Key Highlights

  • A USD 0.45 quarterly Dividend annualizes to USD 1.80, about 19.6 percent of the latest quote of USD 9.19 for Chimera Investment (NYSE:CIM). The figure is simple arithmetic on two published numbers and is not guaranteed.
  • GAAP Book Value was USD 17.75 per common share at June 30, 2026, so the latest quote is roughly 52 percent of book value (simple arithmetic), a wide discount for a Mortgage REIT.
  • Earnings available for distribution were USD 0.46 per diluted share in the second quarter and USD 1.00 for the first half, while the GAAP result was a net loss of USD 0.05 per diluted share.
  • The board declared the third quarter dividend with record and ex-dividend dates of September 30, 2026 and payment on October 30, 2026, and said it expects to maintain USD 0.45 throughout 2026.

Where the 19.6 Percent Comes From

The board of Chimera Investment (NYSE:CIM) declared USD 0.45 per common share for the third quarter, with record and ex-dividend dates of September 30, 2026 and a payment date of October 30, 2026. The company release says the board expects to maintain the USD 0.45 quarterly dividend throughout 2026, an annualized USD 1.80. Dividing USD 1.80 by the latest quote of USD 9.19 gives 19.6 percent, which matches the 19.61 percent in published screener data. Market Value is about USD 769 million on the same screener. The shares trade on the NYSE. A Yield is a snapshot of the latest distribution, so the board can change it at any meeting.

Credit, Agency and Leverage

Chimera Investment (NYSE:CIM) funds a mix of residential Credit and agency securities with borrowed money, and earns the spread between asset yields and financing costs. At the second quarter, loans held for investment were 55.6 percent of the portfolio at fair value, agency securities 36.8 percent and non-agency securities 5.1 percent. GAAP Leverage rose to 5.6 to 1 from 5.1 to 1 at year-end, and recourse leverage rose to 3.3 to 1 from 2.4 to 1. Book value moves with interest rates and credit spreads, and CEO Phillip Kardis said the focus is sustaining dividend coverage over the course of the year. Heavier borrowing raises returns in good markets and magnifies losses when financing tightens.

Coverage, Discount and What to Watch

Earnings available for distribution of USD 0.46 covered the USD 0.45 dividend by only a penny (simple arithmetic), and that measure excludes items that flow through GAAP, where the quarter showed a loss of USD 0.05 per share. A quote near half of book value signals doubt about asset marks, credit performance or the durability of earnings. Risks include spread widening, higher recourse leverage, prepayment shifts and funding costs. No cut to the USD 0.45 rate was found in 2026. Watch the October 30 payment and the next quarterly results, whose date was not verified in this check. Another thin quarter would test the pledge to hold the dividend.

Where Things Stand

Chimera Investment (NYSE:CIM) shows a yield near 19.6 percent because the market values it at roughly half of book value while the board has pledged to hold USD 0.45 through 2026. Distribution Earnings narrowly covered the payout last quarter, GAAP earnings did not, and leverage has risen. The yield is not guaranteed and depends on those earnings. The next datapoints are the October 30 payment and third quarter results. This is informational analysis, not investment advice.