NEW YORK: Chimera Investment Corporation (NYSE: CIM) has completed the acquisition of HomeXpress Mortgage Corp. from certain affiliates of Seer Capital Management’s credit fund business and management sellers.
HomeXpress is a leading 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.
“The successful closing of this transaction is a major step in the continued evolution of Chimera,” said Phillip J. Kardis II, President and Chief Executive Officer of Chimera. “We are excited to combine our talented teams and further establish our position asa leader in creating, managing and investing in residential credit assets. The addition of the HomeXpress team and expansion of our platform capabilities demonstrates our ongoing commitment to delivering long-term value to shareholders.”
Kyle Walker, Chief Executive Officer and President of HomeXpress said “We are extremely happy to join the Chimera team. This transaction further positions us for long-term success and enables our team to continue delivering exceptional solutions for our clients. We are excited to be a part of Chimera’s mission of providing long-term value to its shareholders.”
Under the terms of the agreement, Chimera caused 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 a closing payment of $239.5 million comprised of estimated book value of $119.5 million (subject to customary post-closing adjustments as described in the definitive agreement), plus a premium consisting of $120 million in cash and 2,077,151 shares of Chimera common stock. HomeXpress will operate as a subsidiary of Chimera and Kyle Walker, the current President and CEO, along with key members of the senior management team will continue to manage HomeXpress.
Wells Fargo acted as the exclusive financial advisor to Chimera. Hunton Andrews Kurth LLP served as legal counsel and Alston & Bird LLP served as regulatory counsel to Chimera. Piper Sandler & Co. acted as the exclusive financial advisor to HomeXpress and Seer. Mayer Brown LLP served as legal counsel to Seer. Sheppard, Mullin, Richter & Hampton LLP served as legal counsel to HomeXpress management.
HomeXpress, headquartered in Santa Ana, California, offers a wide array of consumer non-QM loans, investor business purpose loans, and other Agency and non-Agency mortgage loan products.
HomeXpress has approximately 300 employees and actively lends in 46 states and D.C. HomeXpress originated approximately $2.5 billion of mortgage loans in 2024 and approximately $1.2 billion of mortgage loans year-to-date through May 2025, making it one of the largest wholesale non-QM originators in the U.S. and bringing its lifetime origination volume to over $10.7 billion.
Chimera is a publicly traded real estate investment trust, or REIT, whose principal business objective is to provide attractive risk-adjusted returns and distributable income through investment performance linked to mortgage credit fundamentals. Chimera is primarily engaged in the business of investing for its own account and on behalf of third-party clients through its investment management and advisory services activities.