Cim Group, Inc. (CMRF)

Price$2.10Cached quoteAs of 2026-09-05 06:27 UTC

AI: Overvalued

Price checkThe shares look expensive against earnings, despite a high promised dividend yield.

At the observed quote, 436.3 million common shares imply an equity value near $1.10 billion. That equals about 29 times unaudited 2025 earnings calculated as if the combined company already existed, and roughly 34 times similarly adjusted, annualized first-half 2026 earnings. The scheduled $0.24 annual dividend yields about 9.5%, but exceeds recent earnings per share and the three-year distribution arrangement can be waived. The valuation assumes rapid profit growth or durable cash payouts, supporting an Overvalued verdict.

Big pictureA steadier fee business now sits beside cyclical property and credit investments.

SEC-derived history shows revenue fell from $568.9 million in 2023 to $416.0 million in 2025. Net income swung from $28.1 million to a $292.3 million loss, then $52.4 million, while operating cash remained positive but declined from $223.8 million to $136.0 million. After June’s reverse acquisition, those legacy periods no longer describe the combined company. In the first half, fee-related revenue fell 4%, while fee-related earnings—fee revenue after related pay and overhead—rose 5% to $51.6 million. Property values, fundraising, and transaction volumes remain cyclical.

Business strengthLarge assets provide scale, but debt and minority ownership limit shareholder protection.

At June 30, the combined company reported $6.45 billion of assets, $3.00 billion of debt, and $218.8 million of cash. Strategic Holdings carried $2.7 billion of that debt and had only $5.5 million of unused financing capacity; corporate debt was another $330 million. Common stockholders’ accounting equity—assets minus liabilities attributable to them—was $565.3 million, roughly half the market value. Public common holders also own only 32.5% of the operating partnership and voting power, limiting the protection suggested by the headline asset total.

What could change the storyA listing and cash-covered dividends could help, while further dilution would hurt.

The bull case is a national-exchange listing, which CIM must reasonably pursue within stated two- and five-year milestones. Its board’s pre-deal estimated value was roughly twice the market quote, yet only 1.5 million shares were redeemed at that value after June while 55.0 million requests went unfilled. The bear case is control and dilution: legacy CIM owns 67.5%, and an earnout can add 3.75 percentage points. In 2025, dividends plus buybacks exceeded operating cash by $22 million. Progress requires cash-funded payouts and falling debt.

AI: News

Transformational combination closesLegacy shareholders now own a minority of a broader manager, changing both control and earnings.

On June 24, CIM Real Estate Finance Trust acquired CIM Group’s real-assets management businesses and became CIM Group, Inc. The former trust’s shareholders retained 32.5% of the combined economics and votes; legacy CIM owners received 67.5% and control. An earnout could lift their stake by up to 3.75 percentage points through 2028. This changes the security from a property-credit vehicle into a minority interest in an asset manager plus investments, making old financial comparisons unreliable.

First combined quarterRecurring fee profit improved modestly, but transaction costs and falling revenue clouded the first look.

Filed August 14, the June-quarter report showed first-half fee-related earnings—management-fee revenue after related pay and overhead—of $51.6 million, up 5%, despite fee-related revenue falling 4% to $209.9 million. A $27.5 million charge for transaction and abandoned-fund costs helped produce a $30.1 million loss attributable to the company. Because closing occurred six days before quarter-end and reverse-acquisition accounting replaced the historical reporting entity, the figures are not a clean trend.

Pro forma earnings disclosedNew combined figures showed modest shareholder earnings, sharpening concern about the market valuation.

On September 4, CIM filed unaudited as-if-combined statements. They showed $38.1 million of net income attributable to the company for 2025, or $0.09 per common share, and $16.0 million for the first half of 2026, or $0.04 per share. These figures are estimates rather than forecasts, but they imply a high earnings multiple at the observed quote. No reliable evidence isolates the filing as the cause of subsequent price moves in this thin market.

Dividend plan resetsThe monthly payout fell, while a three-year schedule promises later increases if directors approve.

Beginning in July, the monthly distribution fell from $0.0283 to $0.0200 per share, matching the first-year quarterly target of $0.06. The operating partnership must distribute enough to support $0.07 quarterly in year two and $0.095 in year three, subject to law and waiver by a majority of independent directors. The plan offers near-term income and scheduled increases, but does not prove operating cash can sustain the eventual payout after the arrangement ends.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$416.0M	$483.9M	$568.9M	$452.1M	$365.7M	$290.9M	$413.4M	$431.3M	$424.1M	$407.5M	$367.7M	$256.3M	$102.6M	$7.8M	—
Operating expenses	$395.0M	$778.4M	$576.3M	—	—	—	$304.8M	$302.2M	$270.9M	$258.3M	$243.5M	$210.9M	$113.3M	$19.9M	—
Operating income	$21.0M	−$294.5M	−$7.5M	$323.2M	$174.7M	$45.4M	$289.2M	$135.3M	$170.2M	$152.1M	$124.2M	$45.4M	−$10.7M	−$12.0M	—
Operating margin	5.06%	−60.86%	−1.32%	71.48%	47.76%	15.62%	69.96%	31.38%	40.14%	37.33%	33.77%	17.73%	−10.43%	−153.32%	—
EBITDA	$59.2M	−$262.8M	$34.9M	$393.9M	$267.7M	$125.0M	$395.4M	$274.7M	$309.5M	$285.6M	$245.3M	$127.6M	$22.5M	−$10.3M	—
EBITDA margin	14.24%	−54.30%	6.13%	87.12%	73.19%	42.96%	95.67%	63.69%	72.98%	70.10%	66.71%	49.78%	21.90%	−131.08%	—
Net income	$52.4M	−$292.3M	$28.1M	$143.8M	$86.5M	−$23.5M	$182.9M	$37.3M	$79.4M	$71.8M	$64.8M	$11.2M	−$32.9M	−$13.7M	$0
Net profit margin	12.59%	−60.41%	4.94%	31.80%	23.65%	−8.08%	44.25%	8.64%	18.73%	17.63%	17.61%	4.37%	−32.06%	−175.37%	—
Basic EPSper basic share	$0.12	-$0.67	$0.06	$0.33	$0.24	-$0.08	$0.59	$0.12	$0.25	$0.23	$0.21	$0.04	-$0.36	-$1.60	—
Diluted EPSper diluted share	$0.12	-$0.67	$0.06	$0.33	$0.24	-$0.08	$0.59	$0.12	$0.25	$0.23	$0.21	$0.04	-$0.36	-$1.60	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 7 reported holders of CMRF
Holder	Shares held
RESSLER RICHARD S	1.27M
KRETZMER W BRIAN	133.01K
SILVER HOWARD A	86.23K
Duncan Thomas Patrick	79.96K
Schreiber Jason K	40.57K
DeBacker Nathan David	20.42K
Thompson David Andrew	13.25K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$1.78M disclosed value

Sells (SEC code S)2$160.1K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 18, 2025Form 4	Schreiber Jason KDirector	SellCommon Stock	21.4K	$5.22	$111.8K	0
Jun 18, 2025Form 4	DeBacker Nathan DavidSee Remarks	SellCommon Stock	9.2K	$5.22	$48.3K	0
Jun 18, 2025Form 4	RESSLER RICHARD SCEO & President	BuyCommon Stock · indirect	341.4K	$5.22	$1.78M	341.4K

Review ownership filings at SEC.gov ↗

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Cim Group, Inc. (CMRF)

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