Company: CIMO
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001206774-25-000244
Chunk: 76

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 76
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-K in 2024.

| REPORT                 
 OF THE AUDIT COMMITTEE |

Since our inception, we have
had an audit committee composed entirely of non-employee directors. The members of the audit committee meet the independence and experience
requirements of the New York Stock Exchange (“NYSE”). The Board of Directors has determined that each of Mr. Reilly and Ms.
Walsh is an audit committee financial expert, and each member of the audit committee is an independent director within the meaning of
the applicable rules of the Securities and Exchange Commission (“SEC”) and the NYSE. In 2024, the audit committee met eight
times. The audit committee has adopted a written charter outlining the practices it follows. A full text of our audit committee charter
is available for viewing on our website at www.chimerareit.com. Any changes in the charter or key practices will be reflected on our website.

In performing all of its functions,
the audit committee acts only in an oversight capacity, and necessarily, in its oversight role, the audit committee relies on the work
and assurances of our management, which has the primary responsibility for financial statements and reports, and of the independent registered
public accounting firm, who, in its report, expresses an opinion on the conformity of our annual financial statements to generally accepted
accounting principles and on the effectiveness of our internal control over financial reporting as of year-end.

The audit committee has reviewed
and discussed our audited financial statements with management and with Ernst & Young LLP (“Ernst & Young”), our independent
auditors for 2024.

The audit committee has discussed
with Ernst & Young the matters required to be discussed by applicable requirements of the Public Company Accounting Oversight Board
(“PCAOB”).

The audit committee has received
the written disclosures and the letter from Ernst & Young required by applicable requirements of the PCAOB regarding Ernst & Young's
communications with the audit committee concerning independence and has discussed with Ernst & Young their independence.

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In reliance
on these reviews and discussions, and the report of the independent registered public accounting firm, the audit committee recommended
to our Board of Directors, and our Board of Directors approved, that the audited financial statements be included in our Annual Report
on Form 10-K for the year ended December 31, 2024, for filing with the SEC. The audit committee also recommends the selection of Ernst
& Young to serve as independent public accountants for the fiscal year ending December 31, 202