Chimera Investment Corporation

What Chimera Investment Corporation does

Chimera Investment Corporation is a New York City-based, internally managed hybrid mortgage REIT founded in 2007 and listed on the NYSE under ticker CIM. The company invests for its own account and for unrelated third parties in a diversified portfolio of residential mortgage assets, including residential mortgage loans, Agency and non-Agency RMBS, business purpose and investor loans (including rental transition loans), and Agency CMBS. Chimera generates income primarily from the net interest spread between the yield earned on its mortgage assets and the cost of its financing and hedging, supplemented by fee income from managing approximately $26.6 billion in third-party loans through its Palisades Group subsidiary.

The company's product platform spans the residential mortgage credit value chain following two recent acquisitions. In December 2024, Chimera acquired The Palisades Group for $30 million plus earnouts, bringing in CIO Jack Macdowell and external asset management capabilities. In October 2025, Chimera completed the acquisition of HomeXpress Mortgage Corp. for approximately $239.5 million in cash and stock, adding a proprietary non-QM and investor loan origination platform that produced record $1.04 billion in Q4 2025 originations. The portfolio is financed through securitizations, repurchase agreements, and senior unsecured notes, with three note series (CIMN, CIMO, CIMP) listed on the NYSE.

Chimera's revenue model is anchored in net interest income, with Q1 2026 interest income of $219.3 million, net interest income of $75.0 million, and a net interest spread that expanded from 1.4% in Q4 2025 to 1.8% in Q1 2026. As of Q1 2026, total assets stood at $15.98 billion and GAAP recourse leverage at 2.9x (5.2x total). The company maintains a $0.45 quarterly dividend ($1.80 annualized, ~13.5-13.6% yield) that has been paid for 20 consecutive years and was covered 1.2x by Q1 2026 earnings available for distribution of $0.54 per share, despite a GAAP net loss of $65 million driven by unrealized mark-to-market adjustments. Chimera's institutional shareholder base includes BlackRock (8.92%), Vanguard (9.03%), and Thornburg (6.3%).

Name

Chimera Investment Corporation

Legal name

Chimera Investment Corporation

Website

https://chimerareit.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

Chimera Investment Corporation is a New York-based, publicly traded hybrid mortgage REIT that invests in residential mortgage loans, Agency and non-Agency RMBS, and related credit assets for its own portfolio and for third-party institutional clients, generating income primarily from net interest spreads.

Ownership category

akta.pro rank

Product category

Mortgage REIT

NAICS

Real Estate Credit (522292), Nondepository Credit Intermediation (5222), Portfolio Management and Investment Advice (523940)

SIC

Mortgage Bankers & Loan Correspondents (6162), Asset-Backed Securities (6189)

akta.pro primary industry

Structured Credit & Securitized Products Investing (RMBS/CRT/IO-PO) (FSALAFAG)

akta.pro secondary industries

Non-Agency/Private-Label RMBS Securitization & Issuance (FSALAFAB), Securitized Products (MBS/ABS/CMBS) (FSAAAHAE), Non-QM / Alternative Documentation Mortgage Origination (FSALAAAJ), Mortgage Loan Sales & Aggregation (Correspondent/Conduit Aggregators) (FSALAFAD)

Keywords

• Residential mortgage credit
• Mortgage-backed securities
• Real estate investment trust
• Asset management services
• Non-QM mortgage origination

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Net Interest Income: Primary revenue stream generated from the difference between income earned on mortgage assets (residential loans, Agency RMBS, non-Agency RMBS) and financing and hedging costs. Company executes strategic portfolio repositioning by redeploying capital into higher-return opportunities.
2. Third-Party Asset Management: Expanded third-party assets under management from $22 billion to $26 billion, generating fee income from managing mortgage assets for external clients.
3. Mortgage Origination (HomeXpress): HomeXpress Mortgage Corp., a major non-QM mortgage originator, generates revenue through loan origination and sale, contributing to the company's residential credit platform.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Chimera Investment Corporation is a publicly traded hybrid mortgage REIT that invests for itself and for unrelated third parties through investment management and advisory services in a diversified portfolio of real estate assets, including residential mortgage loans, Non-Agency RMBS, Agency RMBS, business purpose and investor loans including RTLs, and Agency CMBS. The company generates income primarily from the spread between income earned on mortgage assets and financing/hedging costs. Following the October 2025 acquisition of HomeXpress Mortgage Corp., the company added a non-QM mortgage origination platform enabling vertical integration from origination through portfolio management and securitization.

Product overview

Chimera Investment Corporation is a credit-focused hybrid mortgage REIT that operates as a single unified investment platform rather than a modular product architecture. The company manages a diversified portfolio of real estate assets centered on residential mortgage credit, including: direct residential mortgage loans (securitized and unsecuritized), Agency RMBS (government-sponsored enterprise securities), Non-Agency RMBS (private-label mortgage-backed securities), business purpose and investor loans including rental transition loans (RTLs), Agency CMBS, and third-party asset management/advisory services. Following the acquisition of HomeXpress Mortgage Corp. in 2025, the company expanded to include a non-QM mortgage origination platform, enabling vertical integration from loan origination through portfolio management. The portfolio is primarily financed through securitizations, repurchase agreements, and senior unsecured notes, with investments managed both for Chimera's own account ($15-16 billion in total assets) and for third parties (approximately $26.6 billion in loans under management as of Q4 2025).

Differentiator

Problem solved

Functional benefit

Products and services

• Residential Mortgage Loans
• Agency RMBS (Agency Residential Mortgage-Backed Securities)
• Non-Agency RMBS (Non-Agency Residential Mortgage-Backed Securities)
• Business Purpose and Investor Loans (including RTLs)
• Agency CMBS (Agency Commercial Mortgage-Backed Securities)
• Third-Party Asset Management and Advisory Services
• HomeXpress Mortgage Origination Platform

Quantifiable outcome

• Q1 2026 Earnings Available for Distribution of $0.54 per share, fully covering the $0.45 quarterly dividend at 1.2x coverage ratio
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• HomeXpress Mortgage Corp.coreStrategic or Co-development Partner · 1 October 2025Chimera completed acquisition of HomeXpress Mortgage Corp., a major non-QM mortgage originator, from Seer Capital and other sellers. Transaction valued at approximately $239.5-$272 million in cash and stock, strengthening Chimera's position in residential credit assets. HomeXpress generated record loan originations of $1.04 billion in Q4 2025. The acquisition was completed on October 1, 2025.
• Palisades GroupcoreStrategic or Co-development Partner · 17 October 2024Chimera acquired Palisades Group, a U.S.-based residential real estate credit asset manager, for $30 million plus potential earnouts. The acquisition was expected to close in Q4 2024 and expand Chimera's residential credit operations. Jack L. Macdowell, Jr., co-founder of Palisades, became Chimera's Chief Investment Officer following the acquisition. Palisades brought expertise in residential mortgage credit investment management.

Scale indicators16 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• MFA Financial, Inc. Residential mortgage REIT with non-QM and securitized loan portfolio focus similar to Chimera's securitized loans (55% of portfolio) and HomeXpress non-QM origination platform.
• Two Harbors Investment Corp. Hybrid mortgage REIT combining Agency RMBS with credit assets (non-Agency RMBS, MSRs). Directly comparable business model with active portfolio repositioning similar to Chimera's recent strategy shift.
• Blackstone Mortgage Trust: Externally managed mortgage REIT primarily focused on senior commercial real estate loans, but with overlapping investor base and similar capital-raising capabilities through a major financial sponsor.
• Starwood Property Trust: Diversified mortgage REIT with residential and commercial credit exposure, including third-party asset management arm. Comparable scale and product breadth to Chimera's hybrid mortgage REIT model.
• Redwood Trust, Inc. Mortgage REIT with origination platform (Redwood Capital) and securitization focus on residential credit, including jumbo and non-QM loans. Closely aligned with Chimera's vertically integrated strategy post-HomeXpress.
• KKR Real Estate Finance Trust: Externally managed mortgage REIT focused on commercial real estate loans, sponsored by KKR. Comparable capital structure and dividend-yield-driven investor base.
• Apollo Commercial Real Estate Finance: Commercial real estate-focused mortgage REIT sponsored by Apollo Global Management. Comparable in dividend yield, leverage approach, and access to capital markets.
• BrightSpire Capital, Inc. Externally managed mortgage REIT with diversified CRE debt and securitized debt investments. Comparable scale and strategic profile with sponsor-driven capital structure.
• AGNC Investment Corp. Largest pure-play Agency mortgage REIT, directly comparable to Chimera's Agency RMBS allocation. Competes for yield-seeking equity investors and overlapping investment strategies in residential mortgage credit.
• Annaly Capital Management: The largest mortgage REIT by market cap, with hybrid Agency and credit exposure similar to Chimera's positioning. Closest direct competitor in residential credit and Agency RMBS strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/chimerareit

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chimera Investment Corporation