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Chimera Investment Corporation (CIM)
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High Yielding Dividends From Chimera and Annaly Capital Benefit From Record Low Interest Rates
Marketwire  May 16  Comment 
NEW YORK, NY -- (Marketwire) -- 05/16/12 -- High yielding mortgage REITs have performed admirably in 2012. The Vanguard REIT ETF (VNQ) is up more than 12 percent-year-to-date. REITS have continued to take advantage of low interest rates to boost
Awards Gala of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM): 20 awards presented to professionals and companies
PR Newswire  May 8  Comment 
EDMONTON, May 8, 2012 /CNW Telbec/ - The Awards Gala of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) took place the evening of Monday May 7 at the Shaw Conference Centre in Edmonton, Alberta. Sponsored by Caterpillar and its
CIM Group Closes Two Major Transactions – The Academy Awards® to Remain in Hollywood – The Dolby Theatre™ to Debut at Hollywood & Highland Center®
Business Wire  May 1  Comment 
The Academy of Motion Picture Arts and Sciences and CIM Group announced today that the Academy Awards® will remain in Hollywood under a new 20-year deal. Concurrently, in a separate agreement, Dolby Laboratories, Inc. (NYSE:DLB) and CIM announced a
American New-Home Sales Rise in March -- Chimera Investment and Annaly Capital Look to Benefit
Marketwire  Apr 25  Comment 
NEW YORK, NY -- (Marketwire) -- 04/25/12 -- Real Estate Investment Trusts (REITs) have continued to attract investors in 2012 as the U.S. housing market have begun to show signs of a long-awaited recovery. An improving economy and record-low mortgage
Chimera: The Huge Dividend Must Die
Investment Underground » Page not found  Apr 18  Comment 
By Nicholas Blair In a time like today, when REITs, along with many other real estate-tied investments, are being tested, is there hope for any REIT out there. One possibility that many fail to consider is Chimera (CIM), due to the company...
Cannes Chimera: Your chance to change the world
Forbes  Apr 17  Comment 
I recently had the pleasure of speaking with Corrie Frasier, Senior Communications Officer, Innovation, at the Bill & Melinda Gates Foundation about their partnership with the Cannes International Festival of Creativity. Called Cannes Chimera,...
CIM Group Closes on Purchase of Five-Story State Street Retail Center in Chicago
Business Wire  Apr 9  Comment 
CIM Group announced today the acquisition of Block 37, a five-story retail center located on the State Street retail corridor in Chicago’s Central Loop. It is located directly across the street from Macy’s State Street, the second largest
High Yielding REITs Continue to Rise
Marketwire  Apr 5  Comment 
NEW YORK, NY -- (Marketwire) -- 04/05/12 -- High yielding REITs have been showing signs of improvement recently. The Vanguard REIT ETF (VNQ), after stalling at the beginning of the year, has outperformed the Dow Jones Industrial in March.
CIM Statement on The Lot Studio Campus
Business Wire  Mar 31  Comment 
The following is a statement by CIM Group: CIM respects the history of The Lot, and we intend to honor it as part of a thriving studio campus. All buildings designated as historic will remain. The re-development of The Lot, as has been done




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Chimera Investment Corporation (NYSE:CIM) is a specialty finance company and investment company. The primary focus of Chimera is real estate backed securities. The company is externally managed by Annaly Capital Management (NLY).


Trends and Forces

Mortgage backed leveraging problems

Although the Company had reported leverage of just 0.5 to 1 at 12/31/07, the calculation excluded a $750 million payable for MBS, which was resolved at the end of January, when CIM entered into a $500 million repo facility with CSFB and a $350 million repo facility with Deutsche Bank -- levering up four-fold in the process just as competitor America First Mortgage Investments (MFA) was selling assets to de-lever its balance sheet. The agency-backed and AAA markets dislocated again, and Chimera's repos have created a liquidity problem for the newly-formed company. Chimera held cash and cash equivalents of just $6.0 million at December 31, 2007, and warned in its 10-K that: An increase in prepayment rates substantially above our expectations could cause a temporary liquidity shortfall due to the timing of the necessary margin calls on the financing arrangements and the actual receipt of the cash related to principal paydowns.

Bank Repurchase agreements

Chimera has had to amend its repurchase agreement with Deutsche Bank twice since initiating it in January to bring the liquidity covenant down to $40 million from $100 million. For this, it has had to agree to:

  • Provide daily liquidity reports through April 15, 2008
  • Provide mark to market positions and advance rates with respect to all loans and securities

In addition, Chimera agreed to allow DB the right to act as the lead underwriter in connection with the next securitization or other similar public or private pass-through disposition of any Loan sponsored by Seller or an Affiliate thereof, for a market-rate fee.

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