Chimera Investment Corp (NYSE: CIM) is a real estate investment trust that invests in and manages a diversified portfolio of residential mortgage assets. It generates income primarily from net interest spread on levered mortgage holdings, including Non-Agency RMBS, Agency RMBS, Agency CMBS, residential mortgage loans, mortgage servicing rights, residential transition loans, and investor business purpose loans. As of the fiscal year ended December 31, 2025, Chimera operates two reportable segments: Investment Portfolio, which encompasses direct investments and third-party advisory services, and Residential Origination, which conducts mortgage origination through its HomeXpress subsidiary, acquired during 2025. HomeXpress originates consumer Non-QM, investor business purpose, FHA, VA, and conventional agency-conforming mortgage products through wholesale and non-delegated correspondent channels. Chimera securitizes mortgage loans through its own programs, typically retaining subordinate first-loss securities. It is structured as a REIT and maintains an exemption from registration under the Investment Company Act of 1940. The company is headquartered in the United States.

Revenue model

Net interest income from levered mortgage asset portfolio, gains on loan origination and sale through HomeXpress, and fee and incentive-based income from third-party advisory services within the Investment Portfolio segment.

Products and services

Non-Agency RMBS (subordinate and first-loss tranches), Agency RMBS including Agency CMOs, Agency CMBS, residential mortgage loans (Non-QM and QM), mortgage servicing rights, residential transition loans, investor business purpose loans, HELOCs, re-performing loans, interest-only securities, asset-backed securities, proprietary securitization programs (CIM 'R', 'NR', and 'I' series). HomeXpress originates consumer Non-QM and investor business purpose loans via wholesale and non-delegated correspondent channels.

Customers and end markets

Residential mortgage borrowers including non-QM consumers and real estate investors. Third-party institutional buyers of senior securitization tranches. External advisory clients. End markets include U.S. residential real estate credit and mortgage capital markets.

Value-chain role

Mortgage loan originator (through HomeXpress), securitization sponsor and first-loss investor, mortgage asset manager, and third-party advisory services provider in U.S. residential mortgage markets.

Geographic exposure

United States residential mortgage market.

Source: SEC 10-K, filed 2026-02-18

Industry: Real Estate Investment Trusts Peers: Annaly Capital Management Inc Apollo Commercial Real Estate Finance Inc Arbor Realty Trust Inc Blackstone Mortgage Trust Inc Claros Mortgage Trust Inc HA Sustainable Infrastructure Capital Inc Ladder Capital Corp Rithm Capital Corp Ready Capital Corp Two Harbors Investment Corp