Company: CIMO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001409493-25-000028
Chunk: 47

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 47
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, 2025 and December 31, 2024, respectively. We carry this secured financing instrument at fair value of $310 million and $319 million as of September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024, the weighted average borrowing rate on secured financing agreements at fair value was 5.0%. At September 30, 2025 and December 31, 2024, the haircut for the secured financing agreements at fair value was 7.5%. At September 30, 2025, the maturity on the secured financing agreements at fair value was two years.

The table below presents our average daily secured financing agreements balance and the secured financing agreements balance at each period end for the periods presented. Our balance at period-end tends to fluctuate from the average daily balances due to the adjusting of the size of our portfolio by using leverage.

PeriodAverage secured financing agreements balancesSecured financing agreements balance at period end (dollars in thousands)Quarter End September 30, 2025$4,799,281 $4,876,986 Quarter End June 30, 2025$3,806,015 $4,563,063 Quarter End March 31, 2025$2,925,366 $2,994,191 Quarter End December 31, 2024$3,019,337 $2,824,371 Quarter End September 30, 2024$2,986,995 $3,228,748 

Our secured financing agreements do not require us to maintain any specific leverage ratio. We believe the appropriate leverage for the particular assets we are financing depends on the credit quality and risk of those assets. At September 30, 2025 and December 31, 2024, the carrying value of our total interest-bearing debt was approximately $12.2 billion and $9.9 billion, respectively, which represented a leverage ratio of approximately 4.8:1 and 4.0:1, respectively. We include our secured financing agreements, long term debt, and securitized debt in the numerator of our leverage ratio and stockholders’ equity as the denominator.

At September 30, 2025, we had secured financing agreements with 17 counterparties. All of our secured financing agreements are secured by Agency MBS, Non-Agency RMBS and Loans held