CIM Real Estate Finance Trust Cuts NAV to $5.14, Down 49% From Offering Price
By Damon Elder
CIM Real Estate Finance Trust’s board of directors set a new estimated net asset value of $5.14 per share effective March 27, 2026, marking a fresh decline for the non-traded real estate investment trust whose shares were originally offered at $10.00 more than a decade ago.
The new valuation is based on a Dec. 31, 2025, valuation date. It represents a decline of approximately 1.5% from the prior estimated NAV of $5.22 per share, which had been in effect since March 2025, and a cumulative decline of nearly 49% from the fund’s original $10.00 offering price.
The estimated NAV has fallen in each of its last four valuations: from $6.31 per share effective November 2023, to $6.09 in March 2024, to $5.22 in March 2025, and now $5.14.
The fund manages a first mortgage loan portfolio of approximately $3.36 billion as of Dec. 31, 2025, with more than 54% of the carrying value concentrated in office properties – a sector that has faced sustained pressure as remote work has reduced demand for commercial space in many markets. The fund carries a current expected credit loss reserve of approximately $287 million against that loan book, representing roughly 8.5% of gross loans. The company also notes positions in maturity default, which are excluded from certain loan characteristic tables.
CIM Real Estate Finance Trust, managed by an affiliate of CIM Group, raised more than $3 billion from retail investors during its offering period, which ran from January 2012 through April 2014. The fund had approximately 436.7 million shares outstanding as of March 18.
The fund’s board authorized a monthly distribution of $0.0283 per share beginning January 2025, running through at least June 2026. That rate represents a reduction of approximately 24.5% from the prior monthly distribution of $0.0375 per share, which had been in effect through December 2024. At the current rate and the new $5.14 NAV, the annualized distribution yield is approximately 6.6%.
CIM Real Estate Finance Trust has been the subject of a series of unsolicited tender offers by Comrit Investments 1 LP, a Tel Aviv-based investment fund that has sought to purchase shares at steep discounts to stated NAV. As AltsWire previously reported, Comrit’s most recent completed offer priced shares at $2.43 per share, less than half the fund’s then-stated NAV of $6.09.
CIM Real Estate Finance Trust’s board increased the fund’s monthly distribution rate in early 2024, citing portfolio income at the time. The subsequent reduction beginning in January 2025 reversed that increase.
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