Chimera Investment Corporation (CIM) said on Thursday that it has inked a deal to acquire HomeXpress Mortgage Corporation from certain affiliates of Seer Capital Management's credit fund business and certain management sellers in share and cash.
Phillip J. Kardis II, CEO of Chimera, said: "Bringing together Chimera's strong history of loan securitization, structured finance, and third-party loan management and advisory services with HomeXpress' loan origination platform is expected to enhance our enterprise value. We expect this acquisition to be accretive to Chimera's earnings in 2026."
Under the terms, Chimera Funding TRS, Chimera's REIT subsidiary, will acquire HomeXpress from the sellers. The purchase price will be equal to the adjusted book value of HomeXpress as of the end of the month prior to the closing, and a premium consisting of $120 million in cash and 2.077 million CIM shares.
The transaction is expected to be closed in the fourth quarter of 2025.
For 2024, with around 300 staff and lending in 46 states and D.C., HomeXpress had recorded pre-tax income of $47 million.
CIM was up by 0.29% at $13.95 on the Nasdaq.
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