Company: CIMO
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023813
Chunk: 73

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 73
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) The values for secured financing agreements in the table above is net of $1 million of deferred financing costs as of March 31, 2025.Secured Financing Agreements at fair value

The Company has a secured financing agreement for which the Company has elected fair value option. The Company believes electing fair value for this financial instrument better reflects the transactional economics. The total principal balance outstanding on this secured financing at March 31, 2025 and December 31, 2024 was $332 million and $337 million, respectively. The fair value of collateral pledged was $383 million and $383 million as of March 31, 2025 and December 31, 2024, respectively. The Company carries this secured financing instrument at fair value of $321 million and $319 million as of March 31, 2025 and December 31, 2024, respectively. At March 31, 2025 and December 31, 2024, the weighted average borrowing rate on secured financing agreements at fair value was 5.0%. At March 31, 2025 and December 31, 2024, the haircut for the secured financing agreements at fair value was 7.5%. At March 31, 2025, the maturity on the secured financing agreements at fair value was two years. 

7. Securitized Debt

All of the Company’s securitized debt is collateralized by residential mortgage loans or Non-Agency RMBS. For financial reporting purposes, the Company’s securitized debt is accounted for as secured borrowings. Thus, the residential mortgage loans or RMBS held as collateral are recorded in the assets of the Company as Loans held for investment or Non-Agency RMBS and the securitized debt is recorded as a non-recourse liability in the accompanying Consolidated Statements of Financial Condition.Securitized Debt Collateralized by Non-Agency RMBSAt March 31, 2025 and December 31, 2024, the Company’s securitized debt collateralized by Non-Agency RMBS was carried at amortized cost and had a principal balance of $110 million. At March 31, 2025 and December 31, 2024, the debt carried a weighted average coupon of 6.7%. As of March 31, 2025, the maturities of the debt range between the years 2036 and 2037. None of the Company’s