Company: CIMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006426
Chunk: 373

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 15
Chunk 373
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 RMBS(1,503)— (60,878)Agency CMBS(3,750)(31,234)— Net realized gain (loss)$(5,219)$(31,234)$(76,473)

4. Loans Held for Investment

The Loans held for investment are comprised primarily of loans collateralized by seasoned reperforming residential mortgages. Additionally, it includes jumbo prime loans, investor loans and business purpose loans. The investor loans are loans to individuals securing non-primary residences as well as to individuals or businesses who rent out the residential properties secured by such loans. The Company purchases qualified mortgages, or QM, and non-qualified mortgages, or Non-QM, investor loans and securitizes them under its loan securitization program. The business purpose loans are loans to businesses that are secured by real property which will be renovated by the borrower. The business purpose loans tend to be short duration, often less than one year, and generally the coupon rate is higher than residential mortgage loans.At December 31, 2024 and December 31, 2023, all Loans held for investment are carried at fair value. See Note 5 for a discussion on how the Company determines the fair values of the Loans held for investment. As changes in the fair value of these loans are reflected in earnings, the Company does not estimate or record a loan loss provision. The total amortized cost of the Company's Loans held for investment was $11.4 billion and $11.8 billion as of December 31, 2024 and December 31, 2023, respectively. The total unpaid principal balance of the Company's Loans held for investment was $11.7 billion and $12.0 billion as of December 31, 2024 and December 31, 2023, respectively.The following table provides a summary of the changes in the carrying value of Loans held for investment at fair value at December 31, 2024 and December 31, 2023:For the Year EndedFor the Year EndedDecember 31, 2024December 31, 2023 (dollars in thousands)Balance, beginning of period$11,397,046 $11,359,236 Purchases1,062,699 1,421,537 Principal paydowns(1,309,843)(1,417,787)Sales and settlements(116,652)(246)Net periodic accretion (amort