Logo

CIM-PC

Chimera Investment Corporation

CIM-PC

Chimera Investment Corporation • NYSE
$22.30 ▼ -0.80% (-0.18)
Market Cap $1.08 B
52w High $23.94
52w Low $20.26
Dividend Yield 1.94%
P/E 30.42
Volume 32.91K
Outstanding Shares 48.65M

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 Q4-2018Q1-2019Q2-2019Q3-2019
Investment Advisory Services
Investment Advisory Services
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Earnings have been quite volatile, which is typical for mortgage REITs but still worth noting. After a strong year earlier in the decade, the company ran into a meaningful loss in the middle of the period, then gradually worked its way back to profitability. Recent years show positive earnings again, with profit levels improving versus the trough but not consistently matching the prior peak. This pattern suggests the business is very sensitive to interest-rate moves and credit conditions, yet it has shown an ability to rebound after a tough year.

Balance Sheet

Balance Sheet The balance sheet is large but heavily financed with debt, which is common in this type of real estate finance business. Total assets and debt have both trended down over the past few years, pointing to a modest contraction or de-risking of the portfolio rather than aggressive expansion. Equity has also drifted lower, indicating that book value has been eroded over time and the capital cushion is thinner than it used to be. Cash balances are small relative to the overall balance sheet, so liquidity depends more on access to funding markets than on cash held on hand.

Cash Flow

Cash Flow Despite the ups and downs in accounting earnings, operating cash flow has stayed consistently positive over the last five years. Cash generation was strongest a few years ago and has cooled somewhat, but it has not flipped into sustained outflows. Because the business is capital-light in terms of traditional fixed investment, free cash flow largely mirrors operating cash flow. That is a plus, but as a leveraged finance platform, growth and refinancing still rely heavily on capital markets and securitization activity rather than internally generated cash alone.

Competitive Edge

Competitive Edge Chimera operates in a crowded mortgage REIT space but is reshaping itself into a more integrated residential credit platform. The acquisitions of HomeXpress and Palisades give it direct access to loan origination, especially in non-traditional mortgages, and fee-based asset management. This creates multiple revenue streams instead of relying only on spread income from owning mortgage assets. Its niche focus on non-qualified mortgages and investor loans provides some differentiation, but also exposes it to a riskier segment of the market. The company’s experience in securitization and structured finance remains a key competitive skill, yet it competes with many well-funded players and is still proving out the benefits of its new, more diversified model.

Innovation and R&D

Innovation and R&D The company does not invest in research and development in the traditional sense, but it is innovating in how it structures and delivers mortgage credit. The main innovation is strategic: combining loan origination (via HomeXpress), securitization, and investment management under one roof. The HomeXpress X-CONNECT portal and associated data tools aim to speed up loan decisions and improve broker and borrower experience, especially in non-standard mortgage products. Building a mortgage servicing rights portfolio and scaling third-party asset management are also important strategic innovations. The opportunity is to create a more resilient, fee-rich business model, but success will hinge on integrating the acquisitions smoothly, maintaining credit discipline in non-QM lending, and executing consistently through different housing and interest-rate cycles.

Summary

Overall, Chimera is a highly financial, interest-rate-sensitive business that has moved from a traditional mortgage REIT model toward a vertically integrated, specialized residential credit platform. Financial results show that it can bounce back from difficult periods, but earnings remain cyclical and exposed to shifts in funding costs and credit performance. The balance sheet is still heavily leveraged with a slimmer equity base than in the past, which magnifies both upside and downside. The strategic shift into non-QM origination, servicing, and fee-based asset management could make earnings more diversified and less purely rate-driven over time, but it also raises execution and credit risks that will take several years to fully play out.