Chimera Investment Corporation (CIM)
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.
9% Dividend Yield Looks Great Until You See 10% From Chimera
Chimera Investment Corporation (CIM) preferred share CIM-A is significantly overpriced, trading at 110.7% of the buy target despite a 9.27% stripped yield. CIM-B offers superior value with a 10.24% stripped yield, trading near its buy target and providing better income for similar risk. The fixed-rate feature of CIM-A is not worth the current premium, especially with alternative fixed-rate securities available at more attractive valuations.
Chimera Investment Q2 Earnings Call Highlights
Chimera Investment NYSE: CIM reported second-quarter 2026 earnings available for distribution, or EAD, of $39 million, or $0.46 per share, as the company continued to reposition its investment portfolio toward agency mortgage-backed securities and residential credit opportunities.
Chimera Investment Corporation (CIM) Q2 2026 Earnings Call Transcript
Chimera Investment Corporation (CIM) Q2 2026 Earnings Call Transcript
10% Dividend Yields From Chimera Preferred Shares Offer Trading Opportunities
Chimera Investment Corporation preferred shares present recurring opportunities through disciplined relative value trading rather than passive buy-and-hold strategies. CIM-B (CIM.PR.B) is currently rated a buy, while CIM-D (CIM.PR.D) and CIM-C (CIM.PR.C) are holds, pending more attractive entry points. Active monitoring and timely swaps between similar preferreds have consistently delivered outperformance, capitalizing on valuation gaps rather than fundamental changes.
Chimera Investment Q1 Earnings Call Highlights
Chimera Investment NYSE: CIM executives said the company covered its dividend in the first quarter of 2026 while continuing to reposition its portfolio toward more liquid assets and expanding its HomeXpress Mortgage origination platform.
Chimera Investment Corporation PFDs Update: Buy Rating Shifts
Chimera Investment Corporation offers four cumulative preferred stocks, each with distinct coupon rates, call dates, and floating rate provisions. While it should be Called before CIM-D, due to its superior yield and slightly better add-on, I am moving my Buy rating to CIM-B, rating others as Holds. Dividend and redemption risks appear manageable, supported by CIM's hybrid mortgage REIT structure and sufficient equity coverage for preferred par values.
11% Dividend Yield I Doubled Down On From Chimera Investment
CIM-C (CIM.PR.C) preferred shares offer an 11.05% stripped yield and compelling value after recent underperformance versus peers. Recent volatility in CIM-C is atypical, creating a near-term opportunity for yield-focused investors seeking less price risk than common shares. CIM-C's relative valuation gap and higher yield suggest potential for outperformance as prices revert to the mean.
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.
