Company: CIMO
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023813
Chunk: 39

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 39
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5, the FASB issued ASU 2025-01 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). This standard clarifies the effective date for ASU 2024-03, which requires that an entity disclose, in the notes to the financial statements, additional information about specific expenses categories. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption of Update 2024-03 is permitted. The Company is still evaluating the impact of this standard but does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.

3. Mortgage-Backed Securities

The Company classifies its Non-Agency RMBS as senior, subordinated, or Interest-only. The Company also invests in Agency MBS which it classifies as Agency RMBS, to include residential and residential interest-only MBS, Pass-through securities, residential collateralized mortgage obligations, or CMO, and Agency CMBS to include commercial and commercial interest-only MBS. Senior interests in Non-Agency RMBS are generally entitled to the first principal repayments in their pro-rata ownership interests at the acquisition date. The tables below present amortized cost, allowance for credit losses, fair value and unrealized gain/losses of the Company's MBS investments as of March 31, 2025 and December 31, 2024.March 31, 2025(dollars in thousands)Principal or Notional ValueTotal PremiumTotal DiscountAmortized CostAllowance for Credit LossFair ValueGross Unrealized GainsGross Unrealized LossesNet Unrealized Gain/(Loss)Non-Agency RMBS       Senior$994,386 $23,978 $(544,135)$474,229 $(29,016)$601,108 $161,398 $(5,503)$155,895 Subordinated643,316 3,122 (261,119)385,319 (2,769)377,585 21,178 (26,143)(4,965)Interest-only2,589,059 151,549 — 151,549 — 81,147 14,364 (84,766)(70,402)Agency RMBS       Pass-through149,420 808 — 150,228