Chimera Declares Fourth Quarter 2024 Preferred Stock Dividends

Rhea-AI Summary

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.

Positive

• Maintained consistent preferred dividend payments across all series
• Series B and D preferred shares offer attractive floating rates above 10%

Negative

• None.

Insights

Financial Analyst

The preferred stock dividend declarations for Q4 2024 demonstrate Chimera's continued commitment to maintaining its dividend obligations across all preferred share classes. The Series B and D preferred shares show particularly attractive yields at 10.64% and 10.23% respectively, reflecting the current high interest rate environment through their floating-rate components tied to SOFR. These rates indicate strong income potential for preferred shareholders while highlighting the company's relatively high cost of capital. The fixed-rate Series A at 8% and Series C at 7.75% provide more stable, though lower, yields. The total preferred dividend commitment represents a significant recurring cash obligation for Chimera, impacting its available funds for common shareholders and business operations.

• BOARD DECLARES FOURTH QUARTER 2024 DIVIDEND OF $0.50 PER SHARE OF 8% SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK

• BOARD DECLARES FOURTH QUARTER 2024 DIVIDEND OF $0.6654 PER SHARE OF 8.00% SERIES B FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK

• BOARD DECLARES FOURTH QUARTER 2024 DIVIDEND OF $0.484375 PER SHARE OF 7.75% SERIES C FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK

• BOARD DECLARES FOURTH QUARTER 2024 DIVIDEND OF $0.6467 PER SHARE OF 8.00% SERIES D FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK

NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Chimera announced the declaration of its fourth quarter cash dividend of $0.50 per share of 8% Series A Cumulative Redeemable Preferred Stock. The dividend is payable December 30, 2024 to preferred shareholders of record on December 2, 2024. The ex-dividend date is December 2, 2024.

The Board of Directors of Chimera also announced the declaration of its fourth quarter cash dividend of $0.6654 per share of 8% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, which reflects a rate of 10.64596%, equal to three-month CME Term SOFR (plus a spread adjustment of 0.26161%) on the dividend determination date plus a spread of 5.791%. The dividend is payable December 30, 2024 to preferred shareholders of record on December 2, 2024. The ex-dividend date is December 2, 2024.

The Board of Directors of Chimera also announced the declaration of its fourth quarter cash dividend of $0.484375 per share of 7.75% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock. The dividend is payable December 30, 2024 to preferred shareholders of record on December 2, 2024. The ex-dividend date is December 2, 2024.

The Board of Directors of Chimera also announced the declaration of its fourth quarter cash dividend of $0.6467 per share of 8% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, which reflects a rate of 10.23396%, equal to three-month CME Term SOFR (plus a spread adjustment of 0.26161%) on the dividend determination date plus a spread of 5.379%. The dividend is payable December 30, 2024 to preferred shareholders of record on December 2, 2024. The ex-dividend date is December 2, 2024.

About Chimera Investment Corporation

Chimera is a publicly traded real estate investment trust, or REIT, that is primarily engaged in the business of investing directly or indirectly through its subsidiaries, on a leveraged basis, in a diversified portfolio of mortgage assets, including residential mortgage loans, Agency RMBS, Non-Agency RMBS, Agency CMBS, and other real estate related securities.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “goals,” “expect,” “target,” “assume,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among other things, those described in our most recent Annual Report on Form 10-K, and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, under the caption “Risk Factors.” Factors that could cause actual results to differ include, but are not limited to: delays and/or unforeseen events that could cause the proposed acquisition of the Palisades Group to be delayed or not consummated; the potential that Chimera may not fully realize the expected benefits of the acquisition of the Palisades Group, including the potential financial impact; our business and investment strategy; our ability to accurately forecast the payment of future dividends on our common and preferred stock, and the amount of such dividends; our ability to determine accurately the fair market value of our assets; availability of investment opportunities in real estate-related and other securities, including our valuation of potential opportunities that may arise as a result of current and future market dislocations; our expected investments; changes in the value of our investments, including negative changes resulting in margin calls related to the financing of our assets; changes in inflation, interest rates and mortgage prepayment rates; prepayments of the mortgage and other loans underlying our mortgage-backed securities, or MBS, or other asset-backed securities, or ABS; rates of default, forbearance, deferred payments, delinquencies or decreased recovery rates on our investments; general volatility of the securities markets in which we invest; our ability to maintain existing financing arrangements and our ability to obtain future financing arrangements; our ability to effect our strategy to securitize residential mortgage loans; interest rate mismatches between our investments and our borrowings used to finance such purchases; effects of interest rate caps on our adjustable-rate investments; the degree to which our hedging strategies may or may not protect us from interest rate volatility; the impact of and changes to various government programs; the impact of and changes in governmental regulations, tax law and rates, accounting guidance, and similar matters; market trends in our industry, interest rates, the debt securities markets or the general economy; estimates relating to our ability to make distributions to our stockholders in the future; our understanding of our competition; our ability to find and retain qualified personnel; our ability to maintain our classification as a REIT for U.S. federal income tax purposes; our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended; our expectations regarding materiality or significance; and the effectiveness of our disclosure controls and procedures.

Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Chimera does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these, and other risk factors is contained in Chimera’s most recent filings with the Securities and Exchange Commission (SEC). All subsequent written and oral forward-looking statements concerning Chimera or matters attributable to Chimera or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

Readers are advised that any financial information in this press release is based on company data available at the time of this presentation and, in certain circumstances, may not have been audited by Chimera’s independent auditors.

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Investor Relations

888-895-6557

www.chimerareit.com

Source: Chimera Investment Corporation

FAQ

What are Chimera's (CIM) preferred stock dividend amounts for Q4 2024?

Chimera declared Q4 2024 preferred dividends of $0.50 for Series A, $0.6654 for Series B, $0.484375 for Series C, and $0.6467 for Series D shares.

When is the payment date for Chimera's (CIM) Q4 2024 preferred dividends?

All preferred stock dividends will be paid on December 30, 2024.

What are the floating rates for Chimera's (CIM) Series B and D preferred stocks?

Series B preferred stock has a floating rate of 10.64596%, while Series D preferred stock has a floating rate of 10.23396%.

What is the record date for Chimera's (CIM) Q4 2024 preferred dividends?

The record date for all preferred stock dividends is December 2, 2024, which is also the ex-dividend date.