CIM Real Estate Finance Trust Inc (CMRF) is a non-traded real estate finance company that originates and acquires commercial real estate loans, real estate-related securities, and income-producing properties. It generates income through interest on CRE loans and rental income from net-leased properties. As of December 31, 2025, total investments comprised 78 loans held-for-investment with a net book value of $3.45 billion (73.8% of total investments), 202 real estate properties with a net book value of $1.06 billion (22.7%), and 14 real estate-related securities with a net book value of $169.2 million (3.5%). The real estate portfolio produced $100.2 million in annualized rental income as of December 31, 2025, across 202 properties and 6.66 million rentable square feet. CMRF is externally managed by an affiliate of CIM Group and operates as a non-listed REIT, with no public exchange listing as of the filing date (10-K filed March 30, 2026).
- Revenue model
- Revenue comes from two primary streams: interest income on CRE loans (first mortgage loans, corporate senior loans, and liquid corporate senior loans) and rental income from net-leased commercial properties. Net leases place property operating costs, taxes, and insurance on tenants. Gains on property dispositions provide supplemental income.
- Products and services
- First mortgage loans (35 loans, $3.36 billion net book value as of December 31, 2025), corporate senior loans (35 loans, $363.9 million), liquid corporate senior loans (8 loans, $26.9 million), CMBS holdings (9 positions, $293.9 million gross), CLO subordinated notes (1 position, $19.6 million), equity securities (4 positions, $37.9 million), and net-leased commercial real estate (202 properties, 6.66 million rentable square feet) as of December 31, 2025.
- Customers and end markets
- Real estate tenants include retail, office, industrial, and restaurant operators under long-term net leases. Top tenants by annualized rental income as of December 31, 2025: CVS (9%), Cabela's (7%), United Oil (6%), Lowe's (6%), Walgreens (4%), BJ's Wholesale Club (3%), Valvoline Oil Change (3%), Tractor Supply (3%), Bob Evans (3%), and AAA (3%). CRE loan collateral is concentrated in office (54.1%), multifamily (19.6%), industrial (12.7%), hospitality (9.3%), mixed use (2.5%), and self-storage (1.8%) property types as of December 31, 2025.
- Value-chain role
- Externally managed non-traded REIT acting as a direct lender and property owner. CIM Group affiliate serves as manager, responsible for investment selection, asset management, and operations. CMRF is a capital provider to commercial real estate borrowers and a landlord to net-lease tenants.
- Geographic exposure
- U.S.-only portfolio. Top states by annualized rental income as of December 31, 2025: Virginia (16%), Ohio (12%), Wisconsin (8%), Illinois (7%), California (7%), Florida (6%), Texas (5%), Alabama (5%), Kentucky (4%), Nebraska (4%), and other states (26%).
