NEW YORK–(BUSINESS WIRING) – On June 25, 2021, Chimera Investment Corporation (NYSE: CIM) sponsored CIM 2021-R4, a $ 545.7 million securitization. USA experienced reformed home mortgage loans. The mortgage loans for securitization were obtained as a result of the discontinuation of the securitizations of Chimera’s CIM 2018-R1, CIM 2018-R2 and CIM 2018-R4 (“Previous Securitizations”).
The securities issued by CIM 2021-R4, with a cumulative balance of approximately US $ 463.8 million, were sold in a private placement to institutional investors. These senior securities accounted for approximately 85% of the capital structure. Chimera retained subordinated stakes in securities with an aggregate balance of approximately $ 81.9 million and some interest-only securities. Chimera also retained the ability to revoke securitized mortgage loans at any time starting in June 2024. Chimera’s average debt cost for this securitization is 1.97%, compared to 3.79% of the weighted debt value for previous securitizations.
In addition, in June, Chimera sponsored its third major securitization – $ 320.3 million CIM 2021-J3. The securitization is rated by Moody’s and Fitch.
Denial of responsibility
This press release contains “forward-looking statements” within the meaning of the safeguard provisions of the US Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections, and therefore, readers should not rely on them. forward-looking statements as predictions of future events. Words such as expect, goal, anticipate, estimate, project, budget, forecast, anticipate, intend, plan, may, will ”,“ Could ”,“ should ”,“ believe ”,“ predict ”,“ potential ”,“ continue ”and similar expressions are intended to indicate such forward-looking statements. Note to readers: Do not place undue reliance on any forward-looking statements that relate only to the date of their publication. Chimera does not undertake and assumes no obligation to post any updates or amendments to any forward-looking statements to reflect any changes in its expectations or any changes in the events, conditions or circumstances on which any such statement is based. For more information on these and other risk factors, see Chimera’s latest filings with the Securities and Exchange Commission (SEC). All subsequent written and oral forward-looking statements regarding Chimera or matters relating to Chimera or anyone acting on its behalf are expressly set forth in their entirety by the cautionary statements set forth above.
About Chimera Investment Corporation
We are a publicly traded REIT that is primarily engaged in the business of leveraged investment in a diversified portfolio of real estate assets, including mortgages, non-agency RMBS, Agency CMBS, Agency RMBS and other real estate assets.
Please visit www.chimerareit.com for more information about the Company.