Company: CIMO
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038345
Chunk: 43

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 2
Chunk 43
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5.0%. At June 30, 2025 and December 31, 2024, the haircut for the secured financing agreements at fair value was 7.5%. At June 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 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 Quarter End June 30, 2024$2,561,042 $2,699,299 

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 June 30, 2025 and December 31, 2024, the carrying value of our total interest-bearing debt was approximately $11.7 billion and $9.9 billion, respectively, which represented a leverage ratio of approximately 4.5:1 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 June 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 for investment and cash. Under these secured financing agreements, we may not be able to reclaim our collateral but will still be obligated to pay our repurchase obligations. We mitigate this risk by ensuring our counterparties are rated financial institutions. As of June 30, 2025 and December 31, 2024, we had $5.9 billion and $4.1 billion, respectively, of securities or