Operating performance remains strained as NOI margins contracted from 100% in previous periods to 88.2% in 2026Q1, reflecting mounting pressure from financing costs.
| 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 |
|---|
| Revenue | 709.46M | 820.77M | 257.93M | 204.77M | -415.21M | 1.06B | 226.4M | 488.15M | 452.74M | 629.18M | 614.34M | 324.69M | 588.69M | 396.79M | 386.94M | 202.46M | 303.21M | 100.77M | -49.38M | 3.49M |
| Revenue Growth % | 129.55% | 218.22% | 25.96% | 149.32% | -139.28% | 366.88% | -53.62% | 7.82% | -28.04% | 2.42% | 89.21% | -44.85% | 48.36% | 2.55% | 91.11% | -33.23% | 200.91% | 304.05% | -1514.15% | - |
| Property Operating Expenses | 58.31M | 42.1M | 0 | 0 | 0 | 0 | 0 | 0 | 49.11M | 62.96M | 48.6M | 51.22M | 10M | 2.65M | 0 | 0 | 37.17M | 9.85M | 0 | 0 |
| Net Operating Income (NOI) | 651.15M | 778.67M | 257.93M | 204.77M | -415.21M | 1.06B | 226.4M | 488.15M | 403.63M | 566.22M | 565.74M | 273.47M | 578.69M | 394.14M | 386.94M | 202.46M | 266.03M | 90.92M | 44.72M | 3.49M |
| NOI Margin % | 91.78% | 94.87% | 100% | 100% | 100% | 100% | 100% | 100% | 89.15% | 89.99% | 92.09% | 84.23% | 98.3% | 99.33% | 100% | 100% | 87.74% | 90.23% | -90.55% | 100% |
| Operating Expenses | 197.49M | 14.01M | 257.93M | 204.77M | -415.21M | 1.06B | 226.4M | 488.15M | 452.74M | 574M | 430M | 324.69M | 588.69M | 394.14M | 386.94M | 64.53M | 49.63M | 11.45M | 14.03M | -5.37M |
| G&A Expenses | 60.66M | 30M | 64.56M | 55.69M | 72.03M | 69.07M | 67.72M | 72.8M | 57.78M | 47.86M | 44.42M | 59.88M | 31.8M | 16.73M | 13.99M | 59.24M | 6.01M | 9.75M | 5.6M | 605K |
| EBITDA | 468.59M | 771.84M | 0 | 0 | 0 | 0 | 0 | 0 | 597.65M | 1.01B | 883.26M | 145.96M | 215.83M | 102M | 126.56M | 967.22M | 1.26B | -82.12M | -119.8M | 8.77M |
| EBITDA Margin % | 66.05% | 94.04% | 0% | 0% | 0% | 0% | 0% | 0% | 132.01% | 160.36% | 143.77% | 44.95% | 36.66% | 25.71% | 32.71% | 477.73% | 416.52% | -81.49% | 242.59% | 251.06% |
| Depreciation & Amortization | 14.93M | 7.18M | 0 | 0 | 0 | 0 | 0 | 0 | 202.69M | -48.56M | -16.63M | -363.76M | -521.16M | -362.69M | -327.77M | 337.32M | 735.47M | -49.25M | 0 | -98K |
| D&A / Revenue % | 2.1% | 0.88% | 0% | 0% | 0% | 0% | 0% | 0% | 44.77% | -7.72% | -2.71% | -112.03% | -88.53% | -91.41% | -84.71% | 166.61% | 242.56% | -48.88% | 0% | -2.81% |
| Operating Income | 453.66M | 764.65M | 0 | 0 | 0 | 0 | 0 | 0 | 394.96M | 1.06B | 899.88M | 509.71M | 736.99M | 464.69M | 454.33M | 629.9M | 527.45M | -32.87M | 0 | 8.87M |
| Operating Margin % | 63.94% | 93.16% | 0% | 0% | 0% | 0% | 0% | 0% | 87.24% | 168.08% | 146.48% | 156.99% | 125.19% | 117.11% | 117.42% | 311.12% | 173.96% | -32.62% | 0% | 253.87% |
| Interest Expense | 4M | 554.92M | 496.27M | 509.54M | 333.29M | 326.63M | 516.18M | 758.81M | 679.11M | 532.75M | 347.86M | 259.37M | 147.78M | 102M | 126.56M | 134.86M | 37.17M | 35.08M | 60.54M | 0 |
| Interest Coverage | - | 1.42x | - | - | - | - | - | - | 1.60x | 2.17x | 2.76x | 1.25x | 3.95x | 4.00x | 4.63x | 5.15x | 15.52x | 9.52x | -1.98x | - |
| Non-Operating Income | 29.25M | -23.04M | 0 | 0 | 0 | 0 | 0 | 0 | -691.29M | 0 | -422.8M | 39.78M | -62.59M | -45.17M | -258.81M | -64.53M | -49.63M | 0 | 89.94M | 8.77M |
| Pretax Income | 17.74M | 232.77M | 176.11M | 126.21M | -513.32M | 674.52M | 89.01M | 413.74M | 411.73M | 524.78M | 552.03M | 250.35M | 589.21M | 362.69M | 327.77M | 137.94M | 249.16M | 323.98M | -119.8M | -2.9M |
| Pretax Margin % | 2.5% | 28.36% | 68.28% | 61.63% | 123.63% | 63.81% | 39.32% | 84.76% | 90.94% | 83.41% | 89.86% | 77.1% | 100.09% | 91.41% | 84.71% | 68.13% | 82.17% | 321.52% | 242.59% | -83.08% |
| Income Tax | -1.55M | 2.27M | 49K | 102K | -253K | 4.41M | 158K | 193K | 91K | 108K | 83K | 1K | 2K | 2K | 1K | 606K | 756K | 1K | 12K | 5K |
| Effective Tax Rate % | -8.75% | 0.97% | 0.03% | 0.08% | 0.05% | 0.65% | 0.18% | 0.05% | 0.02% | 0.02% | 0.02% | 0% | 0% | 0% | 0% | 0.44% | 0.3% | 0% | -0.01% | -0.17% |
| Net Income | 19.29M | 230.5M | 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 | 248.41M | 95.47M | -119.81M | -2.91M |
| Net Margin % | 2.72% | 28.08% | 68.26% | 61.58% | 123.57% | 63.4% | 39.25% | 84.72% | 90.92% | 83.39% | 89.84% | 77.1% | 100.09% | 91.41% | 84.71% | 67.83% | 81.93% | 94.74% | 242.62% | -83.22% |
| Net Income Growth % | -90.98% | 30.92% | 39.62% | 124.58% | -176.56% | 654.17% | -78.51% | 0.46% | -21.54% | -4.94% | 120.47% | -57.51% | 62.46% | 10.65% | 138.67% | -44.72% | 160.19% | 179.68% | -4022.81% | - |
| Funds From Operations (FFO) | 35.69M | 237.68M | 176.39M | 126.1M | -451.58M | 740.7M | 191.42M | 472.45M | 614.33M | 476.11M | 535.32M | -113.41M | 68.05M | -2K | -1K | 474.65M | 983.88M | 46.22M | -119.81M | -3M |
| FFO Margin % | 5.03% | 28.96% | 68.39% | 61.58% | 108.76% | 70.07% | 84.55% | 96.78% | 135.69% | 75.67% | 87.14% | -34.93% | 11.56% | -0% | -0% | 234.44% | 324.49% | 45.87% | 242.62% | -86.03% |
| FFO Growth % | -120.36% | 34.75% | - | - | -160.97% | 286.95% | -59.48% | -23.09% | 29.03% | -11.06% | 572.03% | -266.67% | 3402350% | -100% | -100% | -51.76% | 2028.68% | - | - | - |
| FFO per Share | 0.43 | 2.83 | 2.15 | 1.61 | -5.79 | 9.05 | 2.70 | 7.52 | 9.82 | 7.59 | 8.54 | -1.70 | 0.99 | -0.00 | -0.00 | 6.93 | 17.94 | 0.00 | -9.49 | -0.40 |
| FFO Payout Ratio % | 349.91% | 36.2% | 67.51% | 154.81% | -63.72% | 40.32% | 168.54% | 79.22% | 60.94% | 78.93% | 84.86% | -336.12% | 845.43% | -18487000% | -41071200% | 123.25% | 52.53% | 293.43% | -19.07% | 0% |
| EPS (Diluted) | 0.23 | 2.75 | 1.10 | 0.54 | -2.19 | 2.43 | 0.39 | 1.81 | 2.19 | 2.61 | 2.94 | 3.75 | 8.55 | 1.77 | 1.60 | 1.95 | 3.24 | 2.25 | -9.50 | -0.39 |
| EPS Growth % | -130.17% | 150% | 103.7% | 124.66% | -190.12% | 523.08% | -78.45% | -17.35% | -16.09% | -11.22% | -21.6% | -56.14% | 383.05% | 10.63% | -17.95% | -39.81% | 44% | 123.68% | -2335.9% | - |
| EPS (Basic) | - | 2.80 | 1.12 | 0.55 | -2.19 | 7.65 | 0.42 | 1.82 | 2.20 | 2.62 | 2.94 | 1.25 | 8.55 | 1.77 | 1.60 | 1.95 | 3.24 | 2.30 | -9.50 | -0.38 |
| Diluted Shares Outstanding | 83.66M | 83.94M | 82.16M | 78.14M | 77.98M | 81.83M | 71M | 62.8M | 62.58M | 62.76M | 62.65M | 66.55M | 68.5M | 68.49M | 68.48M | 68.48M | 54.84M | 169.01B | 12.63M | 7.48M |
Interest rate volatility exposure
As reported in recent financial filings, Chimera Investment Corporation experienced significant revenue fluctuations, including a 6.8% growth in 2026Q1, yet the underlying trajectory remains obscured by the company's reliance on fair value adjustments rather than consistent, organic interest income growth from its residential mortgage portfolio.
The extreme variance in quarterly revenue figures suggests that the company's top-line performance is heavily influenced by mark-to-market accounting rather than stable loan production. Investors should monitor whether the securitization engine can generate sustainable yield spreads in a high-rate environment, as current revenue growth appears disconnected from operational scale.
According to the latest quarterly data, CIM reported a negative FFO of $34.3 million in 2026Q1, representing a sharp decline from the $32.7 million recorded in 2025Q4, which raises significant questions regarding the sustainability of current shareholder distributions and the quality of earnings available for distribution.
The dramatic swing into negative FFO territory indicates that the company's core earnings power is highly sensitive to interest rate shifts and potential credit losses. This volatility suggests that the dividend yield may be supported by capital recycling or non-recurring gains rather than consistent, cash-generative operations.
Based on the provided income statement data, the NOI margin contracted from a perfect 100% in previous periods to 88.2% in 2026Q1, signaling that the company's property-level profitability is facing mounting pressure from rising financing costs and potential credit-related expenses within its mortgage asset portfolio.
The erosion of the NOI margin suggests that the cost of carry on the company's leveraged assets is increasing, potentially outpacing the yields generated by its non-QM loan holdings. This trend warrants further investigation into whether the company's securitization structure is providing the intended protection against rising interest expenses.
As evidenced by the stark divergence between net income and FFO metrics, the company's reliance on fair value accounting creates a misleading picture of profitability, with 2026Q1 net income falling to a loss of $43.9 million despite the complex nature of its securitized credit assets.
The disconnect between GAAP net income and operational cash flow highlights the inherent risks in CIM's business model, where unrealized gains or losses can dominate the bottom line. Analysts should remain skeptical of headline earnings figures and focus instead on the durability of interest spreads, which appear increasingly vulnerable to market-wide volatility.
Quick answers to the most common questions about buying CIM stock.
For fiscal year 2025, Chimera Investment Corporation (CIM) reported total revenue of $820.8M. This represents a 23404.3% increase compared to $3.5M in 2007.
Chimera Investment Corporation (CIM) is profitable, generating $230.5M in net income for the fiscal year ending 2025 with a net profit margin of 28.1%.
Chimera Investment Corporation (CIM) reported an operating income of $764.7M, resulting in an operating profit margin of 93.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Chimera Investment Corporation (CIM) generated $778.7M in gross profit for the year, representing a gross profit margin of 94.9%. This demonstrates the company's core pricing power and production efficiency.