the lessee the right to purchase the underlying asset upon expiration of the lease period. To determine whether a contract contains a lease, the Company reviews contracts to determine if the agreement conveys the right to control the use of an asset. The Company accounts for lease and non-lease components as a single, combined operating lease component. Non-lease components primarily consist of maintenance services, including CAM, real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. Non-lease components are considered to be variable rental and other property income and are recognized in the period incurred.

As of March 31, 2026, the Company’s leases had a weighted-average remaining term of 10.2 years. Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other negotiated terms and conditions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As of March 31, 2026, the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands):


	Future Minimum Rental Income
Remainder of 2026	$	69,307
2027	92,345
2028	89,462
2029	88,301
2030	86,755
Thereafter	595,156
Total	$	1,021,326

A certain amount of the Company’s rental and other property income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the three months ended March 31, 2026 and 2025, the amount of the contingent rent earned by the Company was not significant.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

Rental and other property income during the three months ended March 31, 2026 and 2025 consisted of the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Fixed rental and other property income (1)	$	24,416	$	26,588
Variable rental and other property income (2)	1,352		2,220
Total rental and other property income	$	25,768	$	28,808

__________________________________

(1)Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables.

(2)Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent.

The Company has one property subject to a non-cancelable operating ground lease with a remaining term of 7.4 years, with a lease liability (in deferred rental income and other liabilities) and a related right-of-use (“ROU”) asset (in prepaid expenses and other assets) of $1.6 million in the condensed consolidated balance sheets. The lease liability and ROU asset were initially measured at the present value of the future minimum lease payments using a discount rate of 4.3%. This reflects the Company’s incremental borrowing rate, which was calculated based on the interest rate the Company would incur to borrow on a fully collateralized basis over a term similar to the lease.

The Company recognized $63,000 of ground lease expense during the three months ended March 31, 2026, of which $61,000 was paid in cash during the period it was recognized. As of March 31, 2026, the Company’s scheduled future minimum rental payments related to its operating ground lease is approximately $187,000 for the remainder of 2026, $250,000 annually for 2027 through 2031, and $417,000 thereafter through the maturity date of the lease in August 2033.

NOTE 15 — SEGMENT REPORTING

The Company has two reportable segments: Credit and Real Estate. Corporate/other represents all corporate level and unallocated items and includes the Company’s other asset management activities and expenses.

The Company’s chief operating decision maker (“CODM”) is the Company’s executive management team, which includes the Chief Executive Officer and Chief Financial Officer.

The CODM evaluates performance and allocates resources based on segment net income (loss). All expense categories on the statement of operations are significant and there are no other significant segment expenses that would require disclosure. The CODM uses net income (loss) to make key operating decisions, such as identifying attractive investment opportunities, evaluating underwriting standards, determining the appropriate level of leverage to enhance returns on equity and deciding on the sources of financing.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)

The following tables present segment reporting for the three months ended March 31, 2026 and 2025 (in thousands):


	Real Estate		Credit		Corporate/Other (1)		Company Total
Three Months Ended March 31, 2026
Revenues:
Rental and other property income	$	25,768	$	—	$	—	$	25,768
Interest income	—		71,818		—		71,818
Total revenues	25,768		71,818		—		97,586
Expenses:
General and administrative	132		357		5,855		6,344
Interest expense, net	5,814		31,555		—		37,369
Property operating	1,862		—		839		2,701
Real estate tax	1,234		—		72		1,306
Expense reimbursements to related parties	—		—		3,065		3,065
Management fees	3,062		8,566		—		11,628
Transaction-related	—		—		—		—
Depreciation and amortization	8,830		—		—		8,830

Decrease in provision for credit losses	—		(7,123)		—		(7,123)
Total expenses	20,934		33,355		9,831		64,120
Other income (expense):


Gain on disposition of real estate and condominium developments, net	5,743		—		—		5,743
Loss on investment in unconsolidated entities	—		(971)		—		(971)
Unrealized gain on equity securities	—		3,317		—		3,317
Other income, net	23		1,069		707		1,799
Loss on extinguishment of debt	—		(282)		—		(282)
Total other income	5,766		3,133		707		9,606
Segment net income (loss)	$	10,600	$	41,596	$	(9,124)	$	43,072
Segment net income allocated to non-controlling interest	—		44		—		44
Segment net income (loss) attributable to the Company	$	10,600	$	41,552	$	(9,124)	$	43,028
Total assets as of March 31, 2026	$	1,051,999	$	3,568,017	$	105,544	$	4,725,560

__________________________________

(1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited) – (Continued)


	Real Estate		Credit		Corporate/Other (1)		Company Total
Three Months Ended March 31, 2025
Revenues:
Rental and other property income	$	28,740	$	—	$	68	$	28,808
Interest income	—		77,596		—		77,596
Total revenues	28,740		77,596		68		106,404
Expenses:
General and administrative	67		679		4,869		5,615
Interest expense, net	5,821		39,429		—		45,250
Property operating	1,643		—		822		2,465
Real estate tax	886		—		118		1,004
Expense reimbursements to related parties	—		—		3,003		3,003
Management fees	2,296		9,427		—		11,723
Transaction-related	53		—		6		59
Depreciation and amortization	8,828		—		—		8,828
Real estate impairment	7,026		—		—		7,026
Increase in provision for credit losses	—		61,777		—		61,777
Total expenses	26,620		111,312		8,818		146,750
Other income:


Gain on disposition of real estate and condominium developments, net	418		—		1,134		1,552
Gain on investment in unconsolidated entities	—		1,011		—		1,011
Unrealized gain on equity security	—		3,300		—		3,300
Other income, net	41		682		886		1,609

Total other income	459		4,993		2,020		7,472
Segment net income (loss)	$	2,579	$	(28,723)	$	(6,730)	$	(32,874)
Segment net income allocated to noncontrolling interest	—		9		—		9
Segment net income (loss) attributable to the Company	$	2,579	$	(28,732)	$	(6,730)	$	(32,883)
Total assets as of March 31, 2025	$	1,033,963	$	3,979,735	$	160,414	$	5,174,112

__________________________________

(1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.

NOTE 16 — SUBSEQUENT EVENTS

Redemption of Shares of Common Stock

Subsequent to March 31, 2026, the Company redeemed approximately 1.5 million shares for $7.6 million (at an average redemption price of $5.14 per share). The remaining redemption requests received during the three months ended March 31, 2026 totaling approximately 43.7 million shares went unfulfilled.

Investment, Acquisition and Disposition Activity

Subsequent to March 31, 2026, the Company’s investment, acquisition and disposition activity included the following:

•Disposed of one condominium unit for a gross sales price of $7.6 million, resulting in net proceeds of $7.0 million after closing costs and a gain of approximately $570,000.

•Disposed of five net lease properties for a gross sales price of $19.0 million, resulting in net proceeds of $17.9 million after closing costs and a gain of approximately $1.7 million.

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March 31, 2026 (Unaudited) – (Continued)

•Settled $6.7 million on the purchase of one corporate senior loan.

•Originated two first mortgage loans with an aggregate principal balance of $155.1 million, funded an aggregate amount of $12.1 million to eight of the Company’s first mortgage loans, and received $193.9 million of principal repayments on one of the Company’s first mortgage loans.

Financing Activity

•Repaid $145.5 million of borrowings under the note on note financing arrangements with Barclays and Citibank, both of which are held through CLR.

•Borrowed $134.8 million under the repurchase facilities with Wells Fargo, held through CLR.

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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the accompanying condensed consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. Certain risks may cause our actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a complete discussion of such risk factors, see Item 1A — Risk Factors of this Quarterly Report on Form 10-Q and the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Capitalized terms used herein, but not otherwise defined, shall have the meaning ascribed to those terms in “Part I — Financial Information” of this Quarterly Report on Form 10-Q, including the notes to the condensed consolidated financial statements contained therein, and the terms “we,” “us,” “our” and the “Company” refer to CIM Real Estate Finance Trust, Inc.

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes “forward-looking statements” (within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that reflect our expectations and projections about our future results, performance, prospects and opportunities. We have attempted to identify these forward-looking statements by the use of words such as “may,” “will,” “seek,” “expects,” “anticipates,” “believes,” “targets,” “intends,” “should,” “estimates,” “could,” “continue,” “assume,” “projects,” “plans” or similar expressions. These forward-looking statements are based on information currently available to us and are subject to a number of known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among other things, those discussed below. In addition, these risks and uncertainties include those associated with general economic, market and other conditions. We intend for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or new information, future events or otherwise, except as may be required to satisfy our obligations under federal securities law. The forward-looking statements should be read in light of the risk factors identified in Item 1A — Risk Factors of this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025.

The following are some, but not all, of the assumptions, risks, uncertainties and other factors that could cause our actual results to differ materially from those presented in our forward-looking statements:

•We are subject to risks associated with bankruptcies or insolvencies of our borrowers and tenants and from borrower or tenant defaults generally.

•Our credit and real estate investments subject us to domestic and international political, economic, capital markets and other conditions and events, including ongoing geopolitical tensions in the Middle East.

•We are subject to fluctuations in interest rates which could reduce our ability to generate income on our credit investments.

•We are subject to risks associated with global trade disruption, significant introduction of trade barriers and bilateral trade frictions, including due to tariffs and other changes to trade policy in the U.S. and other jurisdictions, together with any downturns in the global economy resulting therefrom.

•We are subject to an increase in inflation that could increase our credit and real estate portfolio related costs at a higher rate than our rental income and other revenue and adversely impact demand for rental space and future extensions of our tenants’ leases.

•We face risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as significant disruptions of CIM Group’s information technology (“IT”) networks and related systems.

•We are subject to competition from entities engaged in lending which may impact the availability of origination and acquisition opportunities acceptable to us.

•We may be unable to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all.

•We are subject to risks associated with tenant, geographic and industry concentrations with respect to our investments and properties.

•Our properties, intangible assets and other assets, as well as the property securing our loans or other investments, may be subject to impairment charges.

•We could be subject to unexpected costs or unexpected liabilities that may arise from dispositions.

•We are subject to competition in the acquisition and disposition of properties and in the leasing of our properties and we may suffer delays or be unable to acquire, dispose of, or lease properties on advantageous terms.

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•We have substantial indebtedness, which may affect our ability to pay distributions and expose us to interest rate fluctuation risk and the risk of default under our debt obligations.

•We are subject to risks associated with the incurrence of additional secured or unsecured debt.

•We may not be able to maintain profitability.

•We may not generate cash flows sufficient to pay our distributions to stockholders or meet our debt service obligations.

•Our continued compliance with debt covenants depends on many factors and could be impacted by current or future economic conditions.

•We may be affected by risks resulting from losses in excess of insured limits.

•We may fail to remain qualified as a REIT for U.S. federal income tax purposes or revoke our REIT election.

•We could be subject to a material tax liability if our sales of properties are treated as prohibited transactions.

•We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability or reduce our operating flexibility.

•We may be unable to list our shares on a national securities exchange in a particular timeframe or at all.

•If we, our operating partnership and any other subsidiaries do not maintain exemptions from registration under the Investment Company Act of 1940, as amended, we will be subject to significant regulations and restrictions on our business and investments, which could materially and adversely impact us.

Definitions

We use certain defined terms throughout this Quarterly Report on Form 10-Q that have the following meanings:

The phrase “annualized rental income” refers to the straight-line rental revenue under our leases on operating properties owned as of the respective reporting date, which includes the effect of rent escalations and any tenant concessions, such as free rent, and excludes any contingent rent, such as percentage rent. Management uses annualized rental income as a basis for tenant, industry and geographic concentrations and other metrics within the portfolio. Annualized rental income is not indicative of future performance.

Under a “net lease,” the tenant occupying the leased property (usually as a single tenant) does so in much the same manner as if the tenant were the owner of the property. The tenant generally agrees that it will either have no ability or only limited ability to terminate the lease or abate rent prior to the expiration of the term of the lease as a result of real estate driven events such as casualty, condemnation or failure by the landlord to fulfill its obligations under the lease. There are various forms of net leases, most typically classified as either triple-net or double-net. Triple-net leases typically require the tenant to pay all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs, including roof, structure and parking lot). Double-net leases typically hold the landlord responsible for the capital expenditures for the roof and structure, while the tenant is responsible for all lease payments and remaining operating expenses associated with the property (e.g., real estate taxes, insurance and maintenance).

Overview

We are a non-traded REIT that seeks to attain attractive risk-adjusted returns and create long term value for our stockholders by investing in a diversified portfolio of senior secured mortgage loans, creditworthy long-term net-leased property investments and other senior loan and liquid credit investments. Our investment strategy allows us to adapt over time in order to respond to evolving market conditions and to capitalize on investment opportunities that may arise at different points in the economic and real estate investment cycle. Subject to market conditions, we expect to pursue a listing of our common stock on a national securities exchange at such time as our Board determines that such a listing would be in the best interests of our stockholders, though we can provide no assurance that a listing will happen in a particular timeframe or at all.

We were formed on July 27, 2010, and we elected to be taxed, and conduct our operations to qualify, as a REIT for U.S. federal income tax purposes. We are externally managed by CMFT Management and, with respect to investments in securities and certain other investments of ours, our Investment Advisor, each of which is an affiliate of CIM Group, a vertically-integrated community-focused real estate and infrastructure owner, operator, lender and developer.

As of March 31, 2026, our loan portfolio consisted of 77 loans with a net book value of $3.1 billion, and 14 investments in real estate-related securities and other of $167.6 million. The Company conducts and expects to continue to conduct its commercial real estate lending business through CLR, a Maryland statutory trust and subsidiary of the Company which we expect to be taxed as a REIT for U.S. federal income tax purposes. As of March 31, 2026, CLR holds a diversified portfolio of

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approximately $1.5 billion which includes first mortgage loans with a net book value of $1.3 billion, CMBS with an estimated fair value of $63.5 million, and an investment in the Unconsolidated Joint Venture with a carrying value of $115.5 million.

As of March 31, 2026, we owned 199 commercial real estate properties, which consisted of 184 retail properties, eight office properties, and seven industrial properties, representing 22 industry sectors and comprising approximately 6.6 million rentable square feet of commercial space located in 36 states, with a net book value of $1.0 billion. As of March 31, 2026, we owned condominium developments with a net book value of $12.0 million.

During the three months ended March 31, 2026, we disposed of three properties encompassing approximately 87,000 gross rentable square feet, as further discussed in Note 4 — Real Estate Assets to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.

Our operating results and cash flows are primarily influenced by interest income from our credit investments, rental and other property income from our commercial properties, interest expense on our indebtedness and credit investments and other operating expenses. In general, our business model is such that rising interest rates will correlate to increases in our net income, while declining interest rates will correlate to decreases in our net income. As of March 31, 2026, 89.8% of our CMBS and loans held-for-investment by carrying value earned a floating rate of interest, indexed to SOFR, and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on certain of our floating rate loans. CMFT Management reviews our investment portfolio and is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary. In addition, as 95.8% of our rentable square feet was under lease, including any month-to-month agreements, as of March 31, 2026, with a weighted average remaining lease term of 10.2 years, we believe our exposure to changes in commercial rental rates on our portfolio is substantially mitigated, except for vacancies caused by tenant bankruptcies or other factors. Our manager regularly monitors the creditworthiness of our tenants by reviewing each tenant’s financial results, any available credit rating agency reports on the tenant or guarantor, the operating history of the property with such tenant, the tenant’s market share and track record within its industry segment, the general health and outlook of the tenant’s industry segment and other information for changes and possible trends. If our manager identifies significant changes or trends that may adversely affect the creditworthiness of a tenant, it will gather a more in-depth knowledge of the tenant’s financial condition and, if necessary, attempt to mitigate the tenant credit risk by evaluating the possible sale of the property or identifying a possible replacement tenant should the current tenant fail to perform on the lease.

Macroeconomic Environment

The three months ended March 31, 2026 have been characterized by a mix of positive and challenging developments leading to continued volatility in global markets. Investor concerns over inflation, continued high interest rates, slowing economic growth, uncertainty around the impacts of imposed tariffs, political and regulatory uncertainty and geopolitical conditions have persisted.

Heightened inflation caused the Federal Reserve to raise interest rates in 2022 and 2023. Although the majority of our business model is such that elevated interest rates will, all else being equal, correlate to increases in our net income, increases in interest rates may adversely affect the ability of our existing borrowers to pay debt service, tenants and property values of our own portfolio and the assets that serve as collateral for our loans. The Federal Reserve began to decrease interest rates in the second half of 2024 and in September, November, and December 2025; however the timing, direction and extent of any future interest rate changes remains uncertain. In a period of declining interest rates, our interest income on floating-rate investments may generally decrease, subject to the impact of interest rate floors in our investment portfolio.

In addition, the U.S. office sector has been adversely affected by the increase in remote working arrangements and, over the past several years, the retail sector has been adversely affected by electronic commerce. These negative factors have been considered in the determination of our CECL allowance. We may be required to record further increases to our current expected credit loss reserves in the future, depending on the performance of our portfolio and broader market conditions, and there may be volatility in the level of our CECL reserves, particularly if market conditions relevant to the office sector do not improve. Any such reserve increases are difficult to predict.

For a complete discussion of risk factors related to the economy that could impact our lending and our business, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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Operating Highlights and Key Performance Indicators

Activity from January 1, 2026 through March 31, 2026

Operating Results:

•Net income attributable to the Company of $43.0 million, or $0.10 per share.

•Redeemed 1.6 million shares under the share redemption program for $8.2 million at an average price of $5.22 per share.

•Declared aggregate distributions of $0.08 per share.

Credit Portfolio Investment Activity:

•Originated $56.0 million of first mortgage loans.

•Funded $10.8 million in existing first mortgage loans.

•Invested $37.4 million in corporate senior loans.

•Received principal repayments on loans held-for-investment of $483.8 million.

•Received repayments on CMBS of $513,000.

•Received proceeds from the repayment of portfolio investments on the CLO subordinated note of $1.1 million.

•Funded an additional $24.4 million in NP JV Holdings.

Real Estate Portfolio Investment Activity:

•Disposed of three commercial properties for an aggregate sales price of $20.1 million.

Financing Activity:

•Decreased total debt by $367.5 million, reducing our ratio of debt to total gross assets net of gross intangible lease liabilities to 60.1%.

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Portfolio Information

The following table shows the net book value of our portfolio by investment type as of March 31, 2026 and 2025 (dollar amounts in thousands):


	As of March 31,
	2026					2025
	Asset Count	Net Book Value				Asset Count	Net Book Value
Loan Held-For-Investment

First mortgage loans	30	$	2,951,719	68.7	%	34	$	3,286,149	68.8	%
Liquid corporate senior loans	8	26,880		0.6	%	11	31,305		0.7	%
Corporate senior loans	39	400,469		9.3	%	23	283,198		5.9	%
Less: Current expected credit losses		(290,707)		(6.8)	%		(289,626)		(6.1)	%
Total loans held-for-investment and related receivables, net	77	3,088,361		71.8	%	68	3,311,026		69.3	%
Real Estate-Related Securities and Other
CMBS	9	291,338		6.8	%	15	424,033		8.9	%
CLO subordinated note	1	17,337		0.4	%	1	24,855		0.5	%
Equity securities	4	41,206		1.0	%	4	35,470		0.7	%
Less: Current expected credit losses		(182,299)		(4.2)	%		(182,328)		(3.8)	%
Total real estate-related securities and other, net	14	167,582		4.0	%	20	302,030		6.3	%
Real Estate
Total real estate assets and intangible lease liabilities, net	199	1,042,113		24.2	%	186	1,160,835		24.4	%
Total Investment Portfolio (1)(2)	290	$	4,298,056	100.0	%	274	$	4,773,891	100.0	%

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(1)Table does not include our investment in the Unconsolidated Joint Venture, which had a carrying value of $125.1 million as of March 31, 2026, $115.5 million of which is held through CLR as of March 31, 2026.

(2)As of March 31, 2026, first mortgage loans with a net book value of $1.3 billion and CMBS with an estimated fair value of $63.5 million were held through CLR.

Credit Portfolio Information

The following table details overall statistics for our credit portfolio as of March 31, 2026 (dollar amounts in thousands):


	CRE Loans (1)(2)		Liquid Corporate Senior Loans		Real Estate-Related Securities and Other (2)		Corporate Senior Loans
Number of investments (3)	30		8		14		39
Principal balance	$	2,965,205	$	27,318	$	412,659	$	405,937
Net book value	$	2,672,202	$	22,732	$	167,582	$	393,427
Unfunded loan commitments (4)	$	150,816	$	—	$	—	$	68,973
Weighted-average interest rate (5)(6)

CIM REAL ESTATE FINANCE TRUST, INC. 10-Q