Dividend sustainability is highly uncertain, evidenced by a historical payout ratio that reached an unsustainable 139.76% in 2025Q3, necessitating reliance on balance sheet liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | -54.36M | -248.88M | 205.67M | 213.27M | 325.72M | 519.18M | 257.9M | 65.04M | 297.58M | 487.29M | 552.91M | 396.3M | 182.78M | 304.82M | 334.92M | 447.7M | 305.58M | 168.68M | 30.66M | -1.52M |
| Operating CF Growth % | -646.64% | -221.01% | -3.56% | -34.52% | -37.26% | 101.31% | 296.55% | -78.15% | -38.93% | -11.87% | 39.52% | 116.82% | -40.04% | -8.99% | -25.19% | 46.51% | 81.16% | 450.11% | 2113.33% | - |
| Operating CF / Revenue % | -7.66% | -30.32% | 79.74% | 104.15% | -78.45% | 49.12% | 113.91% | 13.32% | 65.73% | 77.45% | 90% | 122.06% | 31.05% | 76.82% | 86.56% | 221.13% | 100.78% | 167.4% | -62.09% | -43.61% |
| Net Income | 19.29M | 266.42M | 176.06M | 126.1M | -513.07M | 670.11M | 88.85M | 413.55M | 411.64M | 524.67M | 551.94M | 250.35M | 589.21M | 362.69M | 327.77M | 137.33M | 532.85M | 323.98M | -119.81M | -2.91M |
| Depreciation & Amortization | 16.4M | 7.18M | 321K | 0 | 61.49M | 70.58M | 102.56M | 58.9M | 28.63M | -25.42M | -3.13M | 3.81M | -69.96M | -74.9M | -58.72M | -48.15M | 0 | -49.25M | 0 | -98K |
| Stock-Based Compensation | 20.34M | 56.7M | 10.1M | 9.55M | 8.18M | 6.51M | 5.02M | 10.58M | 8.8M | 3.61M | 2.2M | 1.98M | 956K | 691K | 449K | 713K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -113.66M | -593.49M | 25.03M | 107.75M | 779.96M | -119.87M | 185.83M | -290.77M | -320.9M | 31.44M | 56.05M | 82.67M | -186.46M | 17.67M | 15.53M | 49.02M | -223.82M | -89.72M | 153.78M | 6.99M |
| Working Capital Changes | -34.44M | 12.04M | -5.84M | -30.14M | -10.84M | -37.57M | -21.8M | -68.33M | 88.38M | 10.7M | 7.07M | -33.76M | 9.42M | 873K | 2.34M | 751K | -3.45M | -16.33M | -3.31M | -5.51M |
| Cash from Investing | -1.13B | -1.66B | 178.22M | 551.75M | 509.84M | 2.55B | 8.33B | 1.24B | -6.03B | -4.33B | -1.27B | 2.04B | -5.78B | 305.1M | 988.81M | -114.11M | -1.58B | -2.81B | -1.06B | -795.62M |
| Acquisitions (Net) | 0 | 0 | -29.11M | 0 | 0 | 0 | 0 | 0 | 0 | -398.26M | 0 | -109.87M | -774.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -1.3B | 0 | 0 | 0 | -80.93M | -227.03M | -465.68M | -3.3B | -8.05B | -1.74B | -1.24B | -7.55B | -56.07M | 0 | 0 | -4.17B | -4.02B | -5.32B | -2.22B | -531.06M |
| Sale of Investments | 138.75M | -23.19M | 0 | 0 | 76.47M | -45.31M | -166.95M | -20.36M | 2.74M | -9.12M | -18.16M | 2.6M | -91.71M | -68.11M | -85.17M | 4.06B | 2.44B | 1.86B | 1.16B | 1.79M |
| Other Investing | 34.34M | -1.63B | 207.33M | 551.75M | 514.3M | 2.82B | 8.96B | 4.56B | -6.03B | -3.92B | -1.25B | 2.15B | -5B | 373.21M | 1.07B | -59.76M | 0 | 656.9M | 1.35M | -266.35M |
| Cash from Financing | 1.41B | 2.11B | -521.58M | -807.94M | -956.7M | -2.95B | -8.43B | -1.24B | 5.71B | 3.73B | 781.3M | -2.48B | 5.68B | -1.15B | -908.87M | -134.47M | 1.26B | 2.64B | 1.05B | 803.17M |
| Dividends Paid | -178.35M | -86.03M | -223.25M | -250.53M | -361.51M | -372.41M | -396.38M | -446.96M | -417.59M | -411.7M | -454.27M | -381.19M | -575.28M | -369.74M | -410.71M | -584.99M | -516.81M | -135.62M | -22.85M | 0 |
| Common Dividends | -124.9M | -86.03M | -119.08M | -195.22M | -287.75M | -298.64M | -322.63M | -374.26M | -374.4M | -375.77M | -454.27M | -381.19M | -575.28M | -369.74M | -410.71M | -584.99M | -516.81M | -135.62M | -22.85M | 0 |
| Debt Issuance (Net) | 2M | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Share Repurchases | 0 | 0 | 0 | -33.1M | -48.89M | -1.83M | -22.07M | -193.37M | -14.83M | -314.43M | -140.06M | -250M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -31.9M | -122.7M | 0 | -1K | 0 | -220.94M | -33.75M | 0 | 0 | 1.65B | 0 | 0 | 0 | 0 | 367K | 1.12M | 504K | 50K | 0 | 270.58M |
| Net Change in Cash | 222.87M | 194.58M | -137.69M | -42.92M | -121.14M | 116.65M | 159.21M | 62.39M | -16.08M | -114.14M | 63.65M | -50.56M | 86.99M | -543.52M | 414.85M | 199.13M | -17.11M | -3.2M | 21.45M | 6.03M |
| Exchange Rate Effect | -6.81M | -5.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 278.58M | 84M | 221.68M | 264.6M | 385.74M | 269.09M | 109.88M | 47.49M | 63.57M | 177.71M | 114.06M | 164.62M | 77.63M | 621.15M | 206.3M | 7.17M | 24.28M | 27.48M | 6.03M | 0 |
| Cash at End | 476.22M | 278.58M | 84M | 221.68M | 264.6M | 385.74M | 269.09M | 109.88M | 47.49M | 63.57M | 177.71M | 114.06M | 164.62M | 77.63M | 621.15M | 206.3M | 7.17M | 24.28M | 27.48M | 6.03M |
| Free Cash Flow | -54.36M | -248.88M | 205.67M | 213.27M | 325.72M | 519.18M | 257.9M | 65.04M | 297.58M | 487.29M | 552.91M | 396.3M | 330.56M | 304.82M | 334.92M | 447.7M | 305.58M | 168.68M | 30.66M | -1.52M |
| FCF Growth % | -127.57% | -221.01% | -3.56% | -34.52% | -37.26% | 101.31% | 296.55% | -78.15% | -38.93% | -11.87% | 39.52% | 19.89% | 8.44% | -8.99% | -25.19% | 46.51% | 81.16% | 450.11% | 2113.33% | - |
| FCF / Revenue % | -7.66% | -30.32% | 79.74% | 104.15% | -78.45% | 49.12% | 113.91% | 13.32% | 65.73% | 77.45% | 90% | 122.06% | 56.15% | 76.82% | 86.56% | 221.13% | 100.78% | 167.4% | -62.09% | -43.61% |
Dividend coverage and liquidity
As reported in recent financial statements, CIM's FFO frequently decouples from GAAP operating cash flow, with the 2026Q1 period showing a negative FFO of $34.3 million despite a positive $243.3 million in operating cash, highlighting the significant impact of non-cash fair value adjustments on reported earnings.
The extreme volatility in the FFO-to-Net Income relationship suggests that traditional cash flow metrics are heavily influenced by mark-to-market accounting rather than recurring interest income. Investors should monitor this divergence, as it implies that reported FFO may not reliably track the actual cash-generating capacity of the mortgage portfolio.
Based on the company's reported figures, the dividend payout ratio reached an unsustainable 139.76% in 2025Q3, indicating that distributions are currently exceeding the cash available for distribution and necessitating a reliance on capital recycling or balance sheet liquidity to maintain the current payout level to shareholders.
The lack of consistent AFFO data suggests that the company struggles to generate a reliable buffer above its dividend obligations. This pattern warrants further investigation into whether management is prioritizing dividend continuity at the expense of long-term book value preservation during periods of market stress.
As evidenced by the stark fluctuations in net income, which swung from a $167.3 million profit in 2025Q1 to a $43.9 million loss in 2026Q1, the company's reliance on fair value accounting creates a misleading picture of profitability that fails to reflect underlying interest-earning power.
The significant gap between GAAP net income and FFO suggests that non-cash fair value adjustments are the primary driver of bottom-line volatility. This accounting treatment makes it difficult to assess the true operational health of the securitization engine without adjusting for these non-recurring, non-cash valuation swings.
According to the provided cash flow data, the absence of recurring capital expenditure reporting masks the true cost of maintaining the mortgage portfolio, potentially hiding the impact of credit defaults or structural adjustments that are not explicitly captured in the standard operating cash flow statement.
The lack of transparency regarding maintenance-level capital requirements suggests that the company's reported cash flow may be overstated relative to the true cost of sustaining its credit-sensitive assets. Investors should be cautious, as the absence of these details may hide underlying deterioration in the quality of the whole-loan portfolio.
Quick answers to the most common questions about buying CIM stock.
Chimera Investment Corporation (CIM) generated $-248.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Chimera Investment Corporation (CIM) reported negative free cash flow of $248.9M in 2025, indicating capital requirements exceeded cash from operations.
Chimera Investment Corporation (CIM) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Chimera Investment Corporation (CIM) returned $86.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.