Chimera Investment is a mortgage REIT in the middle of a strategic transformation into what management calls a "hybrid REIT" — an integrated residential mortgage platform that invests, originates, securitizes, and manages assets for third parties. Chimera runs three core activities. First, its investment portfolio holds residential mortgage assets on its own balance sheet, earning net interest income from the spread between asset yields and funding costs. The portfolio is anchored by seasoned re-performing loans (previously delinquent loans that have returned to current status), with Agency MBS, non-Agency RMBS, and MSRs rounding out the mix. Chimera primarily finances this portfolio through securitizations, selling senior bonds to third parties and retaining the subordinate, first-loss pieces. Second, through HomeXpress Mortgage (acquired in October 2025), Chimera originates non-QM and investor business purpose loans through a wholesale network of ~6,000 independent brokers, generating gain-on-sale income when loans are sold to institutional investors. Chimera intends to retain a portion of HomeXpress production for its own securitization programs going forward. Third, through Palisades Advisory Services, Chimera manages residential mortgage portfolios for institutional clients on a fee basis, with third-party AUM growing to ~$26B. A key tool in portfolio management is exercising call rights on legacy securitizations to release capital for redeployment into higher-returning assets.