Alternative Investment

NYC U.S.-based REIT Adds New Accounting, Reporting Solution

NEW YORK CITY—Chimera Investment Corp., an internally managed REIT headquartered in New York City focusing on investing in residential mortgage loans, has recently implemented a new SaaS-based investment accounting, reporting, and analytics solutions in order to provide better investment data transparency while supporting sophisticated accounting requirements.

To meet their obligations and regulations, REITs require a significantly high level of investment data quality and transparency, according to a prepared release put out by the provider, Clearwater Analytics. “Historically, REITs have relied heavily on extensive internal processes that are difficult to manage and scale, because legacy investment accounting solutions were not designed for them,” the release says.

Chimera maintains a diversified investment portfolio that includes residential mortgage loans, non-agency and agency residential mortgage-backed securities (which includes interest only and principal only), and agency commercial mortgage-backed securities.

“Clearwater demonstrated to us a solution built and ready to handle the complexity of our portfolio,” says Kelley Kortman, Chief Accounting Officer at Chimera. “We look forward to taking advantage of a platform that will scale with us and stay continually updated in alignment with market conditions and ever-changing regulatory requirements.”

According to Scott Erickson, President, Americas and New Markets at Clearwater Analytics, “Clearwater’s commitment to providing innovative solutions to serve complex portfolios, including daily amortization, daily book prices, amortization banding, and alternative asset class coverage, is resonating strongly with REITs. We are excited to partner with Chimera, a leader in this market, and provide the infrastructure they need to support their business goals, especially their continued growth.”

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