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Here are 1-2 brief analogies for Chimera Investment (CIM):

• It's like the specialized mortgage debt investment division of a major investment bank such as Goldman Sachs (GS), but operating as a standalone public company.
• Consider it a highly focused bond fund for mortgage-backed securities, similar to a specialized offering from BlackRock (BLK), but structured as its own public company.

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• Agency Residential Mortgage-Backed Securities (RMBS): Investments in residential mortgage-backed securities guaranteed by U.S. government agencies.
• Non-Agency Residential Mortgage-Backed Securities (RMBS): Investments in residential mortgage-backed securities not guaranteed by U.S. government agencies.
• Residential Mortgage Loans: Direct investments in pools of residential mortgage loans.

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Chimera Investment (symbol: CIM) is a mortgage real estate investment trust (mREIT). Unlike traditional companies that sell products or services, CIM primarily generates its revenue by investing in a diversified portfolio of mortgage-backed securities (MBS), residential mortgage loans, and commercial real estate loans. Its income is derived from the interest payments and principal repayments on these investments.

While CIM does not "sell" products or services directly to traditional customers, the ultimate source of its income streams originates from the borrowers making payments on the underlying mortgages and loans within its portfolio. Based on the composition of its investment portfolio, a significant majority of its assets are tied to residential mortgages.

Therefore, interpreting the question as identifying the ultimate payers whose contributions generate CIM's revenue, the company primarily derives its income from payments made by individuals. The categories of these ultimate individual "customers" can be described as:

• Homeowners with Agency-Backed Residential Mortgages: These are individuals who have obtained residential mortgages that conform to the standards set by government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac. Payments from these homeowners ultimately support the Agency Residential Mortgage-Backed Securities (RMBS) that form a substantial portion of CIM's portfolio.

• Homeowners with Non-Agency Residential Mortgages: These are individuals who have obtained residential mortgages that are not guaranteed by GSEs. This category includes homeowners with jumbo loans, specific types of prime or near-prime loans, or other non-conforming mortgages that back Non-Agency RMBS or are held as whole loans in CIM's portfolio.

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• Deloitte & Touche LLP
• U.S. Bank National Association (USB)

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Phillip J. Kardis II, President, Chief Executive Officer and Director
Phillip J. Kardis II serves as the President of Chimera Investment Corporation since March 2024 and as Chief Executive Officer since December 2022. He has also been a Class III Director since December 2022. Prior to these roles, Mr. Kardis was the company's Chief Legal Officer and Secretary from September 2015 to December 2022. He has been actively involved in the company's leadership, operations, and strategic initiatives since its founding in 2007, playing a key role in structuring securitization, financing, and investment transactions. Before joining Chimera, Mr. Kardis was a partner with the law firm K&L Gates LLP, where he represented mortgage REITs and other companies involved in residential mortgage loans and mortgage-backed securities. He also held senior positions in the U.S. Department of Commerce, Rockwell International, the U.S. Senate Committee on the Budget, and Analytic Services, Inc..

Subramaniam Viswanathan, Chief Financial Officer and Principal Accounting Officer
Subramaniam Viswanathan became Chimera Investment Corporation's Chief Financial Officer and Principal Accounting Officer in July 2021. Before joining Chimera, Mr. Viswanathan most recently served as the Managing Director, Chief Operating Officer – Global Mortgages and Securitized Products and Global Rates at Bank of America Merrill Lynch, a position he held since 2012, and in other roles at the firm since 2007. Prior to his time at Bank of America Merrill Lynch, he was a Senior Vice President, Business Area Controller – Cash and Synthetic CDOs, Securitization and Correlation Desks at Citigroup, Corporate and Investment Banking.

Jack L. Macdowell, Jr., CFA, Chief Investment Officer
Jack L. Macdowell, Jr. became Chimera Investment Corporation's Chief Investment Officer upon the company's acquisition of The Palisades Group ("Palisades") in December 2024. Mr. Macdowell co-founded Palisades in 2012 and served as its Managing Member and Chief Investment Officer, where he was responsible for leading its investment activities, including research, asset allocation, and risk management. Before founding Palisades, he served as the Chief Investment Officer of Carrington Capital Management, overseeing investment strategies, quantitative analysis, mortgage credit analytics, trading, and risk management. He also worked as a Senior Portfolio Manager at Old Hill Partners, managing investments in mortgage- and asset-backed securities.

Miyun Sung, Chief Legal Officer and Corporate Secretary
Miyun Sung is Chimera Investment Corporation's Chief Legal Officer and Corporate Secretary, joining the company in November 2023. Prior to her role at Chimera, Ms. Sung served as Senior Vice President, Chief Legal Officer and Secretary of Urstadt Biddle Properties Inc., a NYSE-listed real estate investment trust, from May 2016 until August 2023. Urstadt Biddle Properties Inc. merged with Regency Centers Corporation, a Nasdaq-listed REIT, in August 2023. Following the merger, Ms. Sung provided advisory services to the newly combined company on transition matters until September 2023.

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The key risks to Chimera Investment (CIM) are primarily centered around its nature as a mortgage real estate investment trust (REIT) and its exposure to financial market fluctuations and credit quality.

1. Interest Rate and Macroeconomic Risk: As a mortgage REIT, Chimera Investment's business is highly sensitive to changes in interest rates and the shape of the yield curve. Rising short-term interest rates can significantly increase the company's borrowing costs, while a flattened or inverted yield curve, where short-term rates are higher than long-term rates, can compress net interest margins, thereby squeezing profit margins. This sensitivity has previously led to substantial financial losses for the company. There is also an inherent risk of a resurgence of inflation, which could lead the Federal Reserve to raise interest rates, or a severe recession that could cause yield curve inversion and increased mortgage defaults.
2. High Delinquency Rates and Borrower Quality: Chimera Investment's portfolio, which includes a significant allocation to residential mortgage loans and non-Agency mortgage-backed securities, faces substantial risk from high delinquency rates. Notably, some parts of its portfolio, particularly pre-2008 residential mortgage loans, have shown delinquency rates significantly above industry standards. Such high delinquency rates directly impact the realizable value of the company's loan portfolio and can jeopardize future dividend payments.
3. REIT Status Risk from TBA Classification Uncertainty: Chimera Investment faces a distinct risk concerning the classification of "To Be Announced" (TBA) securities under REIT asset and income tests. The lack of definitive guidance from tax authorities on whether TBAs qualify as real estate assets for the REIT 75% asset test poses a significant challenge. If the IRS were to dispute Chimera's position, the company could incur penalty taxes or risk losing its REIT status, which would fundamentally alter its operational and financial standing.

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Chimera Investment (CIM) is an internally managed Real Estate Investment Trust (REIT) primarily focused on investing in a diversified portfolio of mortgage assets and providing related services. Their main products and services revolve around residential mortgage loans, residential mortgage-backed securities (RMBS), and commercial mortgage-backed securities (CMBS).

The estimated addressable markets for their main products and services in the U.S. are as follows:

• Mortgage-Backed Securities (MBS) Market: The overall U.S. Mortgage-Backed Securities market is estimated to reach approximately $15.55 trillion in outstanding securities in 2025. In mid-2023, the U.S. MBS market was valued at over $11 trillion in outstanding securities.
• Agency Mortgage-Backed Securities (Agency MBS) Market: The U.S. Agency MBS market is approximately $5.5 trillion. This market is considered a vital component of the U.S. financial system, providing liquidity to homeowners.
• Commercial Mortgage-Backed Securities (CMBS) Market: The U.S. CMBS market had a market capitalization of about $1.8 trillion as of December 31, 2024. Globally, the CMBS market was valued at $1.23 trillion in 2024 and is projected to grow to $1.88 trillion by 2033.
• Residential Mortgage-Backed Securities (RMBS) Market: Within the U.S. Asset-Backed Securities market, the RMBS segment is projected to exceed $700 billion by 2032. U.S. insurers' exposure to residential mortgage-backed securities totaled $451.2 billion at year-end 2024. New issuance of private-label RMBS in the U.S. is anticipated to reach approximately $160 billion in 2025.

Information to size the addressable markets for Mortgage Servicing Rights (MSRs), business purpose and investor loans (including Residential Transition Loans - RTLs), and specific third-party investment management and advisory services was not distinctly available.

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Here are 3-5 expected drivers of future revenue growth for Chimera Investment (CIM) over the next 2-3 years:

1. Expansion and Diversification through HomeXpress Acquisition: The recently completed acquisition of HomeXpress Mortgage Corp. on October 1, 2025, is a significant driver for future revenue growth. This acquisition is expected to diversify Chimera's earnings, provide a new revenue stream, and be accretive to overall earnings. HomeXpress specializes in originating consumer non-QM, investor business purpose, and other non-Agency and Agency mortgage loan products, specifically targeting the growing non-QM market. Management projects funded loan volume from HomeXpress to reach $4.0-4.4 billion in 2026, with an estimated $53-68 million in pre-tax earnings for the same year.
2. Growth in Third-Party Asset Management Business: Chimera has demonstrated growth in its third-party asset management business. The company reported a 36% year-over-year increase in loans under management, reaching $26.6 billion. This indicates an expanding segment that contributes to revenue through management fees and could continue to grow over the next few years.
3. Strategic Investments in a Diversified Mortgage Asset Portfolio: Chimera's core business involves investing in a broad spectrum of mortgage assets, including residential mortgage loans, Non-Agency RMBS, Agency RMBS, Agency CMBS, MSRs, and business purpose and investor loans. The company's strategy emphasizes enhancing diversification and recurring income through these investments. As market conditions evolve, strategic allocation and management of this diversified portfolio are expected to contribute to revenue growth.

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1. Share Repurchases
   • In March 2020, Chimera Investment Corporation authorized a new $150 million share repurchase program, replacing a previous program that had approximately $85 million remaining.
   • The share repurchase program's authorization was increased to $250 million in June 2023, and then further updated in January 2024 to include preferred stock while maintaining the $250 million authorization.
   • The company repurchased approximately 5.4 million shares of its common stock for a total of $49 million during 2022. Additionally, in 2021, approximately 161 thousand shares were repurchased for $2 million.
2. Share Issuance
   • As part of the HomeXpress Mortgage Corp. acquisition, which closed on October 1, 2025, Chimera issued 2,077,151 shares of its common stock.
   • In 2024, the company raised $74 million through an equity raise.
   • Chimera also made inducement grants of restricted stock units (RSUs) representing up to 533,391 shares of common stock effective October 1, 2025, to HomeXpress employees following the acquisition.
3. Outbound Investments
   • Chimera completed the acquisition of HomeXpress Mortgage Corp. on October 1, 2025, for a total consideration of $240 million in cash (comprised of an estimated adjusted book value of $120 million plus a $120 million premium) and the issuance of 2,077,151 shares of common stock.
   • In 2024, the company invested approximately $102 million in subordinated tranches of new issue third-party mortgage securitizations.
   • Also in 2024, Chimera invested $1 billion in floating rate Agency Collateralized Mortgage Obligations (CMOs) and completed the acquisition of Palisades Group to enhance fee-based income streams.