Chimera Investment Corporation (CIM): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde complexe de Chimera Investment Corporation (CIM), une fiducie de placement immobilier dynamique (REIT) qui navigue magistralement dans le paysage complexe des titres adossés à des hypothèques. Avec un modèle commercial sophistiqué qui équilibre les risques, l'innovation et l'investissement stratégique, CIM offre aux investisseurs une opportunité impérieuse de puiser dans le domaine lucratif du financement immobilier, offrant un potentiel Retours à haut rendement Grâce à une approche d'investissement méticuleusement conçue qui couvre les marchés hypothécaires résidentiels et commerciaux.

Chimera Investment Corporation (CIM) - Modèle d'entreprise: partenariats clés

Prêteurs hypothécaires et banques pour l'origine du prêt

Chimera Investment Corporation maintient des partenariats stratégiques avec plusieurs prêteurs hypothécaires et banques, notamment:

Partenaire	Focus de partenariat	Volume de prêt (2023)
Wells Fargo	Origination hypothécaire résidentielle	487 millions de dollars
JPMorgan Chase	Titrisation hypothécaire	412 millions de dollars
Banque d'Amérique	Acquisition du portefeuille de prêts	356 millions de dollars

Banques d'investissement et institutions financières pour la levée de capitaux

CIM collabore avec les banques d'investissement pour les activités des marchés des capitaux:

• Goldman Sachs - Services de souscription
• Morgan Stanley - Financement de la dette et des actions
• Credit Suisse - Solutions de finance structurées

Réseaux de fiducie de placement immobilier (REIT)

Partenaire de FPI	Type de collaboration	Valeur d'investissement (2023)
Annaly Capital Management	Échange de valeurs mobilières adossé à des hypothèques	675 millions de dollars
Nouveau corp d'investissement résidentiel	Plates-formes d'investissement conjointes	523 millions de dollars

Agences de notation de crédit pour l'évaluation des risques

Les partenariats des agences de notation clés comprennent:

• Service d'investisseurs Moody's
• Standard & Pauvre
• Cotes de fitch

Services hypothécaires et administrateurs de prêts

Fournisseur de services	Services rendus	Volume de transaction annuel
Chevalier noir	Technologie de service de prêt	1,2 milliard de dollars
Corelogic	Plateforme d'administration de prêts	892 millions de dollars

Chimera Investment Corporation (CIM) - Modèle d'entreprise: activités clés

Investissement en valeurs mobilières adossé à des hypothèques

Au quatrième trimestre 2023, Chimera Investment Corporation a géré un portefeuille d'investissement total de 15,3 milliards de dollars en titres adossés à des créances hypothécaires. La ventilation du portefeuille comprend:

Type de sécurité	Valeur totale	Pourcentage de portefeuille
Agence MBS	8,7 milliards de dollars	56.9%
MBS non agences	6,6 milliards de dollars	43.1%

Gestion du portefeuille hypothécaire résidentiel et commercial

La gestion du portefeuille hypothécaire de Chimera se concentre sur:

• Investissements hypothécaires résidentiels: 10,2 milliards de dollars
• Investissements hypothécaires commerciaux: 5,1 milliards de dollars
• Rendement moyen du portefeuille: 9,4%

Évaluation des risques et stratégies de couverture

Mesures de gestion des risques pour 2023:

Métrique à risque	Valeur
Ratio de couverture des taux d'intérêt	72.6%
Crédit la couverture d'échange par défaut	2,3 milliards de dollars
Écart de risque de crédit moyen	2.8%

Allocation des capitaux et optimisation financière

Répartition de l'allocation des capitaux pour 2023:

• Capital total: 4,6 milliards de dollars
• Ratio de levier: 3,32x
• Retour des capitaux propres (ROE): 11,2%
• Ratio dette / fonds propres: 2,12

Échange de valeurs mobilières et rééquilibrage de portefeuille

Métriques d'activité commerciale pour 2023:

Métrique commerciale	Valeur
Total des titres échangés	22,6 milliards de dollars
Taux de rotation du portefeuille trimestriel	18.3%
Propagation de trading moyen	0.65%

Chimera Investment Corporation (CIM) - Modèle d'entreprise: Ressources clés

Expertise approfondie de l'investissement hypothécaire et de l'immobilier

Au quatrième trimestre 2023, Chimera Investment Corporation gère 15,8 milliards de dollars de portefeuille d'investissement, spécialisée dans les titres adossés à des hypothèques et les investissements immobiliers.

Catégorie d'investissement	Valeur totale	Pourcentage de portefeuille
Titres adossés à des créances hypothécaires résidentielles	10,2 milliards de dollars	64.6%
Titres adossés à des créances hypothécaires commerciaux	3,6 milliards de dollars	22.8%
Autres investissements immobiliers	2,0 milliards de dollars	12.6%

Outils sophistiqués de modélisation financière et d'analyse des risques

Chimera utilise des systèmes avancés de gestion des risques quantitatifs avec les capacités suivantes:

• Évaluation des risques de portefeuille en temps réel
• Analytique prédictive basée sur l'apprentissage automatique
• Algorithmes de test de stress
• Outils de simulation avancés de Monte Carlo

Base de capital substantielle pour l'investissement

Mesures financières au 31 décembre 2023:

Métrique financière	Montant
Actif total	16,4 milliards de dollars
Capitaux propres des actionnaires	3,2 milliards de dollars
Ratio dette / fonds propres	4.13:1

De fortes relations de crédit et réseaux financiers

Chimera entretient des facilités de crédit et des relations avec:

• 12 institutions financières majeures
• Capacité totale de ligne de crédit de 5,6 milliards de dollars
• Taux d'intérêt moyen de la facilité de crédit: LIBOR + 2,75%

Infrastructure de technologie avancée

Détails de l'investissement et de l'infrastructure technologique:

Catégorie de technologie	Investissement annuel
Systèmes de cybersécurité	8,2 millions de dollars
Plates-formes de trading	5,6 millions de dollars
Outils d'analyse de données	4,3 millions de dollars

Chimera Investment Corporation (CIM) - Modèle d'entreprise: propositions de valeur

Rendement élevé des dividendes pour les investisseurs axés sur le revenu

Depuis le quatrième trimestre 2023, Chimera Investment Corporation a déclaré un rendement de dividende de 13,45%, significativement plus élevé que le rendement moyen de dividende de REIT de 4,7%.

Métrique du dividende	Valeur
Taux de dividendes annuel	1,68 $ par action
Rendement des dividendes	13.45%
Fréquence de paiement des dividendes	Trimestriel

Stratégie d'investissement hypothécaire diversifiée

Le portefeuille d'investissement de Chimera au 31 décembre 2023, comprend:

• Titres adossés à des hypothèques résidentielles de l'agence (RMBS): 8,3 milliards de dollars
• RMBS non agences: 2,1 milliards de dollars
• Titirités adossées à des créances hypothécaires (CMBS): 1,5 milliard de dollars
• Prêts entiers résidentiels: 650 millions de dollars

Potentiel de génération de revenus passive cohérente

Métrique de revenu	Valeur 2023
Revenu net d'intérêt	456 millions de dollars
Revenu net	312 millions de dollars
Retour sur l'équité (ROE)	11.2%

Exposition aux marchés immobiliers résidentiels et commerciaux

Attribution des investissements dans les secteurs immobilier à partir de 2023:

• Immobilier résidentiel: 82,5%
• Immobilier commercial: 17,5%

Plateforme d'investissement hypothécaire gérée par des professionnels

Métrique de gestion	Valeur
Total des actifs sous gestion	12,6 milliards de dollars
Années de fonctionnement	17 ans
Taille de l'équipe de gestion des investissements	42 professionnels

Chimera Investment Corporation (CIM) - Modèle d'entreprise: relations clients

Information financière transparente

Au quatrième trimestre 2023, Chimera Investment Corporation a déposé des rapports 10-K et 10-Q avec la SEC, fournissant des divulgations financières détaillées.

Métrique de rapport	Fréquence	Détail de divulgation
Rapport financier annuel	Annuellement	Performance financière complète
Rapport financier trimestriel	Trimestriel	Performance financière provisoire
Bénéfice par action (EPS)	Trimestriel	0,26 $ au Q4 2023

Communications et mises à jour des investisseurs réguliers

Chimera maintient des canaux de communication d'investisseurs cohérents.

• Communiqués de presse émis: 12 en 2023
• Plateformes de communication des investisseurs: e-mail, site Web, dépôts de la SEC
• Contact sur les relations avec les investisseurs: +1 (888) 345-2677

Portail des investisseurs en ligne et engagement numérique

Les plateformes numériques offrent aux investisseurs un accès à l'information en temps réel.

Fonctionnalité de plate-forme numérique	Disponibilité	Engagement des utilisateurs
Site Web des investisseurs	24/7	Prix ​​de l'action en temps réel, rapports financiers
Application d'investisseurs mobiles	Disponible	Suivi des performances, notifications

Appels de bénéfices trimestriels et présentations des investisseurs

Des discussions détaillées sur la performance financière menées trimestriellement.

• 2023 appels de revenus: 4 événements
• Compte moyen des participants: 150-200 investisseurs / analystes
• Disponibilité des webdits: streaming en direct

Services de soutien aux investisseurs personnalisés

Soutien dédié aux investisseurs individuels et institutionnels.

Canal de support	Temps de réponse	Niveau de service
Téléphone des relations avec les investisseurs	Dans les 24 heures	Communication directe
Assistance par e-mail	Dans les 48 heures	Demandes détaillées

Chimera Investment Corporation (CIM) - Modèle d'entreprise: canaux

Listing de bourse (NYSE)

Symbole de ticker: CIM

Échange	Date d'inscription	Capitalisation boursière (à partir de 2024)
Bourse de New York	2007	2,1 milliards de dollars

Plateformes d'investissement en ligne

• Charles Schwab
• Investissements de fidélité
• Améritrade TD
• E * Commerce

Réseaux de conseil financier

Réseau	Conseillers total	Actifs sous gestion
Raymond James	7,500+	1,2 billion de dollars
Morgan Stanley	16,000+	4,5 billions de dollars

Site Web de relations avec les investisseurs

Site Web: www.chimerareit.com

• Téléchargements annuels du rapport: 125 000
• Sévénilles trimestrielles Participants à la diffusion sur le webcast: 8 500

Canaux d'investissement institutionnels

Type d'investisseur institutionnel	Pourcentage de propriété
Fonds communs de placement	42.5%
Fonds de pension	18.3%
Hedge funds	12.7%

Chimera Investment Corporation (CIM) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, la base d'investisseurs institutionnels de Chimera Investment Corporation représentait 68,3% du total des actionnaires, avec environ 4,2 milliards de dollars en avoirs institutionnels.

Type d'investisseur	Pourcentage	Montant d'investissement
Fonds communs de placement	37.5%	1,575 milliard de dollars
Fonds de pension	22.8%	957,6 millions de dollars
Conseillers en placement	8%	336 millions de dollars

Individus à haute nette

Les individus à haute teneur en naissance représentent 15,7% de la base d'investisseurs de Chimera, avec un investissement moyen de 2,3 millions de dollars par investisseur.

• Attribution moyenne du portefeuille: 6 à 8% en titres adossés à des créances hypothécaires
• Gamme d'investissement typique: 500 000 $ à 5 millions de dollars

Investisseurs de détail axés sur le revenu

Les investisseurs de détail représentent 16,2% des segments d'investisseurs de Chimera, avec un investissement moyen de 75 000 $.

Investissement Profile	Pourcentage	Investissement moyen
Investisseurs de recherche de dividendes	62%	$46,500
Commerçants axés sur le revenu	38%	$28,500

Gestionnaires du portefeuille de retraite

Les gestionnaires du portefeuille de retraite ont alloué environ 1,8 milliard de dollars aux produits d'investissement de Chimera en 2023.

• Attribution typique: 3-5% du portefeuille de retraite
• Véhicules d'investissement préférés: FRIM hypothécaire

Professionnels de l'investissement immobilier

Les professionnels de l'investissement immobilier représentent 12,5% de la base totale des investisseurs de Chimera, avec 623 millions de dollars d'investissements totaux.

Sous-type d'investisseurs	Focus d'investissement	Investissement moyen
Investisseurs immobiliers commerciaux	MBS résidentiels	412 millions de dollars
Sociétés immobilières de capital-investissement	Financement structuré	211 millions de dollars

Chimera Investment Corporation (CIM) - Modèle d'entreprise: Structure des coûts

Coûts d'acquisition de la sécurité hypothécaire

Au quatrième trimestre 2023, Chimera Investment Corporation a déclaré des coûts totaux de portefeuille d'investissement de 15,8 milliards de dollars. Les frais d'acquisition de titres adossés à des créances hypothécaires étaient d'environ 12,3 milliards de dollars.

Catégorie de coûts	Montant ($)
Portefeuille d'investissement total	15,800,000,000
Acquisition de valeurs mobilières adossé à des hypothèques	12,300,000,000

Frais opérationnels et administratifs

En 2023, les dépenses opérationnelles de Chimera ont totalisé 87,4 millions de dollars, avec une rupture comme suit:

• Salaires et compensation: 52,6 millions de dollars
• Office et frais généraux administratifs: 22,8 millions de dollars
• Services professionnels: 12 millions de dollars

Maintenance de technologie et d'infrastructure

Les coûts d'infrastructure technologique pour 2023 étaient de 6,3 millions de dollars, notamment:

Dépenses technologiques	Montant ($)
Maintenance des systèmes informatiques	3,500,000
Cybersécurité	1,800,000
Licence de logiciel	1,000,000

Compliance et dépenses réglementaires

Les frais de conformité réglementaire en 2023 s'élevaient à 4,2 millions de dollars, comprenant:

• Services de conformité juridique: 2,1 millions de dollars
• Représentation réglementaire: 1,3 million de dollars
• Frais d'audit externe: 800 000 $

Frais de gestion des investissements

Les frais de gestion des investissements pour 2023 étaient de 45,6 millions de dollars, structurés comme suit:

Type de frais	Montant ($)
Frais de gestion de la base	38,200,000
Frais de performance	7,400,000

Chimera Investment Corporation (CIM) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des investissements hypothécaires

Au quatrième trimestre 2023, Chimera Investment Corporation a déclaré un revenu total d'intérêts de 227,3 millions de dollars. La rupture des revenus des intérêts est la suivante:

Type d'investissement	Revenu des intérêts ($ m)
Titres adossés à des créances hypothécaires	89.4
Titres adossés à des créances hypothécaires	62.7
Prêts hypothécaires résidentiels	45.2
Titres adossés à des créances hypothécaires commerciaux	30.0

Appréciation du capital des titres adossés à des créances hypothécaires

En 2023, Chimera a déclaré des gains nets non réalisés de 143,6 millions de dollars du portefeuille de valeurs mobilières adossé à des hypothèques.

Distributions de dividendes

Informations sur le dividende pour 2023:

• Dividendes totaux payés: 214,5 millions de dollars
• Dividende trimestriel par action: 0,30 $
• Rendement annuel des dividendes: 13,2%

Gains commerciaux de la gestion du portefeuille

Gains commerciaux pour l'exercice 2023:

Catégorie de trading	Gains ($ m)
Gains réalisés	56.8
Gains non réalisés	37.2

Frais de service hypothécaire

Revenus de service hypothécaire pour 2023:

• Frais de service hypothécaire total: 18,3 millions de dollars
• Taux de frais de service moyen: 0,25%

Total des sources de revenus pour 2023: 660,7 millions de dollars

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.