Chimera Investment Corp 9.000% Senior Notes due 2029

CIMN

Market cap $66.3M

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.

Fixed-Income Foundation: Build your financial fortress with preferreds like Virtus InfraCap US Preferred Stock ETF and maturity ladders for predictable, recurring cash flow. Agency mREITs like Annaly Capital Management, Inc. are historically countercyclical, often raising dividends when the broader economy falters. Tangible Value: Focus on infrastructure and REITs that own essential assets and generate hard cash.

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.

REITs were rolling out of the gates in early-2026, coming back into favor amid a HALO trade (Heavy Assets, Low Obsolescence) after a half-decade of rate headwinds and unfavorable narrative. The oil price surge tied to the Iran conflict has complicated the rotation by sending rates soaring, yet REITs have remained surprisingly resilient in recent weeks, maintaining sizable year-to-date outperformance. REIT-rate correlations have eased in recent quarters, signaling a more favorable "regime change" where performance is driven by property fundamentals rather than macro forces, following a prolonged period of rate-dominated.

Preferred shares and baby bonds deliver "contractual" income, providing excellent defense against volatility. Fixed-Income forms the cornerstone of our Income Method. We have seen some full redemptions and are eagerly buying into new opportunities. Here are our top picks.

LUGANO, Switzerland, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Nimbus Capital has entered into a $15 million strategic partnership with Chimera Wallet, a non-custodial wallet built on Bitcoin's VTXO technology. The collaboration aims to expand decentralized finance (DeFi) functionality within the Bitcoin ecosystem and support the development of programmable financial tools on the network.

Chimera Investment Corporation (CIM) Q4 2025 Earnings Call Transcript

NEW YORK--(BUSINESS WIRE)--The Board of Directors of Chimera Investment Corporation (“Chimera”) announced the declaration of its first quarter cash dividend of $0.45 per common share, an increase from its fourth quarter 2025 cash dividend of $0.37. The dividend is payable on April 30, 2026 to common stockholders of record on March 31, 2026. The ex-dividend date is March 31, 2026. The Board of Directors of Chimera also announced the declaration of its first quarter cash dividend of $0.50 per sha.

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.

Over 200 U.S. REITs and homebuilders have reported third-quarter earnings results over the past five weeks, providing critical information on the state of the commercial and residential real estate industry. Overall, REIT earnings results were marginally better than consensus expectations despite a handful of high-profile flops that overshadowed some impressive individual results across a balanced mix of sectors. Two-thirds of the sector (67 REITs) raised their full-year FFO outlook—above the historical average of 65%. Notable winners included Industrial, Senior Housing, Data Center, Retail, and Billboard REITs.