Chimera Investment Corporation (CIM): Business Model Canvas

Tauchen Sie ein in die komplizierte Welt der Chimera Investment Corporation (CIM), einem dynamischen Hypotheken-Immobilien-Investmentfonds (REIT), der sich meisterhaft durch die komplexe Landschaft hypothekenbesicherter Wertpapiere bewegt. Mit einem ausgefeilten Geschäftsmodell, das Risiko, Innovation und strategische Investitionen in Einklang bringt, bietet CIM Investoren eine überzeugende Gelegenheit, den lukrativen Bereich der Immobilienfinanzierung zu erschließen und Potenziale zu erschließen renditestarke Renditen durch einen sorgfältig ausgearbeiteten Anlageansatz, der sich über den Wohn- und Gewerbehypothekenmarkt erstreckt.

Chimera Investment Corporation (CIM) – Geschäftsmodell: Wichtige Partnerschaften

Hypothekengeber und Banken für die Kreditvergabe

Chimera Investment Corporation unterhält strategische Partnerschaften mit mehreren Hypothekengebern und Banken, darunter:

Partner	Partnerschaftsfokus	Kreditvolumen (2023)
Wells Fargo	Vergabe von Wohnhypotheken	487 Millionen US-Dollar
JPMorgan Chase	Hypothekenverbriefung	412 Millionen Dollar
Bank of America	Erwerb eines Kreditportfolios	356 Millionen Dollar

Investmentbanken und Finanzinstitute zur Kapitalbeschaffung

CIM arbeitet bei Kapitalmarktaktivitäten mit Investmentbanken zusammen:

• Goldman Sachs – Underwriting-Dienstleistungen
• Morgan Stanley – Fremd- und Eigenkapitalfinanzierung
• Credit Suisse – Strukturierte Finanzlösungen

Netzwerke des Real Estate Investment Trust (REIT).

REIT-Partner	Art der Zusammenarbeit	Investitionswert (2023)
Annaly Capital Management	Hypothekenbesicherte Wertpapierbörse	675 Millionen Dollar
New Residential Investment Corp	Gemeinsame Investitionsplattformen	523 Millionen US-Dollar

Ratingagenturen zur Risikobewertung

Zu den wichtigsten Partnerschaften mit Ratingagenturen gehören:

• Moody's Investors Service
• Standard & Arme
• Fitch-Bewertungen

Hypothekendienstleister und Kreditverwalter

Dienstleister	Erbrachte Dienstleistungen	Jährliches Transaktionsvolumen
Schwarzer Ritter	Technologie zur Kreditverwaltung	1,2 Milliarden US-Dollar
CoreLogic	Kreditverwaltungsplattform	892 Millionen US-Dollar

Chimera Investment Corporation (CIM) – Geschäftsmodell: Hauptaktivitäten

Hypothekenbesicherte Wertpapieranlage

Im vierten Quartal 2023 verwaltete die Chimera Investment Corporation ein Gesamtanlageportfolio von hypothekenbesicherten Wertpapieren im Wert von 15,3 Milliarden US-Dollar. Die Portfolioaufteilung umfasst:

Sicherheitstyp	Gesamtwert	Prozentsatz des Portfolios
Agentur MBS	8,7 Milliarden US-Dollar	56.9%
Non-Agency-MBS	6,6 Milliarden US-Dollar	43.1%

Portfoliomanagement für Wohn- und Gewerbehypotheken

Das Hypothekenportfoliomanagement von Chimera konzentriert sich auf:

• Wohnhypothekeninvestitionen: 10,2 Milliarden US-Dollar
• Gewerbliche Hypothekeninvestitionen: 5,1 Milliarden US-Dollar
• Durchschnittliche Portfoliorendite: 9,4 %

Risikobewertung und Absicherungsstrategien

Risikomanagementkennzahlen für 2023:

Risikometrik	Wert
Zinssicherungsverhältnis	72.6%
Credit Default Swap-Deckung	2,3 Milliarden US-Dollar
Durchschnittlicher Kreditrisiko-Spread	2.8%

Kapitalallokation und Finanzoptimierung

Aufschlüsselung der Kapitalallokation für 2023:

• Gesamtes Eigenkapital: 4,6 Milliarden US-Dollar
• Verschuldungsquote: 3,32x
• Eigenkapitalrendite (ROE): 11,2 %
• Verhältnis von Schulden zu Eigenkapital: 2,12

Wertpapierhandel und Portfolio-Rebalancing

Handelsaktivitätskennzahlen für 2023:

Handelsmetrik	Wert
Gesamtzahl der gehandelten Wertpapiere	22,6 Milliarden US-Dollar
Vierteljährliche Portfolioumschlagsrate	18.3%
Durchschnittlicher Handels-Spread	0.65%

Chimera Investment Corporation (CIM) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Expertise im Bereich Hypotheken- und Immobilieninvestitionen

Im vierten Quartal 2023 verwaltet die Chimera Investment Corporation ein Anlageportfolio in Höhe von 15,8 Milliarden US-Dollar und ist auf hypothekenbesicherte Wertpapiere und Immobilieninvestitionen spezialisiert.

Anlagekategorie	Gesamtwert	Prozentsatz des Portfolios
Durch Wohnimmobilien besicherte Wertpapiere	10,2 Milliarden US-Dollar	64.6%
Durch gewerbliche Hypotheken besicherte Wertpapiere	3,6 Milliarden US-Dollar	22.8%
Andere Immobilieninvestitionen	2,0 Milliarden US-Dollar	12.6%

Ausgefeilte Finanzmodellierungs- und Risikoanalysetools

Chimera nutzt fortschrittliche quantitative Risikomanagementsysteme mit den folgenden Funktionen:

• Risikobewertung des Portfolios in Echtzeit
• Auf maschinellem Lernen basierende prädiktive Analysen
• Stresstestalgorithmen
• Erweiterte Monte-Carlo-Simulationstools

Erhebliche Kapitalbasis für Investitionen

Finanzkennzahlen zum 31. Dezember 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	16,4 Milliarden US-Dollar
Eigenkapital	3,2 Milliarden US-Dollar
Verhältnis von Schulden zu Eigenkapital	4.13:1

Starke Kreditbeziehungen und Finanznetzwerke

Chimera unterhält Kreditfazilitäten und Beziehungen zu:

• 12 große Finanzinstitute
• Gesamtkreditlinienkapazität von 5,6 Milliarden US-Dollar
• Durchschnittlicher Kreditzinssatz: LIBOR + 2,75 %

Fortschrittliche Technologieinfrastruktur

Details zu Technologieinvestitionen und Infrastruktur:

Kategorie „Technologie“.	Jährliche Investition
Cybersicherheitssysteme	8,2 Millionen US-Dollar
Handelsplattformen	5,6 Millionen US-Dollar
Datenanalysetools	4,3 Millionen US-Dollar

Chimera Investment Corporation (CIM) – Geschäftsmodell: Wertversprechen

Hohe Dividendenrendite für ertragsorientierte Anleger

Im vierten Quartal 2023 meldete die Chimera Investment Corporation eine Dividendenrendite von 13,45 % und lag damit deutlich über der durchschnittlichen REIT-Dividendenrendite von 4,7 %.

Dividendenkennzahl	Wert
Jährlicher Dividendensatz	1,68 $ pro Aktie
Dividendenrendite	13.45%
Dividendenzahlungshäufigkeit	Vierteljährlich

Diversifizierte Hypothekeninvestitionsstrategie

Das Anlageportfolio von Chimera umfasst zum 31. Dezember 2023:

• Agency Residential Mortgage-Backed Securities (RMBS): 8,3 Milliarden US-Dollar
• Non-Agency-RMBS: 2,1 Milliarden US-Dollar
• Commercial Mortgage-Backed Securities (CMBS): 1,5 Milliarden US-Dollar
• Gesamtkredite für Wohnimmobilien: 650 Millionen US-Dollar

Potenzial für eine kontinuierliche passive Einkommensgenerierung

Einkommensmetrik	Wert 2023
Nettozinsertrag	456 Millionen US-Dollar
Nettoeinkommen	312 Millionen Dollar
Eigenkapitalrendite (ROE)	11.2%

Engagement auf den Märkten für Wohn- und Gewerbeimmobilien

Investitionsverteilung nach Immobiliensektoren ab 2023:

• Wohnimmobilien: 82,5 %
• Gewerbeimmobilien: 17,5 %

Professionell verwaltete Hypothekeninvestitionsplattform

Managementmetrik	Wert
Gesamtes verwaltetes Vermögen	12,6 Milliarden US-Dollar
Jahre im Betrieb	17 Jahre
Größe des Investmentmanagementteams	42 Profis

Chimera Investment Corporation (CIM) – Geschäftsmodell: Kundenbeziehungen

Transparente Finanzberichterstattung

Ab dem vierten Quartal 2023 reichte die Chimera Investment Corporation 10-K- und 10-Q-Berichte bei der SEC ein und lieferte detaillierte finanzielle Offenlegungen.

Berichtsmetrik	Häufigkeit	Offenlegungsdetails
Jahresfinanzbericht	Jährlich	Umfassende finanzielle Leistung
Vierteljährlicher Finanzbericht	Vierteljährlich	Zwischenfinanzielle Leistung
Gewinn je Aktie (EPS)	Vierteljährlich	0,26 $ ab Q4 2023

Regelmäßige Anlegerkommunikation und Updates

Chimera unterhält konsistente Kommunikationskanäle für Investoren.

• Veröffentlichte Pressemitteilungen: 12 im Jahr 2023
• Kommunikationsplattformen für Investoren: E-Mail, Website, SEC-Einreichungen
• Investor-Relations-Kontakt: +1 (888) 345-2677

Online-Investorenportal und digitales Engagement

Digitale Plattformen ermöglichen Anlegern einen Informationszugang in Echtzeit.

Digitale Plattformfunktion	Verfügbarkeit	Benutzerinteraktion
Investoren-Website	24/7	Aktienkurs in Echtzeit, Finanzberichte
Mobile Investor-App	Verfügbar	Leistungsverfolgung, Benachrichtigungen

Vierteljährliche Gewinnaufrufe und Investorenpräsentationen

Detaillierte Diskussionen zur finanziellen Leistung werden vierteljährlich durchgeführt.

• 2023 Earnings Calls: 4 Veranstaltungen
• Durchschnittliche Teilnehmerzahl: 150-200 Investoren/Analysten
• Webcast-Verfügbarkeit: Live-Streaming

Personalisierte Anlegerunterstützungsdienste

Engagierte Betreuung von Privatanlegern und institutionellen Anlegern.

Support-Kanal	Reaktionszeit	Servicelevel
Investor-Relations-Telefon	Innerhalb von 24 Stunden	Direkte Kommunikation
E-Mail-Support	Innerhalb von 48 Stunden	Detaillierte Anfragen

Chimera Investment Corporation (CIM) – Geschäftsmodell: Kanäle

Börsennotierung (NYSE)

Tickersymbol: CIM

Austausch	Listungsdatum	Marktkapitalisierung (Stand 2024)
New Yorker Börse	2007	2,1 Milliarden US-Dollar

Online-Investitionsplattformen

• Charles Schwab
• Fidelity Investments
• TD Ameritrade
• E*TRADE

Finanzberatungsnetzwerke

Netzwerk	Gesamtberater	Verwaltetes Vermögen
Raymond James	7,500+	1,2 Billionen Dollar
Morgan Stanley	16,000+	4,5 Billionen Dollar

Investor-Relations-Website

Website: www.chimerareit.com

• Geschäftsbericht-Downloads: 125.000
• Teilnehmer des Webcasts zu den Quartalsergebnissen: 8.500

Institutionelle Investitionskanäle

Institutioneller Anlegertyp	Prozentsatz des Eigentums
Investmentfonds	42.5%
Pensionskassen	18.3%
Hedgefonds	12.7%

Chimera Investment Corporation (CIM) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 repräsentierte die institutionelle Anlegerbasis der Chimera Investment Corporation 68,3 % der Gesamtaktionäre mit etwa 4,2 Milliarden US-Dollar an institutionellen Beteiligungen.

Anlegertyp	Prozentsatz	Investitionsbetrag
Investmentfonds	37.5%	1,575 Milliarden US-Dollar
Pensionskassen	22.8%	957,6 Millionen US-Dollar
Anlageberater	8%	336 Millionen US-Dollar

Vermögende Privatpersonen

Vermögende Privatpersonen machen 15,7 % der Investorenbasis von Chimera aus, mit einer durchschnittlichen Investition von 2,3 Millionen US-Dollar pro Investor.

• Durchschnittliche Portfolioallokation: 6–8 % in hypothekenbesicherten Wertpapieren
• Typischer Investitionsbereich: 500.000 bis 5 Millionen US-Dollar

Einkommensorientierte Privatanleger

Privatanleger machen 16,2 % der Anlegersegmente von Chimera aus, mit einer durchschnittlichen Investition von 75.000 US-Dollar.

Investition Profile	Prozentsatz	Durchschnittliche Investition
Dividendenorientierte Anleger	62%	$46,500
Einkommensorientierte Händler	38%	$28,500

Portfoliomanager für die Altersvorsorge

Im Jahr 2023 haben Rentenportfoliomanager etwa 1,8 Milliarden US-Dollar in die Anlageprodukte von Chimera investiert.

• Typische Zuteilung: 3–5 % des Altersvorsorgeportfolios
• Bevorzugte Anlageinstrumente: Hypotheken-REITs

Profis für Immobilieninvestitionen

Fachleute für Immobilieninvestitionen machen 12,5 % der gesamten Investorenbasis von Chimera aus, mit Gesamtinvestitionen in Höhe von 623 Millionen US-Dollar.

Untertyp „Investor“.	Investitionsfokus	Durchschnittliche Investition
Gewerbliche Immobilieninvestoren	Wohn-MBS	412 Millionen Dollar
Private-Equity-Immobilienunternehmen	Strukturierte Finanzierung	211 Millionen Dollar

Chimera Investment Corporation (CIM) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Hypothekensicherheiten

Im vierten Quartal 2023 meldete die Chimera Investment Corporation Gesamtkosten für ihr Anlageportfolio in Höhe von 15,8 Milliarden US-Dollar. Die Ausgaben für den Erwerb hypothekenbesicherter Wertpapiere beliefen sich auf etwa 12,3 Milliarden US-Dollar.

Kostenkategorie	Betrag ($)
Gesamtinvestitionsportfolio	15,800,000,000
Erwerb hypothekenbesicherter Wertpapiere	12,300,000,000

Betriebs- und Verwaltungskosten

Im Jahr 2023 beliefen sich die Betriebskosten von Chimera auf insgesamt 87,4 Millionen US-Dollar und teilten sich wie folgt auf:

• Gehälter und Vergütung: 52,6 Millionen US-Dollar
• Büro- und Verwaltungsaufwand: 22,8 Millionen US-Dollar
• Professionelle Dienstleistungen: 12 Millionen US-Dollar

Wartung von Technologie und Infrastruktur

Die Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf 6,3 Millionen US-Dollar, darunter:

Technologieaufwand	Betrag ($)
Wartung von IT-Systemen	3,500,000
Cybersicherheit	1,800,000
Softwarelizenzierung	1,000,000

Compliance- und Regulierungskosten

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 4,2 Millionen US-Dollar und setzten sich zusammen aus:

• Dienstleistungen zur Einhaltung gesetzlicher Vorschriften: 2,1 Millionen US-Dollar
• Regulatorische Berichterstattung: 1,3 Millionen US-Dollar
• Externe Prüfungsgebühren: 800.000 US-Dollar

Gebühren für die Anlageverwaltung

Die Anlageverwaltungsgebühren für 2023 beliefen sich auf 45,6 Millionen US-Dollar und waren wie folgt strukturiert:

Gebührenart	Betrag ($)
Grundverwaltungsgebühr	38,200,000
Leistungsabhängige Gebühren	7,400,000

Chimera Investment Corporation (CIM) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Hypothekeninvestitionen

Im vierten Quartal 2023 meldete die Chimera Investment Corporation einen Gesamtzinsertrag von 227,3 Millionen US-Dollar. Die Zinserträge gliedern sich wie folgt:

Anlagetyp	Zinserträge (Mio. USD)
Agency Mortgage-Backed Securities	89.4
Non-Agency Mortgage-Backed Securities	62.7
Hypothekendarlehen für Wohnimmobilien	45.2
Durch gewerbliche Hypotheken besicherte Wertpapiere	30.0

Kapitalzuwachs von hypothekenbesicherten Wertpapieren

Im Jahr 2023 meldete Chimera nicht realisierte Nettogewinne in Höhe von 143,6 Millionen US-Dollar aus dem Portfolio hypothekenbesicherter Wertpapiere.

Dividendenausschüttungen

Dividendeninformationen für 2023:

• Gezahlte Gesamtdividenden: 214,5 Millionen US-Dollar
• Vierteljährliche Dividende pro Aktie: 0,30 USD
• Jährliche Dividendenrendite: 13,2 %

Handelsgewinne aus dem Portfoliomanagement

Handelsgewinne für das Geschäftsjahr 2023:

Handelskategorie	Gewinne (Mio. USD)
Realisierte Gewinne	56.8
Nicht realisierte Gewinne	37.2

Gebühren für die Hypothekenbearbeitung

Einnahmen aus der Hypothekenverwaltung für 2023:

• Gesamtgebühren für die Hypothekenverwaltung: 18,3 Millionen US-Dollar
• Durchschnittlicher Servicegebührensatz: 0,25 %

Gesamteinnahmequellen für 2023: 660,7 Millionen US-Dollar

Chimera Investment Corporation (CIM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors choose Chimera Investment Corporation (CIM), focusing strictly on the hard numbers reported as of late 2025.

High distributable income for shareholders, typical of a REIT structure.

Chimera Investment Corporation positions itself to deliver consistent cash flow. The focus here is on the cash available for distribution, which directly supports shareholder payouts. For the third quarter ending September 30, 2025, the Earnings Available for Distribution (EAD) was reported at $0.37 per adjusted diluted common share. This translates to an annualized payout of $1.48 per share based on trailing twelve months (TTM) figures. At recent pricing, this resulted in a TTM dividend yield of 11.52%. To put that yield in context, it is 75% higher than the Real Estate sector average yield of 6.6%. Also, the annualized dividend per share has increased by 7% over the last twelve months. The most recent quarterly cash dividend payment, with an ex-date of September 30, 2025, was $0.37 per share.

Attractive risk-adjusted returns through active management of mortgage credit risk.

The value proposition includes achieving returns while actively managing the credit exposure inherent in mortgage assets. The GAAP Book Value per common share stood at $20.24 as of September 30, 2025. While the Economic Return for the third quarter was negative at (1.4)%, the return for the nine months ending September 30, 2025, was 8.3%. Management points to the spread between asset yield and funding costs as a measure of active management success. For Q3 2025, the yield on average interest-earning assets was 5.9%, against an average cost of funds of 4.5%, resulting in a net interest spread of 1.4%. Leverage is actively managed, with total leverage at 4.8 to 1 and recourse leverage ending the quarter at 2 to 1.

Here's a quick look at key financial metrics from the Q3 2025 report:

Metric	Value (Q3 2025)	Unit
Earnings Available for Distribution (EAD) per Share	0.37	USD
GAAP Book Value per Common Share	20.24	USD
Economic Net Interest Income (ENII)	69 million	USD
Yield on Average Interest-Earning Assets	5.9	%
Average Cost of Funds	4.5	%
Total Leverage	4.8 to 1	Ratio
Recourse Leverage	2 to 1	Ratio
Investment Management and Advisory Fees	8.51 million	USD

Diversification across Agency MBS, Non-Agency RMBS, and residential mortgage loans.

Chimera Investment Corporation invests across a spectrum of mortgage assets, which is a core part of its diversification strategy. Total assets for the consolidated entity stood at $15.1B at September 30, 2025. The company invests in Agency RMBS, Non-Agency RMBS, residential mortgage loans, business purpose and investor loans (including RTLs), Agency CMBS, and MSRs. The recent strategic focus includes increasing capital allocation to Non-Agency RMBS securities. Furthermore, the acquisition of HomeXpress is expected to accelerate growth in the non-QM space, a sector where originations are estimated to reach 5.1% or more than $100 billion of total residential mortgage originations in 2025.

Integrated platform: combining loan origination, asset management, and investment for better control.

The value is enhanced by operating as a fully integrated mortgage business. This integration includes mortgage lending, investment management, and advisory services. A major step in this integration was the completion of the HomeXpress acquisition on October 1, 2025, for $240 million in cash plus stock. HomeXpress is a leading originator of consumer non-QM and investor business purpose loan products. Management projects HomeXpress originations up to $4.4 billion in 2026. Also, Palisades Advisory Services, a wholly owned subsidiary, acts as the Asset Manager for securitizations sponsored by the Company.

Liquidity and stability from growing the Agency RMBS portfolio and MSRs.

Liquidity management is a stated focus, evidenced by the cash position at the end of Q3 2025. Total cash and unencumbered assets ended the quarter at $752 million, an increase from $561 million at the end of the second quarter. This cash build-up was in preparation for the HomeXpress acquisition. Stability is sought through hedging and MSRs. On the Agency RMBS side, the company maintained $2.4 billion notional value of interest rate swaps, swap futures, and cancelable swaps protecting against $2.4 billion of outstanding repo liabilities. For MSRs, Chimera entered agreements in July 2025 to acquire rights associated with a $6.5 billion portfolio of mortgage loans through an MSR financing transaction.

• The Company sponsored a $287.7 million securitization of residential mortgage investor loans in January 2025 (CIM 2025-I1).
• The weighted average cost of debt on securities sold in that securitization was 5.8%.
• The company raised $116 million in capital through the issuance of senior unsecured notes due 2030, net of costs.

Chimera Investment Corporation (CIM) - Canvas Business Model: Customer Relationships

For common stock investors, the relationship is primarily transactional and automated, executed via public exchanges like the New York Stock Exchange. This segment interacts with Chimera Investment Corporation (CIM) through market-based share purchases and sales, and receipt of public communications like quarterly earnings reports. For instance, institutional investors bought 8,055,781 shares in the last 24 months, totaling approximately $108.53M in transactions, showing active public market engagement.

The relationship with institutional investors in securitizations and preferred stock is decidedly dedicated and high-touch. This involves direct negotiation and placement of securities. For example, in the CIM 2025-I1 securitization closed January 31, 2025, senior securities totaling approximately $275.7 million were sold in a private placement to institutional investors, representing 95.8% of that capital structure. Similarly, in the March 25, 2025 transactions totaling $646 million in aggregate principal balance, senior securities were sold to institutional investors. Palisades Advisory Services, a wholly owned subsidiary, acts as the Asset Manager for these securitizations.

Chimera Investment Corporation cultivates professional and long-term relationships with mortgage brokers and correspondent partners, significantly enhanced by the acquisition of HomeXpress Mortgage Corp. in June 2025. HomeXpress is described as a partner of choice for brokers and correspondent lenders across the U.S., operating in 46 states and D.C. HomeXpress originated an estimated $3.5 billion UPB of mortgage volume for the full year 2025, with $1.2 billion UPB funded through May 2025. This platform brings a robust capital markets presence, having sold over 20K+ loans to more than 30 unique third-party institutions.

Direct engagement with third-party asset management clients for advisory services is a growing focus, particularly following the acquisition of The Palisades Group. On a combined basis after the Palisades acquisition, Chimera Investment Corporation owned, advised, or managed over $30 billion of notional loans and real estate assets. The company intends to use the HomeXpress platform to cross-sell these asset advisory services to their existing clients.

Investor relations for common and preferred stockholders is managed through regular, formal communications. For common stockholders, key metrics include the GAAP book value of $20.24 per common share as of September 30, 2025, and the third quarter 2025 earnings available for distribution of $0.37 per diluted common share. For preferred stockholders, dividend communications are frequent, with the fourth quarter 2025 dividends declared on November 5, 2025, payable on December 30, 2025. The specific per-share amounts declared are detailed below:

Preferred Stock Series	Stated Dividend Rate	Q4 2025 Declared Dividend Per Share	Reflected Rate (Approximate)
Series A (Cumulative)	8.00%	$0.50	N/A
Series B (Fixed-to-Floating)	8.00%	$0.6274	10.03786%
Series C (Fixed-to-Floating)	7.75%	$0.5681	8.98986%
Series D (Fixed-to-Floating)	8.00%	$0.6083	9.62586%

The relationship with preferred stockholders is reinforced by the fact that all four preferred issues are cumulative, meaning the company has a strong incentive to maintain payments, as skipping them would eliminate the common dividend.

Chimera Investment Corporation (CIM) - Canvas Business Model: Channels

You're looking at how Chimera Investment Corporation (CIM) gets its products and services to the market and to its investors as of late 2025. It's a mix of public market access and direct mortgage origination, especially after the big HomeXpress deal.

New York Stock Exchange (NYSE) for common stock (CIM) and preferred stock trading.

The common stock trades on the NYSE under the ticker CIM. As of the market close on November 24, 2025, the price was $12.18 USD. The GAAP Book Value per common share, reported as of September 30, 2025, stood at $20.24. Chimera Investment Corporation also utilizes the NYSE channel for its preferred stock, with series like the 8.00% Series A Cumulative Redeemable Preferred Stock (CIM.P.A) trading there. The issuance of 2,077,151 shares of common stock was part of the consideration for the HomeXpress acquisition.

Wholesale and correspondent lending channels for mortgage loan origination (HomeXpress).

The acquisition of HomeXpress Mortgage Corp. closed on October 1, 2025, making this a primary origination channel. The closing payment for HomeXpress was $240 million in cash (comprising an estimated adjusted book value of $120 million plus a $120 million premium) plus the aforementioned stock issuance. HomeXpress is active in 46 states and D.C.. The company projects pre-tax earnings from HomeXpress to range between $62 million and $80 million for 2026.

Here's a look at the lending volume data leading up to the end of Q3 2025:

Metric	Value/Rate	Period/Date
Year-to-Date Lending Volume Increase (vs. 2024)	36%	Q3 2025 Report
Quarter-over-Quarter Lending Volume Increase	5%	Q3 2025
Wholesale Volume Share of Q3 Lending	96%	Q3 2025
HomeXpress Year-to-Date Funded Origination Volume	$1.2 billion	Through May 2025
HomeXpress Estimated Full Year 2025 Origination Volume	$3.5 billion	Estimate

The correspondent channel is specifically noted as an area of growth potential starting in 2026. That's how they plan to diversify beyond the heavy reliance on wholesale, which was 96% of Q3 volumes.

Private placement markets for selling senior tranches of securitized debt to institutions.

Chimera Investment Corporation uses securitization as a primary funding source, evidenced by its Variable Interest Entities (VIEs). As of September 30, 2025, the total assets of consolidated VIEs were $9,655,438 thousand, with total liabilities of $7,403,098 thousand. The total leverage for Q3 2025 was 4.8 to 1, with recourse leverage at 2 to 1. Furthermore, in Q3 2025, the company actively managed this channel by selling $617 million of retained bonds and other positions, releasing $116 million of capital at a 7.3% ROE hurdle.

Investment banks and underwriters for issuing new debt and equity capital.

The issuance of 2,077,151 shares of common stock as part of the HomeXpress purchase indicates the use of equity capital markets, likely involving underwriters for the transaction. The company also manages its capital structure through various preferred stock issuances, such as the Series A with an 8.00% stated coupon. The company's overall funding structure includes $7,039 million in non-recourse securitized debt supporting its mortgage loan portfolio as of June 30, 2025.

Corporate website and SEC filings for investor information and financial transparency.

You access the latest official disclosures via the corporate website, www.chimerareit.com. The Q3 2025 financial results were released on November 6, 2025, via press release. Key filings used for transparency include the 8-K and 10-Q documents filed with the SEC. For instance, the Q3 2025 earnings report provided a GAAP Net Loss of $0.27 per diluted common share for the quarter.

• Investor Relations contact email: investor-relations@chimerareit.com.
• Q3 2025 Earnings Call U.S. Toll Free Number: (866) 604-1613.
• The company has approximately 77 Employees.

Finance: review the impact of the $120 million HomeXpress premium on the Q4 2025 GAAP book value by next Tuesday.

Chimera Investment Corporation (CIM) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Chimera Investment Corporation (CIM) serves across its hybrid mortgage REIT and asset management platforms as of late 2025. It's not just one type of investor; it's a spectrum from retail shareholders to large institutions.

Common Stock Investors seeking high dividend yield and total economic return.

These investors focus on the common shares of Chimera Investment Corporation, looking for distributions and appreciation. For the third quarter of 2025, the declared cash dividend was $0.37 per common share, payable on October 31, 2025. The company's book value per share stood at $20.24 as of September 30, 2025, which resulted in a negative economic return of 1.4% for that quarter. The overall market sentiment reflects a significant institutional presence, with ownership reported at 57.06% or 53.62%. The total market capitalization for Chimera Investment Corporation was around $1.08 billion or $1.06 billion. The company has approximately 83.15 million shares outstanding.

Here's a quick look at some key metrics relevant to this segment as of late 2025:

Metric	Value	Date/Period
Market Cap	$1.08B	Late 2025
Shares Outstanding	83.15M	Late 2025
Institutional Ownership	57.06%	Late 2025
Q3 2025 Common Dividend	$0.37 per share	Q3 2025
GAAP Book Value per Share	$20.24	September 30, 2025

Still, you have to watch the total return; the stock price had decreased by -13.61% over the last 52 weeks.

Preferred Stock Investors looking for fixed or fixed-to-floating rate income.

This group targets the various series of Cumulative Redeemable Preferred Stock issued by Chimera Investment Corporation, which offer different income profiles. For the fourth quarter of 2025, dividends were declared for record holders on December 1, 2025, payable December 30, 2025.

• Series A (8.00% Fixed Rate): Declared dividend of $0.50 per share.
• Series B (8.00% Fixed-to-Floating Rate): Declared dividend reflecting a rate of 10.03786%, or $0.6274 per share.
• Series C (7.75% Fixed-to-Floating Rate): Declared dividend reflecting a rate of 8.98986%, or $0.5681 per share.
• Series D (8.00% Fixed-to-Floating Rate): Declared dividend reflecting a rate of 9.93822% (based on Q2 data, Q4 rate not fully specified but dividend was $0.6083 per share).

To be fair, the fixed-to-floating issues tie income to the three-month CME Term SOFR plus a spread adjustment of 0.26161%.

Institutional Investors purchasing senior tranches of mortgage securitizations.

These are sophisticated entities that buy the most secure parts of the mortgage-backed securities (MBS) that Chimera Investment Corporation sponsors or holds. For example, in the CIM 2025-I1 securitization sponsored on January 31, 2025, securities sold to institutional investors totaled approximately $275.7 million, representing about 95.8% of that capital structure. The weighted average cost of debt on those sold securities was 5.8%. Chimera Investment Corporation retained subordinate interests of approximately $11.9 million in that same deal.

Mortgage Brokers and Correspondent Lenders utilizing the HomeXpress origination platform.

This segment engages with Chimera Investment Corporation through its subsidiary, HomeXpress Mortgage Corp., which was acquired and closed on October 1, 2025. HomeXpress is a nationwide platform originating non-QM, investor business purpose, and Agency mortgage loan products. Through May 2025, HomeXpress had originated $1.2 billion in mortgage loans year-to-date, with full-year projections set at $3.5 billion. Management projected that HomeXpress would generate after-tax earnings of $13-15 million for the fourth quarter of 2025. The acquisition purchase price was $267 million.

Third-Party Institutional Clients for non-discretionary asset management services.

Chimera Investment Corporation invests on behalf of these clients through its investment management and advisory services activities. Fee income reflects this business line. For the second quarter of 2025, servicing and asset manager fees were reported as $7,306 (likely in thousands, given context). For the third quarter of 2025, two related fee line items were reported as $31,000 and $21,000 (likely in thousands). Finance: draft 13-week cash view by Friday.

Chimera Investment Corporation (CIM) - Canvas Business Model: Cost Structure

You're looking at the costs that drive Chimera Investment Corporation's operations as of late 2025, focusing on the figures reported for the third quarter ended September 30, 2025. Understanding these outflows is key to seeing where the capital is going.

The most significant financing cost is the interest expense on secured financing agreements and securitized debt. For Q3 2025, the total reported Interest Expense was $144,089 thousand. This was incurred while maintaining an average cost of funds of 4.5% in Q3 2025.

Operating expenses saw a notable increase in the period. Specifically, compensation, general, administrative, and servicing expenses were higher by $2 million, which the company attributed primarily to one-time severance payments.

The strategic move to acquire HomeXpress also generated specific costs. Transaction expenses for Q3 2025 were reported at $9,931 thousand, with the company noting this reflected the cost associated with the HomeXpress acquisition. The acquisition itself closed on October 1, 2025, for a total consideration including an estimated adjusted book value plus a premium.

Shareholder returns are a direct cost, with dividends paid to both common and preferred stockholders. The Q3 2025 common stock dividend declared was $0.37 per share. For preferred stockholders, the Dividends on preferred stock for the three months ended September 30, 2025, totaled $21,417 thousand.

The costs associated with the new origination platform are embedded within the operating expenses. While a specific line item for all personnel and technology costs for the HomeXpress platform isn't isolated in the summary financials, the components that make up the general operating costs give you a view of the overhead.

Here's a breakdown of the key 'Other expenses' for the three months ended September 30, 2025, in thousands of USD:

Expense Category	Q3 2025 Amount (in thousands)	Context/Detail
Compensation and benefits	$13,756	Part of the overall operating structure.
General and administrative expenses	$6,936	Included the impact of severance costs.
Servicing and asset manager fees	$6,991	Fees related to asset management activities.
Transaction expenses	$9,931	Reflecting costs like the HomeXpress acquisition.
Amortization of intangibles and depreciation expenses	$948	Non-cash expense component.

The total of these reported other expenses for the quarter was $38,562 thousand.

You should also note the direct shareholder payouts:

• Common Stock Dividend (Q3 2025): $0.37 per share.
• Preferred Stock Dividends (Q3 2025): $21,417 thousand.

The cost of funding the asset base, represented by Interest Expense, remains the largest single cost component, exceeding $144 million for the quarter. Finance: draft 13-week cash view by Friday.

Chimera Investment Corporation (CIM) - Canvas Business Model: Revenue Streams

You're looking at how Chimera Investment Corporation brings in the money, especially now that the big HomeXpress acquisition has closed. It's a mix of traditional lending spreads and fee-based services, which is key for a hybrid mortgage REIT like CIM.

The core of the earnings engine is the spread between what the assets earn and what the financing costs. For the third quarter of 2025, the yield on average interest-earning assets hit 5.9%. That's against an average cost of funds of 4.5%, resulting in a net interest spread of 1.4%. On a GAAP basis for Q3 2025, the resulting Net Interest Income was $65,011 thousand. The economic net interest income was reported as $69 million or $68.6M.

When it comes to selling assets, Chimera Investment Corporation realizes gains, though management is balancing this with retaining assets for long-term yield. For the quarter ending September 30, 2025, the reported Net realized gains (losses) on sales of investments was $1,991 thousand.

The recent acquisition of HomeXpress, which closed on October 1, 2025, is set to become a significant revenue driver, though its full impact will reflect in later quarters. HomeXpress originated approximately $1.2 billion of mortgage loans year-to-date through May 2025. Management projects after-tax earnings from HomeXpress to be in the range of $13-15 million for Q4 2025 and $53-68 million for the full year 2026.

Interest income from the investment portfolio is substantial, especially from the assets held within consolidated Variable Interest Entities (VIEs). For the quarter ended September 30, 2025, the interest income from consolidated VIEs was $137,597 thousand, which is right around the $137.6 million figure you mentioned. Also contributing was $500 thousand in interest income from investment in MSR financing receivables of a consolidated VIE for the same period.

Fee-based income from the integrated platform is another stream. Investment management and advisory fees for Q3 2025 totaled $8,509 thousand. To give you context, that compares to $0 in fees reported in the third quarter of 2024.

Here's a quick look at the key components of revenue generation for the third quarter of 2025, in thousands of dollars:

Revenue Component	Q3 2025 Amount (in thousands)
GAAP Net Interest Income	$65,011
Interest Income from Consolidated VIEs	$137,597
Investment Management and Advisory Fees	$8,509
Net Realized Gains on Sales of Investments	$1,991
Interest Income from MSR Financing Receivables (VIE)	$500

The sources feeding into Chimera Investment Corporation's revenue are quite diverse:

• Net Interest Income from the asset/funding spread.
• Realized gains from selling originated loans and retained bonds.
• Interest income generated by the large investment portfolio, including VIE assets.
• Fee-based income from third-party asset management and advisory services.
• Income streams from the newly acquired HomeXpress subsidiary, expected to grow in 2026.

Finance: draft 13-week cash view by Friday.