Last week, Chimera Investment Corporation (CIM) announced that the New York Stock Exchange has given the company until Jan. 15, 2013, to file its 2011 annual report on form 10-K with the Securities and Exchange Commission. The REIT has not filed its 2011 annual report or any subsequent reports due to the reconsideration of how to appropriately treat its junk-rated non-agency residential mortgage-backed securities portfolio under accounting standards. Last month, the company noted to the Securities and Exchange Commission that it will file its 2011 annual report as soon as possible.
Shares of CIM have had a volatile summer. Chimera's shares declined in late June and though July, largely after reporting that the REIT would cut its quarterly dividend from $0.11 to $0.09, while also again delaying its already overdue filings. Shares then began to appreciate after the company announced on Aug. 7 that it declared a plan to initiate a regular quarterly dividend of $0.09 per share for both the third and fourth quarter of 2012. The market reacted positively to the news, with Chimera shares appreciating around 10% on the date of the announcement and continuing to climb in the five weeks since then, appreciating by about 25% in total.
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