Chimera Investment Corp (CIM) · Nov 5, 2026 · Earnings

Chimera Q3 earnings miss as book value plunges 16.5%

Miss — EAD $0.38 vs ~$0.45 consensus

Chimera’s Q3 earnings missed expectations as spread widening crushed book value, while Prism launched and origination volume grew.

Chimera is a hybrid mortgage REIT trying to diversify beyond leveraged mortgage investing through HomeXpress origination, Prism securitizations, MSR financing and third-party asset management. The quarter shows that diversification is growing, but it did not protect the existing balance sheet from a severe rate-and-spread shock.

Core earnings missed the market’s bar. Earnings available for distribution fell to $0.38 per share from $0.46 in Q2 and $0.37 a year ago, below the published consensus of roughly $0.45. GAAP loss available to common shareholders was $193.7 million, or $2.31 per diluted share, as fair-value losses overwhelmed recurring income. 〔0〕

Metric	Q3 2026	Q2 2026	Consensus / Q3 2025
EAD per share (EAD reconciliation)	$0.38	$0.46	~$0.45 / $0.37
GAAP diluted EPS (Income Statement)	$(2.31)	$(0.05)	— / $(0.27)
Book value per share (Financial Highlights)	$14.82	$17.75	— / $20.24
Economic return (Financial Highlights)	(13.98)%	—	—
Dividend per share (Investor presentation, slide 6)	$0.45	$0.45	—
Dividend coverage (Investor presentation, slide 8)	84%	102%	—
Recourse leverage (Leverage table)	4.1x	3.3x	—

The bigger issue is capital destruction, not just the earnings miss. Book value fell 16.5% sequentially to $14.82 per share, while tangible common equity declined to $1.05 billion from $1.29 billion in Q2. The stated causes—higher rates, wider credit spreads and volatility—are market-driven, but the result is still a materially thinner equity cushion supporting a highly levered portfolio. Total GAAP leverage reached 6.5x at quarter-end versus 5.1x at December 31, 2025, and recourse leverage rose to 4.1x from 2.4x. 〔1〕

The dividend was not fully covered by recurring distribution earnings. Q3 EAD of $0.38 per share covered the $0.45 dividend at only 84%, the weakest coverage shown in the presentation’s recent-quarter series. That does not automatically force a dividend change, but it means the current payout depended more heavily on other measures of taxable income, cash generation and balance-sheet capacity rather than the quarter’s recurring distribution earnings.

Prism and HomeXpress are advancing strategically, but not yet financially offsetting the portfolio damage. HomeXpress production rose 27% year over year to $1.1 billion, and Chimera completed its inaugural $291 million Prism securitization after quarter-end. However, origination margins compressed, Residential Origination generated only $439 thousand of EBTDA, and the company said lower gain-on-sale income offset Investment Portfolio contributions.

Liquidity remains available, but leverage and risk sensitivity have increased. Cash was $357 million and unencumbered assets were $203 million, while Chimera added a $2.4 billion TBA short position and repositioned toward higher-coupon Agency MBS. Those actions reduced interest-rate sensitivity, but they are defensive responses to a balance sheet that became more exposed during the quarter—not evidence that the underlying book-value pressure has been solved. 〔2〕

Bottom line: Prism and HomeXpress are building the intended platform, but Q3 was dominated by a large book-value loss, higher leverage and undercovered dividends. The filing weakens the near-term business story substantially, even though the diversification strategy itself remains intact.

What to watch next

Prism securitization ramp and Q4 earnings report

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Chimera Q3 earnings miss as book value plunges 16.5%

What to watch next

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