$CMRF

CIM GROUP, INC.

CIK:0001498547|SEC Filings

CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Management fees and other	$ 102,499	$ 113,090	$ 204,421	$ 218,955
Performance allocations revenue	0	5,675	1,894	11,128
Revenues from consolidated investments	7,905	981	9,431	2,102
Income from equity-method investments	617	16,180	6,064	19,988
Total revenues	111,021	135,926	221,810	252,173
Expenses:
General and administrative	18,854	18,937	37,761	36,967
Compensation and benefits	59,065	67,278	122,219	134,812
Performance allocations expense	(570)	1,388	187	1,784
Expenses from consolidated investments	536	275	770	635
Interest expense, net	8,053	5,708	14,199	10,844
Total expenses	85,938	93,586	175,136	185,042
Other income (loss):
Net realized and unrealized losses and impairments	(844)	(555)	(844)	(555)
Transaction-related and other expenses	(27,462)	0	(27,462)	0
Total other income (loss)	(28,306)	(555)	(28,306)	(555)
(Loss) income before taxes	(3,223)	41,785	18,368	66,576
Provision for income taxes	22,767	0	22,767	0
Net (loss) income	(25,990)	41,785	(4,399)	66,576
Net income allocated to noncontrolling interest in consolidated investments	86	936	86	1,292
Net (loss) income allocated to noncontrolling interest in CIM Finance Holdings, LP	(14,055)	0	(14,055)	0
Net income attributable to the Contributed Entities prior to the Transactions	18,106	40,849	39,697	65,284
Net (loss) income attributable to the Company	$ (30,127)	$ 0	$ (30,127)	$ 0
Weighted average shares outstanding:
Basic (in shares)	436,884,776		436,884,776
Diluted (shares)	436,884,776		436,884,776
Earnings per common share:
Basic (in usd per share)	$ (0.07)		$ (0.07)
Diluted (in usd per share)	$ (0.07)		$ (0.07)

CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ (4,399)	$ 66,576
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, net	6,811	5,845
Amortization of deferred financing costs	738	717
Write-off of abandoned Fund start-up costs	10,306	0
Net deferred income taxes	18,568	0
Equity-based compensation	1,132	1,628
Income from equity-method investments	(6,064)	(20,660)
Net realized and unrealized (gains) losses and impairments	844	555
Net unrealized performance allocations	(1,708)	(9,344)
Incentive fees settled as investments at fair value	0	(61)
Changes in operating assets and liabilities:
Management fees and other receivables from related parties	21,577	5,229
Other assets	991	(307)
Accrued expenses and other liabilities	(25,698)	(21,624)
Contract assets, net	(4,303)	(2,566)
Contract liabilities	2,112	(584)
Due to related parties	(756)	1,175
Performance allocations and incentive fee compensation payable	0	(195)
Net cash provided by operating activities	20,151	26,384
Cash flows from investing activities:
Purchases of property and equipment	(1,438)	(3,127)
Additions to investments	(8,809)	(25,272)
Proceeds from investments	81,520	19,417
Cash and cash equivalents and restricted cash acquired in connection with the Transactions	218,879	0
Net cash provided by (used in) investing activities	290,152	(8,982)
Cash flows from financing activities:
Distributions to members prior to the Transactions	(148,000)	(55,000)
Proceeds from borrowings	197,000	139,300
Repayments of borrowings	(182,800)	(94,000)
Deferred financing costs paid	0	(2,158)
Distributions to non-controlling interests	0	(1,586)
Net cash used in financing activities	(133,800)	(13,444)
Net increase in cash and cash equivalents and restricted cash	176,503	3,958
Cash and cash equivalents and restricted cash, beginning of period	87,928	26,311
Cash and cash equivalents and restricted cash, end of period	264,431	30,269
Reconciliation of cash and cash equivalents and restricted cash to the condensed combined and consolidated balance sheets:
Cash and cash equivalents	218,768	30,269
Restricted cash	45,663	0
Total cash and cash equivalents and restricted cash	264,431	30,269
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	14,587	0
Accrued deferred financing costs	0	24
New operating lease assets obtained in exchange for operating lease liabilities	0	16,202
Assets acquired from the Transactions	4,789,212	0
Debt assumed from the Transactions	2,645,080	0
Liabilities assumed from the Transactions	117,423	0
Earnout liability associated with the Transactions	407,500	0
Equity and noncontrolling interest assumed from the Transactions	1,598,981	0
Deferred tax asset associated with the Transactions	443,357	0
Deferred tax credit associated with the Transactions	461,925	0
Supplemental Cash Flow Disclosures:
Interest paid	12,249	9,713
Cash paid for taxes	$ 362	$ 302

CONDENSED COMBINED AND CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Cash and cash equivalents	$ 218,768	$ 87,928
Restricted cash	45,663	0
Investments	5,333,053	640,581
Management fees and other receivables from related parties	108,677	133,338
Prepaid expenses and other assets, net	82,056	56,232
Deferred tax asset	443,357	0
Contract assets, net	106,312	112,567
Goodwill	108,677	108,677
Total assets	6,446,563	1,139,323
Liabilities:
Credit facilities, notes payable and repurchase facilities, net	2,995,270	335,711
Accrued expenses and other liabilities	228,645	118,429
Deferred tax credit	461,925	0
Earnout liability	407,500	0
Contract liabilities	37,653	35,541
Performance allocations and incentive fee compensation payable	10,028	9,717
Due to related parties	5,836	6,592
Total liabilities	4,146,857	505,990
Commitments and contingencies (Note 6)
Redeemable common stock	158,467	0
Stockholders' Equity:
Preferred stock	9,074	0
Common stock	4,369	0
Capital in excess of par value	588,214	0
Retained earnings	(30,127)	0
Shares held by consolidated subsidiaries	(6,229)	0
Members’ equity	0	633,333
Total stockholders’ equity	565,301	633,333
Total equity	2,141,239	633,333
Total liabilities, redeemable common stock, non-controlling interests and stockholders' equity	6,446,563	1,139,323
Consolidated investments
Stockholders' Equity:
Non-controlling interests	2,322	0
CMFH
Stockholders' Equity:
Non-controlling interests	$ 1,573,616	$ 0