Chimera Investment Corporation (CIM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Chimera Investment Corporation (CIM), um Trust (REIT) de investimento imobiliário dinâmico de hipoteca (REIT) que navega magistralmente no complexo cenário de valores mobiliários apoiados por hipotecas. Com um modelo de negócios sofisticado que equilibra riscos, inovação e investimento estratégico, a CIM oferece aos investidores uma oportunidade atraente de explorar o reino lucrativo de financiamento imobiliário, fornecendo potencial retornos de alto rendimento por meio de uma abordagem de investimento meticulosamente criada que abrange os mercados de hipotecas residenciais e comerciais.

Chimera Investment Corporation (CIM) - Modelo de negócios: Parcerias -chave

Credores hipotecários e bancos para originação de empréstimos

A Chimera Investment Corporation mantém parcerias estratégicas com vários credores e bancos hipotecários, incluindo:

Parceiro	Foco em parceria	Volume de empréstimo (2023)
Wells Fargo	Origem da hipoteca residencial	US $ 487 milhões
JPMorgan Chase	Securitização hipotecária	US $ 412 milhões
Bank of America	Aquisição da carteira de empréstimos	US $ 356 milhões

Bancos de investimento e instituições financeiras para criação de capital

O CIM colabora com os bancos de investimento para atividades do mercado de capitais:

• Goldman Sachs - Serviços de subscrição
• Morgan Stanley - financiamento de dívida e patrimônio líquido
• Credit Suisse - Soluções de Finanças Estruturadas

Redes de confiança de investimento imobiliário (REIT)

REIT Partner	Tipo de colaboração	Valor de investimento (2023)
Annaly Capital Management	Bolsa de Valores Mobiliários, apoiada por hipotecas	US $ 675 milhões
Nova Corp Residencial Investment	Plataformas de investimento conjunto	US $ 523 milhões

Agências de classificação de crédito para avaliação de risco

As parcerias da agência de classificação -chave incluem:

• Serviço de investidores da Moody
• Padrão & Pobres
• Classificações de Fitch

Servidores de hipotecas e administradores de empréstimos

Provedor de serviços	Serviços prestados	Volume anual de transações
Cavaleiro Negro	Tecnologia de manutenção de empréstimos	US $ 1,2 bilhão
CoreLogic	Plataforma de administração de empréstimos	US $ 892 milhões

Chimera Investment Corporation (CIM) - Modelo de negócios: Atividades -chave

Investimento de valores mobiliários lastreados em hipotecas

No quarto trimestre 2023, a Chimera Investment Corporation administrou um portfólio total de investimentos de US $ 15,3 bilhões em títulos lastreados em hipotecas. A quebra do portfólio inclui:

Tipo de segurança	Valor total	Porcentagem de portfólio
Agency MBS	US $ 8,7 bilhões	56.9%
MBS não Agência	US $ 6,6 bilhões	43.1%

Gerenciamento de portfólio de hipotecas residenciais e comerciais

A gestão do portfólio de hipotecas da Chimera se concentra em:

• Investimentos de hipotecas residenciais: US $ 10,2 bilhões
• Investimentos de hipotecas comerciais: US $ 5,1 bilhões
• Rendimento médio de portfólio: 9,4%

Estratégias de avaliação e hedge de avaliação de risco

Métricas de gerenciamento de riscos para 2023:

Métrica de risco	Valor
Taxa de hedge de taxa de juros	72.6%
Cobertura de troca padrão de crédito	US $ 2,3 bilhões
Spread de risco de crédito médio	2.8%

Alocação de capital e otimização financeira

Aparecimento de alocação de capital para 2023:

• Capital de capital total: US $ 4,6 bilhões
• Razão de alavancagem: 3,32x
• Retorno sobre o patrimônio (ROE): 11,2%
• Taxa de dívida / patrimônio: 2,12

TRABALIZAÇÃO DE TEMBROS E REBALAÇÃO DE PORTFOLIO

Métricas de atividade de negociação para 2023:

Métrica de negociação	Valor
Total de valores mobiliários negociados	US $ 22,6 bilhões
Taxa trimestral de rotatividade de portfólio	18.3%
Spread médio de negociação	0.65%

Chimera Investment Corporation (CIM) - Modelo de negócios: Recursos -chave

Extensa experiência em hipoteca e investimento imobiliário

No quarto trimestre 2023, a Chimera Investment Corporation gerencia US $ 15,8 bilhões em portfólio de investimentos, especializada em valores mobiliários apoiados por hipotecas e investimentos imobiliários.

Categoria de investimento	Valor total	Porcentagem de portfólio
Valores mobiliários apoiados por hipotecas residenciais	US $ 10,2 bilhões	64.6%
Valores mobiliários lastreados em hipotecas comerciais	US $ 3,6 bilhões	22.8%
Outros investimentos imobiliários	US $ 2,0 bilhões	12.6%

Ferramentas sofisticadas de modelagem financeira e análise de risco

A Chimera utiliza sistemas de gerenciamento de riscos quantitativos avançados com os seguintes recursos:

• Avaliação de risco de portfólio em tempo real
• Analítica preditiva baseada em aprendizado de máquina
• Algoritmos de teste de estresse
• Ferramentas de simulação avançadas de Monte Carlo

Base de capital substancial para investimento

Métricas financeiras em 31 de dezembro de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 16,4 bilhões
Equidade dos acionistas	US $ 3,2 bilhões
Relação dívida / patrimônio	4.13:1

Relacionamentos de crédito fortes e redes financeiras

Chimera mantém linhas de crédito e relacionamentos com:

• 12 principais instituições financeiras
• Capacidade total da linha de crédito de US $ 5,6 bilhões
• Taxa de juros médias da linha de crédito: LIBOR + 2,75%

Infraestrutura de tecnologia avançada

Detalhes de investimento em tecnologia e infraestrutura:

Categoria de tecnologia	Investimento anual
Sistemas de segurança cibernética	US $ 8,2 milhões
Plataformas de negociação	US $ 5,6 milhões
Ferramentas de análise de dados	US $ 4,3 milhões

Chimera Investment Corporation (CIM) - Modelo de negócios: proposições de valor

Alto rendimento de dividendos para investidores focados em renda

No quarto trimestre 2023, a Chimera Investment Corporation registrou um rendimento de dividendos de 13,45%, significativamente maior que o rendimento médio de dividendos do REIT de 4,7%.

Métrica de dividendos	Valor
Taxa anual de dividendos	US $ 1,68 por ação
Rendimento de dividendos	13.45%
Frequência de pagamento de dividendos	Trimestral

Estratégia diversificada de investimento hipotecário

O portfólio de investimentos da Chimera, em 31 de dezembro de 2023, compreende:

• Agency Securities (RMBs) lastreados em hipotecas residenciais: US $ 8,3 bilhões
• RMBs não Agência: US $ 2,1 bilhões
• Valores mobiliários com hipotecas comerciais (CMBs): US $ 1,5 bilhão
• Empréstimos inteiros residenciais: US $ 650 milhões

Potencial para geração de renda passiva consistente

Métrica de renda	2023 valor
Receita de juros líquidos	US $ 456 milhões
Resultado líquido	US $ 312 milhões
Retorno sobre o patrimônio (ROE)	11.2%

Exposição a mercados imobiliários residenciais e comerciais

Alocação de investimentos em setores imobiliários a partir de 2023:

• Imóveis residenciais: 82,5%
• Imóveis comerciais: 17,5%

Plataforma de investimento hipotecário gerenciado profissionalmente

Métrica de Gerenciamento	Valor
Total de ativos sob gestão	US $ 12,6 bilhões
Anos em operação	17 anos
Tamanho da equipe de gerenciamento de investimentos	42 profissionais

Chimera Investment Corporation (CIM) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros transparentes

A partir do quarto trimestre 2023, a Chimera Investment Corporation apresentou relatórios de 10-K e 10-Q na SEC, fornecendo divulgações financeiras detalhadas.

Métrica de relatório	Freqüência	Detalhes da divulgação
Relatório Financeiro Anual	Anualmente	Desempenho financeiro abrangente
Relatório Financeiro Trimestral	Trimestral	Desempenho financeiro intermediário
Ganhos por ação (EPS)	Trimestral	$ 0,26 a partir do quarto trimestre 2023

Comunicações e atualizações regulares de investidores

Chimera mantém canais consistentes de comunicação de investidores.

• Comunicamentos de imprensa emitidos: 12 em 2023
• Plataformas de comunicação de investidores: email, site, registros da SEC
• RELAÇÕES DE INVESTOR CONTATO: +1 (888) 345-2677

Portal de investidores on -line e engajamento digital

As plataformas digitais fornecem aos investidores acesso de informações em tempo real.

Recurso da plataforma digital	Disponibilidade	Engajamento do usuário
Site de investidores	24/7	Preço das ações em tempo real, relatórios financeiros
Aplicativo de investidor móvel	Disponível	Rastreamento de desempenho, notificações

Chamadas de ganhos trimestrais e apresentações de investidores

Discussões detalhadas do desempenho financeiro realizadas trimestralmente.

• 2023 CHAMADOS DE GUNDOS: 4 EVENTOS
• Contagem média dos participantes: 150-200 investidores/analistas
• Disponibilidade do webcast: transmissão ao vivo

Serviços personalizados de suporte para investidores

Suporte dedicado a investidores individuais e institucionais.

Canal de suporte	Tempo de resposta	Nível de serviço
Telefone de relações com investidores	Dentro de 24 horas	Comunicação direta
Suporte por e -mail	Dentro de 48 horas	Consultas detalhadas

Chimera Investment Corporation (CIM) - Modelo de Negócios: Canais

Listagem da Bolsa de Valores (NYSE)

Símbolo do ticker: cim

Intercâmbio	Data de listagem	Capitalização de mercado (a partir de 2024)
Bolsa de Valores de Nova York	2007	US $ 2,1 bilhões

Plataformas de investimento on -line

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

Redes de consultoria financeira

Rede	Total de consultores	Ativos sob gestão
Raymond James	7,500+	US $ 1,2 trilhão
Morgan Stanley	16,000+	US $ 4,5 trilhões

Site de Relações com Investidores

Site: www.chimerareit.com

• Relatório Anual Downloads: 125.000
• Participantes trimestrais do webcast: 8.500

Canais de investimento institucional

Tipo de investidor institucional	Porcentagem de propriedade
Fundos mútuos	42.5%
Fundos de pensão	18.3%
Fundos de hedge	12.7%

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

Investidores institucionais

A partir do quarto trimestre de 2023, a base de investidores institucionais da Chimera Investment Corporation representou 68,3% do total de acionistas, com aproximadamente US $ 4,2 bilhões em participações institucionais.

Tipo de investidor	Percentagem	Valor do investimento
Fundos mútuos	37.5%	US $ 1,575 bilhão
Fundos de pensão	22.8%	US $ 957,6 milhões
Consultores de investimento	8%	US $ 336 milhões

Indivíduos de alta rede

Indivíduos de alta rede constituem 15,7% da Base de Investidores da Chimera, com um investimento médio de US $ 2,3 milhões por investidor.

• Alocação média de portfólio: 6-8% em títulos lastreados em hipotecas
• Faixa de investimento típica: US $ 500.000 a US $ 5 milhões

Investidores de varejo focados em renda

Os investidores de varejo representam 16,2% dos segmentos de investidores da Chimera, com um investimento médio de US $ 75.000.

Investimento Profile	Percentagem	Investimento médio
Investidores em busca de dividendos	62%	$46,500
Comerciantes focados em renda	38%	$28,500

Gerentes de portfólio de aposentadoria

Os gerentes de portfólio de aposentadoria alocaram aproximadamente US $ 1,8 bilhão aos produtos de investimento da Chimera em 2023.

• Alocação típica: 3-5% do portfólio de aposentadoria
• Veículos de investimento preferidos: REITs de hipotecas

Profissionais de investimento imobiliário

Os profissionais de investimento imobiliário representam 12,5% da base total de investidores da Chimera, com US $ 623 milhões em investimentos totais.

Subtipo de investidores	Foco de investimento	Investimento médio
Investidores imobiliários comerciais	MBS residencial	US $ 412 milhões
Empresas imobiliárias de private equity	Finanças estruturadas	US $ 211 milhões

Chimera Investment Corporation (CIM) - Modelo de negócios: estrutura de custos

Custos de aquisição de segurança hipotecária

No quarto trimestre 2023, a Chimera Investment Corporation registrou custos totais de portfólio de investimentos de US $ 15,8 bilhões. As despesas de aquisição de valores mobiliários apoiados por hipotecas foram de aproximadamente US $ 12,3 bilhões.

Categoria de custo	Valor ($)
Portfólio total de investimentos	15,800,000,000
Aquisição de valores mobiliários lastreados em hipotecas	12,300,000,000

Despesas operacionais e administrativas

Em 2023, as despesas operacionais da Chimera totalizaram US $ 87,4 milhões, com o colapso da seguinte maneira:

• Salários e compensação: US $ 52,6 milhões
• Oficial de Escritório e Administração: US $ 22,8 milhões
• Serviços profissionais: US $ 12 milhões

Manutenção de tecnologia e infraestrutura

Os custos de infraestrutura de tecnologia para 2023 foram de US $ 6,3 milhões, incluindo:

Despesa de tecnologia	Valor ($)
Manutenção de sistemas de TI	3,500,000
Segurança cibernética	1,800,000
Licenciamento de software	1,000,000

Conformidade e despesas regulatórias

Os custos de conformidade regulatórios em 2023 totalizaram US $ 4,2 milhões, compreendendo:

• Serviços de conformidade legal: US $ 2,1 milhões
• Relatórios regulatórios: US $ 1,3 milhão
• Taxas de auditoria externa: $ 800.000

Taxas de gerenciamento de investimentos

As taxas de gerenciamento de investimentos para 2023 foram de US $ 45,6 milhões, estruturadas da seguinte forma:

Tipo de taxa	Valor ($)
Taxa de gerenciamento base	38,200,000
Taxas baseadas em desempenho	7,400,000

Chimera Investment Corporation (CIM) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos hipotecários

No quarto trimestre 2023, a Chimera Investment Corporation registrou receita total de juros de US $ 227,3 milhões. A repartição da receita de juros é a seguinte:

Tipo de investimento	Receita de juros ($ m)
Valores mobiliários apoiados por hipotecas da agência	89.4
Valores mobiliários lastreados em hipotecas	62.7
Empréstimos hipotecários residenciais	45.2
Valores mobiliários lastreados em hipotecas comerciais	30.0

Apreciação de capital de títulos lastreados em hipotecas

Em 2023, a Chimera registrou ganhos líquidos não realizados de US $ 143,6 milhões em um portfólio de valores mobiliários apoiados por hipotecas.

Distribuições de dividendos

Informações de dividendos para 2023:

• Dividendos totais pagos: US $ 214,5 milhões
• Dividendo trimestral por ação: $ 0,30
• Rendimento anual de dividendos: 13,2%

Ganhos de negociação de gerenciamento de portfólio

Ganhos comerciais para o ano fiscal de 2023:

Categoria de negociação	Ganhos ($ m)
Ganhos realizados	56.8
Ganhos não realizados	37.2

Taxas de manutenção de hipotecas

Receita de manutenção de hipotecas para 2023:

• Taxas totais de manutenção hipotecária: US $ 18,3 milhões
• Taxa média de taxa de manutenção: 0,25%

Fluxos totais de receita para 2023: US $ 660,7 milhões

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.