NEW YORK--(BUSINESS WIRE)--
On May 31, 2016, Chimera Investment Corporation (NYSE:CIM) sponsored CIM
2016-2 and CIM 2016-3: collectively a $3.5 billion securitization of
seasoned residential mortgage loans. The mortgage loans were acquired
from an unaffiliated financial institution, and have similar credit
characteristics to the mortgage loans underlying the CIM 2016-1
securitization completed on April 29, 2016.
Securities issued by the securitizations with an aggregate balance of
approximately $3.0 billion were sold in a private placement to
institutional investors. The senior securities issued by the
securitizations represented approximately 70% of the respective capital
structures and had an initial coupon of 2.94%. Chimera retained
subordinate interests in securities with an aggregate balance of
approximately $537 million. Chimera also retained an option, with
respect to each securitization, to call the related outstanding notes of
such securitization at any time beginning in May 2020.
Other Information
Chimera Investment Corporation invests in residential mortgage loans,
residential mortgage-backed securities, real estate-related securities
and various other asset classes. The Company’s principal business
objective is to generate income from the spread between yields on its
investments and its cost of borrowing and hedging activities. The
Company is a Maryland corporation that has elected to be taxed as a real
estate investment trust (“REIT”).
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Chimera Investment Corporation
Investor Relations, 866-315-9930
www.chimerareit.com
Source: Chimera Investment Corporation