[8-K] Chimera Investment Corp. Reports Material Event
On 5 Aug 2025, LTC Properties, Inc. amended its $400 million at-the-market (ATM) equity distribution agreement originally dated 13 Nov 2024.
The amendment: (i) adds RBC Capital Markets LLC and BTIG LLC as additional sales agents/principals; (ii) designates RBC Capital Markets LLC and Nomura Securities International, Inc. (through BTIG) as additional forward sellers; and (iii) appoints Royal Bank of Canada and Nomura Global Financial Products, Inc. as additional forward purchasers under new master forward confirmations (Ex. 99.1).
Concurrently, LTC terminated BMO Capital Markets Corp., Bank of Montreal and Wedbush Securities Inc. from the agreement. Approximately $376.4 million of common stock capacity remains unsold. All other terms, including issuance under Shelf Registration Statement No. 333-283158, are unchanged.
The revision maintains LTC’s ability to raise equity or enter forward sales, though utilization of the remaining capacity could prove dilutive to current shareholders.
Il 5 agosto 2025, LTC Properties, Inc. ha modificato il suo accordo di distribuzione azionaria at-the-market (ATM) da 400 milioni di dollari, originariamente datato 13 novembre 2024.
La modifica: (i) aggiunge RBC Capital Markets LLC e BTIG LLC come agenti di vendita/principali aggiuntivi; (ii) designa RBC Capital Markets LLC e Nomura Securities International, Inc. (tramite BTIG) come venditori a termine aggiuntivi; e (iii) nomina Royal Bank of Canada e Nomura Global Financial Products, Inc. come acquirenti a termine aggiuntivi sotto nuove conferme master forward (Ex. 99.1).
Contestualmente, LTC ha terminato l’accordo con BMO Capital Markets Corp., Bank of Montreal e Wedbush Securities Inc. Circa 376,4 milioni di dollari di capacità residua di azioni ordinarie restano invenduti. Tutti gli altri termini, inclusa l’emissione sotto la Shelf Registration Statement No. 333-283158, rimangono invariati.
La revisione mantiene la capacità di LTC di raccogliere capitale azionario o di effettuare vendite a termine, anche se l’utilizzo della capacità residua potrebbe risultare diluitivo per gli azionisti attuali.
El 5 de agosto de 2025, LTC Properties, Inc. modificó su acuerdo de distribución de acciones at-the-market (ATM) por 400 millones de dólares, originalmente fechado el 13 de noviembre de 2024.
La enmienda: (i) añade a RBC Capital Markets LLC y BTIG LLC como agentes de ventas/principales adicionales; (ii) designa a RBC Capital Markets LLC y a Nomura Securities International, Inc. (a través de BTIG) como vendedores a plazo adicionales; y (iii) nombra a Royal Bank of Canada y Nomura Global Financial Products, Inc. como compradores a plazo adicionales bajo nuevas confirmaciones master forward (Ex. 99.1).
Simultáneamente, LTC terminó el acuerdo con BMO Capital Markets Corp., Bank of Montreal y Wedbush Securities Inc. Quedan aproximadamente 376,4 millones de dólares en capacidad de acciones comunes sin vender. Los demás términos, incluyendo la emisión bajo la Shelf Registration Statement No. 333-283158, permanecen sin cambios.
La revisión mantiene la capacidad de LTC para recaudar capital accionario o realizar ventas a plazo, aunque el uso de la capacidad restante podría resultar dilutivo para los accionistas actuales.
2025년 8월 5일, LTC Properties, Inc.는 원래 2024년 11월 13일에 체결된 4억 달러 규모의 시장가격 매출(ATM) 주식 배포 계약을 수정했습니다.
수정 내용은 다음과 같습니다: (i) RBC Capital Markets LLC와 BTIG LLC를 추가 판매 대리인/주체로 포함; (ii) RBC Capital Markets LLC와 Nomura Securities International, Inc.(BTIG를 통해)를 추가 선도 매도인으로 지정; (iii) Royal Bank of Canada와 Nomura Global Financial Products, Inc.를 새로운 마스터 선도 확인서(Ex. 99.1) 하에 추가 선도 매수인으로 임명.
동시에 LTC는 BMO Capital Markets Corp., Bank of Montreal, Wedbush Securities Inc.와의 계약을 종료했습니다. 약 3억 7,640만 달러 상당의 보통주 잔여 용량이 미판매 상태로 남아 있습니다. 기타 모든 조건은 Shelf Registration Statement No. 333-283158에 따른 발행을 포함해 변경되지 않았습니다.
이번 수정으로 LTC는 자본을 조달하거나 선도 매매를 진행할 수 있는 능력을 유지하지만, 남은 용량을 활용할 경우 기존 주주에게 희석 효과가 발생할 수 있습니다.
Le 5 août 2025, LTC Properties, Inc. a modifié son accord de distribution d’actions at-the-market (ATM) d’un montant de 400 millions de dollars, initialement daté du 13 novembre 2024.
L’amendement : (i) ajoute RBC Capital Markets LLC et BTIG LLC en tant qu’agents/principaux de vente supplémentaires ; (ii) désigne RBC Capital Markets LLC et Nomura Securities International, Inc. (via BTIG) comme vendeurs à terme supplémentaires ; et (iii) nomme Royal Bank of Canada et Nomura Global Financial Products, Inc. comme acheteurs à terme supplémentaires sous de nouvelles confirmations master forward (Ex. 99.1).
Parallèlement, LTC a résilié l’accord avec BMO Capital Markets Corp., Bank of Montreal et Wedbush Securities Inc. Environ 376,4 millions de dollars de capacité d’actions ordinaires restent non vendus. Tous les autres termes, y compris l’émission dans le cadre de la Shelf Registration Statement n° 333-283158, restent inchangés.
Cette révision maintient la capacité de LTC à lever des fonds propres ou à réaliser des ventes à terme, bien que l’utilisation de la capacité restante puisse entraîner une dilution pour les actionnaires actuels.
Am 5. August 2025 änderte LTC Properties, Inc. seine ursprünglich am 13. November 2024 datierte 400-Millionen-Dollar-At-the-Market-(ATM)-Aktienvertriebsvereinbarung.
Die Änderung: (i) fügt RBC Capital Markets LLC und BTIG LLC als zusätzliche Verkaufsagenten/-prinzipale hinzu; (ii) bestimmt RBC Capital Markets LLC und Nomura Securities International, Inc. (über BTIG) als zusätzliche Forward-Verkäufer; und (iii) ernennt Royal Bank of Canada und Nomura Global Financial Products, Inc. als zusätzliche Forward-Käufer unter neuen Master-Forward-Bestätigungen (Ex. 99.1).
Zeitgleich hat LTC BMO Capital Markets Corp., Bank of Montreal und Wedbush Securities Inc. aus der Vereinbarung entlassen. Ungefähr 376,4 Millionen Dollar an unverkaufter Stammaktienkapazität verbleiben. Alle anderen Bedingungen, einschließlich der Emission gemäß dem Shelf Registration Statement Nr. 333-283158, bleiben unverändert.
Die Überarbeitung erhält LTCs Fähigkeit, Eigenkapital zu beschaffen oder Forward-Verkäufe einzugehen, wobei die Nutzung der verbleibenden Kapazität für die aktuellen Aktionäre verwässernd wirken könnte.
- Expanded syndicate with RBC, BTIG and Nomura increases distribution reach and forward-sale optionality.
- $376.4 million remaining ATM capacity provides significant financing flexibility without immediate debt issuance.
- Potential dilution if the large unused ATM capacity is tapped aggressively.
- Termination of BMO, Bank of Montreal and Wedbush reduces counterparty diversity and may hint at weaker relationships.
Insights
TL;DR Neutral: ATM syndicate reshuffled; financing flexibility retained, dilution risk unchanged.
The amendment refreshes distribution capacity by bringing in RBC and BTIG—firms with broad institutional reach and proven forward-sale execution. Removing BMO/Bank of Montreal and Wedbush has little operational impact because $376.4 million (94%) of authority is still unused. No change to size, pricing mechanics or covenants, so the transaction neither strengthens nor weakens balance-sheet metrics today. Investors should monitor future ATM activity, as sizeable issuance could weigh on per-share FFO.
TL;DR Administrative realignment; modest strategic benefit, limited immediate earnings effect.
For a healthcare-focused REIT like LTC, diversified capital channels are essential. Adding RBC and Nomura expands counterparties able to structure forward equity, which can time share settlement to match acquisitions. However, only $23.6 million has been sold to date, hinting at limited near-term external growth needs. Terminating former agents may simply reflect low activity. The filing is not a sign of distress, but investors should weigh potential dilution against acquisition pipeline returns.
Il 5 agosto 2025, LTC Properties, Inc. ha modificato il suo accordo di distribuzione azionaria at-the-market (ATM) da 400 milioni di dollari, originariamente datato 13 novembre 2024.
La modifica: (i) aggiunge RBC Capital Markets LLC e BTIG LLC come agenti di vendita/principali aggiuntivi; (ii) designa RBC Capital Markets LLC e Nomura Securities International, Inc. (tramite BTIG) come venditori a termine aggiuntivi; e (iii) nomina Royal Bank of Canada e Nomura Global Financial Products, Inc. come acquirenti a termine aggiuntivi sotto nuove conferme master forward (Ex. 99.1).
Contestualmente, LTC ha terminato l’accordo con BMO Capital Markets Corp., Bank of Montreal e Wedbush Securities Inc. Circa 376,4 milioni di dollari di capacità residua di azioni ordinarie restano invenduti. Tutti gli altri termini, inclusa l’emissione sotto la Shelf Registration Statement No. 333-283158, rimangono invariati.
La revisione mantiene la capacità di LTC di raccogliere capitale azionario o di effettuare vendite a termine, anche se l’utilizzo della capacità residua potrebbe risultare diluitivo per gli azionisti attuali.
El 5 de agosto de 2025, LTC Properties, Inc. modificó su acuerdo de distribución de acciones at-the-market (ATM) por 400 millones de dólares, originalmente fechado el 13 de noviembre de 2024.
La enmienda: (i) añade a RBC Capital Markets LLC y BTIG LLC como agentes de ventas/principales adicionales; (ii) designa a RBC Capital Markets LLC y a Nomura Securities International, Inc. (a través de BTIG) como vendedores a plazo adicionales; y (iii) nombra a Royal Bank of Canada y Nomura Global Financial Products, Inc. como compradores a plazo adicionales bajo nuevas confirmaciones master forward (Ex. 99.1).
Simultáneamente, LTC terminó el acuerdo con BMO Capital Markets Corp., Bank of Montreal y Wedbush Securities Inc. Quedan aproximadamente 376,4 millones de dólares en capacidad de acciones comunes sin vender. Los demás términos, incluyendo la emisión bajo la Shelf Registration Statement No. 333-283158, permanecen sin cambios.
La revisión mantiene la capacidad de LTC para recaudar capital accionario o realizar ventas a plazo, aunque el uso de la capacidad restante podría resultar dilutivo para los accionistas actuales.
2025년 8월 5일, LTC Properties, Inc.는 원래 2024년 11월 13일에 체결된 4억 달러 규모의 시장가격 매출(ATM) 주식 배포 계약을 수정했습니다.
수정 내용은 다음과 같습니다: (i) RBC Capital Markets LLC와 BTIG LLC를 추가 판매 대리인/주체로 포함; (ii) RBC Capital Markets LLC와 Nomura Securities International, Inc.(BTIG를 통해)를 추가 선도 매도인으로 지정; (iii) Royal Bank of Canada와 Nomura Global Financial Products, Inc.를 새로운 마스터 선도 확인서(Ex. 99.1) 하에 추가 선도 매수인으로 임명.
동시에 LTC는 BMO Capital Markets Corp., Bank of Montreal, Wedbush Securities Inc.와의 계약을 종료했습니다. 약 3억 7,640만 달러 상당의 보통주 잔여 용량이 미판매 상태로 남아 있습니다. 기타 모든 조건은 Shelf Registration Statement No. 333-283158에 따른 발행을 포함해 변경되지 않았습니다.
이번 수정으로 LTC는 자본을 조달하거나 선도 매매를 진행할 수 있는 능력을 유지하지만, 남은 용량을 활용할 경우 기존 주주에게 희석 효과가 발생할 수 있습니다.
Le 5 août 2025, LTC Properties, Inc. a modifié son accord de distribution d’actions at-the-market (ATM) d’un montant de 400 millions de dollars, initialement daté du 13 novembre 2024.
L’amendement : (i) ajoute RBC Capital Markets LLC et BTIG LLC en tant qu’agents/principaux de vente supplémentaires ; (ii) désigne RBC Capital Markets LLC et Nomura Securities International, Inc. (via BTIG) comme vendeurs à terme supplémentaires ; et (iii) nomme Royal Bank of Canada et Nomura Global Financial Products, Inc. comme acheteurs à terme supplémentaires sous de nouvelles confirmations master forward (Ex. 99.1).
Parallèlement, LTC a résilié l’accord avec BMO Capital Markets Corp., Bank of Montreal et Wedbush Securities Inc. Environ 376,4 millions de dollars de capacité d’actions ordinaires restent non vendus. Tous les autres termes, y compris l’émission dans le cadre de la Shelf Registration Statement n° 333-283158, restent inchangés.
Cette révision maintient la capacité de LTC à lever des fonds propres ou à réaliser des ventes à terme, bien que l’utilisation de la capacité restante puisse entraîner une dilution pour les actionnaires actuels.
Am 5. August 2025 änderte LTC Properties, Inc. seine ursprünglich am 13. November 2024 datierte 400-Millionen-Dollar-At-the-Market-(ATM)-Aktienvertriebsvereinbarung.
Die Änderung: (i) fügt RBC Capital Markets LLC und BTIG LLC als zusätzliche Verkaufsagenten/-prinzipale hinzu; (ii) bestimmt RBC Capital Markets LLC und Nomura Securities International, Inc. (über BTIG) als zusätzliche Forward-Verkäufer; und (iii) ernennt Royal Bank of Canada und Nomura Global Financial Products, Inc. als zusätzliche Forward-Käufer unter neuen Master-Forward-Bestätigungen (Ex. 99.1).
Zeitgleich hat LTC BMO Capital Markets Corp., Bank of Montreal und Wedbush Securities Inc. aus der Vereinbarung entlassen. Ungefähr 376,4 Millionen Dollar an unverkaufter Stammaktienkapazität verbleiben. Alle anderen Bedingungen, einschließlich der Emission gemäß dem Shelf Registration Statement Nr. 333-283158, bleiben unverändert.
Die Überarbeitung erhält LTCs Fähigkeit, Eigenkapital zu beschaffen oder Forward-Verkäufe einzugehen, wobei die Nutzung der verbleibenden Kapazität für die aktuellen Aktionäre verwässernd wirken könnte.
FAQ
What did LTC Properties (LTC) disclose in its Form 8-K dated August 5, 2025?
How much capacity remains under LTC’s at-the-market equity program?
Which new agents and forward counterparties were added to LTC’s agreement?
Which firms were removed from LTC’s equity distribution agreement?
Does the amendment change the total size of the equity distribution program?
Under which registration statement will future shares be issued?
