Chimera Invt Corp - CIM STOCK NEWS

Chimera Investment (NYSE:CIM) reported its Q4 and full-year 2024 financial results. The company posted a Q4 GAAP net loss of $2.07 per diluted share, while achieving earnings available for distribution of $0.37 per share. For the full year 2024, CIM recorded GAAP net income of $90 million ($1.10 per diluted share) and earnings available for distribution of $121 million ($1.48 per diluted share).

The company's GAAP book value stood at $19.72 per common share as of December 31, 2024, with an economic return of 4.40% for the year. The company made progress on building a more diversified portfolio, with the Palisades acquisition expected to strengthen their business and create additional shareholder value in 2025 and beyond.

Chimera has declared its first quarter 2025 preferred stock dividends for all four series of its preferred shares. The dividends include:

- Series A (8.00%): $0.50 per share
- Series B (8.00% Fixed-to-Floating): $0.6488 per share, reflecting a 10.38139% rate
- Series C (7.75%): $0.484375 per share
- Series D (8.00% Fixed-to-Floating): $0.6231 per share, reflecting a 9.96939% rate

All dividends will be payable on March 31, 2025, to shareholders of record on March 3, 2025, with an ex-dividend date of March 3, 2025. The floating rates for Series B and D are based on three-month CME Term SOFR plus respective spreads.

Chimera Investment (NYSE: CIM) has sponsored CIM 2025-I1, a $287.7 million securitization of residential mortgage investor loans on January 31, 2025. The loan portfolio features a 7.9% weighted average coupon, 748 weighted average FICO scores, and 64% LTV ratio.

The company sold securities worth $275.7 million (95.8% of capital structure) to institutional investors through private placement. Chimera retained subordinate interests of approximately $11.9 million and certain interest-only securities. The weighted average cost of debt on securities sold was 5.8%.

The securitization, rated by Fitch and Morningstar DBRS, includes a call option exercisable by Chimera either on February 25, 2028, or when the unpaid principal balance reaches 30% of the initial balance. Palisades Advisory Services, Chimera's subsidiary, will serve as Asset Manager.

Chimera Investment (NYSE: CIM) has announced it will release its fourth quarter and full year 2024 financial results on Wednesday, February 12, 2025, before 7:00 a.m. EDT. The company will host a conference call and audio webcast to discuss the results at 8:30 a.m. EDT on the same day.

Chimera Investment operates as a REIT focused on investing in diverse real estate assets, including residential mortgage loans, Non-Agency RMBS, Agency RMBS, business purpose loans, MSRs, and other real estate-related assets such as Agency CMBS, junior liens, HELOCs, equity appreciation rights, and reverse mortgages.

Chimera Investment (CIM) has announced its fourth quarter 2024 dividend declaration. The company's Board of Directors has declared a cash dividend of $0.37 per common share. The dividend will be paid on January 31, 2025, to stockholders of record as of December 31, 2024. The ex-dividend date is set for December 31, 2024.

Chimera Investment (NYSE: CIM) has completed the acquisition of Palisades Group, a U.S.-based alternative asset manager specializing in residential real estate credit. The transaction, closed on December 2, 2024, involved a $30 million cash payment at closing, with a potential additional earnout of up to $20 million over five years tied to financial performance targets. Chimera has the option to pay 50% of the earnout in common shares. As part of the deal, Palisades' co-founder and Chief Investment Officer, Jack Macdowell, Jr., has assumed the role of CIM's Chief Investment Officer.

Chimera Investment (NYSE:CIM) has elected Cynthia B. Walsh to its Board of Directors as a Class III Director, effective December 1, 2024. Walsh brings 37 years of financial industry experience and currently serves as President of Walsh Advisors, a registered investment advisory firm. She previously held positions as Managing Partner and CFO at National Bond and Trust, and various roles at Bank of America. Walsh holds degrees from Purdue University, University of Chicago, and DePaul University, where she currently serves as an adjunct professor. She will serve on the Nominating and Corporate Governance Committee and stand for election at the 2025 shareholder meeting.

Chimera Investment (CIM) has declared fourth quarter 2024 preferred stock dividends for its four series of preferred shares. The dividends include: $0.50 per share for Series A (8%), $0.6654 per share for Series B (10.64596% rate), $0.484375 per share for Series C (7.75%), and $0.6467 per share for Series D (10.23396% rate). All dividends will be paid on December 30, 2024, with a record and ex-dividend date of December 2, 2024.

Chimera Investment (NYSE:CIM) reported third quarter 2024 financial results with GAAP net income of $1.39 per diluted common share and earnings available for distribution of $0.36 per diluted share. The company's GAAP book value was $22.35 per common share as of September 30, 2024, with economic returns of 6.82% for Q3 and 15.56% for the nine months ended September 30, 2024. During Q3, CIM sponsored a mortgage securitization, issued unsecured debt, purchased nearly $600 million in securities, and committed to over $100 million in residential transition loans. The company also announced plans to acquire The Palisades Group to expand its residential credit reach.