Chimera Investment (CIM) Q4 2025 earnings summary

Executive summary

• Executed a strategic transformation to a hybrid REIT, focusing on diversification, liquidity, and fee-based income growth, with the first full quarter of HomeXpress contributions and capital allocation realization in Q4 2025.

• Acquired HomeXpress Mortgage, expanding origination capabilities and operational income streams, contributing to increased earnings power and a dividend hike for 2026.

• FY 2025 was a transition year, highlighted by capital generation, portfolio reallocation, and robust growth in origination and asset management.

• Transformation initiatives begun in December 2024 are credited for improved results and increased dividend.

• Board raised quarterly dividend by 22% to $0.45, with plans to maintain this level through 2026.

Financial highlights

• Q4 2025 GAAP net income: $7M ($0.08/share); full-year GAAP net income: $144M ($1.72/share).

• Q4 earnings available for distribution (EAD): $45M ($0.53/share); full-year EAD: $141M ($1.68/share).

• Q4 GAAP book value: $19.70/share; Q4 economic return on book value: -0.9%; full-year economic return: +7.4%.

• Total assets at year-end 2025 were $15.8B, up from $13.1B at year-end 2024.

• Net interest income for 2025 was $266M; economic net interest income: $275M.

Outlook and guidance

• Focus remains on portfolio diversification, liquidity expansion, and fee-based income growth, with management expecting continued benefits from the transformation strategy.

• Board expects to maintain $0.45/share dividend for all of 2026.

• Anticipates continued origination growth at HomeXpress and strong non-QM market expansion in 2026.

• Plans to unlock and redeploy capital into Agency MBS, MSRs, and select credit investments.

• Forward-looking statements highlight risks from market, regulatory, and operational factors.