Summary
Chimera Investment Corporation: We Play Defense With The Bonds And Still Get Paid Close To 9%
Chimera Investment Corporation (CIM) exhibits moderately solid fundamentals for an mREIT, with total assets of $15.1 billion and a market cap of $1.07 billion. CIM's portfolio is heavily weighted toward re-performing loans (64%), with significant leverage (debt-to-equity 4.8x) and high exposure to collateralized debt. The baby bonds and preferred stocks yield 8–9.4%, compensating for elevated risk; CIMP and CIM.PR.A stand out for their higher yields among peers.
Chimera Investment Corporation (CIM) Q3 2025 Earnings Call Transcript
Chimera Investment Corporation ( CIM ) Q3 2025 Earnings Call November 6, 2025 8:30 AM EST Company Participants Miyun Sung - Chief Legal Officer & Corporate Secretary Phillip Kardis - President, CEO & Director Subramaniam Viswanathan - CFO & Principal Accounting Officer Jack Macdowell - Chief Investment Officer Conference Call Participants Francesco Labetti - Keefe, Bruyette, & Woods, Inc., Research Division Trevor Cranston - Citizens JMP Securities, LLC, Research Division Presentation Operator Greetings. Welcome to Chimera Investment Corporation Third Quarter Earnings Call.
This Stock Has A 11.60% Yield And Sells For Less Than Book
Chimera Investment has been named as a Top 10 Real Estate Investment Trust (REIT), according to Dividend Channel, which published its most recent ''DividendRank'' report. The report noted that among REITs, CIM shares displayed both attractive valuation metrics and strong profitability metrics.
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Chimera Investment Corporation Profile
| Mortgage Real Estate Investment Trusts (REITs) Industry | Financials Sector | Phillip John Kardis II, CEO | LSE Exchange | US16934Q8024 ISIN |
| US Country | 77 Employees | 30 Sep 2025 Last Dividend | 22 May 2024 Last Split | 16 Nov 2007 IPO Date |
Overview
Chimera Investment Corporation is a distinguished entity in the financial landscape of the United States, functioning primarily as a real estate investment trust (REIT). With its incorporation dating back to 2007 and its headquarters based in New York, New York, the organization has carved a niche for itself through strategic investments in a diversified mortgage asset portfolio. Operating via its subsidiaries, Chimera is focused on leveraging opportunities in residential and commercial mortgage-backed securities, direct mortgage loans, and other related real estate securities. The company’s commitment to adhering to the federal income tax requirements for a REIT is evident in its distribution policy, aiming to allocate at least 90% of its taxable income as dividends to its shareholders, thereby ensuring a steady income stream and maintaining its REIT status.
Products and Services
- Residential Mortgage Loans:
- Agency Residential Mortgage-Backed Securities (RMBS):
- Non-Agency Residential Mortgage-Backed Securities:
- Agency Commercial Mortgage-Backed Securities (CMBS):
- Business Purpose and Investor Loans:
- Investment Grade and Non-Investment Grade Securities:
- Other Real Estate Related Securities:
Offering financing solutions to homeowners, these loans form a primary component of Chimera’s investment strategy, leveraging the stable income and long-term growth potential inherent in residential real estate.
These securities, underpinned by mortgage loans and backed by government-sponsored enterprises, represent a significant facet of the company's portfolio, emphasizing safety and predictability of returns.
Distinguished from their agency counterparts, these securities are not guaranteed by government-sponsored entities, offering higher yields albeit with a greater risk profile, aligning with the company’s diversified investment approach.
Reflecting investments in securities secured by pools of commercial mortgage loans, these instruments offer diversity to Chimera’s portfolio, tapping into the commercial real estate’s dynamic market trends.
Targeting the needs of businesses and investors, these loan products are tailored to finance commercial properties, renovation projects, or rental properties, catering to a range of investment strategies.
Within its broad-ranging portfolio, Chimera invests in securities spanning across the credit rating spectrum, from investment grade, ensuring stability and lower risk, to non-investment grade, offering potentially higher returns.
This category encompasses a variety of securities linked to the real estate market, further broadening the company’s investment portfolio and leveraging opportunities across the real estate sector’s full spectrum.
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