Chimera Investment Corporation Sponsors Residential Mortgage Loan Securitization
30 Luglio 2024 - 10:30PM
Business Wire
Chimera Investment Corporation (NYSE: CIM) announced that on
July 30, 2024 it had sponsored CIM 2024-R1, a $468.1 million
securitization of seasoned reperforming residential mortgage loans.
Securities issued by CIM 2024-R1, with an aggregate balance of
approximately $351.8 million, were sold in a private placement to
institutional investors. These senior securities represented
approximately 75.15% of the capital structure. Chimera retained
subordinate interests in securities with an aggregate balance of
approximately $116.3 million and certain interest-only securities.
Chimera also retained an option to call the securitized mortgage
loans when their unpaid principal balance is less than or equal to
30% of the unpaid principal balance of the securitized mortgage
loans as of the cut-off date. The advance rate was 75.15% with a
5.7% weighted average cost of debt. The securitization is rated by
Fitch and Morningstar DBRS.
About Chimera Investment Corporation
Chimera is a publicly traded real estate investment trust, or
REIT, that is primarily engaged in the business of investing
directly or indirectly through its subsidiaries, on a leveraged
basis, in a diversified portfolio of mortgage assets, including
residential mortgage loans, Agency RMBS, Non-Agency RMBS, Agency
CMBS, and other real estate related securities.
Forward-Looking Statements
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 and Current Reports
on Form 8-K, under the caption “Risk Factors.” Factors that could
cause actual results to differ include, but are not limited to: our
business and investment strategy; our ability to accurately
forecast the payment of future dividends on our common and
preferred stock, and the amount of such dividends; our ability to
determine accurately the fair market value of our assets;
availability of investment opportunities in real estate-related and
other securities, including our valuation of potential
opportunities that may arise as a result of current and future
market dislocations; our expected investments; changes in the value
of our investments, including negative changes resulting in margin
calls related to the financing of our assets; changes in inflation,
interest rates and mortgage prepayment rates; prepayments of the
mortgage and other loans underlying our mortgage-backed securities,
or MBS, or other asset-backed securities, or ABS; rates of default,
forbearance, deferred payments, delinquencies or decreased recovery
rates on our investments; general volatility of the securities
markets in which we invest; our ability to maintain existing
financing arrangements and our ability to obtain future financing
arrangements; our ability to effect our strategy to securitize
residential mortgage loans; interest rate mismatches between our
investments and our borrowings used to finance such purchases;
effects of interest rate caps on our adjustable-rate investments;
the degree to which our hedging strategies may or may not protect
us from interest rate volatility; the impact of and changes to
various government programs; impact of and changes in governmental
regulations, tax law and rates, accounting guidance, and similar
matters; market trends in our industry, interest rates, the debt
securities markets or the general economy; estimates relating to
our ability to make distributions to our stockholders in the
future; our understanding of our competition; our ability to find
and retain qualified personnel; our ability to maintain our
classification as a real estate investment trust, or, REIT, for
U.S. federal income tax purposes; our ability to maintain our
exemption from registration under the Investment Company Act of
1940, as amended, or 1940 Act; our expectations regarding
materiality or significance; and the effectiveness of our
disclosure controls and procedures.
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 any 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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Grafico Azioni Chimera Investment (NYSE:CIM)
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