Chimera Investment posts wider Q3 loss as market volatility weighs
CIM•Chimera Investment reported a third-quarter net loss of $194 million, while earnings available for distribution were $32 million, or $0.38 per adjusted diluted share. Residential loan origination volume rose 27% year over year.
1. Quarterly results
The mortgage REIT reported a third-quarter net loss of $194 million amid market volatility. Earnings available for distribution were $32 million, or $0.38 per adjusted diluted share.
2. Portfolio and originations
The company said significant movements in interest rates and mortgage spreads pressured book value and results. It shifted its Agency RMBS portfolio toward higher-coupon securities and residential loan origination volume rose 27% year over year, supported by an expanded correspondent channel and a shift in product mix.
