CMRF — what changed in the latest 10-Q
A section-by-section comparison of CMRF's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-13 vs the prior 10-Q · 2025-11-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +35 | −57 | ~39 | 46 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 6 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-13
•Received principal repayments on loans held-for-investment of $483.8 million.
•Received proceeds from the repayment of portfolio investments on the CLO subordinated note of $1.1 million.
•Disposed of three commercial properties for an aggregate sales price of $20.1 million.
•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%.
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):
Text removed vs the prior filing · source: 10-Q · 2025-11-14
•Originated $178.6 million first mortgage loans, $55.0 million of which was a result of a loan modification.
•Invested $1.3 million in liquid corporate senior loans and sold liquid corporate senior loans for an aggregate gross sales price of $4.8 million.
•Received principal repayments on loans held-for-investment of $341.7 million.
•Invested $4.6 million in CMBS, received repayments on CMBS of $42.8 million and sold CMBS for an aggregate gross sales price of $60.9 million.
•Received proceeds from the repayment of portfolio investments on the CLO subordinated note of $4.8 million.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice