Company: CIMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006426
Chunk: 420

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 15
Chunk 420
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 the assets acquired and liabilities assumed in connection with the Acquisition.Acquisition Date Fair Value(dollars in thousands)Cash and cash equivalents$2,694 Accounts receivable2,983 Prepaid operating expenses120 Deposits90 Fixed assets, net of accumulated depreciation2,698 Intangible assets20,950 Right-of-use asset4,315 Goodwill22,152 Total assets acquired$56,002 Accounts payable and accrued expenses479 Accrued bonus5,482 Accrued vacation101 Lease liability4,315 Total liabilities assumed$10,377 Net assets acquired$45,626 The excess of the purchase price over the fair value of the net identifiable tangible and intangible assets was recorded as goodwill and is not deductible for tax purposes. Goodwill is comprised of expected synergies for the combined operations, specialized processes and procedures, and the acquired workforce. Below is a summary of the intangible assets acquired in the Acquisition:Fair Value(dollars in thousands)Weighted Average Estimated Useful Life (in years)Investment management agreement$50 2Subadvisory management agreements17,700 8Developed technology3,200 4Total intangible assets$20,950 

The fair value for the management agreements was determined using the multi-period excess earnings method, while the fair value of developed technology was determined using the cost approach. All the intangible assets are subject to amortization. The intangible assets acquired subject to amortization have a weighted average useful life of 7.2 years. 

18. Subsequent Events

The Company has evaluated subsequent events through the issuance date of this Annual Report on Form 10-K. Subsequent to December 31, 2024, the Company exercised its call option to retire securitized debt, collateralized by Loans held for investment with an unpaid principal amount of $333 million at par.

19. Summarized Quarterly Results (Unaudited)

The following is a presentation of the results of operations for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024. 

135

 For the Quarters Ended December 31, 2024September 30, 2024June 30, 2024March 31, 2024 (dollars in thousands, except per share data)Net Interest Income:   Interest income$192,364