Company: CIMO
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023813
Chunk: 207

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 207
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 million for the 2024 performance year.

Grants of Performance Share Units (“PSUs”)

PSU awards are designed to align compensation with our future performance. The PSU awards granted during the three months ended March 31, 2025 and 2024, include a three-year performance period ending on December 31, 2026 and December 31, 

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2025, respectively. For the PSU awards granted during the quarter ended March 31, 2025, and 2024, the final number of shares awarded will be between 0% and 200% of the PSUs granted based equally on the Company Economic Return and share price performance compared to a peer group. Our three-year Company Economic Return is equal to our change in book value per common share plus common stock dividends. Share price performance equals change in share price plus common stock dividends. Compensation expense will be recognized on a straight-line basis over the three-year vesting period based on an estimate of the Company Economic Return and share price performance in relation to the entities in the peer group and will be adjusted each period based on our best estimate of the actual number of shares awarded. For the three months ended March 31, 2025,we granted 296 thousand PSU awards to senior management with a grant date fair value of $4 million. For the three months ended March 31, 2024, we granted 179 thousand PSU awards to senior management with a grant date fair value of $3 million.

At March 31, 2025 and December 31, 2024, there were approximately 1 million unvested shares of RSUs and PSUs issued to our employees and directors.

Contractual Obligations and Commitments

The following tables summarize our contractual obligations at March 31, 2025 and December 31, 2024. The estimated principal repayment schedule of the securitized debt is based on expected cash flows of the residential mortgage loans or RMBS, as adjusted for expected principal write-downs on the underlying collateral of the debt.

March 31, 2025 (dollars in thousands)Contractual ObligationsWithin One YearOne to Three YearsThree to Five YearsGreater Than or Equal to Five YearsTotalSecured financing agreements$2,091,251 $914,555 $— $— $3,005,806 Securitized debt, collateralized by Non-Agency RMBS— — — 13 13