Chimera Investment Corporation (CIM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Chimera Investment Corporation (CIM), un fideicomiso dinámico de inversión inmobiliaria hipotecaria (REIT) que navega magistralmente el complejo panorama de los valores respaldados por hipotecas. Con un sofisticado modelo de negocio que equilibra el riesgo, la innovación y la inversión estratégica, CIM ofrece a los inversores una oportunidad convincente para aprovechar el ámbito lucrativo de las finanzas inmobiliarias, ofreciendo potencial Devoluciones de alto rendimiento A través de un enfoque de inversión meticulosamente elaborado que abarca mercados de hipotecas residenciales y comerciales.

Chimera Investment Corporation (CIM) - Modelo de negocios: asociaciones clave

Prestamistas hipotecarios y bancos para el origen de préstamos

Chimera Investment Corporation mantiene asociaciones estratégicas con múltiples prestamistas y bancos de hipotecas, que incluyen:

Pareja	Enfoque de asociación	Volumen de préstamo (2023)
Wells Fargo	Originación de la hipoteca residencial	$ 487 millones
JPMorgan Chase	Titulización hipotecaria	$ 412 millones
Banco de América	Adquisición de cartera de préstamos	$ 356 millones

Bancos de inversión e instituciones financieras para la recaudación de capital

CIM colabora con bancos de inversión para actividades de mercados de capitales:

• Goldman Sachs - Servicios de suscripción
• Morgan Stanley - Financiación de la deuda y la equidad
• Credit Suisse - Soluciones financieras estructuradas

Redes de fideicomiso de inversión inmobiliaria (REIT)

Socio de REIT	Tipo de colaboración	Valor de inversión (2023)
Annaly Capital Management	Intercambio de valores respaldados por hipotecas	$ 675 millones
NUEVA CORP DE INVERSIÓN SIDRACIONAL	Plataformas de inversión conjuntas	$ 523 millones

Agencias de calificación crediticia para la evaluación de riesgos

Las asociaciones de la agencia de calificación clave incluyen:

• Servicio de inversores de Moody's
• Estándar & Pobre
• Calificaciones de fitch

Servicio de hipotecas y administradores de préstamos

Proveedor de servicios	Servicios prestados	Volumen de transacción anual
Caballero negro	Tecnología de servicio de préstamos	$ 1.2 mil millones
Corelógico	Plataforma de administración de préstamos	$ 892 millones

Chimera Investment Corporation (CIM) - Modelo de negocio: actividades clave

Inversión de valores respaldados por hipotecas

A partir del cuarto trimestre de 2023, Chimera Investment Corporation administró una cartera de inversiones total de $ 15.3 mil millones en valores respaldados por hipotecas. El desglose de la cartera incluye:

Tipo de seguridad	Valor total	Porcentaje de cartera
Agencia MBS	$ 8.7 mil millones	56.9%
MBS sin agencia	$ 6.6 mil millones	43.1%

Gestión de cartera de hipotecas residenciales y comerciales

La gestión de la cartera de hipotecas de Chimera se centra en:

• Inversiones de hipotecas residenciales: $ 10.2 mil millones
• Inversiones de hipotecas comerciales: $ 5.1 mil millones
• Rendimiento promedio de la cartera: 9.4%

Evaluación de riesgos y estrategias de cobertura

Métricas de gestión de riesgos para 2023:

Métrico de riesgo	Valor
Relación de cobertura de tasas de interés	72.6%
Cobertura de intercambio de incumplimiento de crédito	$ 2.3 mil millones
Diferencia promedio de riesgo de crédito	2.8%

Asignación de capital y optimización financiera

Desglose de asignación de capital para 2023:

• Capital de capital total: $ 4.6 mil millones
• Relación de apalancamiento: 3.32x
• Retorno sobre el patrimonio (ROE): 11.2%
• Relación de deuda / capital: 2.12

Comercio de valores y reequilibrio de cartera

Métricas de actividad comercial para 2023:

Métrico comercial	Valor
Total de valores negociados	$ 22.6 mil millones
Tasa de facturación de la cartera trimestral	18.3%
Propagación de negociación promedio	0.65%

Chimera Investment Corporation (CIM) - Modelo de negocio: recursos clave

Experiencia de inversión inmobiliaria e inversión inmobiliaria extensa

A partir del cuarto trimestre de 2023, Chimera Investment Corporation administra $ 15.8 mil millones en cartera de inversiones, especializándose en valores respaldados por hipotecas e inversiones inmobiliarias.

Categoría de inversión	Valor total	Porcentaje de cartera
Valores respaldados por hipotecas residenciales	$ 10.2 mil millones	64.6%
Valores comerciales respaldados por hipotecas	$ 3.6 mil millones	22.8%
Otras inversiones inmobiliarias	$ 2.0 mil millones	12.6%

Modelado financiero sofisticado y herramientas de análisis de riesgos

Chimera utiliza sistemas de gestión de riesgos cuantitativos avanzados con las siguientes capacidades:

• Evaluación de riesgos de cartera en tiempo real
• Análisis predictivo basado en el aprendizaje automático
• Algoritmos de prueba de estrés
• Herramientas avanzadas de simulación de Monte Carlo

Base de capital sustancial para la inversión

Métricas financieras al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Activos totales	$ 16.4 mil millones
Patrimonio de los accionistas	$ 3.2 mil millones
Relación deuda / capital	4.13:1

Relaciones de crédito sólidas y redes financieras

Chimera mantiene facilidades de crédito y relaciones con:

• 12 Instituciones financieras principales
• Capacidad total de la línea de crédito de $ 5.6 mil millones
• Tasa de interés promedio de la facilidad de crédito: LIBOR + 2.75%

Infraestructura de tecnología avanzada

Inversión tecnológica y detalles de infraestructura:

Categoría de tecnología	Inversión anual
Sistemas de ciberseguridad	$ 8.2 millones
Plataformas comerciales	$ 5.6 millones
Herramientas de análisis de datos	$ 4.3 millones

Chimera Investment Corporation (CIM) - Modelo de negocio: propuestas de valor

Alto rendimiento de dividendos para inversores centrados en los ingresos

A partir del cuarto trimestre de 2023, Chimera Investment Corporation informó un rendimiento de dividendos del 13,45%, significativamente mayor que el rendimiento promedio de dividendos REIT del 4.7%.

Métrico de dividendos	Valor
Tasa de dividendos anuales	$ 1.68 por acción
Rendimiento de dividendos	13.45%
Frecuencia de pago de dividendos	Trimestral

Estrategia de inversión hipotecaria diversificada

La cartera de inversiones de Chimera al 31 de diciembre de 2023 comprende:

• Valores de respaldo de hipotecas residenciales (RMB) de la agencia: $ 8.3 mil millones
• RMBS no agencias: $ 2.1 mil millones
• Valores comerciales respaldados por hipotecas (CMBS): $ 1.5 mil millones
• Préstamos enteros residenciales: $ 650 millones

Potencial para una generación de ingresos pasivos consistentes

Métrico de ingresos	Valor 2023
Ingresos de intereses netos	$ 456 millones
Lngresos netos	$ 312 millones
Regreso sobre la equidad (ROE)	11.2%

Exposición a mercados inmobiliarios residenciales y comerciales

Asignación de inversión a través de sectores inmobiliarios a partir de 2023:

• Bienes inmuebles residenciales: 82.5%
• Bienes inmuebles comerciales: 17.5%

Plataforma de inversión hipotecaria administrada profesionalmente

Métrica de gestión	Valor
Activos totales bajo administración	$ 12.6 mil millones
Años en funcionamiento	17 años
Tamaño del equipo de gestión de inversiones	42 profesionales

Chimera Investment Corporation (CIM) - Modelo de negocios: relaciones con los clientes

Información financiera transparente

A partir del cuarto trimestre de 2023, Chimera Investment Corporation presentó informes de 10 y 10-Q ante la SEC, proporcionando divulgaciones financieras detalladas.

Métrica de informes	Frecuencia	Detalle de divulgación
Informe financiero anual	Anualmente	Desempeño financiero integral
Informe financiero trimestral	Trimestral	Desempeño financiero provisional
Ganancias por acción (EPS)	Trimestral	$ 0.26 a partir del cuarto trimestre 2023

Comunicaciones y actualizaciones regulares de los inversores

Chimera mantiene canales de comunicación de inversores consistentes.

• Comunicados de prensa emitidos: 12 en 2023
• Plataformas de comunicación de inversores: correo electrónico, sitio web, presentaciones de la SEC
• Contacto de relaciones con los inversores: +1 (888) 345-2677

Portal de inversores en línea y compromiso digital

Las plataformas digitales proporcionan a los inversores acceso a información en tiempo real.

Función de plataforma digital	Disponibilidad	Compromiso de usuario
Sitio web de inversores	24/7	Precio de las acciones en tiempo real, informes financieros
Aplicación de inversores móviles	Disponible	Seguimiento de rendimiento, notificaciones

Llamadas de ganancias trimestrales y presentaciones de inversores

Discusiones detalladas de desempeño financiero realizadas trimestralmente.

• 2023 llamadas de ganancias: 4 eventos
• Recuento promedio de participantes: 150-200 inversores/analistas
• Disponibilidad de transmisión web: transmisión en vivo

Servicios de apoyo a los inversores personalizados

Apoyo dedicado para inversores individuales e institucionales.

Canal de soporte	Tiempo de respuesta	Nivel de servicio
Teléfono de relaciones con los inversores	Dentro de las 24 horas	Comunicación directa
Soporte por correo electrónico	Dentro de las 48 horas	Consultas detalladas

Chimera Investment Corporation (CIM) - Modelo de negocios: canales

Listado de la Bolsa de Valores (NYSE)

Símbolo de ticker: CIM

Intercambio	Fecha de listado	Capitalización de mercado (a partir de 2024)
Bolsa de Nueva York	2007	$ 2.1 mil millones

Plataformas de inversión en línea

• Charles Schwab
• Inversiones de fidelidad
• TD Ameritrade
• E*comercio

Redes de asesoramiento financiero

Red	Asesores totales	Activos bajo administración
Raymond James	7,500+	$ 1.2 billones
Morgan Stanley	16,000+	$ 4.5 billones

Sitio web de relaciones con los inversores

Sitio web: www.chimeraeit.com

• Descargas de informes anuales: 125,000
• Participantes de transmisión por Internet de ganancias trimestrales: 8,500

Canales de inversión institucional

Tipo de inversor institucional	Porcentaje de propiedad
Fondos mutuos	42.5%
Fondos de pensiones	18.3%
Fondos de cobertura	12.7%

Chimera Investment Corporation (CIM) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, la base de inversores institucionales de Chimera Investment Corporation representaba el 68.3% del total de accionistas, con aproximadamente $ 4.2 mil millones en tenencias institucionales.

Tipo de inversor	Porcentaje	Monto de la inversión
Fondos mutuos	37.5%	$ 1.575 mil millones
Fondos de pensiones	22.8%	$ 957.6 millones
Asesores de inversiones	8%	$ 336 millones

Individuos de alto nivel de red

Los individuos de alto nivel de red constituyen el 15.7% de la base de inversores de Chimera, con una inversión promedio de $ 2.3 millones por inversor.

• Asignación promedio de cartera: 6-8% en valores respaldados por hipotecas
• Rango de inversión típico: $ 500,000 a $ 5 millones

Inversores minoristas centrados en los ingresos

Los inversores minoristas representan el 16.2% de los segmentos de inversores de Chimera, con una inversión promedio de $ 75,000.

Inversión Profile	Porcentaje	Inversión promedio
Inversores que buscan dividendos	62%	$46,500
Comerciantes centrados en los ingresos	38%	$28,500

Gerentes de cartera de jubilación

Los gerentes de cartera de jubilación asignaron aproximadamente $ 1.8 mil millones a los productos de inversión de Chimera en 2023.

• Asignación típica: 3-5% de la cartera de jubilación
• Vehículos de inversión preferidos: REIT hipotecarios

Profesionales de inversión inmobiliaria

Los profesionales de inversión inmobiliaria representan el 12.5% ​​de la base total de inversores de Chimera, con $ 623 millones en inversiones totales.

Subtipo de inversionista	Enfoque de inversión	Inversión promedio
Inversores inmobiliarios comerciales	MBS residencial	$ 412 millones
Empresas inmobiliarias de capital privado	Finanzas estructuradas	$ 211 millones

Chimera Investment Corporation (CIM) - Modelo de negocio: Estructura de costos

Costos de adquisición de seguridad hipotecaria

A partir del cuarto trimestre de 2023, Chimera Investment Corporation informó costos de cartera de inversiones totales de $ 15.8 mil millones. Los gastos de adquisición de valores respaldados por hipotecas fueron de aproximadamente $ 12.3 mil millones.

Categoría de costos	Monto ($)
Cartera de inversiones totales	15,800,000,000
Adquisición de valores respaldados por hipotecas	12,300,000,000

Gastos operativos y administrativos

En 2023, los gastos operativos de Chimera totalizaron $ 87.4 millones, con un desglose de la siguiente manera:

• Salarios y compensación: $ 52.6 millones
• Oficina y gastos generales administrativos: $ 22.8 millones
• Servicios profesionales: $ 12 millones

Mantenimiento de tecnología e infraestructura

Los costos de infraestructura tecnológica para 2023 fueron de $ 6.3 millones, que incluyen:

Gasto tecnológico	Monto ($)
Mantenimiento de sistemas de TI	3,500,000
Ciberseguridad	1,800,000
Licencia de software	1,000,000

Cumplimiento y gastos regulatorios

Los costos de cumplimiento regulatorio en 2023 ascendieron a $ 4.2 millones, que comprenden:

• Servicios de cumplimiento legal: $ 2.1 millones
• Informes regulatorios: $ 1.3 millones
• Tarifas de auditoría externa: $ 800,000

Tarifas de gestión de inversiones

Las tarifas de gestión de inversiones para 2023 fueron de $ 45.6 millones, estructuradas de la siguiente manera:

Tipo de tarifa	Monto ($)
Tarifa de gestión base	38,200,000
Tarifas basadas en el desempeño	7,400,000

Chimera Investment Corporation (CIM) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de inversiones hipotecarias

A partir del cuarto trimestre de 2023, Chimera Investment Corporation reportó ingresos por intereses totales de $ 227.3 millones. El desglose de los ingresos por intereses es el siguiente:

Tipo de inversión	Ingresos de intereses ($ M)
Valores respaldados por hipotecas de la agencia	89.4
Valores no respaldados por hipotecas	62.7
Préstamos hipotecarios residenciales	45.2
Valores comerciales respaldados por hipotecas	30.0

Apreciación de capital de valores respaldados por hipotecas

En 2023, Chimera informó ganancias netas no realizadas de $ 143.6 millones de la cartera de valores respaldados por hipotecas.

Distribuciones de dividendos

Información de dividendos para 2023:

• Dividendos totales pagados: $ 214.5 millones
• Dividendo trimestral por acción: $ 0.30
• Rendimiento de dividendos anuales: 13.2%

Ganancias comerciales de la gestión de cartera

Ganancias comerciales para el año fiscal 2023:

Categoría de negociación	Ganancias ($ m)
Ganancias realizadas	56.8
Ganancias no realizadas	37.2

Tarifas de servicio hipotecario

Ingresos de servicio hipotecario para 2023:

• Tarifas de servicio hipotecario total: $ 18.3 millones
• Tasa de tarifa de servicio promedio: 0.25%

Flujos de ingresos totales para 2023: $ 660.7 millones

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.