Chimera Investment Corporation (4CR0)
XDUS 
Summary
4CR0 Chart
Chimera Investment: A Comparative Review Of Bonds And Preferred Shares
Chimera Investment Corporation offers a diversified capital structure with a significant portion in residential mortgage loans and agency RMBS. CIM's fixed-to-floating preferred stocks, trading below par with yields above 10.2%-10.8%, now present a superior risk-reward profile versus baby bonds. Leverage has increased to 3.3x, raising risk, but CIM maintains a solid credit buffer and stable portfolio fundamentals.
10.4% Dividend Yield Worth Considering From Chimera Investment
Chimera Investment Corporation preferred C shares offer a 10.39% floating yield, trading at 97.8% of our buy target. CIM-C presents a more attractive valuation and higher yield than CIM-A, despite both carrying a risk rating of 4. CIM-A trades above our buy target and offers a lower yield (9.74%), making it less compelling versus CIM-C for income-focused investors.
Chimera Investment PFDs Update: CIM-C Now Gets The Buy Rating
Chimera Investment Corporation offers four cumulative preferreds, each with distinct coupon structures and call features for yield-seeking investors. CIM-B currently provides the highest yield among the preferreds at 10.4%, likely due to its position in the call sequence and floating rate add-on. None of the preferreds offer official call protection, and CIM has no history of calling its preferreds, impacting yield and call risk assessments.
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Chimera Investment Corporation Profile
| Mortgage Real Estate Investment Trusts (REITs) Industry | Financials Sector | Phillip John Kardis CEO | XDUS Exchange | US16934Q8024 ISIN |
| US Country | 423 Employees | 30 Sep 2026 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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