Chimera Investment Corporation (CIM) has entered into a definitive agreement to acquire HomeXpress Mortgage from certain affiliates of Seer Capital Management's credit fund business and certain management sellers. HomeXpress is a originator of consumer non-QM, investor business purpose, and other non-Agency mortgage loan products, as well as an originator of Agency mortgage loans with a nationwide presence across 46 states and D.C.
Chimera will cause its taxable REIT subsidiary, Chimera Funding TRS, to acquire HomeXpress from the sellers for a combination of cash and 2,077,151 shares of Chimera common stock. The purchase price will be equal to the adjusted book value of HomeXpress as of the end of the month prior to the closing, plus a premium consisting of $120 million in cash plus 2,077,151 shares of Chimera common stock.
"We expect this acquisition to be accretive to Chimera's earnings in 2026," said Phillip J. Kardis II, President and CEO of Chimera.
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