Company: CIMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006426
Chunk: 237

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1A
Chunk 237
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 31, 2023 follows:

118

December 31, 2024December 31, 2023Factor: CouponBase Rate6.2%6.4%Actual5.9%5.9%FICOBase Rate640640Actual665664Loan-to-value (LTV)Base Rate86%86%Actual78%79%Loan Characteristics:Occupancy Owner Occupied86%86%Investor9%9%Secondary5%5%Property Type  Single family78%79%Manufactured housing3%3%Multi-family/mixed use/other19%18%The loan factors are generally not observable for the individual loans and the base rates developed by the Company’s internal model are subjective and change as market conditions change. The impact of the loan coupon on the value of the loan is dependent on the loan history of delinquent payments. A loan with no history of delinquent payments would result in a higher overall value than a loan which has a history of delinquent payments. Similarly, a higher FICO score and a lower LTV ratio results in increases in the fair market value of the loan and a lower FICO score and a higher LTV ratio results in a lower value. See Note 4 for delinquency details for the Loans held for investment portfolio.Property types also affect the overall loan values. Property types include single family, manufactured housing and multi-family/mixed use and other types of properties. Single family homes represent properties which house one to four family units. Manufactured homes include mobile homes and modular homes. Loan value for properties that are investor or secondary homes have a reduced value as compared to the baseline loan value. Additionally, single family homes will result in an increase to the loan value, whereas manufactured and multi-family/mixed use and other properties will result in a decrease to the loan value, as compared to the baseline.Financial instruments not carried at fair valueThe following table presents the carrying value and fair value, as described above, of the Company’s financial instruments not carried at fair value on a recurring basis at December 31, 2024 and December 31, 2023.December 31, 2024 (dollars in thousands)Level in Fair Value HierarchyCarrying AmountFair ValueEquity method investments (1)3$63,947 $63,947 Secured financing agreements22,504,915 2,534,652 Securitized debt, collateralized by Non-Agency RMBS