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CIM-PD

Chimera Investment Corporation

CIM-PD

Chimera Investment Corporation • NYSE
$24.47 ▲ 0.41% (+0.10)
Market Cap $1.11 B
52w High $25.07
52w Low $20.77
Dividend Yield 2.54%
P/E 33.38
Volume 9.10K
Outstanding Shares 45.44M

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 volatile, which is typical for mortgage REITs but still important to note. After a very strong profit year followed by a deep loss, Chimera has returned to modest, positive profitability in the past two years. Revenue and net income have both stabilized at more moderate levels compared with the earlier peak, suggesting the business has moved out of “crisis mode” and into a rebuilding phase. The pattern points to an income stream that is improving but still exposed to swings in interest rates and credit conditions.

Balance Sheet

Balance Sheet The balance sheet shows a company that remains heavily financed with borrowings, with debt making up the bulk of total capital. Assets have gradually shrunk over the last few years, and equity has edged down from earlier levels, indicating a smaller but still highly leveraged platform. Cash on hand is relatively thin, which is not unusual for a securitization-focused mREIT but does mean the firm depends on market funding and stable securitization channels to operate smoothly. Overall, the structure is typical for this type of business: efficient but sensitive to funding and market stress.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive over the last five years, even during the loss year, which is a constructive sign. Cash flows peaked a few years ago and have since eased back, but they remain solidly in positive territory. Because the company invests mainly in financial assets rather than physical property, it spends very little on traditional capital expenditures, so operating cash flow and free cash flow are effectively the same. This means the company’s ability to support obligations and preferred distributions depends largely on the stability of this cash flow engine rather than on large ongoing investments.

Competitive Edge

Competitive Edge Chimera operates in a crowded and cyclical mortgage REIT space, but it is trying to differentiate itself through a hybrid model that combines owning mortgage assets, originating loans, and managing assets for others. Its long experience in mortgage credit, securitization, and managing complex mortgage portfolios is a core strength. The move into originating non-traditional residential mortgages and offering third-party investment management gives it more levers to pull than a plain-vanilla mREIT. However, it still faces intense competition, is highly exposed to interest rate and housing market cycles, and depends on investor appetite for structured products and leveraged financing. This is a specialized, niche advantage rather than a broad, untouchable moat.

Innovation and R&D

Innovation and R&D Innovation here is strategic rather than technological. The acquisitions of HomeXpress and Palisades mark a deliberate shift from being just a mortgage investor to becoming a more integrated mortgage finance platform. Direct loan origination, fee-based asset management, and potential growth in mortgage servicing rights all aim to diversify income away from pure interest spread. If executed well, these moves could make earnings more resilient and less tied to any single market condition. The main uncertainties are execution risk, integration of the new businesses, and how well the non-traditional mortgage book performs through a full economic cycle.

Summary

Chimera is in the midst of a multi-year transformation from a traditional mortgage REIT into a more diversified, vertically integrated mortgage finance company. Financial results show past stress and high volatility, but also a return to modest profitability and steady positive cash flow. The balance sheet remains highly leveraged and funding-dependent, which is normal for the model but keeps risk elevated. Strategically, the company is trying to build a broader, more balanced business through loan origination, securitization, and fee-based management. For a preferred share like CIM-PD, the key themes are: a business that is stabilizing after prior turbulence, still sensitive to interest rates and credit cycles, but working to create more diversified and potentially more durable earnings streams over time.