Chimera Investment Corp (CIM) said Tuesday it has completed its $30 million purchase of the Palisades Group, a US-based alternative assets manager specializing in residential real estate credit.
The deal also included up to $20 million in potential earnout payments over the next five years based on Palisades reaching certain financial targets, with the option for Chimera to pay 50% of the earnout payments in common shares.
The purchase was completed Monday.
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