Company: CIMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006426
Chunk: 441

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 441
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 %For The Year Ended December 31, 2023$11,244,670 $492,374 4.38 %5.07 %5.17 %(0.10)%For The Year Ended December 31, 2022$11,272,811 $335,045 2.97 %1.85 %2.18 %(0.33)%For the Quarter Ended December 31, 2024$10,880,840 $121,997 4.48 %4.59 %4.50 %0.09 %For the Quarter Ended September 30, 2024$10,904,969 $122,054 4.48 %5.29 %5.24 %0.05 %For the Quarter Ended June 30, 2024$10,741,156 $112,451 4.24 %5.33 %5.33 %0.00 %For the Quarter Ended March 31, 2024$10,629,205 $115,992 4.37 %5.33 %5.32 %0.01 %

Average interest-bearing liabilities decreased by $257 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023. Economic interest expense decreased by $20 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to Fed rate cuts. 

While we may use interest rate hedges to mitigate risks related to changes in interest rate, the hedges may not fully offset interest expense movements. 

Provision for Credit Losses

For the year ended December 31, 2024, we recorded provision for credit losses of $10 million, as compared to provision of credit losses of $11 million for the year ended December 31, 2023. 

The increase in provision for credit losses for the year ended December 31, 2024 as compared to the year ended December 31, 2023, is primarily due to an increase in expected losses and delinquencies. In addition, certain Non-Agency RMBS positions, now have higher unrealized losses and resulted in the recognition of an allowance for credit losses which was previously limited by unrealized gains on these investments.

Net Gains (Losses)