- GAAP EARNINGS OF $0.69 PER COMMON
SHARE
- CORE EARNINGS(1) OF $0.62 PER COMMON
SHARE
- GAAP BOOK VALUE OF $16.92 PER COMMON
SHARE
- ADDED $783 MILLION OF RESIDENTIAL
MORTGAGE LOANS
Chimera Investment Corporation (NYSE:CIM) today announced its
financial results for the third quarter ended September 30,
2017. The Company’s third quarter 2017 GAAP net income was $129.8
million or $0.69 per common share. Core earnings(1) for the third
quarter of 2017 was $116.3 million or $0.62 per common share.
Economic return on book value for the quarter was 5.3%.(2) During
the quarter the Company purchased approximately $783 million in
loans which brings loan purchases for the year to $5.8 billion. The
Company sponsored one mortgage loan securitization for $783 million
and incurred $3.4 million in securitization deal related
expenses.
"Chimera's seasoned mortgage loan portfolio and securitizations
continue to grow" said Matthew Lambiase, Chimera's CEO and
President. "We believe that residential mortgage credit offers some
of the best risk adjusted returns in the fixed income market and
the further development of this portfolio is central to our
strategy of generating a steady, attractive stream of dividend
income for our shareholders."
(1) Core earnings is a non-GAAP measure. See additional discussion
on page 5. (2) Economic return on book value is based on the change
in GAAP book value per common share for the quarter plus the
quarterly dividend declared per common share. Note: All per
common share amounts presented on a diluted basis.
Other Information
Chimera Investment Corporation is a publicly traded real estate
investment trust, or REIT, that is primarily engaged in real estate
finance. We were incorporated in Maryland on June 1, 2007 and
commenced operations on November 21, 2007. We invest, either
directly or indirectly through our subsidiaries, in RMBS,
residential mortgage loans, Agency CMBS, commercial mortgage loans,
real estate-related securities and various other asset classes. We
have elected and believe that we are organized and have operated in
a manner that enables us to be taxed as a REIT under the Internal
Revenue Code of 1986, as amended, or the Code.
Please visit www.chimerareit.com and click on Investor Relations
for additional information about us.
CHIMERA INVESTMENT CORPORATION CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION (dollars in thousands, except
share and per share data)
September 30,
2017 December 31, 2016 Assets:
Cash and cash equivalents
$ 38,055 $ 177,714 Non-Agency RMBS, at fair value 2,950,348
3,330,063 Agency MBS, at fair value 4,354,872 4,167,754 Loans held
for investment, at fair value 13,538,052 8,753,653 Receivable for
investment sold 11,235 — Accrued interest receivable 99,421 79,697
Other assets 172,876 166,350 Derivatives, at fair value, net
22,525 9,677 Total assets (1)
$ 21,187,384 $ 16,684,908
Liabilities:
Repurchase agreements ($8.2 billion and
$7.0 billion, pledged as collateral, respectively)
$ 6,709,821 $ 5,600,903
Securitized debt, collateralized by
Non-Agency RMBS ($1.6 billion and $1.8 billion pledged as
collateral,respectively)
233,113 334,124
Securitized debt at fair value,
collateralized by loans held for investment ($13.0 billion and $8.8
billionpledged as collateral, respectively)
9,683,062 6,941,097 Payable for investments purchased 733,142
520,532 Accrued interest payable 64,280 48,670 Dividends payable
95,000 97,005 Accounts payable and other liabilities 21,331 16,694
Derivatives, at fair value 1,204 2,350
Total liabilities (1) $ 17,540,953
$ 13,561,375
Stockholders' Equity:
Preferred Stock, par value of $0.01 per share, 100,000,000 shares
authorized:
8.00% Series A cumulative redeemable:
5,800,000 shares issued and outstanding, respectively
($145,000liquidation preference)
$ 58 $ 58
8.00% Series B cumulative redeemable:
13,000,000 and 0 shares issued and outstanding,
respectively($325,000 liquidation preference)
130 —
Common stock: par value $0.01 per share;
300,000,000 shares authorized, 187,781,000 and 187,739,634shares
issued and outstanding, respectively
1,878 1,877 Additional paid-in-capital 3,825,832 3,508,779
Accumulated other comprehensive income 813,118 718,106 Cumulative
earnings 2,860,244 2,443,184 Cumulative distributions to
stockholders (3,854,829 ) (3,548,471 ) Total
stockholders' equity $ 3,646,431 $
3,123,533 Total liabilities and stockholders' equity
$ 21,187,384 $ 16,684,908 (1)
The Company's consolidated statements of financial condition
include assets of consolidated variable interest entities (“VIEs”)
that can only be used to settle obligations and liabilities of the
VIE for which creditors do not have recourse to the primary
beneficiary (Chimera Investment Corporation). As of September 30,
2017 and December 31, 2016, total assets of consolidated VIEs were
$14,846,980 and $10,761,954, respectively, and total liabilities of
consolidated VIEs were $9,954,437 and $7,302,905, respectively.
Net Income (dollars in thousands, except share
and per share data) (unaudited)
For the Quarters
Ended For the Nine Months Ended
September 30,2017
September 30,2016
September 30,2017
September 30,2016
Net interest income: Interest
income (1) $ 296,813 $ 250,953 $ 836,801 $ 673,246 Interest expense
(2) 140,358 94,911
388,544 241,120 Net interest income
156,455 156,042 448,257
432,126
Other-than-temporary
impairments: Total other-than-temporary impairment losses (784
) (993 ) (4,245 ) (8,555 ) Portion of loss recognized in other
comprehensive income (10,684 ) (10,581 )
(39,431 ) (34,652 ) Net other-than-temporary
credit impairment losses (11,468 ) (11,574 )
(43,676 ) (43,207 )
Other investment gains
(losses): Net unrealized gains (losses) on derivatives 9,204
27,628 19,902 (51,382 ) Realized gains (losses) on terminations of
interest rate swaps — — (16,143 ) (60,616 ) Net realized gains
(losses) on derivatives (7,841 ) (14,268 )
(28,680 ) (58,934 )
Net gains (losses) on
derivatives 1,363 13,360
(24,921 ) (170,932 ) Net unrealized gains
(losses) on financial instruments at fair value 19,042 32,999
159,047 80,217 Net realized gains (losses) on sales of investments
1 3,079 9,709 7,035 Gains (losses) on extinguishment of debt
(1 ) (45 ) (48,016 ) (1,811 )
Total other gains (losses) 20,405
49,393 95,819 (85,491 )
Other
income: Other income — —
— 95,000 Total other income
— — —
95,000
Other expenses: Compensation and
benefits 7,533 6,911 22,759 19,087 General and administrative
expenses 4,537 4,332 13,162 13,073 Servicing fees 10,715 9,788
31,193 23,139 Deal expenses 3,357 —
16,054 13,022 Total other
expenses 26,142 21,031
83,168 68,321
Income (loss) before
income taxes 139,250 172,830 417,232 330,107 Income taxes
18 13 172
65
Net income (loss) $ 139,232
$ 172,817 $ 417,060
$ 330,042
Dividend on preferred stock
9,400 — 24,083 —
Net income (loss) available to
common shareholders $ 129,832 $
172,817 $ 392,977 $ 330,042
Net income (loss) per share available to common
shareholders:
Basic $ 0.69 $
0.92 $ 2.09 $ 1.76
Diluted $ 0.69 $ 0.92
$ 2.09 $ 1.76
Weighted
average number of common shares outstanding:
Basic
187,779,794 187,729,765
187,773,715 187,727,667 Diluted
188,192,111 187,919,792
188,176,757 187,917,694
Dividends
declared per share of common stock $ 0.50 $ 0.48 $ 1.50 $ 1.94
(1) Includes interest income of consolidated VIEs of
$241,195 and $195,488 for the quarters ended September 30, 2017 and
2016, respectively and interest income of consolidated VIEs of
$668,621 and $488,353 for the nine months ended September 30, 2017
and 2016 respectively. (2) Includes interest expense of
consolidated VIEs of $101,856 and $70,715 for the quarters ended
September 30, 2017 and 2016, respectively and interest expense of
consolidated VIEs of $290,264 and $168,738 for the nine months
ended September 30, 2017 and 2016 respectively.
CHIMERA INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS) (dollars in thousands, except share
and per share data) (Unaudited)
For the Quarters Ended For the Nine
Months Ended
September 30,2017
September 30,2016
September 30,2017
September 30,2016
Comprehensive income (loss): Net income (loss) $ 139,232 $
172,817 $ 417,060 $ 330,042
Other comprehensive income:
Unrealized gains (losses) on available-for-sale securities, net
21,370 (18,364 ) 59,114 94,059
Reclassification adjustment for net losses
included in net income for other-than-temporary credit impairment
losses
11,468 11,574 43,676 43,207
Reclassification adjustment for net
realized losses (gains) included in netincome
(1 ) (2,680 ) (7,778 )
(13,354 ) Other comprehensive income (loss) 32,837
(9,470 ) 95,012 123,912
Comprehensive income (loss) before preferred stock
dividends $ 172,069
$ 163,347 $
512,072 $ 453,954
Dividends on preferred stock $ 9,400 $
— $ 24,083 $ —
Comprehensive income (loss) available to common stock
shareholders $ 162,669
$ 163,347 $
487,989 $ 453,954
Core earnings
Core earnings is a non-GAAP measure and is defined as GAAP net
income excluding unrealized gains on the aggregate portfolio,
impairment losses, realized gains on sales of investments, realized
gains or losses on futures, realized gains or losses on swap
terminations, gain on deconsolidation, extinguishment of debt and
certain other non-recurring gains or losses. As defined, core
earnings include interest income and expense as well as realized
losses on interest rate swaps used to hedge interest rate risk.
Management believes that the presentation of core earnings is
useful to investors because it can provide a useful measure of
comparability to our other REIT peers, but has important
limitations. We believe core earnings as described above helps
evaluate our financial performance without the impact of certain
transactions but is of limited usefulness as an analytical tool.
Therefore, core earnings should not be viewed in isolation and is
not a substitute for net income or net income per basic share
computed in accordance with GAAP.
The following table provides GAAP measures of net income and net
income per basic share available to common stockholders for the
periods presented and details with respect to reconciling the line
items to core earnings and related per average basic common share
amounts:
For the Quarters Ended September 30, 2017 June
30, 2017 March 31, 2017 December 31, 2016
September 30, 2016 (dollars in thousands, except per share data)
GAAP Net income available to common stockholders $ 129,832
$ 105,617 $ 157,524 $
219,454 $ 172,817 Adjustments: Net
other-than-temporary credit impairment losses 11,468 13,509 18,701
14,780 11,574 Net unrealized (gains) losses on derivatives (9,204 )
(5,802 ) (4,896 ) (101,475 ) (27,628 ) Net unrealized (gains)
losses on financial instruments at fair value (19,042 ) (67,762 )
(72,243 ) 20,664 (32,999 ) Net realized (gains) losses on sales of
investments (1 ) (4,541 ) (5,167 ) (11,121 ) (3,079 ) (Gains)
losses on extinguishment of debt 1 48,014 — (1,334 ) 45 Realized
(gains) losses on terminations of interest rate swaps — 16,143 — —
— Net realized (gains) losses on Futures (1) 3,267
6,914 2,084 (19,628 ) 7,823
Core Earnings $ 116,321 $ 112,092
$ 96,003 $ 121,340 $ 128,553
GAAP net income per basic common share $ 0.69
$ 0.56 $ 0.84 $ 1.17 $
0.92 Core earnings per basic common share(2) $ 0.62
$ 0.60 $ 0.51 $ 0.65
$ 0.68 (1) Included in net realized gains
(losses) on derivatives in the Consolidated Statements of
Operations. (2) We note that core and taxable earnings will
typically differ, and may materially differ, due to differences on
realized gains and losses on investments and related hedges, credit
loss recognition, timing differences in premium amortization,
accretion of discounts, equity compensation and other items.
The following tables provide a summary of the Company’s MBS
portfolio at September 30, 2017 and December 31,
2016.
September 30, 2017
Principal orNotional Valueat
Period-End(dollars inthousands)
WeightedAverageAmortizedCost Basis
WeightedAverage FairValue
WeightedAverageCoupon
WeightedAverage Yieldat Period-End (1)
Non-Agency RMBS Senior $ 2,821,535 $
54.54 $ 81.68 4.4% 16.7% Senior, interest-only 4,948,265 5.42 4.30
1.4% 7.8% Subordinated 531,526 66.62 79.30 4.1% 9.2% Subordinated,
interest-only 256,286 5.06 4.52 1.0% 8.4% Agency MBS Residential
pass-through 2,316,838 105.54 104.80 3.8% 2.9% Commercial
pass-through 1,774,802 102.26 102.09 3.6% 3.2% Interest-only
3,176,110 3.82 3.61 0.7% 3.5%
December 31, 2016
Principal orNotional Valueat
Period-End(dollars inthousands)
WeightedAverageAmortizedCost Basis
WeightedAverage FairValue
WeightedAverageCoupon
WeightedAverage Yieldat Period-End (1)
Non-Agency RMBS Senior $ 3,190,947 $ 55.76 $ 78.69 4.3% 15.5%
Senior, interest-only 5,648,339 5.18 4.49 1.5% 11.7% Subordinated
673,259 70.83 82.21 3.8% 9.2% Subordinated, interest-only 266,927
5.20 4.50 1.1% 13.5% Agency MBS Residential pass-through 2,594,570
105.78 104.29 3.9% 3.0% Commercial pass-through 1,331,543 102.64
98.91 3.6% 2.9% Interest-only 3,356,491 4.53 4.31 0.8% 3.5%
(1) Bond Equivalent Yield at period end.
At September 30, 2017 and December 31, 2016, the
repurchase agreements collateralized by MBS had the following
remaining maturities.
September 30, 2017 December 31, 2016 (dollars
in thousands) Overnight $ — $ — 1 to 29 days 3,777,160 2,947,604 30
to 59 days 1,591,370 958,956 60 to 89 days 330,186 407,625 90 to
119 days 28,798 559,533 Greater than or equal to 120 days
982,307 727,185 Total $
6,709,821 $ 5,600,903
The following table summarizes certain characteristics of our
portfolio at September 30, 2017 and December 31,
2016.
For the Quarter Ended For the Year Ended
September 30, 2017 December 31, 2016
Interest earning assets at period-end (1) $ 20,843,272 $ 16,251,470
Interest bearing liabilities at period-end $ 16,625,996 $
12,876,124 GAAP Leverage at period-end 4.6:1 4.1:1 GAAP Leverage at
period-end (recourse) 1.8:1 1.8:1 Portfolio Composition, at
amortized cost Non-Agency RMBS 6.2 % 9.0 % Senior 2.9 % 3.9 %
Senior, interest only 1.4 % 1.9 % Subordinated 1.8 % 3.1 %
Subordinated, interest only 0.1 % 0.1 % RMBS transferred to
consolidated VIEs 4.9 % 7.6 % Agency MBS 22.2 % 27.7 % Residential
12.4 % 17.8 % Commercial 9.2 % 8.9 % Interest-only 0.6 % 1.0 %
Loans held for investment 66.7 % 55.7 % Fixed-rate percentage of
portfolio 92.0 % 88.4 % Adjustable-rate percentage of portfolio 8.0
% 11.6 % Annualized yield on average interest earning assets for
the periods ended 6.3 % 6.4 % Annualized cost of funds on average
borrowed funds for the periods ended (2) 3.6 %
3.0 % (1) Excludes cash and cash equivalents. (2) Includes
the effect of realized losses on interest rate swaps.
Economic Net Interest Income
Our “Economic net interest income” is a non-GAAP financial
measure, that equals interest income, less interest expense and
realized losses on our interest rate swaps. Realized losses on our
interest rate swaps are the periodic net settlement payments made
or received. For the purpose of computing economic net interest
income and ratios relating to cost of funds measures throughout
this section, interest expense includes net payments on our
interest rate swaps, which is presented as a part of Realized gains
(losses) on derivatives in our Consolidated Statements of
Operations and Comprehensive Income. Interest rate swaps are used
to manage the increase in interest paid on repurchase agreements in
a rising rate environment. Presenting the net contractual interest
payments on interest rate swaps with the interest paid on
interest-bearing liabilities reflects our total contractual
interest payments. We believe this presentation is useful to
investors because it depicts the economic value of our investment
strategy by showing actual interest expense and net interest
income. Where indicated, interest expense, including interest
payments on interest rate swaps, is referred to as economic
interest expense. Where indicated, net interest income reflecting
interest payments on interest rate swaps, is referred to as
economic net interest income.
The following table reconciles the GAAP and non-GAAP
measurements reflected in the Management’s Discussion and Analysis
of Financial Condition and Results of Operations.
GAAPInterestIncome
GAAPInterestExpense
NetRealizedLosses onInterestRateSwaps
EconomicInterestExpense
GAAP NetInterestIncome
NetRealizedLosses onInterestRateSwaps
Other (1)
EconomicNetInterestIncome
For the Quarter Ended September 30, 2017 $ 296,813 $
140,358 $ 3,489 $ 143,847 $
156,455 $ (3,489 ) $ (167 ) $ 152,799
For the Quarter Ended June 30, 2017 $ 288,644 $
137,955 $ 3,486 $ 141,441 $
150,689 $ (3,486 ) $ (350 ) $ 146,853
For the Quarter Ended March 31, 2017 $ 251,344 $
110,231 $ 4,106 $ 114,337 $
141,113 $ (4,106 ) $ (519 ) $ 136,488
For the Quarter Ended December 31, 2016 $ 260,823 $
106,737 $ 4,151 $ 110,888 $
154,086 $ (4,151 ) $ 40 $
149,975 For the Quarter Ended September 30, 2016 $ 250,953
$ 94,911 $ 4,595 $ 99,506
$ 156,042 $ (4,595 ) $ (105 ) $ 151,342
(1) Primarily interest income on cash and cash equivalents.
The table below shows our average earning assets held, interest
earned on assets, yield on average interest earning assets, average
debt balance, economic interest expense, economic average cost of
funds, economic net interest income, and net interest rate spread
for the periods presented.
For the Quarters Ended September 30, 2017
September 30, 2016 (dollars in thousands) (dollars in
thousands)
AverageBalance
Interest
AverageYield/Cost
AverageBalance
Interest
AverageYield/Cost
Assets:
Interest-earning assets
(1): Agency MBS $
3,733,640 $ 24,236 2.6% $ 3,735,142 $ 29,482 3.2% Non-Agency RMBS
1,258,634 28,590 9.1% 1,404,995 25,879 7.4% Non-Agency RMBS
transferred to consolidated VIEs 1,000,912 56,388 22.5% 1,267,633
61,272 19.3% Residential mortgage loans held for investment
12,959,595 187,432 5.8%
8,974,781 134,215 6.0% Total
$ 18,952,781 $ 296,646 6.3% $
15,382,551 $ 250,848 6.5%
Liabilities and stockholders' equity:
Interest-bearing liabilities: Repurchase agreements
collateralized by: Agency MBS (2) $ 3,114,689 $ 14,211 1.8% $
3,407,242 $ 11,606 1.4% Non-Agency RMBS 706,941 5,257 3.0% 831,412
5,700 2.7% Re-Remic repurchase agreements 443,029 3,679 3.3%
660,303 4,901 3.0% RMBS from loan securitizations 2,285,232 18,843
3.3% 970,425 6,584 2.7% Securitized debt, collateralized by
Non-Agency RMBS 248,989 4,416 7.1% 402,657 5,182 5.1% Securitized
debt, collateralized by loans 9,399,125
97,441 4.1% 7,313,626 65,533
3.6% Total $ 16,198,005 $
143,847 3.6% $ 13,585,665 $ 99,506
2.9%
Economic net interest
income/net interest rate spread $
152,799 2.7% $ 151,342
3.6%
Net interest-earning assets/net
interest margin $ 2,754,776
3.2% $ 1,796,886 3.9%
Ratio of interest-earning
assets to interest bearing liabilities 1.17
1.13
(1) Interest-earning assets at
amortized cost (2) Interest includes cash paid on swaps
The table below shows our Net Income, Economic Net Interest
Income and Core Earnings, each as a percentage of average equity.
Return on average equity is defined as our GAAP net income (loss)
as a percentage of average equity. Average equity is defined as the
average of Company’s beginning and ending equity balance for the
period reported. Economic Net Interest Income is a non-GAAP
financial measure, that equals interest income, less interest
expense and realized losses on our interest rate swaps. Core
Earnings is a non-GAAP measures as defined in previous section.
Return onAverage Equity
Economic NetInterestIncome/AverageEquity
*
CoreEarnings/AverageEquity
(Ratios have been annualized) For the Quarter
Ended September 30, 2017 15.42% 16.92%
12.88% For the Quarter Ended June 30, 2017 12.98%
16.57% 12.65% For the Quarter Ended March 31, 2017
19.63% 16.46% 11.57% For the Quarter
Ended December 31, 2016 28.82% 19.48%
15.76% For the Quarter Ended September 30, 2016
23.04% 20.18% 17.14% * Includes effect of realized
losses on interest rate swaps.
The following table presents changes to Accretable Discount (net
of premiums) as it pertains to our Non-Agency RMBS portfolio,
excluding premiums on IOs, during the previous five quarters.
For the Quarters Ended Accretable Discount (Net of
Premiums) September 30, 2017 June 30, 2017 March 31,
2017 December 31, 2016 September 30, 2016
(dollars in thousands) Balance, beginning of period $
627,724 $ 648,659 $ 683,648 $ 733,060 $ 769,764 Accretion of
discount (43,502 ) (42,625 ) (43,715 ) (44,427 ) (44,455 )
Purchases 1,723 (108 ) (3,642 ) (33,987 ) 8,959 Sales and
deconsolidation 5,792 212 (7,303 ) (2,138 ) (14,386 ) Transfers
from/(to) credit reserve, net 31,245
21,586 19,671 31,140
13,178 Balance, end of period $ 622,982
$ 627,724 $ 648,659 $ 683,648
$ 733,060
Disclaimer
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 “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 Annual Report on Form 10-K for the year
ended December 31, 2016, and any subsequent Quarterly Reports on
Form 10-Q, under the caption “Risk Factors.” Factors that could
cause actual results to differ include, but are not limited to: the
state of credit markets and general economic conditions; changes in
interest rates and the market value of our assets; the rates of
default or decreased recovery on the mortgages underlying our
target assets; the occurrence, extent and timing of credit losses
within our portfolio; the credit risk in our underlying assets;
declines in home prices; our ability to establish, adjust and
maintain appropriate hedges for the risks in our portfolio; the
availability and cost of our target assets; our ability to borrow
to finance our assets and the associated costs; changes in the
competitive landscape within our industry; our ability to manage
various operational risks and costs associated with our business;
interruptions in or impairments to our communications and
information technology systems; our ability to acquire residential
mortgage loans and successfully securitize the residential mortgage
loans we acquire; our ability to oversee our third party
sub-servicers; the impact of any deficiencies in the servicing or
foreclosure practices of third parties and related delays in the
foreclosure process; our exposure to legal and regulatory claims;
legislative and regulatory actions affecting our business; the
impact of new or modified government mortgage refinance or
principal reduction programs; our ability to maintain our REIT
qualification; and limitations imposed on our business due to our
REIT status and our exempt status under the Investment Company Act
of 1940.
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 the 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 the Company’s independent auditors.
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