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CIM

Chimera Investment Corporation

CIM

Chimera Investment Corporation • NYSE
$12.79 ▼ -0.16% (-0.02)
Market Cap $1.04 B
52w High $15.37
52w Low $9.85
Dividend Yield 1.48%
P/E -32.79
Volume 391.67K
Outstanding Shares 81.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $38.233M ▼ $20.692M ▲ $-580K ▼ -1.517% ▼ $-0.27 ▼ $0 ▼
Q2-2025 $198.258M ▲ $18.475M ▼ $35.45M ▼ 17.881% ▼ $0.17 ▼ $172.095M ▼
Q1-2025 $196.95M ▲ $196.95M ▲ $167.297M ▲ 84.944% ▼ $1.79 ▲ $291.4M ▲
Q4-2024 $-113.508M ▼ $-113.508M ▼ $-146.512M ▼ 129.076% ▲ $-1.81 ▼ $0
Q3-2024 $151.963M $151.963M $136.459M 89.798% $1.41 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $491.475M ▲ $15.115B ▲ $12.544B ▲ $2.571B ▼
Q2-2025 $250.223M ▼ $14.863B ▲ $12.239B ▲ $2.625B ▼
Q1-2025 $253.349M ▲ $13.205B ▲ $10.561B ▼ $2.644B ▲
Q4-2024 $84.115M ▼ $13.116B ▼ $10.59B ▼ $2.526B ▼
Q3-2024 $97.423M $13.702B $10.965B $2.737B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-580K ▼ $-137.477M ▼ $58.144M ▲ $320.585M ▼ $241.252M ▲ $-137.477M ▼
Q2-2025 $35.45M ▼ $-7.429M ▼ $-1.203B ▼ $1.207B ▲ $-3.126M ▼ $-7.429M ▼
Q1-2025 $167.297M ▲ $48.799M ▲ $-175.325M ▼ $295.876M ▲ $169.35M ▲ $48.799M ▲
Q4-2024 $-146.512M ▼ $37.951M ▼ $689.651M ▲ $-740.93M ▼ $-13.328M ▲ $37.951M ▼
Q3-2024 $136.459M $41.416M $-646.222M $539.828M $-64.978M $41.416M

Revenue by Products

Product Q3-2018Q1-2019Q2-2019Q3-2019
Investment Advisory Services
Investment Advisory Services
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement CIM’s earnings picture has been bumpy but is now in a recovery phase. A few years ago the company took a sizable hit, with a year of large accounting losses tied to its mortgage portfolio and market swings. Since then, profits have returned and have been improving, although they are still below the very strong levels seen earlier in the decade. This pattern is typical of mortgage REITs, which can see big swings when interest rates and credit spreads move sharply. The direction, however, has shifted from loss to steady profitability, suggesting the underlying business is stabilizing, even if results are likely to remain somewhat volatile over time.

Balance Sheet

Balance Sheet The balance sheet is shaped by CIM’s role as a mortgage REIT: it holds a large pool of mortgage-related assets funded mostly with debt. Over the past several years, both total assets and total debt have gradually declined, indicating a more streamlined and somewhat less leveraged balance sheet. Equity has edged down from earlier levels but has been relatively stable recently. Overall, leverage remains high in absolute terms, as is normal for this type of business, but the slow reduction in the asset base suggests a cautious stance and a focus on risk management rather than aggressive balance sheet growth.

Cash Flow

Cash Flow Despite the swings in reported earnings, CIM’s cash generation has been consistently positive in recent years. Operating cash flow has held up even in the year when accounting profits were negative, which points to a core business that still produced cash despite mark‑to‑market losses. Because the company invests mainly in financial assets rather than physical assets, it spends essentially nothing on traditional capital expenditures, so most operating cash flow is effectively free cash flow. The levels are not explosive, but the steadiness of cash inflows contrasts favorably with the volatility in reported earnings.

Competitive Edge

Competitive Edge CIM is trying to move beyond the traditional mortgage REIT model of simply buying loans and securities and hoping to profit from interest rate spreads. With the acquisitions of HomeXpress and Palisades Group, it now controls more of the mortgage value chain: it can originate specialized residential loans, package and securitize them, and manage mortgage credit for both itself and outside investors. This gives CIM a differentiated position in non‑traditional mortgages and investor loans and adds a fee‑based asset management business that is less tied to interest rate swings. That said, CIM still competes in a crowded field of mortgage lenders, securitizers, and asset managers, and faces the usual pressures from funding costs, housing cycles, and credit risk in non‑prime segments. Its edge will depend on how well it executes and scales this integrated platform versus larger, more established players.

Innovation and R&D

Innovation and R&D CIM’s “innovation” is strategic rather than technological. By buying HomeXpress, it gained a direct pipeline to non‑traditional residential borrowers, allowing it to shape loan quality and volume instead of relying on outside originators. By acquiring Palisades Group, it added a fee‑oriented asset management arm that can serve institutional clients, diversifying revenues beyond interest income. Together, these moves create an end‑to‑end residential credit platform spanning origination, securitization, and third‑party management. The main things to watch are whether loan volumes through HomeXpress ramp as planned, whether Palisades’ fee income grows steadily, and whether the combined platform actually leads to more stable and higher‑quality earnings over time than the old model.

Summary

CIM is a mortgage REIT that is actively reinventing itself. Financially, it has moved from a sharp loss period to a more stable, profitable footing, with a leaner balance sheet and solid, if not spectacular, cash generation. Strategically, it is shifting from being a pure spread‑driven investor to becoming an integrated residential credit platform with origination, securitization, and asset management under one roof. This offers the potential for more diversified and resilient earnings, but it also introduces execution risk, especially in the complex non‑qualified mortgage and investor loan markets. The key narrative is one of transition: from a traditional, highly rate‑sensitive REIT toward a more balanced, fee‑supported business model, with future performance hinging on how smoothly that transition plays out and how credit and interest rate cycles evolve.

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