- 3RD QUARTER GAAP NET INCOME OF $0.79
PER COMMON SHARE
- 3RD QUARTER CORE EARNINGS(1) OF $0.60
PER COMMON SHARE
- GAAP BOOK VALUE OF $17.02 PER COMMON
SHARE
Chimera Investment Corporation (NYSE:CIM) today announced its
financial results for the third quarter ended September 30,
2018. The Company’s GAAP net income for the third quarter was $147
million or $0.79 per common share. Core earnings(1) for the third
quarter ended September 30, 2018 was $112 million or $0.60 per
common share. Economic return on book value for the third quarter
was 3.0%.(2) The Company sponsored two mortgage loan
securitizations during the third quarter for $788 million and
incurred $1.4 million in securitization deal related expenses.
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“This quarter, Chimera issued $260 million of Series C preferred
Stock with an annual dividend rate of 7.75%,” said Matthew
Lambiase, Chimera’s CEO and President. “Since the fourth quarter of
2016, we have raised $730 million in capital through preferred
shares which has helped to diversify our capital structure and
lower our cost of capital while being accretive to our common
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 plus the dividend
declared per common share.
Other Information
Chimera Investment Corporation is a publicly traded real estate
investment trust, or REIT, that is primarily engaged in the
business of investing directly or indirectly through our
subsidiaries, on a leveraged basis, in a diversified portfolio of
mortgage assets, including residential mortgage loans, Non-Agency
RMBS, Agency CMBS, Agency RMBS, and other real estate related
securities.
Please visit www.chimerareit.com and click on Investors for
additional information about us.
CHIMERA INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION (dollars in thousands, except share and per
share data) (Unaudited)
September
30, 2018 December 31, 2017
Assets:
Cash and cash equivalents $ 121,046
$ 63,569 Non-Agency RMBS, at fair value
2,507,707 2,851,316 Agency MBS, at fair value 9,406,092 4,364,828
Loans held for investment, at fair value 12,729,559 13,678,263
Accrued interest receivable 114,798 100,789 Other assets 145,655
114,391 Derivatives, at fair value, net
155,069 48,914 Total assets (1)
$ 25,179,926 $
21,222,070
Liabilities:
Repurchase agreements ($12.6 billion and
$8.8 billion,pledged as collateral, respectively)
$ 11,143,102 $ 7,250,452
Securitized debt, collateralized by
Non-Agency RMBS($1.1 billion and $1.6 billion pledged as
collateral, respectively)
167,718 205,780
Securitized debt at fair value,
collateralized by loans held for investment($12.5 billion and $13.3
billion pledged as collateral, respectively)
8,826,879 9,388,657 Payable for investments purchased 903,424
567,440 Accrued interest payable 110,228 61,888 Dividends payable
96,809 95,365 Accounts payable and other liabilities 18,585 17,191
Derivatives, at fair value, net —
320 Total liabilities (1)
$ 21,266,745 $ 17,587,093
Commitments and Contingencies (See Note 15)
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 issuedand outstanding, respectively ($145,000
liquidation preference)
$ 58 $ 58
8.00% Series B cumulative redeemable:
13,000,000 shares issuedand outstanding, respectively ($325,000
liquidation preference)
130 130
7.75% Series C cumulative redeemable:
10,400,000 and 0 shares issuedand outstanding, respectively
($260,000 liquidation preference)
104 —
Common stock: par value $0.01 per share;
300,000,000 shares authorized,187,006,943 and 187,809,288 shares
issued and outstanding, respectively
1,870 1,878 Additional paid-in-capital 4,069,868 3,826,691
Accumulated other comprehensive income 627,936 796,902 Cumulative
earnings 3,482,287 2,967,852 Cumulative distributions to
stockholders (4,269,072 )
(3,958,534 ) Total stockholders' equity $
3,913,181 $ 3,634,977 Total
liabilities and stockholders' equity $
25,179,926 $ 21,222,070 (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,
2018 and December 31, 2017, total assets of consolidated VIEs were
$13,703,646 and $14,987,464, respectively, and total liabilities of
consolidated VIEs were $9,032,119 and $9,631,820, respectively.
CHIMERA INVESTMENT CORPORATION CONSOLIDATED
STATEMENTS OF OPERATIONS (dollars in thousands, except share
and per share data) (Unaudited)
For the
Quarters Ended For the Nine Months Ended
September 30,2018
September 30,2017
September 30,2018
September 30,2017
Net interest income:
Interest income (1) $ 321,715 $ 296,813 $ 925,282 $ 836,801
Interest expense (2) 174,671
140,358 485,189
388,544 Net interest income 147,044
156,455 440,093
448,257
Other-than-temporary
impairments: Total other-than-temporary impairment losses (772
) (784 ) (1,871 ) (4,245 ) Portion of loss recognized in other
comprehensive income (6,461 )
(10,684 ) (15,651 ) (39,431 ) Net
other-than-temporary credit impairment losses
(7,233 ) (11,468 ) (17,522 )
(43,676 )
Other investment gains (losses): Net
unrealized gains (losses) on derivatives 71,197 9,204 178,511
19,902 Realized gains (losses) on terminations of interest rate
swaps — — — (16,143 ) Net realized gains (losses) on derivatives
2,881 (7,841 )
14,573 (28,680 )
Net gains (losses)
on derivatives 74,078
1,363 193,084 (24,921 )
Net unrealized gains (losses) on financial instruments at fair
value (34,306 ) 19,042 (38,204 ) 159,047 Net realized gains
(losses) on sales of investments (6,123 ) 1 (3,956 ) 9,709 Gains
(losses) on extinguishment of debt 9,263
(1 ) 19,320
(48,016 ) Total other gains (losses) 42,912
20,405 170,244
95,819
Other expenses:
Compensation and benefits 8,642 7,533 25,741 22,759 General and
administrative expenses 5,615 4,537 16,964 13,162 Servicing fees
9,766 10,715 31,044 31,193 Deal expenses 1,372
3,357 4,555
16,054 Total other expenses
25,395 26,142 78,304
83,168
Income (loss) before income
taxes 157,328 139,250
514,511 417,232
Income taxes 7 18
76 172
Net income
(loss) $ 157,321 $
139,232 $ 514,435 $
417,060
Dividend on preferred stock 9,960
9,400 28,760 24,083
Net
income (loss) available to common shareholders
$ 147,361 $ 129,832
$ 485,675 $ 392,977
Net income (loss) per share available to common
shareholders:
Basic
$ 0.79 $ 0.69 $
2.59 $ 2.09 Diluted
$ 0.79 $ 0.69 $
2.59 $ 2.09
Weighted average
number of common shares outstanding:
Basic 187,006,777
187,779,794 187,182,932
187,773,715 Diluted 187,584,958
188,192,111 187,705,831
188,176,757
Dividends declared per
share of common stock $ 0.50 $ 0.50 $ 1.50 $ 1.50 (1)
Includes interest income of consolidated VIEs of $223,948 and
$241,195 for the quarters ended September 30, 2018 and 2017,
respectively and interest income of consolidated VIEs of $688,720
and $668,621 for the nine months ended September 30, 2018 and 2017.
(2) Includes interest expense of consolidated VIEs of $99,622 and
$101,856 for the quarters ended September 30, 2018 and 2017,
respectively and interest expense of consolidated VIEs of $298,744
and $290,264 for the nine months ended September 30, 2018 and 2017.
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 30,2018
September 30,2017
September 30,2018
September 30,2017
Comprehensive income (loss): Net income (loss) $ 157,321 $
139,232 $ 514,435 $ 417,060
Other comprehensive income:
Unrealized gains (losses) on available-for-sale securities, net
(50,728 ) 21,370 (181,885 ) 59,114
Reclassification adjustment for net losses
included in net incomefor other-than-temporary credit impairment
losses
7,233 11,468 17,522 43,676
Reclassification adjustment for net
realized losses(gains) included in net income
(220 ) (1 ) (4,603
) (7,778 ) Other comprehensive income (loss)
(43,715 ) 32,837
(168,966 ) 95,012
Comprehensive income
(loss) before preferred stock dividends
$ 113,606 $
172,069 $ 345,469
$ 512,072 Dividends on preferred
stock $ 9,960 $ 9,400
$ 28,760 $ 24,083
Comprehensive income (loss) available to common stock
shareholders $ 103,646
$ 162,669
$ 316,709 $
487,989
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, 2018
June 30, 2018
March 31, 2018
December 31, 2017
September 30, 2017
(dollars in thousands, except per share data)
GAAP Net
income available to common stockholders $ 147,361
$ 108,708 $ 229,607
$ 98,208 $
129,832 Adjustments: Net other-than-temporary credit
impairment losses 7,233 9,131 1,158 18,179 11,468 Net unrealized
(gains) losses on derivatives (71,197 ) (25,895 ) (81,419 ) (28,074
) (9,204 ) Net unrealized (gains) losses on financial instruments
at fair value 34,306 18,364 (14,466 ) 47,637 (19,042 ) Net realized
(gains) losses on sales of investments 6,123 (2,167 ) — 586 (1 )
(Gains) losses on extinguishment of debt (9,263 ) (387 ) (9,670 )
(12,742 ) 1 Realized (gains) losses on terminations of interest
rate swaps — — — — — Net realized (gains) losses on Futures (1)
(2,799 ) 2,210
(16,424 ) (8,204 ) 3,267
Core Earnings $ 111,764 $
109,964 $ 108,786
$ 115,590 $ 116,321
GAAP net
income per basic common share $ 0.79 $
0.58 $ 1.22
$ 0.52 $ 0.69 Core earnings per
basic common share(2) $ 0.60 $ 0.59
$ 0.58 $
0.62 $ 0.62 (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, 2018 and December 31,
2017.
September 30, 2018
Principal orNotional
Valueat Period-End (dollars
inthousands)
WeightedAverageAmortizedCost Basis
WeightedAverageFair
Value
WeightedAverageCoupon
WeightedAverage Yield
atPeriod-End (1)
Non-Agency RMBS
Senior $ 2,413,931 $ 52.46 $ 81.81 4.9%
18.8% Senior, interest-only 5,844,053 5.09 4.15 1.2% 9.1%
Subordinated 379,077 57.66 73.34 4.3% 11.0% Subordinated,
interest-only 244,298 4.36 5.17 1.2% 16.1% Agency MBS Residential
pass-through 6,730,675 103.18 101.19 4.0% 3.5% Commercial
pass-through 2,532,460 102.00 97.75 3.6% 3.4% Interest-only
2,865,073 4.32 4.17 0.8% 4.1%
December 31, 2017
Principal orNotional
Valueat Period-End(dollars
inthousands)
WeightedAverageAmortizedCost Basis
WeightedAverageFair
Value
WeightedAverageCoupon
WeightedAverage Yield
atPeriod-End (1)
Non-Agency RMBS Senior $ 2,733,926 $ 54.04 $ 81.62 4.6% 16.7%
Senior, interest-only 4,862,461 5.41 4.34 1.3% 8.0% Subordinated
501,455 66.77 80.01 4.1% 9.6% Subordinated, interest-only 201,378
3.66 3.89 0.8% 11.8% Agency MBS Residential pass-through 2,227,128
105.53 104.27 3.8% 2.9% Commercial pass-through 1,894,594 102.26
102.31 3.6% 3.2% Interest-only 3,021,840 3.68 3.45 0.7% 3.4%
(1) Bond
Equivalent Yield at period end.
At September 30, 2018 and December 31, 2017, the
repurchase agreements collateralized by MBS had the following
remaining maturities.
September 30, 2018 December 31, 2017
(dollars in thousands) Overnight $ 123,417 $ — 1 to 29 days
4,622,550 4,745,342 30 to 59 days 3,832,236 1,206,769 60 to 89 days
1,208,344 592,865 90 to 119 days 25,196 — Greater than or equal to
120 days 1,331,359 705,476 Total
$ 11,143,102 $ 7,250,452
The following table summarizes certain characteristics of our
portfolio at September 30, 2018 and December 31,
2017.
September 30, 2018
December 31, 2017 Interest earning assets at period-end (1)
$ 24,643,358 $ 20,894,407 Interest
bearing liabilities at period-end $ 20,137,699 $ 16,844,889 GAAP
Leverage at period-end 5.1:1 4.6:1 GAAP Leverage at period-end
(recourse) 2.8:1 2.0:1 Portfolio Composition, at amortized cost
Non-Agency RMBS 5.1% 5.9% Senior 3.0% 2.9% Senior, interest only
1.2% 1.3% Subordinated 0.9% 1.7% Subordinated, interest only 0.0%
0.0% RMBS transferred to consolidated VIEs 2.4% 4.6% Agency MBS
40.6% 22.2% Residential 29.2% 11.8% Commercial 10.9% 9.8%
Interest-only 0.5% 0.6% Loans held for investment 51.9% 67.3%
Fixed-rate percentage of portfolio 95.3% 93.7% Adjustable-rate
percentage of portfolio 4.7% 6.3%
Annualized yield on average interest
earning assetsfor the quarters ended
5.8% 6.3%
Annualized cost of funds on average
borrowed fundsfor the quarters ended (2)
3.6% 3.6% (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
Net Realized(Gains) Losses onInterestRate
Swaps
EconomicInterestExpense
GAAPNetInterestIncome
Net RealizedGains (Losses) onInterestRate
Swaps
Other (1)
EconomicNetInterestIncome
For the Quarter Ended September 30, 2018 $ 321,715
$ 174,671 $ (242 ) $
174,429 $ 147,044 $ 242
$ 321 $ 147,607 For the Quarter Ended
June 30, 2018 $ 306,436 $ 161,266
$ (1,246 ) $ 160,020 $ 145,170
$ 1,246 $ 436
$ 146,852 For the Quarter Ended March 31, 2018
$ 297,132 $ 149,251 $ 2,612
$ 151,863 $ 147,881
$ (2,612 ) $ 143 $
145,412 For the Quarter Ended December 31, 2017 $
301,957 $ 144,204 $ 4,369
$ 148,573 $ 157,753 $ (4,369 )
$ (61 ) $ 153,323 For the Quarter Ended
September 30, 2017 $ 296,813 $ 140,358
$ 3,489 $ 143,847 $
156,455 $ (3,489 ) $ (167 )
$ 152,799 (1) Primarily interest
expense/(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 Quarter Ended September 30,
2018 September 30, 2017 (dollars in
thousands) (dollars in thousands)
AverageBalance
Interest
AverageYield/Cost
AverageBalance
Interest
AverageYield/Cost
Assets:
Interest-earning assets (1):
Agency MBS $ 7,776,334 $ 66,863 3.4% $
3,733,640 $ 24,236 2.6% Non-Agency RMBS 1,186,945 29,213 9.8%
1,258,634 28,590 9.1% Non-Agency RMBS transferred to consolidated
VIEs 632,155 42,416 26.8% 1,000,912 56,388 22.5% Residential
mortgage loans held for investment 12,613,816
183,544 5.8% 12,959,595
187,432 5.8% Total
$ 22,209,250 $ 322,036
5.8% $ 18,952,781 $ 296,646 6.3%
Liabilities and
stockholders' equity:
Interest-bearing liabilities: Repurchase agreements
collateralized by: Agency MBS (2) $ 6,720,205 $ 38,492 2.3% $
3,114,689 $ 14,211 1.8% Non-Agency RMBS (2) 428,363 4,186 3.9%
706,941 5,257 3.0% Re-REMIC repurchase agreements 621,042 6,681
4.3% 443,029 3,679 3.3% RMBS from loan securitizations 2,465,678
25,449 4.1% 2,285,232 18,843 3.3% Securitized debt, collateralized
by Non-Agency RMBS 173,825 2,471 5.7% 248,989 4,416 7.1%
Securitized debt, collateralized by loans
8,938,962 97,150 4.3%
9,399,125 97,441 4.1% Total
$ 19,348,075 $ 174,429
3.6% $ 16,198,005 $ 143,847
3.6%
Economic
net interest income/net interest rate spread
$ 147,607 2.2%
$ 152,799 2.7%
Net interest-earning assets/net
interest margin $ 2,861,175
2.7% $ 2,754,776
3.2%
Ratio of
interest-earning assets to interest bearing liabilities
1.15
1.17 (1) Interest-earning
assets at amortized cost (2) Interest includes net cash
paid/received 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 the 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, 2018
16.64% 15.61%
11.82%
For the Quarter Ended June 30, 2018
12.91% 16.05%
12.02%
For the Quarter Ended March 31,
2018 26.17%
15.92% 11.91%
For the Quarter Ended
December 31, 2017 11.82%
16.85% 12.70%
For the
Quarter Ended September 30, 2017 15.42%
16.92%
12.88% * 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, 2018 June 30,
2018 March 31, 2018
December 31, 2017 September 30, 2017
(dollars in thousands) Balance, beginning of
period $ 540,269 $ 555,444 $ 582,193 $ 622,982 $ 627,724 Accretion
of discount (35,184 ) (38,110 ) (37,309 ) (39,640 ) (43,502 )
Purchases 1,966 3,098 — (2,914 ) 1,723 Sales and deconsolidation
(986 ) (6,439 ) 174 — 5,792 Transfers from/(to) credit reserve, net
32,955 26,276
10,386
1,765 31,245 Balance, end of
period $ 539,020 $
540,269 $ 555,444
$ 582,193 $ 622,982
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 most recent Annual Report on Form 10-K, 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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