MeritValue

Creative Media & Community Trust Corp

CMCTdata completeness 88%17 fiscal years on file
The thesis, from the filings

Creative Media & Community Trust Corp earns about 1% on invested capital, and has bought back 95% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$16.7M1$33.4M2$39.1M3$37.7M4$39.6M4
Net income−$850,0005$5.92M6−$48.5M7−$25.2M8−$39M8
Operating cash flow$46.3M9$32.4M10$12M11$17M12$5.79M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt$203.5M13$184.3M14$471.6M15$505.7M16$509.8M16
Cash & equivalents$22.3M17$46.2M18$19.3M19$20.3M20$15.4M20
Diluted shares19.2M23.2M2.4M170,000919,000

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$2,887.5
your share of equity
Profit it earned you last year
−$424.4
Free cash flow it threw off
—
Debt you’d be carrying
$5,546.99

10 shares is a claim on $2,887.5 of net worth that earned you −$424.4 last year, against $5,546.99 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY21 1%FY22 3%FY23 -1%FY24 1%FY25 0%

It earned an average 1% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−95% shares · 5y

Share count is down 95% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 150% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000908311-23-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000908311-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000908311-25-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0000908311-26-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000908311-23-000020 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000908311-24-000011 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000908311-25-000017 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0000908311-26-000018 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000908311-23-000020 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000908311-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000908311-25-000017 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0000908311-26-000018 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000908311-22-000036 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000908311-24-000011 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000908311-25-000017 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0000908311-26-000018 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000908311-23-000020 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000908311-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000908311-25-000017 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000908311-26-000018 (CashAndCashEquivalentsAtCarryingValue)