Chimera Investment reported Q1 earnings available for distribution of $46 million, covering its $0.45 dividend by 1.2 times.
Chimera Investment (NYSE:CIM) reported first-quarter earnings available for distribution of $46 million, or $0.54 per share, up from $34 million, or $0.41 per share, in the same period last year. The company’s $0.45 per-share dividend was covered at approximately 1.2 times, executives said during an earnings call.
The company posted a GAAP net loss of $65 million for the quarter, while its book value per share declined 6.9% to $18.34. Over the past 10 quarters, Chimera’s earnings have exceeded its dividend in nine quarters, missing once by $0.01, and the dividend has increased from $0.33 to $0.45 per share.
Executives noted market volatility, including higher Treasury yields, a flattening yield curve, and rising mortgage rates, as key challenges during the quarter. The company continues to shift its portfolio toward more liquid assets and expand its HomeXpress Mortgage platform.