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Non-Tech : Income Investing -- Ignore unavailable to you. Want to Upgrade?

To: Elroy who wrote (51799)	1/23/2025 9:38:41 AM
From: brehm233	Read Replies (1) \| Respond to of 52117

Have been disappointed in CIM. Zacks rating = 4, sell We have owned the CIM-C which is suppose to float this year- we will see. did try to sell the -C a few months ago at 24, but market dropped. I think QOL shows CIM has never called any of their pfds just thoughts, no real knowledge about CIM activity... good luck

To: Elroy who wrote (51799)	1/23/2025 10:50:31 AM
From: cpamikemba	1 Recommendation Recommended By lumpygravy Read Replies (1) \| Respond to of 52117

Elroy, I've seen notices sometimes given in 8-K filings. You may not see it accompanied by a press release, so you'd only find out by checking the SEC website for CIM filings. In some cases, the company filed an 8-K and put out a press release, and in other cases just one or the other (an 8-K only or a press release only). Based on CIM-Ds prospectus (below), they're only required to to give notice to holders of record. The press release and the 8-K are at their option, but they're not required to do them. Even if CIM doesn't put out a press release or file an 8-K, you will still find out from your broker. From the 424B5 prospectus, p. S-22: Redemption Procedures. In the event we elect to redeem Series D Preferred Stock pursuant to our optional redemption right or our special optional redemption right, the notice of redemption will be given to each holder of record of Series D Preferred Stock called for redemption at such holder’s address as it appears on our stock records and will state the following ... CIM-B has a higher spread (5.791%) than CIM-D (5.379%), so CIM-B pays out the higher dividend. I figure if/when they redeem any of their preferreds, they'd redeem CIM-B first. Just a guess - there can be other factors in play that might make them take out -D first or both of them at the same time.

To: Elroy who wrote (51799)	1/23/2025 12:48:31 PM
From: Privately	1 Recommendation Recommended By brehm233 Read Replies (1) \| Respond to of 52117

I bought some CIM preferreds in my high risk bucket back in 2020 too, but sold them off in late 2021/early 2022 above $25 (part of freeing up funds to buy UAN). Gain was nice, didn't want to hold long term. I also bought some of their preferreds at IPO and flipped them. CIM is a little further "out there" on the risk spectrum IMHO. Higher risk types of loans, lots of leverage. Actively acquiring new portfolios (go big or go home?). I think can probably do OK so long as things work as they anticipate. My worry would be that with all the leverage and riskier loans, a black swan event might push them off their tight rope. I think they would struggle to get a dramatically better rate on a new offering to try to redeem their preferreds. the notes they issued 5 months ago were at 9.25%. However, if rates keep falling, who knows? From their presentation: ? Our residential mortgage loan portfolio is comprised of Reperforming Loans (RPLs), Non-QM Loans,Investor Loans, Business Purpose Loans (BPLs), and Prime Jumbo Loans and it represents a significantpart of our business and growth strategy. ? We use leverage to enhance our returns and to finance the acquisition of mortgage assets through several funding sources including repurchase agreements (repo), warehouse lines, unsecured debt, and, most importantly, asset securitization. ? Our total leverage ratio is 3.9x and recourse leverage ratio is 1.2x If someone held a gun to my head and made me choose, I would probably buy their notes (CIMN, CIMO). They aren't due until 2029, but at least they have to be redeemed at some point. Anyway, sorry for rambling on. Nothing here is advice or recommendation. I am sitting in a waiting room just writing random thoughts, so not worth much. Disclosure: I bought some of the CIM preferreds at IPO (years ago),flipped them, then got out. I do not now own,nor do I have any current plans to purchase anything from CIM