It's hard to find value these days in the market. However, I believe the whole agency REIT space is still attractively valued. I think CIM is a special case where it will provide the same yield as agencies but with an optionality on returning leverage.

IPOed at the worst possible time. When Chimera (CIM) first IPOed on 11/15/07, the vehicle was supposed to achieve return on equity (ROE) in the low teens by investing in non-agency residential mortgage-backed securities (RMBS) and other loans, while funding purchases with repos and lines of credit, resulting in a ROE model that looks something like: