On June 19, after the markets closed, Chimera Investment Corporation (CIM) announced that the company would pay a second quarter 2012 dividend of $0.09 per common share. The Q2 dividend is payable July 26, to shareholders of record on June 29, with an ex-dividend date of June 27. This is a quarterly dividend cut of two cents, with Chimera distributing $0.11 per quarter for each of the last two quarters, and $0.13 for Q2 of 2011.
Chimera also included in the dividend announcement an estimated GAAP book value of $3.03 per share and an estimated economic book value of $2.76 per share, as of the end of Q1. Chimera has had a series of accounting issues over the last several quarters. The last substantive information out of Chimera, excluding switching accountants, came on March 1, 2012, when Chimera announced that it would delay the filing of its quarterly report for the fourth quarter of 2011. At that point in time, the mREIT reported its GAAP book value was $2.97 per share and its economic book value was $2.82 per share.
The company stated it expected to file its 2011 Form 10-K as soon as practicable. It was the second consecutive quarter that Chimera had to delay the filing of a 10-K. In late 2011, Chimera changed the way it accounted for certain of its assets, explained here. That report was eventually filed, but then Chimera again announced it was reviewing the way it treated and accounted for its non-agency assets.
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