Chimera Investment earnings date
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Chimera Investment (CIM) Q3 2026 Earnings Report
CIM Q3 2026 EPS Results
- Actual EPS
- $0.38
- Consensus EPS
- $0.45
- Beat/Miss
- Missed by -$0.07
- One Year Ago EPS
- $0.37
CIM Q3 2026 Revenue Results
- Actual Revenue
- $305.28M
- Expected Revenue
- $103.10M
- Beat/Miss
- Beat by +$202.19M
- YoY Revenue Growth
- +32.84%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
Chimera Investment's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call presented a mixed outlook. Chimera highlighted strong EAD generation, record HomeXpress volume, effective hedging, improved financing terms, stable credit performance and successful execution of its inaugural PRISM securitization. However, these positives were offset by a $193.6 million GAAP loss, a 16.5% book-value decline, a negative 13.98% economic return on book value, compressed HomeXpress margins and expected fourth-quarter pressure from loans held for securitization. Near-term conditions remain challenging, while management expressed confidence in the longer-term integrated platform and portfolio opportunity.
Management expects HomeXpress profitability to be roughly flat in the fourth quarter as it continues to dispose of the third quarter pipeline and expects it to return to profitability in the first quarter of 2027; Kyle said the current pipeline is profitable, with WAC near 8%, and that the company expects to be back into profitable margin business at the end of the fourth quarter into the first quarter after working through about 1 more pool that is maybe slightly profitable. Agency returns are seen in the mid teens, call it, 15%, 17% range, with agencies representing 20% allocated to agencies, which is where we are today or 21%, providing capacity to support Prism; management said approximately 10 to 12% of capital would be held against securitization pipeline loans. Subject to market conditions, the company intends to establish Prism as a regular issuer in the non QM securitization market, and currently views investing as preferable to doing share buybacks.
- Record HomeXpress Origination VolumeHomeXpress originated $1.12 billion of loans in the third quarter, an increase of 27% from the third quarter of 2025 and 2% from the record second quarter. The company described the quarter as a record for quarterly originations and remained slightly profitable despite the difficult rate environment.
- Investment Portfolio Generated Positive EADThe investment portfolio generated $0.38 of earnings available for distribution per share during the quarter. EAD totaled $1.38 per share for the first nine months of the year, compared with $1.35 per share of dividends, and the investment portfolio's EAD contribution was greater than in the second quarter.
- Successful Interest-Rate Hedging and Financing ContinuityInterest-rate hedges covered the margin calls received during the quarter. The company did not need to sell assets to meet margin calls, and financing remained uninterrupted.
- Refinanced Structured Repurchase FacilitiesChimera refinanced approximately $280 million across two maturing non-mark-to-market structured repo facilities, extending maturities by two years and reducing its cost of funds. The facilities were expanded to approximately $355 million, providing approximately $75 million of additional reinvestment capacity; management also cited lower haircuts and greater funding stability.
- Completed Inaugural PRISM SecuritizationFollowing quarter end, Chimera priced and closed PRISM 2026-HX1, its first securitization under the PRISM shelf, backed by approximately $291 million of HomeXpress-originated non-QM loans. The AAA bonds priced at a 160-basis-point spread, within the 155- to 165-basis-point range for comparable non-QM transactions during the same period.
- Integrated Origination, Asset Management and Securitization PlatformManagement highlighted the combination of HomeXpress mortgage origination, Palisades asset management and Chimera's securitization capabilities as an important long-term strategy. The company stated that each business has value independently and that the integrated platform is expected to create efficiencies, improve responsiveness to market opportunities and provide greater control over the economics of originated loans.
- Agency Portfolio Repositioned Toward Higher CouponsChimera sold $226 million of CMOs and $1 billion of mostly lower-coupon pass-throughs, while purchasing approximately $1.9 billion of higher-coupon securities. The average bond coupon increased from approximately 5.28% to 5.67%, and portfolio duration shortened by approximately nine months.
- Improved Agency MBS OpportunityManagement said September's repricing created a more attractive investment environment for Agency MBS, with higher yields and wider spreads improving prospective returns. Agency returns were estimated at approximately 15% to 17%, and management said the marginal dollar of capital currently favors agencies as a liquidity and investment opportunity.
- Quarter-to-Date Book Value RecoveryAs of November 3, book value was up 5% quarter to date, primarily because rates and spreads had tightened. Management said the recovery was weighted more toward the agency portfolio.
- Stable Residential Credit PerformanceCredit performance across the residential portfolio remained within expectations. Delinquencies in the legacy reperforming loan portfolio stayed within the narrow range seen over the past several years, prepayments were broadly consistent with historical levels, and the investor DSCR portfolio continued to outperform a comparable composite of 2022- and 2023-vintage non-QM loans from a credit perspective.
- Non-QM Losses Remained Within ExpectationsManagement said that, despite delinquencies in the mid-single-digit range across the non-QM space, losses had been nominal at best and were not exceeding expectations. This was described as consistent with performance in Chimera's portfolio and the broader market.
- Strong Origination Network and Credit StandardsHomeXpress ended the quarter with more than 6.3 thousand approved brokers supported by 145 account executives and related sales staff. The correspondent channel represented 16.8% of quarterly production, and the weighted average FICO score of third-quarter originations was 743 versus 742 in the prior quarter.
- Sufficient Warehouse CapacityHomeXpress had $1.65 billion of warehouse capacity across seven facilities at quarter end, which management said provided more than sufficient funding to support current production levels.
- Controlled Operating ExpensesCompensation and servicing expenses and general and administrative expenses were relatively flat compared with the prior quarter. The company also reported no transaction-related expense in the third quarter, unlike in the second quarter.
- Capital Allocation Shifted Toward PRISM and Mortgage BankingAgency MBS represented 21% of capital at quarter end, down five percentage points from the prior quarter. Residential credit and MSRs were broadly unchanged at 60% and 2%, respectively, while combined HomeXpress and PRISM mortgage banking activities increased by five percentage points to 17%.
- Pipeline Economics Began to RecoverHomeXpress management said the current pipeline was profitable, with weighted average coupon near 8%. After working through approximately one more pool that was described as slightly profitable, the company expected to return to profitable-margin business at the end of the fourth quarter into the first quarter.
CIM Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 17, 2027 | 2026 (Q4) | 0.38- | 0.53 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.450.38 | 0.37 | 2.70% (+0.01) | |
| Aug 05, 2026 | 2026 (Q2) | 0.540.46 | 0.39 | 17.95% (+0.07) | |
| May 07, 2026 | 2026 (Q1) | 0.520.54 | 0.41 | 31.71% (+0.13) | |
| Feb 11, 2026 | 2025 (Q4) | 0.510.53 | 0.37 | 43.24% (+0.16) | |
| Nov 06, 2025 | 2025 (Q3) | 0.460.37 | 0.36 | 2.78% (+0.01) | |
| Aug 06, 2025 | 2025 (Q2) | 0.460.39 | 0.37 | 5.41% (+0.02) | |
| May 08, 2025 | 2025 (Q1) | 0.450.41 | 0.36 | 13.89% (+0.05) | |
| Feb 12, 2025 | 2024 (Q4) | 0.390.37 | 0.39 | -5.13% (-0.02) | |
| Nov 06, 2024 | 2024 (Q3) | 0.350.36 | 0.39 | -7.69% (-0.03) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
