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- **$267M HomeXpress Acquisition**: Expands non-QM origination to $4B by 2026, targeting 19-23% ROE.
- **Portfolio Shift**: 70% residential credit, 17% Agency MBS, 1% MSR, with $752M liquidity.
- **Strategic Growth**: 2026 securitization pipeline for mid-teens returns, balancing dividend and reinvestment.

**【CEO Summary Section】**
- Acquired HomeXpress for $267 million, including $120 million premium, to expand non-QM origination and MSR growth.
- Q4 2025 originations expected at $1 billion (UPB), with 2026 projections of $4 billion and 19-23% ROE.
- Strategic fit with Palisades' asset management and Chimera's securitization expertise, targeting 5.1% non-QM market share by 2025.

**【CFO Financial Commentary】**
- GAAP net loss of $22 million (Q3 2025), with book value at $20.24 per share.
- Liquidity increased to $752 million post-acquisition, with $2.1 billion in recourse leverage.
- Transaction costs of $10 million driven by HomeXpress integration.

**【CIO Portfolio Update】**
- Repositioned portfolio to 70% residential credit, 17% Agency MBS, and 1% MSR.
- Sold $453 million of non-Agency RMBS, redeploying $275 million into Agency MBS for 10.6% ROE.
- MSR investments and securitization pipeline for 2026, targeting mid-teens returns.

**【Q&A Highlights】**
- Book value decline due to tighter non-Agency RMBS spreads vs. loan seasoning.
- HomeXpress earnings retention strategy to balance dividend growth and reinvestment.
- 2026 securitization plans for 4-5 deals/year, with 15-18% ROE on retained pieces.

Chimera Investment Corporation (CIM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CIM

CIM fundamentals

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