The Board of Directors of Chimera today announced the declaration of its first quarter 2015 cash dividend of $0.096 per common share, a 7% increase from the fourth quarter 2014 dividend. The first quarter dividend of $0.096 per common share does not reflect the effect of the reverse stock split and would be equivalent to $0.48 per common share on a reverse stock split 1 for 5 adjusted basis. This dividend is payable April 30, 2015, to common stockholders of record on March 31, 2015. The ex-dividend date is March 27, 2015.
The Board of Directors also announced that it intends to set a consistent quarterly dividend for the second, third and fourth quarters of 2015. After the completion of the reverse stock split, Chimera’s second, third and fourth quarter dividend is each expected to be set at $0.48 per share on a reverse stock split adjusted basis.
The Company distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will typically differ due to items such as differences in premium amortization, accretion of discounts, unrealized and realized gains and losses, credit loss recognition, and non-deductible general and administrative expenses. Portions of the dividend may be ordinary income, capital gains or a return of capital.
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