Chimera Investment Corporation · NYSE:CIM
Chimera Investment — Q4 2025 Earnings Presentation
31 slides from Chimera Investment's earnings presentation, Feb 11, 2026
Slide 1: Q4 2025 Investor Presentation
R ESIDENTIAL F OCUS | D IVERSIFIED I NCOME Q4 2025 | INVESTOR PRESENTATION February 11, 2026
Slide 2: Disclaimer
Disclaimer This presentation includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995,. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rel
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including earnings available for distribution and earnings before taxes, depreciation and amortization. We believe the non-GAAP financial measures are useful for management, investors, analysts, and other int
Slide 4: Chimera Investment Corp.
Chimera Investment Corp. We are a fully integrated hybrid mortgage REIT delivering diversified investment solutions across the mortgage product spectrum. HYBRID Invests across the spectrum of mortgage products, including residential loans, mortgage securities and servicing rights. INVESTMENT APPRO
Slide 5: Creating Long-Term Shareholder Value
Creating Long-Term Shareholder Value Positioned with diverse sources of revenue and synergistic platform capabilities. Capital investment in technology, growth, & strategic initiatives across platform PERMANENT CAPITAL ADVISORY SERVICES & RESIDENTIAL INVESTMENT PORTFOLIO THIRD-PARTY CAPITAL ORIGINAT
Slide 6: Market Summary | Q4 2025
Market Summary | Q4 2025 Conditions featured Fed rate cuts, a steeper yield curve, and tightening spreads across Agency and mortgage credit products. TREASURY YIELDS(1) 9/30/2025 12/31/2025 Q4 Change Fed cuts rates at each of the last three FOMC meetings for a total of 75 basis points. 2Y Treasury
Slide 7: Chimera | Q4 2025 Highlights
Chimera | Q4 2025 Highlights First full quarter of HomeXpress contributions and realization of prior quarter capital allocation activities. EARNINGS & PERFORMANCE $0.53 $0.37 $19.70 (0.9%) EARNINGS AVAILABLE DIVIDENDS BOOK VALUE ECONOMIC FOR DISTRIBUTION PER SHARE(1) PER SHARE PER SHARE RETURN(2) LI
Slide 8: Chimera | Q4 2025 Highlights
Chimera | Q4 2025 Highlights Growth in earnings power provided the flexibility to announce a dividend increase along with 2026 expected dividend distributions. DIVIDEND Announced increase in dividend to $0.45 per share in Q1 2026 (from $0.37). INCREASE Expect to maintain $0.45 per share for the
Slide 9: Chimera | FY 2025 Highlights
Chimera | FY 2025 Highlights Year of transition culminated in capital generation, portfolio reallocation, and the HomeXpress acquisition. EARNINGS AVAIL. DIVIDEND NET ECONOMIC RETURN- CAPITAL RAISED FOR DISTRIBUTION(1) DISTRIBUTIONS INCOME RETURN(2) ON-EQUITY DURING 2025 $1.68 $1.48 $1.72 7.4% 8.9%
Slide 10: HomeXpress | Residential Origination Highlights
HomeXpress | Residential Origination Highlights A leading partner for loan brokers and correspondent lenders across the U.S. Q4 2025 18% increase in volume versus Q3 2025; 49% increased in volume relative to Q4 2024. RESIDENTIAL ORIGINATION 3.58% gain-on-sale premiums related to loans sold and s
Slide 11: Securitized Loans
Scaled mortgage loan portfolio with robust securitization market presence INVESTMENT PORTFOLIO(1) Fair Market Value as of December 31, 2025 (Excludes Residential Origination) KEY FUNDING METRICS 8,762 SECURITIZED LOANS RE-PERFORMING SECURITIZED DEBT (NON-RECOURSE) $ OUTSTANDING SECURITIZATIONS(1) MI
Slide 12: Investment Portfolio | December 31, 2025
Investment Portfolio | December 31, 2025(1) WEIGHTED SECURITIZED SECURITIZED SECURED PRINCIPAL OR WEIGHTED AVERAGE DEBT DEBT SECURITIZED SECURITIZED FINANCING NOTIONAL AMORTIZED FAIR AVERAGE BOOK YIELD AT CURRENT AMORTIZED DEBT FAIR DEBT BOOK AGREEMENTS NET (DOLLARS IN THOUSANDS) VALUE ($) COST ($)
Slide 13: Agency Pass-Throughs | Portfolio Overview
Agency Pass-Throughs(1) | Portfolio Overview Added $606 million of notional in Agency pass-throughs (net purchases and sales). QUARTERLY UPDATE Leverage increased from 7.3x to 7.4x while maintaining key risk sensitivities within tolerances. 13% - 15% run rate levered returns. AGENCY PASS-THROU
Slide 14: Agency Pass-Throughs | Interest Rate & Spread Sensitivities
Agency Pass-Throughs(1) | Portfolio Interest Rate & Spread Sensitivities(2) $2.8 billion in notional derivatives at quarter end used to hedge interest rate risk in Agency pass-through portfolio. QUARTERLY UPDATE Hedges intended to match the key rate durations of the bonds. Model estimates of i
Slide 15: Residential Credit | Q4 2025 Portfolio Summary
Residential Credit | Q4 2025 Portfolio Summary We acquire residential mortgage loans from banks, non-bank financial institutions and government sponsored agencies. We finance purchases of mortgage loans via warehouse facilities and repurchase agreements (recourse financing). OVERVIEW We securi
Slide 16: Residential Credit | Delinquency Experience
Residential Credit | Delinquency Experience Residential credit fundamentals in our legacy RPL portfolio have remained stable with substantial borrower equity and loan seasoning. 60+ DAY DELINQUENCY EXPERIENCE (%)(1) RE-PERFORMING LOANS (RPL) INVESTOR LOANS (DSCR) 9.5 5.0 9.0 4.0 8.5 3.0 8.0 2.0 7.5
Slide 17: Residential Credit | Prepayment Experience
Residential Credit | Prepayment Experience Prepayments remained relatively flat in Q4 for RPL; while DSCR and Prime Jumbo prepayment activity picked up. PREPAYMENT EXPERIENCE (ANNUALIZED %)(1) RE-PERFORMING LOANS (RPL) INVESTOR LOANS (DSCR) 12 20 10 15 8 6 10 4 5 2 0 0 Sep-22 Sep-23 Sep-24 Sep-25 Se
Slide 18: Residential Credit | Secured Recourse Funding
Residential Credit | Secured Recourse Funding(1) We seek to lock-in our funding costs with non-recourse term securitization along with hedging our floating rate liabilities. RESIDENTIAL CREDIT HEDGES $1,941MM WAVG SECURED RECOURSE FINANCING PAY-FIXED WAVG NOTIONAL OR OPTION WAVG HEDGE TYPE ($ MILLIO
Slide 19: Mortgage Servicing Rights Financing Receivables (MSRs)
Mortgage Servicing Rights Financing Receivables (“MSRs”)(1) We believe MSRs provide predictable cash flows and are a natural hedge within Chimera’s portfolio. Mortgage rates declined to 15 basis points to 6.15% during the quarter. QUARTERLY UPDATE 3-month average prepayments increased to 8.0% du
Slide 20: Third-Party Asset Management Highlights
Third-Party Asset Management Highlights Chimera’s third-party asset management business provides advisory and transaction execution services for mortgage loan investors. LOANS UNDER MGMT. TRANSACTION GROWTH LOANS UNDER MANAGEMENT ($ Billions)(1) GROWTH (YoY)(1) (YoY)(1) 20% 16% $30 $25 $20 $15 $24.5
Slide 21: Appendix
We. | Appendix CHIMERA
Slide 22: Quarterly Financial Metrics
Quarterly Financial Metrics GAAP Earnings Per Share Earnings Available for Distribution (EAD) Per Share(1) GAAP Book Value Per Share $1.77 $0.53 $21.17 $20.91 $0.41 $0.39 $0.37 $0.37 $0.17 $0.08 $20.24 $19.72 $19.70 ($0.27) ($2.07) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1
Slide 23: Earnings Available for Distribution
Earnings Available for Distribution Earnings available for distribution is a non-GAAP measure and is defined as GAAP net income (loss) excluding (i) unrealized gains or losses on financial instruments carried at fair value with changes in fair value recorded in earnings, (ii) realized gains or losse
Slide 24: Earnings Available for Distribution
Earnings Available for Distribution The following table provides GAAP measures of net income and net income per diluted share available to common stockholders for the periods presented and details with respect to reconciling the line items to Earnings available for distribution and related per avera
Slide 25: Residential Origination | Earnings Before Taxes, Depreciation and Amortization
Residential Origination | Earnings Before Taxes, Depreciation and Amortization In managing our residential origination segment, management additionally uses Earnings Before Taxes, Depreciation and Amortization, or EBTDA, a non-GAAP measure, as a supplemental performance measure to evaluate the under
Slide 26: Net Interest Spread
Net Interest Spread(1) The table below shows our average earning assets held, interest earned on assets, yield on average interest earning assets, average debt balance, economic interest expense, economic average cost of funds, economic net interest income, and net interest rate spread for the perio
Slide 27: Investment Summary | September 30, 2025
Investment Summary | September 30, 2025(1) WEIGHTED SECURITIZED SECURITIZED SECURED PRINCIPAL OR WEIGHTED AVERAGE DEBT DEBT SECURITIZED SECURITIZED FINANCING NOTIONAL AMORTIZED FAIR AVERAGE BOOK YIELD AT CURRENT AMORTIZED DEBT FAIR DEBT BOOK AGREEMENTS NET (DOLLARS IN THOUSANDS) VALUE ($) COST ($) V
Slide 28: Consolidated Loan Securitizations
Consolidated Loan Securitizations ORIGINAL FACE ($ Thousands) REMAINING FACE ($ Thousands) WEIGHTED AVERAGE COUPON (WAC) VINTAGE DEAL TOTAL SOLD RETAINED TOTAL SOLD RETAINED Outstanding Bonds Sold Underlying Collateral FIRST CALL DATE 2025 CIM 2025-R1 391,790 333,021 58,769 366,345 316,245 58,731 5.
Slide 29: Endnotes
Endnotes Slide #4 3. EBTDA, or earnings before taxes, depreciation and amortization, is a non-GAAP measure. See additional discussion in the Appendix section of this presentation for GAAP to Non-GAAP reconciliations. 1. Unaudited total debt related to third-party managed loans and real estate. Exclu
Slide 30: Endnotes, continued
Endnotes, continued Slide #14 Slide #20 1. Agency Pass-Throughs (i) excludes Agency CMOs, Agency CMBS, and legacy Agency interest only securities, 1. Unaudited total debt related to third-party managed loans and real estate. Excludes total debt related to loans and (ii) includes forward settling tra
Slide 31: Information unaudited, estimated, and subject to change.
Information unaudited, estimated, and subject to change.