Company: CIMO
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023813
Chunk: 172

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 172
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 2025 compared to the Quarter ended March 31, 2024

Interest income increased by $4 million, or 2.2%, to $191 million for the quarter ended March 31, 2025 as compared to $187 million, for the quarter ended March 31, 2024. This increase was primarily driven by our Agency CMO and Agency Pass-through purchases during the period. During the quarter ended March 31, 2025, the interest income on our Agency RMBS portfolio increased by $7 million driven by these purchases as compared to the quarter ended March 31, 2024.     

Interest Expense

Quarter ended March 31, 2025 compared to the Quarter ended December 31, 2024

Interest expense decreased by $5 million, or 4.1%, to $121 million for the quarter ended March 31, 2025, as compared to $127 million for the quarter ended December 31, 2024. This decrease was primarily driven by a reduction in our secured financing agreements collateralized by Agency RMBS balance of $150 million and lower borrowing costs driven by a lower federal funds rate. During the quarter ended March 31, 2025, the interest expense on secured financing agreements collateralized by Agency RMBS decreased by $3 million due to lower balances, and the interest expense on secured financing agreements collateralized by Non-Agency RMBS and Loans held for investments decreased by $1 million and $1 million, respectively, due to lower rates as compared to the quarter ended December 31, 2024. 

53

Quarter ended March 31, 2025 compared to the Quarter ended March 31, 2024

Interest expense remained relatively unchanged at $121 million for the quarters ended March 31, 2025 and 2024, respectively. As we rebalanced our investment portfolio, we reduced our average secured financing agreements collateralized by Agency CMBS and Non-Agency RMBS, which combined with lower financing costs due to Fed rate cuts, decreased our interest expense on secured financing agreements collateralized by Non-Agency RMBS, Agency CMBS and Loans held for investments by $3 million during the quarter ended March 31, 2025, as compared to the quarter ended March 31, 2024. Our average securitized debt balances decreased by $571 million, which decreased our interest expense on Securitized debt by $4 million during the quarter ended March 31, 2025, as compared