Clearwater Analytics Powers Sophisticated REIT Accounting and Reporting for New York-based Chimera

Rhea-AI Summary

Clearwater Analytics (NYSE: CWAN) announced its collaboration with Chimera Investment Corporation (NYSE: CIM), a New York-based REIT, to enhance investment data management and reporting. This partnership aims to provide the high-quality data transparency that REITs require, streamlining extensive internal processes hindered by outdated solutions. Clearwater's automated system will support Chimera's complex portfolio, which includes various mortgage-backed securities, through improved accounting and compliance with GAAP. The solution is expected to scale with Chimera's growth and evolving regulatory demands.

Positive

• Collaboration with Chimera Investment Corporation enhances Clearwater's market presence in the REIT sector.
• Automated investment data management supports complex portfolio requirements, increasing operational efficiency.
• Improved compliance with regulatory demands, positioning Clearwater as a leader in investment accounting solutions.

Negative

• None.

Clearwater's Comprehensive Accounting and Reporting Solution Effectively Manages Complex Portfolio for Leading U.S.-based REIT

BOISE, Idaho, Aug. 25, 2022 /PRNewswire/ --  Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment accounting, reporting, and analytics solutions, announced Chimera Investment Corporation (NYSE: CIM), an internally managed real estate investment trust (REIT) headquartered in New York City, has implemented Clearwater to provide 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. 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. 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," said 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."

Clearwater's solution provides Chimera with automated investment data management, accounting, reporting, and analytics that is consistent, accurate, and fully transparent. Clearwater also provides configurable tax basis reporting in parallel with Generally Accepted Accounting Principles (GAAP) requirements.

"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," said Scott Erickson, President, Americas and New Markets at Clearwater Analytics. "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."

About Chimera

Chimera is a publicly traded and internally managed REIT that is primarily engaged, through its subsidiaries, in the business of investing in a diversified portfolio of mortgage assets, including residential mortgage loans, Agency RMBS, Non-Agency RMBS, Agency CMBS, and other real estate-related assets. Please visit www.chimerareit.com for additional information about the Company.

About Clearwater Analytics

Clearwater Analytics is a global industry-leading SaaS solution for automated investment data aggregation, reconciliation, accounting, compliance, risk, performance, and reporting. Each day, the Clearwater solution reports on more than $5.9 trillion in assets for clients that include leading insurers, asset managers, corporations, pension plans, governments, and nonprofit organizations – helping them make the most of their investment portfolio data with a world-class product and client-centric servicing. Investment professionals around the globe trust Clearwater to deliver timely, validated investment data and analytics. Additional information about Clearwater can be found at clearwateranalytics.com, LinkedIn, and Twitter.

 

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SOURCE Clearwater Analytics

FAQ

What is the partnership between Clearwater Analytics and Chimera Investment Corporation?

Clearwater Analytics and Chimera Investment Corporation have formed a partnership to improve investment data management and reporting for Chimera's complex portfolio.

How does Clearwater's solution benefit Chimera Investment Corporation?

Clearwater's solution provides automated investment data management, ensuring transparency and compliance with GAAP, supporting Chimera's diverse mortgage assets.

When was the announcement of the partnership between Clearwater and Chimera made?

The partnership was announced on August 25, 2022.

What does the success of Clearwater's solution indicate for its future?

The success of Clearwater's solution indicates potential for growth in the REIT sector and highlights its capability to adapt to market and regulatory changes.