Chimera Investment Corp. reports news about its business as an internally managed real estate investment trust focused on residential real estate assets and mortgage credit. The company invests in, originates, and manages mortgage assets including residential mortgage loans, Non-Agency RMBS, Agency RMBS, Agency CMBS, mortgage servicing rights, RTLs, investor loans, junior liens, HELOCs, equity appreciation rights, and reverse mortgages.
Recurring updates cover quarterly and annual earnings, earnings available for distribution, book-value measures, portfolio positioning, and dividend actions for common and preferred stock. News also reflects Chimera's operating platforms, including Palisades Advisory Services for asset management and HomeXpress Mortgage Corp. for non-QM, QM, consumer, and investor mortgage loan originations.
Chimera Investment Corporation (NYSE:CIM) announced the appointment of Kevin G. Chavers to its Board of Directors. Chavers, who brings over 34 years of experience in the real estate finance and mortgage industry, will chair the Compensation Committee and serve on the Risk Committee. His previous roles include Managing Director at BlackRock and Morgan Stanley, as well as President of Ginnie Mae. The company's Chairman, Gerry Creagh, expressed confidence that Chavers' expertise will greatly benefit Chimera.
Chimera Investment Corporation (NYSE:CIM) reported its Q1 2021 financial results, achieving a GAAP net income of $139 million or $0.54 per common share, with core earnings of $87 million or $0.36 per common share. The company emphasized its focus on portfolio optimization and re-securitization activities aimed at reducing financing costs and enhancing capital for future investments. CEO Mohit Marria noted that these strategies will provide long-term benefits to the portfolio.
The Board of Directors of Chimera Investment Corporation has declared its second quarter cash dividend of $0.33 per common share, payable on July 30, 2021. Shareholders on record as of June 30, 2021 will receive it, with an ex-dividend date set for June 29, 2021. Additionally, multiple preferred stock dividends were announced, including $0.50 per share for the 8% Series A and B Cumulative Redeemable Preferred Stocks, and $0.484375 for the 7.75% Series C, all payable on June 30, 2021. The ex-dividend date for preferred shares is May 28, 2021.
On April 26, 2021, Chimera Investment Corporation (NYSE:CIM) launched two securitizations totaling $977.1 million: CIM 2021-R3 at $859.7 million and CIM 2021-NR3 at $117.4 million. The CIM 2021-R3 securitization included approximately $730.8 million in senior securities, representing 85% of the capital structure, with Chimera retaining $128.9 million in subordinate interests. The CIM 2021-NR3 had approximately $82.1 million in senior securities, accounting for 70%. The expected weighted average cost of debt is 2.12%, down from 4.14% for prior securitizations.
Chimera Investment Corporation (NYSE: CIM) announced its plans to release financial results for Q1 2021 on May 5, 2021, before 7:00 a.m. EDT. An accompanying conference call will occur at 8:30 a.m. EDT on the same day, where the company will discuss its financial performance. Investors can access the call by dialing (866) 643-4456 for U.S. toll-free or (703) 546-4241 for international participants, using Conference ID 8958472. A replay will be available for one week after the call.
Chimera Investment Corporation (NYSE: CIM) announced that on March 31, 2021, Dennis Mahoney will not stand for re-election at the 2021 Annual Meeting of Shareholders, where Paul Donlin will also retire. Mahoney has been an independent board member since April 2010 and served as Chairman of the Audit Committee. Donlin, a founding member and distinguished Chairman of the Board for over 13 years, played a key role in the company's success. The company appreciates their contributions during their tenure.
Chimera Investment Corporation (NYSE:CIM) announced two significant securitizations on March 25, 2021, totaling approximately $1.74 billion. The CIM 2021-R2 securitization is valued at $1.5 billion, while CIM 2021-NR2 is approximately $240.4 million. Both securitizations involved seasoned residential mortgage loans, with CIM retaining subordinate interests worth $224.6 million and $60.1 million respectively. The weighted average cost of debt for these securitizations is notably lower at 2.24%, compared to 4.22% for prior ones. Additionally, Chimera retired a $400 million loan, further strengthening its financial position.
The Board of Directors of Chimera Investment Corporation has declared its first quarter cash dividend of $0.30 per common share, payable on April 30, 2021. Shareholders on record as of March 31, 2021 will be eligible, with the ex-dividend date set for March 30, 2021. Additionally, the Board announced dividends for preferred stocks, including $0.50 for Series A, B, and D, and $0.484375 for Series C, all payable on March 31, 2021 to record holders as of March 25, 2021.
On February 25, 2021, Chimera Investment Corporation (NYSE:CIM) announced the successful sponsorship of two securitizations: CIM 2021-R1, worth $2.1 billion, and CIM 2021-NR1, totaling $233 million. The loans in these securitizations are sourced from prior transactions. The CIM 2021-R1 securities have a senior balance of approximately $1.8 billion, while CIM 2021-NR1’s senior balance is around $163 million. Notably, the expected weighted average cost of debt for these securitizations is significantly lower at 2.04%, compared to 5.20% for previous securitizations.
Chimera Investment Corporation (NYSE: CIM) announced the resignation of Teresa Bryce Bazemore from its Board of Directors, effective February 28, 2021. This decision comes as she takes on new responsibilities as the President and CEO of the Federal Home Loan Bank of San Francisco. Chairman Gerry Creagh expressed gratitude for her contributions to the board. Chimera Investment Corporation is a publicly traded REIT focused on a diversified portfolio, including mortgage loans and real estate assets.