Chimera Investment Corporation Completes Acquisition of Palisades Group
Chimera Investment Corporation (CIM)
Last chimera investment corporation earnings: 2/12 07:00 am
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chimerareit.com/investors
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Source: Business Wire
NEW YORK--(BUSINESS WIRE)--Chimera Investment Corporation (NYSE: CIM) (“Chimera”) announced today that it has completed the previously announced acquisition of Palisades Group (“Palisades”), a U.S.-based alternative asset manager founded in 2012 that specializes in residential real estate credit. Upon closing, which occurred on December 2, 2024, Jack Macdowell, Jr., co-founder and Chief Investment Officer of Palisades, became Chimera’s Chief Investment Officer.Pursuant to the terms of the agreement, Chimera acquired Palisades for cash consideration of $30 million at closing, plus an additional potential earnout of up to $20 million over five years contingent upon achieving certain financial targets, with the option for Chimera to pay 50% of the earnout payments in common shares, aligning interests with those of Chimera’s shareholders.AdvisorsHoulihan Lokey acted as the exclusive financial advisor to Chimera and Hunton Andrews Kurth LLP served as legal counsel to Chimera. Mayer Bro
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