Chimera Investment Corp. - CIM STOCK NEWS

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.

Chimera Investment (NYSE: CIM) has announced a definitive agreement to acquire Palisades Group, a U.S.-based alternative asset manager specializing in residential real estate credit. The acquisition, expected to close in Q4 2024, involves a $30 million cash payment at closing, with a potential additional earnout of up to $20 million over five years. This strategic move aims to broaden Chimera's residential credit reach and is anticipated to be accretive to earnings in 2025.

Key benefits include diversifying income streams through an attractive fee-based business model, increasing market presence with over $30 billion of notional loans and real estate assets managed on a combined basis, and adding 36 professionals with expertise in operational and loan risk management. Jack Macdowell, Jr., co-founder and CIO of Palisades, will become Chimera's new Chief Investment Officer upon closing.

Chimera Investment (NYSE: CIM) has announced the date for its Third Quarter 2024 Financial Results release and conference call. The company plans to release its financial results for the quarter ended September 30, 2024, on Wednesday, November 6, 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 join the call using the U.S. Toll Free number 866-604-1613 or International number +1 201-689-7810. A webcast will also be available on the company's website. A replay of the call will be accessible for two weeks following the conference. Chimera Investment is a publicly traded REIT that invests in a diversified portfolio of real estate assets, including mortgage loans, RMBS, CMBS, and other real estate-related securities.

Chimera Investment has announced an increase in its third quarter 2024 common stock dividend. The Board of Directors declared a cash dividend of $0.37 per common share, payable on October 31, 2024 to stockholders of record on September 30, 2024. This marks the second consecutive quarter of dividend increase for the company.

Phillip J. Kardis II, President and CEO of Chimera, expressed satisfaction with the dividend increase and stated that the company continues to seek opportunities to maximize shareholder value in what they perceive as a more favorable interest rate environment.

Chimera Investment (NYSE: CIM) has successfully closed its public offering of $74.75 million in 9.250% senior notes due 2029. This includes $9.75 million issued through an over-allotment option. The notes, trading under the symbol 'CIMO', are expected to begin trading on the New York Stock Exchange on August 22, 2024. Egan-Jones Ratings Company has assigned an investment grade rating of BBB to the notes.

CEO Phillip J. Kardis II highlighted that this is Chimera's second bond offering in 2024, bringing their total unsecured debt raise for the year to $140 million. The company believes this capital raising activity will benefit shareholders in the long term. Several prominent financial institutions served as joint book-running managers for the offering.

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.