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Chimera Investment (CIM) investor relations material
Chimera Investment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Completed the acquisition of HomeXpress for $240–$267 million in cash and stock, diversifying revenue streams and expanding into Non-QM mortgage origination.
Transitioned into a fully integrated mortgage business with origination, management, and investment capabilities, leveraging synergies from Palisades and HomeXpress.
Portfolio repositioned with increased allocation to Agency RMBS and reduced residential credit exposure, supporting strategic goals.
Diverse revenue streams now include permanent capital, mortgage origination, advisory services, and third-party capital management.
Q3 2025 focused on strategic asset sales and liquidity management to fund acquisitions and maintain flexibility.
Financial highlights
Reported a GAAP net loss of $22 million ($0.27/share) for Q3 2025, with earnings available for distribution of $30 million ($0.37/share).
GAAP book value per share was $20.24 at September 30, 2025, down 3.2% from Q2.
Economic net interest income for Q3 2025 was $68.6–$69 million, with a net interest spread of 1.4%.
Total leverage at quarter-end was 4.8x; recourse leverage was 2.0x.
Liquidity at quarter-end was $491–$752 million, with unencumbered assets of $261 million.
Outlook and guidance
HomeXpress expected to be accretive to earnings in Q4 2025 and 2026, with projected after-tax ROE of 20–25%.
2026 HomeXpress originations projected at $4–$4.4 billion, with after-tax earnings of $53–$68 million.
Management remains focused on liquidity, diversification, and leveraging the HomeXpress acquisition for Non-QM origination growth.
Dividend of $0.37 per common share declared for Q3 2025; economic return for the quarter was (1.4)%.
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