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CIM-PB

Chimera Investment Corporation

CIM-PB

Chimera Investment Corporation • NYSE
$24.38 ▼ -0.29% (-0.07)
Market Cap $1.09 B
52w High $25.28
52w Low $21.60
Dividend Yield 2.61%
P/E 33.26
Volume 36.15K
Outstanding Shares 44.82M

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 Results over the past few years show how cyclical and market‑sensitive this mortgage REIT is. Revenue and profits swung sharply, with a notable loss in 2022 when markets and interest rates were especially turbulent, followed by a clear recovery in 2023 and 2024. Recent years show positive net income and improving earnings per share compared with the low point, but the overall pattern is uneven rather than smooth. This kind of volatility is typical for mortgage REITs that hold credit‑sensitive assets and marks‑to‑market, so reported earnings should be viewed as inherently jumpy, not steady like a traditional operating company.

Balance Sheet

Balance Sheet The balance sheet is large and heavily financed with debt, which is normal for a mortgage REIT that uses borrowing to amplify returns on mortgage assets. Total assets have gradually edged down from earlier years, and equity has also drifted lower, suggesting pressure on book value over time. Debt remains high relative to equity, reflecting meaningful leverage. Cash on hand is modest compared with the size of the portfolio, so the company depends more on access to funding markets and its securitization platform than on large cash reserves. Overall, the balance sheet is typical for this business model: sizable, leveraged, and sensitive to funding conditions and asset prices.

Cash Flow

Cash Flow Despite noisy accounting earnings, cash generation from operations has been consistently positive over the past several years and relatively stable. The company does not require heavy capital spending, so operating cash flow and free cash flow are essentially the same, which simplifies the picture. This pattern suggests that, even through stressed periods, the underlying cash earnings power of the portfolio has held up reasonably well. That said, cash flows still depend on the health of the mortgage book, prepayment behavior, and funding costs, so they are not risk‑free, just steadier than the headline profit swings might imply.

Competitive Edge

Competitive Edge Chimera operates in a specialized corner of the mortgage market, focusing on credit‑sensitive residential loans and non‑agency securities where deep credit expertise matters. Its long track record in securitizing mortgage pools and retaining higher‑yielding pieces gives it a structural edge in funding and portfolio construction. Being internally managed can align management more closely with shareholders compared with some externally managed peers. At the same time, the firm competes with other mortgage REITs, specialty finance players, and large banks, all of which have access to capital and talent. Its advantage rests mainly on experience in this niche, its established securitization platform, and the strategic shift toward more diversified, fee‑based income, rather than on scale alone.

Innovation and R&D

Innovation and R&D Innovation here is financial and strategic rather than technological. Chimera’s core “R&D” is in structuring securitizations, modeling mortgage credit, and designing portfolios that balance yield and risk. The acquisitions of Palisades Group and HomeXpress add new capabilities: fee‑based investment management and in‑house loan origination. Those moves broaden the business beyond pure spread income and could make results less tied to one source of earnings over time. Future innovation will likely center on integrating these businesses, expanding fee‑based services, refining risk‑management and hedging approaches, and developing new securitization products as markets evolve, rather than on traditional lab‑style research.

Summary

Overall, Chimera shows a classic mortgage REIT profile: volatile reported earnings, high leverage, and sensitivity to interest rates and credit conditions, but supported by steady positive cash flow in recent years and a deep specialization in its niche. Financial results have rebounded after a difficult 2022, though book value and leverage trends remind that this is not a low‑risk balance sheet. Strategically, the company is trying to evolve from a pure spread‑driven mREIT into a more diversified platform with fee income and vertically integrated origination. The long‑term story will hinge on how well it navigates future rate cycles, manages credit risk in its mortgage portfolio, and executes on the integration and growth of its newer businesses, all while maintaining stable funding and prudent leverage in a competitive and cyclical market.