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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.
Chimera Investment (NYSE:CIM) reported a GAAP net income of $0.45 per diluted common share and earnings available for distribution of $0.12 per diluted common share for the first quarter of 2024. The company's GAAP book value increased to $7.11 per common share, reflecting an economic return of 7%. Chimera acquired $50 million in new issue mortgage securitizations and settled on $78 million of residential transition loans in the period. The company is a real estate investment trust primarily investing in mortgage assets.
