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 (NYSE: CIM) has announced the pricing of a $65 million public offering of 9.250% senior notes due 2029. The company has granted underwriters a 30-day option to purchase an additional $9.75 million in notes. The offering is expected to close on August 19, 2024, with the notes to be listed on the NYSE under the symbol 'CIMO'. CIM plans to use the proceeds to finance mortgage asset acquisitions, including residential mortgage loans, RMBS, CMBS, and other targeted assets. The notes will pay interest quarterly and mature on August 15, 2029, with an option for early redemption from August 15, 2026.
Chimera Investment (NYSE: CIM) has declared preferred stock dividends for the third quarter of 2024. The company's Board of Directors announced the following dividends:
- 8% Series A: $0.50 per share
- 8% Series B: $0.7111 per share (11.37721% rate)
- 7.75% Series C: $0.484375 per share
- 8% Series D: $0.7006 per share (10.96521% rate)
All dividends are payable on September 30, 2024, to shareholders of record as of September 3, 2024. The ex-dividend date for all series is also September 3, 2024. Series B and D rates are based on three-month CME Term SOFR plus adjustments and spreads.
Chimera Investment (NYSE:CIM) announced its Q2 2024 financial results with a GAAP net income of $0.41 per diluted common share and earnings available for distribution of $0.37 per diluted common share.
GAAP book value per common share was $21.27 as of June 30, 2024, with an economic return of 1.4% for the quarter and 8.4% for the first six months of 2024. The company completed its first securitization of the year in July.
Key financials include:
- Net income of $56.7 million
- Interest income of $186.7 million
- Interest expense of $119.4 million
- Total assets of $13.13 billion
- Total liabilities of $10.49 billion
- Stockholders' equity of $2.64 billion
The company's portfolio includes diverse mortgage assets, contributing to an increase in dividends and a strong economic return for shareholders.
Chimera Investment (NYSE: CIM) has sponsored a $468.1 million securitization of seasoned reperforming residential mortgage loans, named CIM 2024-R1. The company sold $351.8 million in senior securities to institutional investors, representing 75.15% of the capital structure. Chimera retained $116.3 million in subordinate interests and certain interest-only securities. The securitization features a 75.15% advance rate with a 5.7% weighted average cost of debt. Chimera also retained an option to call the securitized mortgage loans when their unpaid principal balance reaches 30% or less of the initial balance. The securitization is rated by Fitch and Morningstar DBRS.
Chimera Investment (NYSE: CIM) has announced the date for its second quarter 2024 financial results release and conference call. The company plans to release its financial results on Wednesday, August 7, 2024, before 7:00 a.m. EDT. A conference call and audio webcast to discuss the results will be held on the same day at 8:30 a.m. EDT.
Investors can access the call using the U.S. Toll Free number (888) 645-4404 or the International number (862) 298-0702. The webcast will be available on the company's website. A replay of the call will be accessible for two weeks following the conference call. Interested parties can join the e-mail distribution list by visiting the company's website and completing the email notification form.
The Board of Directors of Chimera Investment declared a second quarter 2024 cash dividend of $0.35 per common share.
This marks an increase from the first quarter dividend of $0.33 per share, adjusted for a reverse stock split.
The dividend will be payable on July 31, 2024, to shareholders of record as of June 28, 2024. The ex-dividend date is also June 28, 2024.
Chimera Investment (NYSE: CIM) announced the closing of its public offering of $65 million in 9.000% senior notes due 2029. The notes are expected to trade on the NYSE under the symbol 'CIMN' starting May 28, 2024, and received a BBB investment grade rating from Egan-Jones. The offering aims to diversify Chimera's capital structure and support the acquisition of high-yielding assets. The transaction was managed by prominent financial firms including Morgan Stanley and RBC Capital Markets. Legal advisors included Hunton Andrews Kurth LLP and Venable LLP.
Chimera Investment (NYSE: CIM) announced a public offering of $65 million in 9.00% senior notes due 2029. Underwriters have a 30-day option to purchase up to an additional $9.75 million. The offering is expected to close on May 22, 2024, subject to customary conditions. The notes are to be listed on the NYSE under 'CIMN' and trading is expected to start within 30 days post-issuance. Proceeds will be used to acquire various mortgage assets and for general corporate purposes. Interest on the notes will be paid quarterly starting August 15, 2024, with maturity on May 15, 2029. The notes are senior unsecured obligations and can be redeemed starting May 15, 2026. Joint book-running managers include Morgan Stanley, RBC Capital Markets, UBS Securities, Wells Fargo Securities, Keefe, Bruyette & Woods, and Piper Sandler.
Chimera Investment (CIM) has announced a 1-for-3 reverse stock split, with the effective date set for May 21, 2024. The split will reduce the number of outstanding shares from 241.4 million to 80.5 million and the authorized shares from 500 million to 166.7 million. The company aims to align its market capitalization with similar companies and make its stock more appealing to a wider range of investors. The split will not affect shareholders' ownership percentage, with fractional shares being cashed out based on the closing price on May 21, 2024. Stockholders will receive information from Computershare Trust Company, N.A., the transfer agent, on the process to exchange pre-split certificates for new shares.
Chimera has declared second quarter 2024 dividends for its preferred stocks, including $0.50 per share for Series A, $0.7094 per share for Series B, $0.484375 per share for Series C, and $0.6989 per share for Series D. The dividends are payable on July 1, 2024.