UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):
March 26, 2010

CHIMERA INVESTMENT CORPORATION
(Exact name of registrant as specified in its charter)

Maryland

001-33796

26-0630461

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

1211 Avenue of the Americas

Suite 2902

New York, New York

10036

(Address of principal executive offices)

(Zip Code)


Registrant’s telephone number, including area code:  (212) 696-0100


No Change
(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02.   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The Board of Directors (the “Board”) of Chimera Investment Corporation., a Maryland corporation (the “Company”), has approved the recommendations of the Nominating and Corporate Governance Committee that the size of the Board be expanded from five to eight members and that, effective April 1, 2010, Gerard Creagh, Dennis M. Mahoney and John P. Reilly be elected as new directors to fill the resulting vacancies.  

Mr. Creagh was elected as a Class I director of the Board effective April 1, 2010, whose term will expire at the 2011 annual meeting of stockholders at which time it is expected that Mr. Creagh will stand for re-election by the Company’s stockholders.  Mr. Creagh will serve on the Company’s audit committee, compensation committee and nominating and corporate governance committee.  Mr.  Creagh is “financially literate” under the rules of the New York Stock Exchange (the “NYSE”).  There are no arrangements or understandings between Mr. Creagh and any other person pursuant to which he was elected.  There are no transactions involving the Company and Mr. Creagh that would be required to be reported pursuant to Item 404(a) of Regulation S-K.

Mr. Mahoney was elected as a Class II director of the Board effective April 1, 2010, whose term will expire at the 2012 annual meeting of stockholders at which time it is expected that Mr. Mahoney will stand for re-election by the Company’s stockholders.  Mr. Mahoney will serve on the Company’s audit committee, compensation committee and nominating and corporate governance committee.  Mr.  Mahoney is “financially literate” under the rules of the NYSE.  There are no arrangements or understandings between Mr. Mahoney and any other person pursuant to which he was elected.  There are no transactions involving the Company and Mr. Mahoney that would be required to be reported pursuant to Item 404(a) of Regulation S-K.

Mr. Reilly was elected as a Class III director of the Board effective April 1, 2010, whose term will expire at the 2010 annual meeting of stockholders at which time it is expected that Mr. Reilly will stand for re-election by the Company’s stockholders. Mr. Reilly will serve on the Company’s audit committee, compensation committee and nominating and corporate governance committee.  Mr.  Reilly is “financially literate” under the rules of the NYSE.  There are no arrangements or understandings between Mr. Reilly and any other person pursuant to which he was elected.  There are no transactions involving the Company and Mr. Reilly that would be required to be reported pursuant to Item 404(a) of Regulation S-K.


Item 9.01.   Financial Statements and Exhibits.

(c)     Exhibits

99.1      Press Release, dated March 26, 2010 issued by Chimera Investment Corporation.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Chimera Investment Corporation

 
 

 

 

By:

/s/ A. Alexandra Denahan

Name:

A. Alexandra Denahan

Title:

Chief Financial Officer

 
 

Date:

March 26, 2010

Exhibit 99.1

Chimera Expands its Board of Directors

NEW YORK--(BUSINESS WIRE)--March 26, 2010--Chimera Investment Corporation (NYSE: CIM) announced that three new independent directors will join the Company’s Board of Directors on April 1, 2010. Gerard Creagh was elected a Class I Director, Dennis Mahoney was elected a Class II Director, and John P. Reilly was elected a Class III Director. Each of the new directors will serve on the Company’s audit committee, compensation committee and nominating and corporate governance committee.

Mr. Creagh has served as President of Duff & Phelps, LLC since 2005. In 2001, Mr. Creagh built the Corporate Value Consulting Practice which expanded into Real Estate Advisory, Litigation Support, Fairness Opinions and Corporate Finance Advisory that was acquired by Duff & Phelps in 2005. Prior to this, Mr. Creagh led the American Valuation Services Practices as a Senior Partner with both Coopers & Lybrand and PriceWaterhouse Coopers.

Prior to his retirement in 2007, Mr. Mahoney served as Senior Vice President of Columbia Bank where he was responsible for expansion of alternative investment products and wealth management services. Before joining Columbia Bank he served as Executive Vice President and Chief Operating Officer of First Atlantic Savings. Earlier in his career, Mr. Mahoney served as Executive Vice President, Treasurer and CFO of Carteret Savings Bank where he oversaw all accounting, hedging, asset/liability analysis as well as debt and equity financing. Mr. Mahoney previously served as a board member of Cowger & Miller Mortgage Company and First Atlantic Savings.

Mr. Reilly is President and CEO of Keltic Financial Services, LLC which he co-founded in 1999. Prior to that he worked from 1977-1999 in various positions at Citicorp, including Global Product Head for Capital Markets, Credit, Corporate Finance and Real Estate in Citicorp’s Private Banking Group. He has served on six CLO boards and is currently a member of the board and audit, compensation and nominating committees of Scan Source, Inc.

"On behalf of Chimera’s shareholders, I want to thank Gerry Creagh, Dennis Mahoney and Jack Reilly for making this commitment to our company and welcome them to our board of directors," said Matthew Lambiase, Chimera’s chief executive officer and president. "I believe their experience and expertise will be a valuable addition to our company."

Chimera is a specialty finance company that invests in residential mortgage-backed securities, residential mortgage loans, real estate-related securities and various other asset classes. The Company's principal business objective is to generate net income for distribution to investors from the spread between the yields on its investments and the cost of borrowing to finance their acquisition and secondarily to provide capital appreciation. The Company, a Maryland corporation that has elected to be taxed as a real estate investment trust ("REIT"), is externally managed by Fixed Income Discount Advisory Company.

CONTACT:
Chimera Investment Corporation
Investor Relations 1-866-315-9930
www.chimerareit.com