CIM Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About CIM Interactive Breakdown Better Bets vs. CIM Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Chimera Investment (CIM)

    Market Price (10/1/2026): $9.36 | Market Cap: $784.5 MilSector: Financials | Industry: Mortgage REITs

    Chimera Investment (CIM)

    Market Price (10/1/2026): $9.36
    Market Cap: $784.5 Mil
    Sector: Financials
    Industry: Mortgage REITs

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, Dividend Yield is 17%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28%

    Low stock price volatility
    Vol 12M is 26%

    Megatrend and thematic drivers
    Megatrends include Real Estate Finance. Themes include Mortgage Asset Investing.

    Weak multi-year price returns
    2Y Excs Rtn is -56%, 3Y Excs Rtn is -95%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1628%

    Expensive valuation multiples
    P/EPrice/Earnings or Price/(Net Income) is 660x

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -27%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -180%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -180%

    Key risks
    CIM key risks include [1] high delinquency rates in its loan portfolio, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, Dividend Yield is 17%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%
    1 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28%
    2 Low stock price volatility
    Vol 12M is 26%
    3 Megatrend and thematic drivers
    Megatrends include Real Estate Finance. Themes include Mortgage Asset Investing.
    4 Weak multi-year price returns
    2Y Excs Rtn is -56%, 3Y Excs Rtn is -95%
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1628%
    6 Expensive valuation multiples
    P/EPrice/Earnings or Price/(Net Income) is 660x
    7 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -27%
    8 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -180%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -180%
    9 Key risks
    CIM key risks include [1] high delinquency rates in its loan portfolio, Show more.

    CIM in ETFs

    Weight = CIM's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.03%
    VB0.01%
    FNDA0.05%
    VTWO0.03%
    SCHA0.02%
    VBR0.02%
    +3 more covered ETFs

    Valuation & Metrics

    FYE: 12/31CIM [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$215.0 Mil—
    FY 2026 Sales$295.0 Mil—
    FY 2027 Sales$288.0 Mil—
    FY 2026 Sales Growth37.2%—
    FY 2027 Sales Growth-2.4%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$1.2 Mil—
    FY 2026 Net Income (Non-GAAP)$163.1 Mil—
    FY 2027 Net Income (Non-GAAP)$175.5 Mil—
    FY 2027 Net Income Growth7.6%18.3%
    FY 2026 EPS (Non-GAAP)$1.92—
    FY 2027 EPS (Non-GAAP)$2.05—
    FY 2027 EPS Growth6.8%—
    VALUATION
    FY 2026 P/S2.71.6
    FY 2027 P/S2.7—
    FY 2026 P/E4.87.6
    FY 2027 P/E4.5—

    [1] CIM forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    CIMS&P 500
    REVENUE GROWTH 
    Rev LTM ($ Bil)0.2
    Rev Chg Q18.0%9.3%
    Rev Chg LTM-27.2%8.3%
    Rev Chg 3Y Avg57.0%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)-0.4
    Net Inc LTM ($ Bil)0.0
    CFO/Rev LTM-179.6%21.8%
    Net Inc Mgn0.6%13.1%
    VALUATIONMODERATE
    P/S3.63.0
    P/CFO-2.014.2
    P/FCF-2.018.7
    P/E647.821.4

    AI Analysis | Feedback

    MetricValueDateSource
    Total Investing Portfolio$13.0 billion9302025Link
    Recourse Leverage Ratio1.3x9302025Link
    Weighted Average Loan-to-Value (LTV) - Residential Loan Portfolio69%9302025Link
    Weighted Average FICO Score - Residential Loan Portfolio7109302025Link
    Economic Return on Equity3.8%9302025Link
    Percentage of Portfolio in Residential Mortgage Loans89%9302025Link
    Percentage of Portfolio in Agency Mortgage-Backed Securities4%9302025Link
    Percentage of Portfolio in Non-Agency Mortgage-Backed Securities7%9302025Link

    Price Chart

    null
    Upcoming
    9/30/2026DividendAmount: $0.45
    Payment On: 10/30/2026
    10/29/2026Earnings ReleaseRev: $73 Mil (E)
    EPS: $0.46 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/30/2026

    Chimera Investment (CIM) stock has lost about 25% since 6/30/2026 because of the following key factors:

    1. Chimera Investment (CIM) reported a significant miss in its fiscal Q2 2026 earnings available for distribution (EAD) and a decline in book value. The company announced Q2 2026 EAD of $0.46 per share on August 5, 2026, falling short of the consensus analyst estimate of $0.54 per share. Concurrently, Chimera also reported a GAAP net loss of $4 million for the quarter ended June 30, 2026, and its book value per share decreased by 3.2% to $17.75 as of June 30, 2026, compared to the prior quarter. This weaker-than-expected financial performance directly impacted investor confidence.

    2. The broader mortgage REIT (mREIT) sector experienced significant pressure from a rising interest rate environment during fiscal Q3 2026. The Federal Reserve increased its target rate by 25 basis points in Q3 2026, bringing it to 3.75%-4.00%, which, coupled with a surge in the 10-year Treasury yield to approximately 5.1% and 30-year mortgage rates near 7%, squeezed net interest margins for mREITs. The Mortgage REIT Index was down 10.3% year-to-date as of September 27, 2026, reflecting the sector-wide headwinds and a "higher-for-longer" yield environment.

    Show more
    Updated on 9/30/2026

    Chimera Investment (CIM) stock has lost about 25% since 6/30/2026 because of the following key factors:

    1. Chimera Investment (CIM) reported a significant miss in its fiscal Q2 2026 earnings available for distribution (EAD) and a decline in book value. The company announced Q2 2026 EAD of $0.46 per share on August 5, 2026, falling short of the consensus analyst estimate of $0.54 per share. Concurrently, Chimera also reported a GAAP net loss of $4 million for the quarter ended June 30, 2026, and its book value per share decreased by 3.2% to $17.75 as of June 30, 2026, compared to the prior quarter. This weaker-than-expected financial performance directly impacted investor confidence.

    2. The broader mortgage REIT (mREIT) sector experienced significant pressure from a rising interest rate environment during fiscal Q3 2026. The Federal Reserve increased its target rate by 25 basis points in Q3 2026, bringing it to 3.75%-4.00%, which, coupled with a surge in the 10-year Treasury yield to approximately 5.1% and 30-year mortgage rates near 7%, squeezed net interest margins for mREITs. The Mortgage REIT Index was down 10.3% year-to-date as of September 27, 2026, reflecting the sector-wide headwinds and a "higher-for-longer" yield environment.

    3. Despite maintaining its dividend, concerns regarding its sustainability arose due to thin coverage and negative free cash flow. Chimera declared a fiscal Q3 2026 cash dividend of $0.45 per common share, consistent with the previous quarters and reflecting an annualized rate of $1.80 per share. However, the Q2 2026 EAD of $0.46 per share, barely covering the $0.45 dividend, resulted in a payout ratio of 94.7%. Furthermore, the company was reported to be loss-making over the last 12 months with no free cash flows, suggesting it may be utilizing cash reserves or debt to maintain the dividend, which typically raises investor apprehension about future payouts.

    Show less
    Holding a concentrated position? Know your true downside before the momentum shifts.
    Protect Your Wealth →

    Stock Movement Drivers

    Fundamental Drivers

    The -25.3% change in CIM stock from 6/30/2026 to 9/30/2026 was primarily driven by a -94.0% change in the company's Net Income Margin (%).
    (LTM values as of)63020269302026Change
    Stock Price ($)12.759.53-25.3%
    Change Contribution By: 
    Total Revenues ($ Mil)2042155.3%
    Net Income Margin (%)9.4%0.6%-94.0%
    P/E Multiple55.3659.61092.8%
    Shares Outstanding (Mil)8484-0.2%
    Cumulative Contribution-25.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 9/30/2026
    ReturnCorrelation
    CIM-25.3% 
    Market (SPY)2.1%41.7%
    Sector (XLF)-0.4%19.2%

    Fundamental Drivers

    The -17.9% change in CIM stock from 3/31/2026 to 9/30/2026 was primarily driven by a -99.1% change in the company's Net Income Margin (%).
    (LTM values as of)33120269302026Change
    Stock Price ($)11.609.53-17.9%
    Change Contribution By: 
    Total Revenues ($ Mil)357215-39.7%
    Net Income Margin (%)64.6%0.6%-99.1%
    P/E Multiple4.2659.615427.1%
    Shares Outstanding (Mil)84840.7%
    Cumulative Contribution-17.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 9/30/2026
    ReturnCorrelation
    CIM-17.9% 
    Market (SPY)17.6%41.3%
    Sector (XLF)8.5%31.5%

    Fundamental Drivers

    The -16.7% change in CIM stock from 9/30/2025 to 9/30/2026 was primarily driven by a -99.1% change in the company's Net Income Margin (%).
    (LTM values as of)93020259302026Change
    Stock Price ($)11.459.53-16.7%
    Change Contribution By: 
    Total Revenues ($ Mil)295215-27.2%
    Net Income Margin (%)65.2%0.6%-99.1%
    P/E Multiple4.8659.613539.9%
    Shares Outstanding (Mil)8184-2.9%
    Cumulative Contribution-16.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 9/30/2026
    ReturnCorrelation
    CIM-16.7% 
    Market (SPY)15.4%34.9%
    Sector (XLF)0.3%29.2%

    Fundamental Drivers

    The -17.4% change in CIM stock from 9/30/2023 to 9/30/2026 was primarily driven by a -87.7% change in the company's Net Income Margin (%).
    (LTM values as of)93020239302026Change
    Stock Price ($)11.539.53-17.4%
    Change Contribution By: 
    Total Revenues ($ Mil)97215121.6%
    Net Income Margin (%)4.6%0.6%-87.7%
    P/E Multiple200.4659.6229.2%
    Shares Outstanding (Mil)7784-7.9%
    Cumulative Contribution-17.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 9/30/2026
    ReturnCorrelation
    CIM-17.4% 
    Market (SPY)84.5%43.8%
    Sector (XLF)68.1%43.9%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    CIM Return61%-58%3%4%-1%-12%-37%
    Peers Return16%-24%21%4%17%-9%17%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    CIM Win Rate67%33%42%42%50%33% 
    Peers Win Rate53%47%53%60%62%44% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    CIM Max Drawdown-14%-64%-38%-24%-30%-25% 
    Peers Max Drawdown-15%-43%-28%-13%-20%-20% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: NLY, RITM, AGNC, STWD, MFA.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/30/2026 (YTD)

    How Low Can It Go

    EventCIMS&P 500
    2025 US Tariff Shock
      % Loss-21.4%-18.8%
      % Gain to Breakeven27.2%23.1%
      Time to Breakeven36 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-25.2%-9.5%
      % Gain to Breakeven33.8%10.5%
      Time to Breakeven919 days24 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-13.8%-12.2%
      % Gain to Breakeven15.9%13.9%
      Time to Breakeven20 days62 days
    2014-2016 Oil Price Collapse
      % Loss-17.0%-6.8%
      % Gain to Breakeven20.5%7.3%
      Time to Breakeven22 days15 days
    2013 Taper Tantrum
      % Loss-10.8%-0.2%
      % Gain to Breakeven12.1%0.2%
      Time to Breakeven115 days1 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-19.3%-17.9%
      % Gain to Breakeven24.0%21.8%
      Time to Breakeven120 days123 days

    Compare to NLY, RITM, AGNC, STWD, MFA

    In The Past

    Chimera Investment's stock fell -21.4% during the 2025 US Tariff Shock. Such a loss loss requires a 27.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventCIMS&P 500
    2025 US Tariff Shock
      % Loss-21.4%-18.8%
      % Gain to Breakeven27.2%23.1%
      Time to Breakeven36 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-25.2%-9.5%
      % Gain to Breakeven33.8%10.5%
      Time to Breakeven919 days24 days
    2008-2009 Global Financial Crisis
      % Loss-88.4%-53.4%
      % Gain to Breakeven765.6%114.4%
      Time to Breakeven3905 days1085 days

    Compare to NLY, RITM, AGNC, STWD, MFA

    In The Past

    Chimera Investment's stock fell -21.4% during the 2025 US Tariff Shock. Such a loss loss requires a 27.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Chimera Investment (CIM)

    Chimera Investment Corporation (CIM) operates as a real estate investment trust (REIT) in the United States. The company's primary business involves generating income through strategic investments in a diverse portfolio of mortgage assets. As a REIT, CIM is structured to distribute the majority of its taxable income to shareholders, offering investors a way to gain exposure to the mortgage market and its associated income streams.

    CIM's main investment products are various types of mortgage-related securities and loans. This portfolio includes direct residential mortgage loans, as well as both agency and non-agency residential mortgage-backed securities (RMBS). Additionally, the company invests in agency mortgage-backed securities (MBS) backed by pools of residential or commercial mortgage loans, along with other real estate-related securities. CIM diversifies its holdings across different credit qualities, encompassing investment-grade, non-investment-grade, and non-rated classes within the mortgage sector.

    The company primarily serves the financial and real estate investment markets within the United States. Its operations are focused on capitalizing on opportunities in the U.S. mortgage debt landscape, with its ultimate beneficiaries being investors seeking income and exposure to a diversified pool of mortgage assets through the REIT structure.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Chimera Investment (CIM):

    • Think of it like BlackRock or Vanguard, but exclusively focused on investing in residential and commercial mortgages and real estate-backed securities.

    • It's similar to a specialized real estate landlord like Equity Residential (apartments) or Prologis (warehouses), but instead of owning physical buildings, it "owns" mortgage loans and mortgage-backed securities.

    AI Analysis | Feedback

    • Residential Mortgage Loans: Direct investments in loans secured by residential properties.
    • Residential Mortgage-Backed Securities (MBS): Investments in securities backed by pools of residential mortgages, including both agency (government-guaranteed) and non-agency types.
    • Agency Commercial Mortgage-Backed Securities (CMBS): Investments in securities backed by pools of commercial mortgage loans and guaranteed by government agencies.
    • Other Real Estate Related Securities: A broad category encompassing various other securities tied to the real estate market.

    AI Analysis | Feedback

    Based on the provided company description, Chimera Investment Corporation (CIM) operates as a real estate investment trust (REIT) that primarily invests in a portfolio of mortgage assets, including residential mortgage loans, and various types of mortgage-backed securities. This business model means the company generates its income from the returns on these investments (e.g., interest income, distributions from securities) rather than by selling products or services to external customers.

    Therefore, Chimera Investment Corporation does not have traditional "major customers" in the sense of entities that purchase goods or services from it. Its revenue is derived from the performance of its investment portfolio.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Phillip J. Kardis II, President, Chief Executive Officer and Director

    Mr. Kardis became President in March 2024 and Chief Executive Officer in December 2022, also joining the Board of Directors in December 2022. He previously served as the Company's Chief Legal Officer and Secretary from September 2015 to December 2022. Mr. Kardis has been actively involved in Chimera's leadership, operations, and strategic initiatives since its founding in 2007, and played a key role in structuring its securitization, financing, and investment transactions. Prior to joining Chimera in September 2015, he was a partner with K&L Gates LLP, where he represented mortgage REITs and other companies involved with residential mortgage loans, mortgage servicing rights, and mortgage-backed securities, including Chimera.

    Subramaniam Viswanathan, Chief Financial Officer and Principal Accounting Officer

    Mr. Viswanathan has served as Chimera's Chief Financial Officer and Principal Accounting Officer since July 2021. Before joining Chimera, he was the Managing Director, Chief Operating Officer – Global Mortgages and Securitized Products and Global Rates at Bank of America Merrill Lynch from 2012, having held other roles there since 2007. Earlier in his career, Mr. Viswanathan was the Senior Vice President, Business Area Controller – Cash and Synthetic CDOs, Securitization and Correlation Desks at Citigroup, Corporate and Investment Banking.

    Jack L. Macdowell, Jr., Chief Investment Officer

    Mr. Macdowell became Chimera's Chief Investment Officer upon the Company's acquisition of The Palisades Group ("Palisades") in December 2024. He co-founded Palisades in 2012 and served as its Managing Member and Chief Investment Officer, where he was responsible for leading its investment activities, including research, asset allocation, and risk management functions.

    Miyun Sung, Chief Legal Officer and Corporate Secretary

    Ms. Sung joined Chimera in November 2023. Previously, she was Senior Vice President, Chief Legal Officer and Secretary of Urstadt Biddle Properties Inc., a NYSE-listed real estate investment trust, from May 2016 until its merger with Regency Centers Corporation in August 2023. She provided advisory services to the newly merged company on transition matters from August to September 2023.

    AI Analysis | Feedback

    The key risks to Chimera Investment Corporation (CIM) are primarily centered around its nature as a mortgage real estate investment trust (REIT) and its portfolio of mortgage assets.

    1. Interest Rate Risk: As a mortgage REIT, Chimera Investment is highly susceptible to fluctuations in interest rates. Changes in interest rates can significantly impact the value of the company's mortgage-backed securities portfolio. Rising interest rates, for example, can decrease the market value of existing mortgage assets and increase the cost of borrowing for the company, thereby compressing its net interest margins and profitability.
    2. Credit Risk and Delinquency Rates: Chimera's investment portfolio includes residential mortgage loans and non-agency residential mortgage-backed securities, which inherently carry higher credit risk compared to government-guaranteed agency securities. The company has faced concerns regarding high delinquency rates within its portfolio, particularly with pre-2008 residential mortgage loans and non-qualified mortgage (non-QM) loans. An increase in defaults on these underlying mortgage loans directly impacts the value and performance of Chimera's assets and can threaten future dividend payments. The acquisition of HomeXpress, a non-QM mortgage originator, has also been noted as potentially increasing credit risk.
    3. Leverage and Funding Vulnerabilities: Chimera Investment utilizes leverage to enhance its returns, making its financial performance sensitive to financing costs and the availability of capital. The company's reliance on short-term financing methods, such as repurchase agreements and warehouse lines, along with a high debt-to-equity ratio, exposes it to funding vulnerabilities. This high leverage can magnify the negative effects of adverse movements in interest rates or a deterioration in credit performance, impacting the company's financial strength and liquidity.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    For Chimera Investment Corporation (CIM), a real estate investment trust (REIT) focused on mortgage assets and real estate-related securities, the addressable markets are primarily within the United States.

    The key addressable markets for Chimera Investment's main products and services in the U.S. include:

    • U.S. Residential Mortgage Market: The total outstanding U.S. mortgage market is approximately $14.5 trillion. Additionally, the U.S. home loan market reached an estimated $2.42 trillion in 2026 and is projected to grow to $3.17 trillion by 2031 in terms of originations.
    • U.S. Mortgage-Backed Securities (MBS) Market (Agency and Non-Agency): The total U.S. MBS market, which encompasses both residential and commercial mortgage-backed securities, is estimated at $15.55 trillion in 2025 and is expected to reach $22.43 trillion by 2030. As of mid-2023, there was over $11 trillion in outstanding MBS in the United States.
      • U.S. Agency MBS Market: Agency MBS constitute a significant portion of the $15.3 trillion U.S. securitized market.
      • U.S. Non-Agency Residential Mortgage-Backed Securities (RMBS) Market: This segment alone accounts for over $1.7 trillion in outstanding securities. New issuance in the non-agency MBS market totaled $185.85 billion in 2025.
    • U.S. Commercial Mortgage Market: The outstanding U.S. commercial mortgage market is valued at $5.5 trillion. Commercial mortgage origination volume is forecasted to increase to $805.5 billion in 2026 from $633.7 billion expected in 2025.
    • U.S. Professionally Managed Real Estate Investment Market: This broader market, which includes various real estate-related securities and investments, was valued at approximately $4.9 trillion in 2024. U.S. REITs collectively own more than $4.5 trillion of gross real estate.

    AI Analysis | Feedback

    Chimera Investment (CIM) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and market opportunities.

    1. Growth of the Residential Origination Segment (HomeXpress Mortgage Acquisition): The acquisition of HomeXpress Mortgage, completed on October 1, 2025, is a significant driver. This segment generated $1 billion in production in Q4 2025 with a gain-on-sale premium of 358 basis points and $11 million in EBITDA for the quarter. Management anticipates this acquisition to be materially accretive to earnings in 2026 and 2027, enhancing growth prospects by focusing on non-QM loans and agency mortgage-backed securities (MBS). Furthermore, this integration allows Chimera to retain loans for its own investment and securitization programs. The residential origination business showed strong momentum, with production volume increasing 18% quarter-over-quarter and 49% versus Q4 2024. The correspondent channel is also expected to contribute to growth in 2026.

    2. Diversification and Repositioning of the Investment Portfolio: Chimera is actively diversifying its investment portfolio, with a strategic shift to increase its allocation to Agency MBS. This includes deploying capital in Agency MBS to optimize net interest income and manage risk. In Q4 2025, the company added $606 million net of sales in Agency RMBS.

    3. Expansion into Mortgage Servicing Rights (MSRs): The company plans to acquire mortgage servicing rights (MSRs) as a strategy for income diversification and protection against market volatility. A previously announced MSR transaction was settled in Q3 2025, signaling ongoing commitment to this growth area.

    4. Growth in Third-Party Asset Management and Fee-Based Income: Chimera is focused on expanding its fee-based income, both through organic growth and strategic acquisitions. The third-party asset management division has shown significant growth, with loans under management increasing by 20% year-over-year and transaction volume growing by 16%. This expansion of advisory services to securitizations further contributes to a more diversified earnings base.

    AI Analysis | Feedback

    Share Repurchases

    • In March 2020, Chimera Investment Corporation authorized a new share repurchase program for up to $150 million of its outstanding common shares, replacing a previous program with an approximate $85 million remaining.
    • Despite a confirmed $250 million share buyback program, the company did not repurchase any shares in 2025.
    • The company aims to repurchase shares when the purchase price is below the publicly reported book value per common share.

    Share Issuance

    • On October 1, 2025, Chimera issued 2,077,151 shares of common stock as part of the payment for the acquisition of HomeXpress Mortgage Corp.
    • The total common shares outstanding increased from 80,922,221 at December 31, 2024, to 83,402,145 at December 31, 2025.

    Outbound Investments

    • Chimera completed the acquisition of HomeXpress Mortgage Corp. on October 1, 2025, for $240 million in cash and 2,077,151 shares of its common stock.
    • During the fourth quarter of 2025, the company added $606 million of Agency Residential Mortgage-Backed Securities (RMBS), net of sales.
    • In December 2024, Chimera acquired Palisades Advisory Services, LLC.

    Capital Expenditures

    • In 2025, capital was primarily allocated to the asset portfolio, focusing on Agency MBS growth.
    • The company increased its leverage in the fourth quarter of 2025 by allocating more capital to Agency RMBS and adding warehouse lines from residential origination segments.
    • For 2026, Chimera plans to continue diversifying its portfolio, with a focus on Agency MBS, Mortgage Servicing Rights (MSRs), and HomeXpress production, anticipating 20-25% growth in the non-Qualified Mortgage (non-QM) market.

    Peer Outperformance in Mortgage REITs

    CIM has trailed 81% of its 32 Mortgage REITs peers over 5Y. Mortgage REITs ranks 16th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Mortgage REITs constituents that CIM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    53%
    of 36 industry peers · -16.7% return
    3Y
    34%
    of 35 industry peers · -17.4% return
    5Y
    19%
    of 32 industry peers · -60.7% return
    No Mortgage REITs peer with a comparable growth profile has beaten CIM by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Mortgage REITs is CIM's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 16.4%64.7%112.2% SPNT 159% · RNR 137% · RGA 136%
    Investment Banking & Brokerage 13 -6.6%93.9%103.8% IBKR 444% · SNEX 231% · HOOD 168%
    Diversified Banks 12 27.2%124.0%99.1% CM 147% · RY 136% · JPM 124%
    Life & Health Insurance 20 3.8%51.0%89.7% JXN 530% · UNM 295% · FG 188%
    Multi-Sector Holdings 4 3.7%47.5%74.5% JONE 361% · BRK-B 81% · VOYA 68%
    Property & Casualty Insurance 42 3.1%66.1%56.2% ASIC 2554900% · HRTG 413% · UVE 300%
    Multi-line Insurance 9 1.8%66.4%55.9% GNW 131% · L 92% · SLF 87%
    Regional Banks 265 23.5%87.5%51.5% ESQ 317% · GCBC 297% · NBN 262%
    Financial Exchanges & Data 15 -3.9%16.4%30.1% VIRT 166% · CBOE 138% · CME 64%
    Diversified Financial Services 4 -10.5%17.9%17.1% FRHC 165% · EQH 93% · TMS -58%
    Consumer Finance 30 1.0%76.2%13.4% ENVA 365% · EZPW 293% · FCFS 155%
    Insurance Brokers 16 -21.7%-8.6%11.7% LIFE 292% · ARX 88% · AJG 58%
    Asset Management & Custody Banks 84 -7.7%16.9%10.1% WT 352% · VCTR 270% · SII 269%
    Commercial & Residential Mortgage Finance 15 -49.5%9.5%-1.7% FNMA 399% · FMCC 371% · ACT 149%
    Specialized Finance 3 13.7%38.1%-8.7% EFC 19% · CACC -9% · HASI -17%
    Mortgage REITs ← 33 -17.3%-1.7%-29.2% NREF 52% · DX 23% · LADR 16%
    Transaction & Payment Processing Services 17 -2.4%-9.7%-45.9% V 62% · MA 58% · CPAY 46%
    Diversified Capital Markets 21 -32.7%10.3%-48.2% OPY 183% · LPLA 95% · GOLD 62%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    KODKodiak Sciences5.9200.8%239.1%
    IOVAIovance Biotherapeutics6.745.4%442.9%
    GRALGRAIL6.029.1%63.7%
    QMCOQuantum0.722.1%391.8%
    TWSTTwist Bioscience12.121.9%509.2%
    PWPPerella Weinberg Partners1.221.8%-4.6%
    CDNACareDx3.319.7%245.0%
    TXG10x Genomics11.719.5%454.0%
    PEverpure43.319.3%95.3%
    WRBYWarby Parker3.419.0%27.5%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    LQDALiquidia2.7-55.2%-12.3%
    QUREuniQure1.6-43.5%1.0%
    KDKKodiak AI0.4-35.4%-82.4%
    FICOFair Isaac13.4-32.6%-65.0%
    GLASGlass House Brands0.5-28.5%-36.6%
    ITGITG0.4-23.9%-74.3%
    EMATEvolution Metals & Technologies1.6-23.5%-88.0%
    OCULOcular Therapeutix1.7-23.3%-36.8%
    VKTXViking Therapeutics3.8-21.7%-7.3%
    SWMRSwarmer0.3-21.6%-42.5%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    KODKodiak Sciences5.9153.8%239.1%
    SECZSecuritize2.2125.9%18.6%
    IOVAIovance Biotherapeutics6.781.4%442.9%
    GRALGRAIL6.076.5%63.7%
    SDGRSchrodinger2.359.2%73.7%
    VICRVicor13.354.0%163.6%
    BALYBallys0.853.1%-16.9%
    MXLMaxLinear8.150.7%418.1%
    FORMFormFactor11.748.4%167.7%
    ACVAACV Auctions1.848.4%30.0%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    ADBTAdvasa0.1-97.3%-98.0%
    ALMSAlumis0.9-66.1%-24.3%
    XNDUXanadu Quantum Technologies1.4-57.4%-60.2%
    LQDALiquidia2.7-55.6%-12.3%
    QUREuniQure1.6-50.4%1.0%
    KDKKodiak AI0.4-49.2%-82.4%
    FICOFair Isaac13.4-48.4%-65.0%
    CTEVClaritev0.4-46.8%-50.5%
    SWMRSwarmer0.3-46.2%-42.5%
    METCRamaco Resources0.5-41.9%-54.1%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    CIMNLYRITMAGNCSTWDMFAMedian
    NameChimera .Annaly C.Rithm Ca.AGNC Inv.Starwood.MFA Fina. 
    Mkt Price9.3218.748.778.9613.197.729.14
    Mkt Cap0.813.84.910.44.80.84.9
    Rev LTM2153,1723,3362,4018122701,606
    Op Inc LTM-------
    FCF LTM-386-314-1,886886481252-31
    FCF 3Y Avg-211,265-1,292420531173297
    CFO LTM-386886-1,8818861,091252569
    CFO 3Y Avg-212,157-1,247420752173297

    Growth & Margins

    CIMNLYRITMAGNCSTWDMFAMedian
    NameChimera .Annaly C.Rithm Ca.AGNC Inv.Starwood.MFA Fina. 
    Rev Chg LTM-27.2%238.3%19.4%384.1%1.8%6.1%12.8%
    Rev Chg 3Y Avg57.0%231.2%14.7%252.2%-10.0%35.7%46.3%
    Rev Chg Q18.0%705.6%8.5%710.7%-5.7%20.4%19.2%
    QoQ Delta Rev Chg LTM5.3%32.7%2.0%49.6%-1.2%5.2%5.2%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM-179.6%27.9%-56.4%36.9%134.4%93.3%32.4%
    CFO/Rev 3Y Avg-22.7%--43.5%37.7%89.9%68.2%37.7%
    FCF/Rev LTM-179.6%-9.9%-56.5%36.9%59.3%93.3%13.5%
    FCF/Rev 3Y Avg-22.7%--45.3%37.7%62.8%68.2%37.7%

    Valuation

    CIMNLYRITMAGNCSTWDMFAMedian
    NameChimera .Annaly C.Rithm Ca.AGNC Inv.Starwood.MFA Fina. 
    Mkt Cap0.813.84.910.44.80.84.9
    P/S3.64.41.54.36.03.04.0
    P/Op Inc-------
    P/EBIT-------
    P/E645.04.710.54.621.25.48.0
    P/CFO-2.015.6-2.611.74.43.23.8
    Total Yield16.7%36.2%22.9%38.3%18.8%36.8%29.5%
    Dividend Yield16.5%15.0%13.5%16.7%14.1%18.6%15.8%
    FCF Yield 3Y Avg-1.5%13.4%-24.4%3.6%8.5%16.9%6.0%
    D/E17.22.77.40.02.98.05.1
    Net D/E16.72.76.0-0.02.87.94.4

    Returns

    CIMNLYRITMAGNCSTWDMFAMedian
    NameChimera .Annaly C.Rithm Ca.AGNC Inv.Starwood.MFA Fina. 
    1M Rtn-14.9%-15.1%-12.6%-15.4%-13.1%-12.5%-14.0%
    3M Rtn-26.7%-12.4%-6.4%-14.0%-16.4%-19.4%-15.2%
    6M Rtn-19.7%-4.8%-7.4%-4.2%-17.8%-16.4%-11.9%
    12M Rtn-18.6%6.1%-23.0%4.9%-23.5%-5.9%-12.2%
    3Y Rtn-19.2%49.6%-5.7%47.5%-7.1%17.6%6.0%
    1M Excs Rtn-14.5%-14.7%-12.2%-14.9%-12.6%-12.0%-13.6%
    3M Excs Rtn-28.9%-14.6%-8.6%-16.2%-18.6%-21.6%-17.4%
    6M Excs Rtn-36.5%-22.0%-24.4%-21.3%-35.3%-33.3%-28.9%
    12M Excs Rtn-32.6%-8.7%-38.5%-9.0%-38.2%-20.4%-26.5%
    3Y Excs Rtn-95.3%-28.1%-84.0%-29.7%-81.8%-58.8%-70.3%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/5/20265/7/20262/18/202611/6/20258/6/20255/8/20252/19/202511/6/20248/7/20245/9/20242/29/202411/2/2023
    Key Financials Quarterly            
    Total Revenue7144663460197-114152741464818
    Net Income17-4428-135167-14713657129312
    EPS-0.05-0.780.08-0.270.171.79-2.081.410.421.370.16-0.22
    Key Financials TTM            
    Total Revenue TTM215204357177295309258420286270205286
    Net Income TTM11923056193214176353219198126193
    Growth Rates Quarterly            
    Total Revenue Growth18.0%-77.5%158.1%-77.7%-18.4%35.1%-334.1%739.4%28.4%80.5%-62.5%110.6%
    Net Income Growth-51.0%-126.2%119.3%-100.4%-37.4%29.2%-579.7%6188.4%57.3%125.7%-68.6%101.2%
    Margins Quarterly            
    Net Income Margin24.5%-99.1%42.9%-1.7%59.0%84.9%-89.8%76.9%88.8%63.0%12.0%
    Cash & Debt            
    Total Cash4444762794912502538497162169222139
    Total Debt13,45012,73413,07112,21911,73710,39710,01510,7509,9139,79410,10910,278
    Net Debt / (Cash)13,00612,25812,79211,72711,48710,1449,93110,6529,7519,6259,88710,140
    Cash Flows Quarterly            
    FCF from Operations-339243-153-137-749384169573145
    Cash Flows TTM            
    FCF from Operations TTM-386-54-249-58121197206199202240213208
    Returns to Shareholders Quarterly            
    Dividends383232303031303527274344
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-07
    Return on Invested Capital (ROIC) Quarterly            
    ROIC0.4%-1.0%0.6%-0.0%0.9%4.6%-4.0%3.6%1.6%3.7%0.8%0.1%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-0.0%0.1%1.3%0.3%1.2%1.5%1.2%2.3%1.5%1.4%0.9%1.3%

    Segment Financials

    Revenue by Segment
    $ Mil20242023202220212020
    Single Segment258205-4151,057226
    Total258205-4151,057226


    Net Income by Segment
    $ Mil2025
    Investment Portfolio136
    Residential Origination8
    Total144


    Assets by Segment
    $ Mil2025
    Investment Portfolio14,677
    Residential Origination1,132
    Total15,809


    Price Behavior

    Price Behavior
    Market Price$9.53 
    Market Cap ($ Bil)0.8 
    First Trading Date11/16/2007 
    Distance from 52W High-26.1% 
       50 Days200 Days
    DMA Price$11.05$11.74
    DMA Trendindeterminatedown
    Distance from DMA-13.8%-18.8%
     3M1YR
    Volatility22.6%25.9%
    Downside Capture227.57103.45
    Upside Capture43.1064.61
    Correlation (SPY)40.4%34.7%
    CIM Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta1.311.050.850.720.690.89
    Up Beta0.820.850.290.460.380.76
    Down Beta2.030.710.330.260.630.83
    Up Capture65%36%41%51%55%65%
    Bmk +ve Days6162766132424
    Stock +ve Days8172563125375
    Down Capture264%251%206%141%102%104%
    Bmk -ve Days16263760120328
    Stock -ve Days14253761121360

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CIM
    CIM-16.2%25.8%-0.72-
    Sector ETF (XLF)-0.1%14.8%-0.2329.1%
    Equity (SPY)15.9%13.0%0.8734.9%
    Gold (GLD)8.1%29.6%0.2619.4%
    Commodities (DBC)43.1%20.8%1.61-19.6%
    Real Estate (VNQ)2.2%13.6%-0.0944.0%
    Bitcoin (BTCUSD)-27.1%44.5%-0.5815.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CIM
    CIM-17.0%35.2%-0.46-
    Sector ETF (XLF)9.3%18.4%0.3750.1%
    Equity (SPY)13.2%17.2%0.5950.8%
    Gold (GLD)18.2%18.9%0.7815.3%
    Commodities (DBC)10.6%19.6%0.428.5%
    Real Estate (VNQ)0.5%18.9%-0.0858.9%
    Bitcoin (BTCUSD)13.9%52.3%0.4420.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CIM
    CIM-4.3%36.5%-0.02-
    Sector ETF (XLF)12.7%22.1%0.5249.6%
    Equity (SPY)15.4%17.9%0.7347.7%
    Gold (GLD)11.8%16.4%0.589.5%
    Commodities (DBC)8.4%18.1%0.3815.4%
    Real Estate (VNQ)4.5%20.7%0.1856.2%
    Bitcoin (BTCUSD)63.6%66.2%1.0313.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity3.4 Mil
    Short Interest: % Change Since 831202641.0%
    Average Daily Volume1.1 Mil
    Days-to-Cover Short Interest3.2 days
    Basic Shares Quantity83.8 Mil
    Short % of Basic Shares4.1%

    Earnings Returns History

    Updated 9/17/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/2026-6.4%-6.0%-9.3%
    5/7/2026-0.7%-2.3%-2.9%
    2/11/20266.4%12.0%6.9%
    11/6/2025-9.6%-6.8%-1.2%
    8/6/2025-2.6%-0.4%8.1%
    5/8/20256.6%12.7%13.2%
    2/12/2025-7.8%-9.1%-11.7%
    11/6/20240.0%-1.4%-1.9%
    ...
    SUMMARY STATS   
    # Positive10911
    # Negative141513
    Median Positive5.4%7.1%9.4%
    Median Negative-5.6%-5.5%-7.1%
    Max Positive11.1%14.1%20.0%
    Max Negative-9.6%-11.0%-23.3%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/2026-6.4%-6.0%-9.3%
    5/7/2026-0.7%-2.3%-2.9%
    2/11/20266.4%12.0%6.9%
    11/6/2025-9.6%-6.8%-1.2%
    8/6/2025-2.6%-0.4%8.1%
    5/8/20256.6%12.7%13.2%
    2/12/2025-7.8%-9.1%-11.7%
    11/6/20240.0%-1.4%-1.9%
    8/7/20247.0%5.6%12.9%
    5/9/202411.1%7.1%-8.6%
    2/14/2024-6.4%-3.8%-2.4%
    11/2/2023-1.8%-1.6%9.4%
    8/3/2023-8.5%-5.5%-2.4%
    5/4/2023-3.1%-4.6%-1.3%
    2/15/2023-3.4%-6.5%-23.3%
    11/3/2022-8.9%-3.5%6.9%
    8/4/2022-8.6%-7.6%-18.7%
    5/5/2022-4.5%-11.0%-9.9%
    2/17/2022-4.8%-9.9%-7.1%
    11/3/20216.2%7.7%3.9%
    8/4/20210.1%2.9%5.0%
    5/5/20214.6%3.6%12.1%
    2/10/20210.5%3.1%13.1%
    11/4/20201.1%14.1%20.0%
    SUMMARY STATS   
    # Positive10911
    # Negative141513
    Median Positive5.4%7.1%9.4%
    Median Negative-5.6%-5.5%-7.1%
    Max Positive11.1%14.1%20.0%
    Max Negative-9.6%-11.0%-23.3%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/18/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/19/202510-K
    09/30/202411/06/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/09/202410-Q
    12/31/202302/29/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/04/202310-Q
    12/31/202202/17/202310-K
    09/30/202211/03/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/18/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/19/202510-K
    09/30/202411/06/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/09/202410-Q
    12/31/202302/29/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/04/202310-Q
    12/31/202202/17/202310-K
    09/30/202211/03/202210-Q
    06/30/202208/04/202210-Q
    03/31/202205/05/202210-Q
    12/31/202102/17/202210-K
    09/30/202111/03/202110-Q
    06/30/202108/04/202110-Q
    03/31/202105/06/202110-Q
    12/31/202002/18/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/07/202010-Q
    12/31/201902/24/202010-K
    09/30/201910/31/201910-Q

    Industry Resources

    External Quote Links


    Prefer one of these to Trefis? Tell us why.
    Core Cache Last Updated: 9/30/2026