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Chimera Investment Corporation Announces Definitive Agreement to Acquire Palisades Group

Oct 17, 2024•over 1 year ago

Contract Type

agreement

New YorkReal EstateLending

Description

Chimera Investment Corporation has entered into a definitive agreement to acquire Palisades Group, a U.S.-based alternative asset manager specializing in residential real estate credit, for a cash consideration of $30 million at closing, plus an additional potential earnout of up to $20 million over five years. The acquisition is expected to broaden Chimera's residential credit reach to include managing assets for third parties and raising and investing private capital.

Company Information

Company

Chimera

Location

New York, New York, United States

About

Chimera is a publicly traded real estate investment trust, or REIT, whose principal business objective is to provide attractive risk-adjusted returns and distributable income through investment performance linked to mortgage credit fundamentals. Chimera is primarily engaged in the business of investing for its own account and on behalf of third-party clients through its investment management and advisory services activities. Chimera invests, directly or indirectly, generally on a levered basis in diversified portfolios of mortgage assets, including residential mortgage loans, Non-Agency RMBS, Agency RMBS, Agency CMBS, MSRs, business purpose and investor loans, including RTLs, and other real estate-related assets.

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