CIM Real Assets & Credit Fund
IRACX
NASDAQ- -
USD
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- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- United States of America
- IPO Date
- May 4, 2020
- Website
- cimgroup.com
- Similar Companies
- Business
- CIM Real Assets & Credit Fund (IRACX) is a closed-end interval fund that seeks to generate current income through cash distributions and preserve shareholder capital across market cycles, with a secondary objective of capital appreciation, by investing in a targeted portfolio of approximately 70% credit (real estate and corporate) and 30% real asset equity. The Fund offers four share classes, including Class I (IRACX), Class A (ARACX), Class C (RACRX) and Class L (LRACX), with monthly distributions at an annualized rate of around 8.0% as of late 2025, a portion of which may be tax-deferred due to real estate allocations via wholly-owned REIT subsidiaries. Core investments encompass real asset equity such as direct real estate and infrastructure, publicly traded and non-affiliated private REITs; real asset debt; commercial mortgage-backed securities (CMBS); senior secured middle market corporate loans; broadly syndicated senior secured corporate loans; floating and fixed rate loans; debt and equity tranches of collateralized loan obligations (CLOs), including CLO warehouse facilities; and opportunistic credit investments in stressed, distressed, or non-performing situations, primarily from U.S. issuers. Launched in May 2020 and headquartered at 4700 Wilshire Boulevard, Los Angeles, California, the Fund is managed by CIM Capital IC Management, LLC (affiliated with CIM Group, L.P., founded in 1994), with sub-advisory services from CIM Capital SA Management, LLC for real estate assets and OFS Capital Management, LLC ($2.1 billion AUM as of launch) for corporate credit. The Fund continuously offers shares and operates a quarterly repurchase program, providing limited liquidity suitable for long-term investors, with net assets exceeding $300 million and over 200 investments as of mid-2023; it targets institutional-quality opportunities, allowing retail investors to align alongside CIM's institutional partners, supported by an initial $20 million seed commitment from a CIM affiliate. Recent developments include the acquisition of District La Brea, a collection of influential street retail and commercial buildings in a prominent Los Angeles location, announced on December 13, 2024, expanding its real asset equity holdings; ongoing monthly dividend declarations through 2025, such as those in September, July, April, and December 2024; a dynamic multi-strategy portfolio rebalancing, with real estate equity allocation returning to equal weight by mid-2025 amid rebounding values, while maintaining floating rate credit emphasis and evaluating distressed real estate and liquid credit dislocations; and sustained expense waivers through January 31, 2026, yielding net expense ratios of 2.25% for I Shares. As of September 30, 2025, portfolio composition reflects 68.3% real asset debt and corporate credit (including 17.4% CMBS, 11.9% middle market loans, 7.7% broadly syndicated loans), 26.7% CLO debt/equity/warehouse, and 4.6% real asset debt, plus 31.7% real asset equity, demonstrating adaptability to market conditions like interest rate shifts and economic recovery.