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CIM Real Estate Finance Trust, Inc. provides a detailed view of its 2025 operations as a non‑traded REIT focused on credit investments and net‑leased commercial real estate. The company operates two segments: credit and real estate.
As of December 31, 2025, the credit portfolio included 78 loans with a net book value of $3.5 billion, plus $169.2 million in real estate‑related securities and other investments. Subsidiary CLR held about $1.6 billion of assets, including $1.4 billion in first mortgage loans, $64.2 million of CMBS, and a $138.7 million joint‑venture interest.
The real estate segment owned 202 properties totaling 6.7 million rentable square feet in 37 states, with 96.5% of space leased, and condominium developments with a net book value of $12.0 million. The company used significant leverage, with a debt‑to‑total‑gross‑assets ratio of 62.5% and total portfolio financing of $3.1 billion.
The board‑determined estimated per‑share net asset value declined from $6.31 in November 2023 to $5.14 effective March 27, 2026. As of March 18, 2026, approximately 436.7 million common shares were outstanding, and the stock remains non‑exchange traded with liquidity primarily through a limited share redemption program and dividend reinvestment plan.
CIM Real Estate Finance Trust updated the estimated net asset value of its common stock to $5.14 per share as of December 31, 2025, down from $5.22 a year earlier. The figure is based on third-party valuation work by Kroll using a net asset value methodology.
The new NAV will be used to price shares issued under the distribution reinvestment plan and to set redemption prices under the share redemption program beginning March 27, 2026. The calculation reflects detailed valuations of real estate, loan investments, securities, and debt, and the company plans to refresh NAV annually in the first quarter.
CIM Real Estate Finance Trust, Inc. amended key financing arrangements with Wells Fargo tied to its commercial real estate loan repurchase facilities. The CMFT Repurchase Facility’s maximum capacity was reduced from approximately $512.0 million to approximately $277.5 million through an amended and restated fee letter and a Fifth Amendment to the underlying repurchase agreement.
Separately, the CLR Repurchase Facility, used by subsidiary CLR RE Lending Sub WF, LLC, had its maximum capacity increased from $250.0 million to $500.0 million. The company and CIM Commercial Lending REIT jointly reaffirmed their guaranty obligations, with CIM Commercial Lending REIT positioned to become sole guarantor once specified conditions in the Guaranty are satisfied.
Real Estate Finance Trust, Inc. amended its revolving Loan and Security Agreement through a Second Amendment dated February 6, 2026. The amendment extends the scheduled revolving period end date from February 10, 2026 to February 6, 2029 and adjusts key terms.
The termination date will now be the earlier of two years after the revolving period end date or the date a termination is declared or automatically triggered by an event of default. The interest rate was reduced from SOFR plus 2.875% per annum to SOFR plus 2.10% per annum, with an additional 2.00% per annum after an event of default.
The borrower also entered into an amended and restated collateral management agreement with the company as collateral manager, removing U.S. Bank National Association as document custodian, and an amended and restated fee letter with Ally Bank to set compensation arrangements for the administrative agent.
CIM REAL ESTATE FINANCE TRUST, INC. executive Nathan D. DeBacker, Chief Financial Officer and Treasurer, reported acquiring 9,244.585 shares of common stock on December 15, 2025. The shares were delivered upon vesting of 18,489.171 restricted stock units granted on January 9, 2024 under the company’s 2024 Manager Equity Incentive Plan, with each vested unit settling 50% in stock and 50% in cash.
After this transaction, DeBacker directly held 14,033.857 common shares and 75,960.433 restricted stock units. These units include 18,489.171 units scheduled to vest on December 15, 2026, 19,157.087 units vesting in equal annual installments on June 30, 2026 and June 30, 2027, and 38,314.176 units vesting in three equal annual installments beginning on April 15, 2026, all settling half in shares and half in cash value.
CIM Real Estate Finance Trust, Inc. director Jason Schreiber reported acquiring 21,416.731 shares of common stock on December 15, 2025 through the vesting of restricted stock units (RSUs).
The filing details that 2,641.310 shares, 10,565.240 shares, and 8,210.181 shares were issued as stock from three RSU tranches originally granted to CIM Real Estate Finance Management, LLC and assigned to him on a contingent basis in January, June, and December 2024. Each vested RSU settled 50% in the issuer’s common stock and 50% in the cash value thereof.
After these transactions, Schreiber directly owned 21,416.731 common shares and 157,775.992 RSUs. Each RSU represents a contingent right to receive one share of common stock, payable 50% in stock and 50% in cash, with remaining awards scheduled to vest on December 15, 2026 and in three equal annual installments beginning on April 15, 2026.
CIM Real Estate Finance Trust disclosed insider equity awards and transfers involving its CEO and President. On December 15, 2025, affiliated manager CIM Real Estate Finance Management, LLC acquired 370,311.675 shares of common stock when 740,623.349 restricted stock units vested, with each unit settling 50% in stock and 50% in cash. The manager then distributed 370,311.675 shares of common stock to certain employees and other affiliated persons, and 20,000 shares are reported as indirectly owned through the manager. Additional indirect holdings of 911,141.268 and 341,363.867 common shares are reported through CIM CMFT MLP, LLC and CIM Real Estate Finance Holdings, LLC. After these transactions, 3,598,474.947 restricted stock units tied to the manager remain outstanding under the 2024 Manager Equity Incentive Plan, subject to multi‑year vesting schedules through 2027.
CIM Real Estate Finance Trust, Inc. reported stronger results for Q3, with net income of $30.3 million versus $7.3 million a year ago. Total revenues were $104.5 million compared with $121.4 million as lower interest income offset higher rental income. Expenses fell sharply, led by a reduced provision for credit losses of $6.4 million in the quarter and $73.4 million year to date, versus $24.5 million and $308.5 million in the prior periods.
Total assets were $4.98 billion as of September 30, 2025, including loans held-for-investment, net, of $3.19 billion. Debt (repurchase facilities, notes payable and credit facilities, net) declined to $2.97 billion from $3.17 billion at year-end. Cash and cash equivalents rose to $255.6 million. The company owned 198 properties totaling about 6.4 million rentable square feet, 96.9% leased as of September 30, 2025. Operating cash flow was $102.7 million for the nine months, with investing activities providing $296.7 million and financing using $325.4 million. The most recent estimated per share NAV used for the DRIP and redemption program is $5.22.
CIM Real Estate Finance Trust director W. Brian Kretzmer received 19,157.088 shares of restricted common stock on 10/01/2025 as part of annual director retainers under the Issuer's 2022 Equity Incentive Plan. The restricted shares will vest on 10/01/2026. Following the grant and prior holdings, Mr. Kretzmer beneficially owns 133,012.364 shares of common stock, which includes 709.834 shares acquired via the Issuer's distribution reinvestment plan. The Form 4 was filed by one reporting person and executed by an attorney-in-fact.
CIM Real Estate Finance Trust, Inc. director Howard A. Silver received a grant of 19,157.088 restricted shares on 10/01/2025 as part of annual director retainers under the issuer's 2022 Equity Incentive Plan. The shares were granted at a $0 price and will vest on 10/01/2026. Following the grant, Mr. Silver beneficially owns 86,233.117 shares. The Form 4 reporting the transaction was filed on 10/01/2025 and signed by Laura Eichelsderfer as attorney-in-fact.