CHIMERA INVESTMENT CORPCIM
CHIMERA INVESTMENT CORP Debt Disclosure
Securitized Debt
All of the Company’s securitized debt is collateralized by residential mortgage loans or Non-Agency RMBS. For financial reporting purposes, the Company’s securitized debt is accounted for as secured borrowings. Thus, the residential mortgage loans or RMBS held as collateral are recorded in the assets of the Company as Loans held for investment or Non-Agency RMBS and the securitized debt is recorded as a non-recourse liability in the accompanying Consolidated Statements of Financial Condition.
Securitized Debt Collateralized by Non-Agency RMBS
At December 31, 2025 and December 31, 2024, the Company’s securitized debt collateralized by Non-Agency RMBS was carried at amortized cost and had a principal balance of $110 million. At December 31, 2025 and December 31, 2024, the debt carried a weighted average coupon of 6.7%. As of December 31, 2025, the maturities of the debt range between the years 2036 and 2037. None of the Company’s securitized debt collateralized by Non-Agency RMBS is callable.
The Company did not acquire any securitized debt collateralized by Non-Agency RMBS during the year ended December 31, 2025 and 2024.
The following table presents the estimated principal repayment schedule of the securitized debt collateralized by Non-Agency RMBS at December 31, 2025 and December 31, 2024, based on expected cash flows of the residential mortgage loans or RMBS, as adjusted for projected losses on the underlying collateral of the debt. All of the securitized debt recorded in the Company’s Consolidated Statements of Financial Condition is non-recourse to the Company.
| December 31, 2025 | December 31, 2024 | |||||||
| (dollars in thousands) | ||||||||
| Within One Year | $ | 8 | $ | — | ||||
| One to Three Years | 145 | 13 | ||||||
| Three to Five Years | 4 | — | ||||||
| Greater Than Five Years | 28 | 13 | ||||||
| Total | $ | 185 | $ | 26 | ||||
Maturities of the Company’s securitized debt collateralized by Non-Agency RMBS are dependent upon cash flows received from the underlying collateral. The estimate of their repayment is based on scheduled principal payments on the underlying collateral. This estimate will differ from actual amounts to the extent prepayments or losses are experienced. See Note 3 for a more detailed discussion of the securities collateralizing the securitized debt.
Securitized Debt Collateralized by Loans Held for Investment
At December 31, 2025 and December 31, 2024, the Company’s securitized debt collateralized by Loans held for investment had a principal balance of $7.1 billion and $7.6 billion, respectively. At December 31, 2025 and December 31, 2024, the total securitized debt collateralized by Loans held for investment carried a weighted average coupon of 3.7% and 3.5%, respectively. As of December 31, 2025, the maturities of the debt range between the years 2038 and 2099.
During the year ended December 31, 2025, the Company acquired securitized debt collateralized by Loans held for investment with an amortized cost balance of $384 million for $382 million. These transactions resulted in net gain on extinguishment of debt of $2 million. The Company did not acquire any securitized debt collateralized by loans held for investment during the year ended December 31, 2024.
The following table presents the estimated principal repayment schedule of the securitized debt collateralized by Loans held for investment at December 31, 2025 and December 31, 2024, based on expected cash flows of the residential mortgage loans or RMBS, as adjusted for projected losses on the underlying collateral of the debt. All of the securitized debt recorded in the Company’s Consolidated Statements of Financial Condition is non-recourse to the Company.
| December 31, 2025 | December 31, 2024 | |||||||
| (dollars in thousands) | ||||||||
| Within One Year | $ | 1,194,768 | $ | 1,288,028 | ||||
| One to Three Years | 1,960,648 | 2,091,147 | ||||||
| Three to Five Years | 1,802,112 | 1,937,868 | ||||||
| Greater Than Five Years | 2,123,842 | 2,253,020 | ||||||
| Total | $ | 7,081,370 | $ | 7,570,063 | ||||
Maturities of the Company’s securitized debt collateralized by Loans held for investment are dependent upon cash flows received from the underlying loans. The estimate of their repayment is based on scheduled principal payments on the underlying loans. This estimate will differ from actual amounts to the extent prepayments or loan losses are experienced. See Note 4 for a more detailed discussion of the loans collateralizing the securitized debt.
Certain of the securitized debt collateralized by Loans held for investment contain call provisions at the option of the Company at a specific date. Other securitized debt issued by the Company contain clean-up call provisions. A clean-up call provision is a right to call the outstanding debt at pre-defined terms when the collateral falls below a certain percentage of the original balance, typically 10%. Generally, these clean-up call rights are shared with other parties to the debt, including the loan servicers and the paying agents. Clean-up calls are generally put in place to reduce the administrative burdens when a loan pool balance becomes de minimis hence uneconomical to manage. The following table presents the par value of the callable debt by year as of December 31, 2025, excluding any debt issued by the Company where the Company only has a clean-up call.
| December 31, 2025 | |||||
| (dollars in thousands) | |||||
| Year | Principal | ||||
| Currently callable | $ | 3,753,430 | |||
| 2026 | 606,703 | ||||
| 2027 | 1,062,302 | ||||
| 2028 | 742,233 | ||||
| Total | $ | 6,164,668 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 25, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.