Chimera Investment Corporation (NYSE:CIM) today announced its
financial results for the second quarter ended June 30, 2023.
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Financial Highlights:
- 2ND QUARTER GAAP NET INCOME OF $0.08 PER DILUTED COMMON
SHARE
- 2ND QUARTER EARNINGS AVAILABLE FOR DISTRIBUTION(1) OF $0.12 PER
DILUTED COMMON SHARE.
- GAAP BOOK VALUE OF $7.29 PER COMMON SHARE
Business Highlights:
Second Quarter
- Repurchased 5.8 million shares for $33 million at an average
price of $5.66 per share.
- Settled $475 million of non-qualifying investor owned
residential mortgage loans and $160 million of seasoned
re-performing residential mortgage loans and contributed them to
securitizations.
- Sponsored five securitizations during the quarter:
- $451 million CIM 2023-R3
- $67 million CIM 2023-NR2
- $394 million CIM 2023-R4
- $236 million CIM 2023-I1
- $239 million CIM 2023-I2
- Reduced our recourse financing exposure by $509 million and
replaced it with non-recourse financing.
“We believe that the steps we have taken during the first half
of the year have put us in a good position to reduce our financing
costs as well as to take advantage of future investment
opportunities”, said Phillip Kardis, CEO.
(1)
Earnings available for distribution per
adjusted diluted common share is a non-GAAP measure. See additional
discussion on page 6.
Other Information
Chimera Investment Corporation is a publicly traded real estate
investment trust, or REIT, that is primarily engaged in the
business of investing directly or indirectly through its
subsidiaries, on a leveraged basis, in a diversified portfolio of
mortgage assets, including residential mortgage loans, Non-Agency
RMBS, Agency CMBS, Agency RMBS, and other real estate related
securities.
CHIMERA INVESTMENT
CORPORATION
CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION
(dollars in thousands, except
share and per share data)
(Unaudited)
June 30, 2023
December 31, 2022
Cash and cash equivalents
$
200,940
$
264,600
Non-Agency RMBS, at fair value (net of
allowance for credit losses of $13 million and $7 million,
respectively)
1,092,205
1,147,481
Agency MBS, at fair value
136,326
430,944
Loans held for investment, at fair
value
11,929,537
11,359,236
Accrued interest receivable
71,281
61,768
Other assets
73,026
133,866
Derivatives, at fair value
6,328
4,096
Total assets (1)
$
13,509,643
$
13,401,991
Liabilities:
Secured financing agreements ($3.9 billion
and $4.7 billion pledged as collateral, respectively, and includes
$354 million and $374 million at fair value, respectively)
$
2,686,522
$
3,434,765
Securitized debt, collateralized by
Non-Agency RMBS ($262 million and $276 million pledged as
collateral, respectively)
77,195
78,542
Securitized debt at fair value,
collateralized by Loans held for investment ($11.4 billion and
$10.0 billion pledged as collateral, respectively)
8,041,276
7,100,742
Payable for investments purchased
7,071
9,282
Accrued interest payable
37,425
30,696
Dividends payable
52,344
64,545
Accounts payable and other liabilities
28,407
16,616
Total liabilities (1)
$
10,930,240
$
10,735,188
Commitments and Contingencies (See Note
15)
Stockholders' Equity:
Preferred Stock, par value of $0.01 per
share, 100,000,000 shares authorized:
8.00% Series A cumulative redeemable:
5,800,000 shares issued and outstanding, respectively ($145,000
liquidation preference)
$
58
$
58
8.00% Series B cumulative redeemable:
13,000,000 shares issued and outstanding, respectively ($325,000
liquidation preference)
130
130
7.75% Series C cumulative redeemable:
10,400,000 shares issued and outstanding, respectively ($260,000
liquidation preference)
104
104
8.00% Series D cumulative redeemable:
8,000,000 shares issued and outstanding, respectively ($200,000
liquidation preference)
80
80
Common stock: par value $0.01 per share;
500,000,000 shares authorized, 226,344,682 and 231,824,192 shares
issued and outstanding, respectively
2,263
2,318
Additional paid-in-capital
4,289,449
4,318,388
Accumulated other comprehensive income
210,674
229,345
Cumulative earnings
4,132,332
4,038,942
Cumulative distributions to
stockholders
(6,055,687
)
(5,922,562
)
Total stockholders' equity
$
2,579,403
$
2,666,803
Total liabilities and stockholders'
equity
$
13,509,643
$
13,401,991
(1) The Company's consolidated statements
of financial condition include assets of consolidated variable
interest entities, or VIEs, that can only be used to settle
obligations and liabilities of the VIE for which creditors do not
have recourse to the primary beneficiary (Chimera Investment
Corporation). As of June 30, 2023, and December 31, 2022, total
assets of consolidated VIEs were $11,116,487 and $10,199,266,
respectively, and total liabilities of consolidated VIEs were
$7,756,156 and $6,772,125, respectively.
Net Income (Loss)
(dollars in thousands, except
share and per share data)
(unaudited)
For the Quarters Ended
For the Six Months
Ended
June 30, 2023
March 31, 2023
June 30, 2023
June 30, 2022
Net interest income:
Interest income (1)
$
196,859
$
189,250
$
386,109
$
397,532
Interest expense (2)
131,181
119,615
250,796
142,939
Net interest income
65,678
69,635
135,313
254,593
Increase (decrease) in provision for
credit losses
2,762
3,062
5,824
4,737
Other investment gains
(losses):
Net unrealized gains (losses) on
derivatives
17,994
(8,551
)
9,443
(1,618
)
Realized gains (losses) on derivatives
(6,822
)
(34,134
)
(40,957
)
—
Periodic interest cost of swaps, net
4,159
2,819
6,977
—
Net gains (losses) on
derivatives
15,331
(39,866
)
(24,537
)
(1,618
)
Net unrealized gains (losses) on financial
instruments at fair value
6,954
64,592
71,546
(609,412
)
Net realized gains (losses) on sales of
investments
(21,758
)
(5,264
)
(27,022
)
—
Gains (losses) on extinguishment of
debt
4,039
2,309
6,348
(2,897
)
Other investment gains (losses)
(421
)
117
(303
)
980
Total other gains (losses)
4,145
21,888
26,032
(612,947
)
Other expenses:
Compensation and benefits
7,677
10,491
18,168
20,211
General and administrative expenses
6,471
5,778
12,247
11,657
Servicing and asset manager fees
8,408
8,417
16,825
18,607
Transaction expenses
8,456
6,409
14,865
10,531
Total other expenses
31,012
31,095
62,105
61,006
Income (loss) before income
taxes
36,049
57,366
93,416
(424,097
)
Income taxes
25
—
26
24
Net income (loss)
$
36,024
$
57,366
$
93,390
$
(424,121
)
Dividends on preferred stock
18,438
18,438
36,875
36,845
Net income (loss) available to common
shareholders
$
17,586
$
38,928
$
56,515
$
(460,966
)
Net income (loss) per share available
to common shareholders:
Basic
$
0.08
$
0.17
$
0.24
$
(1.95
)
Diluted
$
0.08
$
0.17
$
0.24
$
(1.95
)
Weighted average number of common
shares outstanding:
Basic
231,628,141
231,994,620
231,810,368
236,156,868
Diluted
233,867,501
235,201,614
234,690,759
236,156,868
(1) Includes interest income of
consolidated VIEs of $149,674 and $140,209 for the quarters ended
June 30, 2023 and 2022, respectively, and $289,576 and $271,275 for
the six months ended June 30, 2023 and 2022, respectively.
(2) Includes interest expense of
consolidated VIEs of $72,624 and $50,193 for the quarters ended
June 30, 2023 and 2022, respectively, and $132,776 and $92,684 for
the six months ended June 30, 2023 and 2022, respectively.
CHIMERA INVESTMENT
CORPORATION
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
(dollars in thousands, except
share and per share data)
(Unaudited)
For the Quarters Ended
For the Six Months
Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Comprehensive income (loss):
Net income (loss)
$
36,024
$
(161,327
)
$
93,390
$
(424,121
)
Other comprehensive income:
Unrealized gains (losses) on
available-for-sale securities, net
(14,081
)
(58,369
)
(19,984
)
(99,324
)
Reclassification adjustment for net
realized losses (gains) included in net income
—
—
1,313
—
Other comprehensive income (loss)
(14,081
)
(58,369
)
$
(18,671
)
$
(99,324
)
Comprehensive income (loss) before
preferred stock dividends
$
21,943
$
(219,696
)
$
74,719
$
(523,445
)
Dividends on preferred stock
$
18,438
$
18,438
$
36,875
$
36,845
Comprehensive income (loss) available
to common stock shareholders
$
3,505
$
(238,134
)
$
37,844
$
(560,290
)
Earnings available for distribution
Earnings available for distribution is a non-GAAP measure and is
defined as GAAP net income excluding unrealized gains or losses on
financial instruments carried at fair value with changes in fair
value recorded in earnings, realized gains or losses on the sales
of investments, gains or losses on the extinguishment of debt,
changes in the provision for credit losses, other gains or losses
on equity investments, and transaction expenses incurred.
Transaction expenses are primarily comprised of costs only incurred
at the time of execution of our securitizations and certain
structured secured financing agreements and include costs such as
underwriting fees, legal fees, bank fees and other similar
transaction related expenses. These costs are all incurred prior to
or at the execution of the transaction and do not recur. Recurring
expenses, such as servicing fees, custodial fees, trustee fees and
other similar ongoing fees are not excluded from earnings available
for distribution. In addition, stock compensation expense charges
incurred on awards to retirement eligible employees is reflected as
an expense over a vesting period (generally 36 months) rather than
reported as an immediate expense.
Earnings available for distribution is the Economic net interest
income, as defined previously, reduced by compensation and benefits
expenses (adjusted for awards to retirement eligible employees),
general and administrative expenses, servicing and asset manager
fees, income tax benefits or expenses incurred during the period,
as well as the preferred dividend charges.
We view Earnings available for distribution as one measure of
our investment portfolio's ability to generate income for
distribution to common stockholders. Earnings available for
distribution is one of the metrics, but not the exclusive metric,
that our Board of Directors uses to determine the amount, if any,
of dividends on our common stock. Other metrics that our Board of
Directors may consider when determining the amount, if any, of
dividends on our common stock include (among others) REIT taxable
income, dividend yield, book value, cash generated from the
portfolio, reinvestment opportunities and other cash needs. In
addition, Earnings available for distribution is different than
REIT taxable income and the determination of whether we have met
the requirement to distribute at least 90% of our annual REIT
taxable income (subject to certain adjustments) to our stockholders
in order to maintain qualification as a REIT is not based on
Earnings available for distribution. Therefore, Earnings available
for distribution should not be considered as an indication of our
REIT taxable income, a guaranty of our ability to pay dividends, or
as a proxy for the amount of dividends we may pay. We believe
Earnings available for distribution as described above helps us and
investors evaluate our financial performance period over period
without the impact of certain transactions. Therefore, Earnings
available for distribution should not be viewed in isolation and is
not a substitute for net income or net income per basic share
computed in accordance with GAAP. In addition, our methodology for
calculating Earnings available for distribution may differ from the
methodologies employed by other REITs to calculate the same or
similar supplemental performance measures, and accordingly, our
Earnings available for distribution may not be comparable to the
Earnings available for distribution reported by other REITs.
The following table provides GAAP measures of net income and net
income per diluted share available to common stockholders for the
periods presented and details with respect to reconciling the line
items to Earnings available for distribution and related per
average diluted common share amounts. Earnings available for
distribution is presented on an adjusted dilutive shares basis.
For the Quarters Ended
June 30, 2023
March 31, 2023
December 31,
2022
September 30, 2022
June 30, 2022
(dollars in thousands, except per
share data)
GAAP Net income (loss) available to
common stockholders
$
17,586
$
38,928
$
78,716
$
(204,583
)
$
(179,765
)
Adjustments:
Net unrealized (gains) losses on financial
instruments at fair value
(6,954
)
(64,592
)
(112,026
)
239,513
239,246
Net realized (gains) losses on sales of
investments
21,758
5,264
39,443
37,031
—
(Gains) losses on extinguishment of
debt
(4,039
)
(2,309
)
—
—
2,897
Increase (decrease) in provision for
credit losses
2,762
3,062
3,834
(1,534
)
4,497
Net unrealized (gains) losses on
derivatives
(17,994
)
8,551
10,171
(10,307
)
1,618
Realized gains (losses) on derivatives
6,822
34,134
561
—
—
Transaction expenses
8,456
6,409
3,274
2,341
6,727
Stock Compensation expense for retirement
eligible awards
(388
)
2,141
(309
)
(310
)
(309
)
Other investment (gains) losses
421
(117
)
2,383
462
(980
)
Earnings available for
distribution
$
28,430
$
31,471
$
26,047
$
62,613
$
73,931
GAAP net income (loss) per diluted
common share
$
0.08
$
0.17
$
0.34
$
(0.88
)
$
(0.76
)
Earnings available for distribution per
adjusted diluted common share
$
0.12
$
0.13
$
0.11
$
0.27
$
0.31
The following tables provide a summary of the Company’s MBS
portfolio at June 30, 2023 and December 31, 2022.
June 30, 2023
Principal or Notional
Value at Period-End (dollars in thousands)
Weighted Average Amortized
Cost Basis
Weighted Average Fair
Value
Weighted Average
Coupon
Weighted Average Yield at
Period- End (1)
Non-Agency RMBS
Senior
$
1,109,831
$
45.80
64.66
5.5
%
16.5
%
Subordinated
594,038
50.00
47.04
3.8
%
6.6
%
Interest-only
2,983,593
5.37
3.19
0.5
%
6.9
%
Agency RMBS
Interest-only
401,285
4.72
3.22
0.1
%
6.8
%
Agency CMBS
Project loans
123,579
101.51
92.42
4.1
%
4.0
%
Interest-only
484,297
1.77
1.90
0.6
%
7.9
%
(1) Bond Equivalent Yield at period
end.
December 31, 2022
Principal or Notional Value at
Period-End (dollars in thousands)
Weighted Average
Amortized
Cost Basis
Weighted Average Fair
Value
Weighted Average
Coupon
Weighted Average Yield at
Period- End (1)
Non-Agency RMBS
Senior
$
1,153,458
$
46.09
$
66.05
5.3
%
16.4
%
Subordinated
611,206
49.79
46.94
3.1
%
6.8
%
Interest-only
3,114,930
5.14
3.17
0.7
%
5.3
%
Agency RMBS
Interest-only
409,940
4.58
3.70
0.9
%
5.0
%
Agency CMBS
Project loans
302,685
101.85
95.62
4.3
%
4.1
%
Interest-only
2,669,396
5.23
4.73
0.7
%
3.4
%
(1) Bond Equivalent Yield at period
end.
At June 30, 2023 and December 31, 2022, the secured financing
agreements collateralized by MBS and Loans held for investment had
the following remaining maturities and borrowing rates.
June 30, 2023
December 31, 2022
(dollars in thousands)
Principal (1)
Weighted Average Borrowing
Rates
Range of Borrowing
Rates
Principal (1)
Weighted Average Borrowing
Rates
Range of Borrowing
Rates
Overnight
$
—
N/A
N/A
$
—
N/A
NA
1 to 29 days
$
336,274
6.44%
5.22% - 7.93%
$
493,918
4.66%
3.63% - 6.16%
30 to 59 days
330,198
6.53%
6.01% - 7.57%
762,768
6.14%
4.60% - 7.34%
60 to 89 days
194,857
6.42%
6.11% - 7.72%
225,497
6.04%
4.70% - 7.12%
90 to 119 days
55,989
7.05%
6.36% - 7.37%
43,180
6.54%
5.50% - 6.70%
120 to 180 days
182,352
6.81%
6.38% - 7.43%
401,638
5.88%
5.57% - 6.92%
180 days to 1 year
389,290
6.92%
6.41% - 7.41%
402,283
6.06%
5.63% - 6.64%
1 to 2 years
843,745
9.27%
7.00% - 13.98%
251,286
13.98%
13.98% - 13.98%
2 to 3 years
—
—%
0.00% - 0.00%
480,022
8.07%
8.07% - 8.07%
Greater than 3 years
374,929
5.14%
5.10% - 6.80%
382,839
5.14%
5.10% - 6.07%
Total
$
2,707,634
7.26%
$
3,443,431
6.61%
(1) The outstanding balance for secured
financing agreements in the table above is net of $2 million and $1
million of deferred financing cost as of June 30, 2023 and December
31, 2022, respectively.
The following table summarizes certain characteristics of our
portfolio at June 30, 2023 and December 31, 2022.
June 30, 2023
December 31, 2022
GAAP Leverage at period-end
4.2:1
4.0:1
GAAP Leverage at period-end (recourse)
1.0:1
1.3:1
June 30, 2023
December 31, 2022
June 30, 2023
December 31, 2022
Portfolio Composition
Amortized Cost
Fair Value
Non-Agency RMBS
7.3 %
7.5 %
8.3 %
8.9 %
Senior
3.9 %
4.0 %
5.4 %
5.9 %
Subordinated
2.2 %
2.3 %
2.1 %
2.2 %
Interest-only
1.2 %
1.2 %
0.7 %
0.8 %
Agency RMBS
0.1 %
0.1 %
0.1 %
0.1 %
Interest-only
0.1 %
0.1 %
0.1 %
0.1 %
Agency CMBS
1.0 %
3.3 %
0.9 %
3.2 %
Project loans
0.9 %
2.3 %
0.9 %
2.2 %
Interest-only
0.1 %
1.0 %
0.1 %
1.0 %
Loans held for investment
91.6 %
89.1 %
90.7 %
87.8 %
Fixed-rate percentage of portfolio
96.7 %
96.5 %
95.9 %
95.6 %
Adjustable-rate percentage of
portfolio
3.4 %
3.5 %
4.1 %
4.4 %
Economic Net Interest Income
Our Economic net interest income is a non-GAAP financial measure
that equals GAAP net interest income adjusted for net periodic
interest cost of interest rate swaps and excludes interest earned
on cash. For the purpose of computing economic net interest income
and ratios relating to cost of funds measures throughout this
section, interest expense includes net payments on our interest
rate swaps, which is presented as a part of Net gains (losses) on
derivatives in our Consolidated Statements of Operations. Interest
rate swaps are used to manage the increase in interest paid on
secured financing agreements in a rising rate environment.
Presenting the net contractual interest payments on interest rate
swaps with the interest paid on interest-bearing liabilities
reflects our total contractual interest payments. We believe this
presentation is useful to investors because it depicts the economic
value of our investment strategy by showing all components of
interest expense and net interest income of our investment
portfolio. However, Economic net interest income should not be
viewed in isolation and is not a substitute for net interest income
computed in accordance with GAAP. Where indicated, interest
expense, adjusting for any interest earned on cash, is referred to
as Economic interest expense. Where indicated, net interest income
reflecting net periodic interest cost of interest rate swaps and
any interest earned on cash, is referred to as Economic net
interest income.
The following table reconciles the Economic net interest income
to GAAP net interest income and Economic interest expense to GAAP
interest expense for the periods presented.
GAAP Interest Income
GAAP Interest Expense
Periodic Interest Cost of
Interest Rate Swaps
Economic Interest Expense
GAAP Net Interest Income
Periodic Interest Cost of
Interest Rate Swaps
Other (1)
Economic Net Interest Income
For the Quarter Ended June 30, 2023
$
196,859
$
131,181
$
(4,159
)
$
127,022
$
65,678
$
4,159
$
(2,884
)
$
66,953
For the Quarter Ended March 31, 2023
$
189,250
$
119,615
$
(2,819
)
$
116,796
$
69,635
$
2,819
$
(3,035
)
$
69,419
For the Quarter Ended December 31,
2022
$
187,286
$
106,891
$
1,629
$
108,520
$
80,395
$
(1,629
)
$
(1,867
)
$
76,899
For the Quarter Ended September 30,
2022
$
188,303
$
83,464
$
122
$
83,586
$
104,839
$
(122
)
$
(540
)
$
104,177
For the Quarter Ended June 30, 2022
$
195,357
$
78,467
$
—
$
78,467
$
116,890
$
—
$
(81
)
$
116,809
(1) Primarily interest income on cash and
cash equivalents.
The table below shows our average earning assets held, interest
earned on assets, yield on average interest earning assets, average
debt balance, economic interest expense, economic average cost of
funds, economic net interest income, and net interest rate spread
for the periods presented.
For the Quarter Ended
June 30, 2023
March 31, 2023
(dollars in thousands)
(dollars in thousands)
Average
Balance
Interest
Average
Yield/Cost
Average
Balance
Interest
Average
Yield/Cost
Assets:
Interest-earning assets (1):
Agency RMBS
$
18,798
$
305
6.5
%
$
18,692
$
322
6.9
%
Agency CMBS
165,270
1,728
4.2
%
307,846
2,957
3.8
%
Non-Agency RMBS
976,994
29,543
12.1
%
990,721
30,098
12.2
%
Loans held for investment
12,585,384
162,399
5.2
%
12,334,025
152,838
5.0
%
Total
$
13,746,444
$
193,975
5.6
%
$
13,651,284
$
186,215
5.5
%
Liabilities and stockholders' equity:
Interest-bearing liabilities
(2):
Secured financing agreements
collateralized by:
Agency RMBS
$
1,994
$
27
5.4
%
$
4,095
$
52
5.1
%
Agency CMBS
133,306
1,651
5.0
%
252,102
2,956
4.7
%
Non-Agency RMBS
772,486
17,438
9.0
%
762,989
16,063
8.4
%
Loans held for investment
2,024,638
32,652
6.5
%
2,189,967
34,839
6.4
%
Securitized debt
8,584,803
75,254
3.5
%
8,049,843
62,886
3.1
%
Total
$
11,517,226
$
127,022
4.4
%
$
11,258,996
$
116,796
4.1
%
Economic net interest income/net
interest rate spread
$
66,953
1.2
%
$
69,418
1.4
%
Net interest-earning assets/net
interest margin
$
2,229,219
1.9
%
$
2,392,288
2.0
%
Ratio of interest-earning assets to
interest bearing liabilities
1.19
1.21
(1) Interest-earning assets at amortized
cost
(2) Interest includes periodic net
interest cost on swaps
The table below shows our Net Income and Economic net interest
income as a percentage of average stockholders' equity and Earnings
available for distribution as a percentage of average common
stockholders' equity. Return on average equity is defined as our
GAAP net income (loss) as a percentage of average equity. Average
equity is defined as the average of our beginning and ending
stockholders' equity balance for the period reported. Economic Net
Interest Income and Earnings available for distribution are
non-GAAP measures as defined in previous sections.
Return on Average Equity
Economic Net Interest
Income/Average Equity
Earnings available for
distribution/Average Common Equity
(Ratios have been annualized)
For the Quarter Ended June 30, 2023
5.51 %
10.24 %
6.75 %
For the Quarter Ended March 31, 2023
8.63 %
10.45 %
7.28 %
For the Quarter Ended December 31,
2022
14.61 %
11.56 %
6.02 %
For the Quarter Ended September 30,
2022
(26.47) %
14.81 %
13.30 %
For the Quarter Ended June 30, 2022
(20.45) %
14.81 %
13.29 %
The following table presents changes to Accretable Discount (net
of premiums) as it pertains to our Non-Agency RMBS portfolio,
excluding premiums on interest-only investments, during the
previous five quarters.
For the Quarters Ended
(dollars in thousands)
Accretable Discount (Net of
Premiums)
June 30, 2023
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
Balance, beginning of period
$
157,253
$
176,635
$
207,812
$
241,391
$
258,494
Accretion of discount
(10,620
)
(11,663
)
(11,128
)
(12,989
)
(17,408
)
Purchases
—
—
—
—
—
Sales
—
—
(17,935
)
—
—
Elimination in consolidation
—
—
—
—
—
Transfers from/(to) credit reserve,
net
(1,311
)
(7,719
)
(2,114
)
(20,590
)
305
Balance, end of period
$
145,322
$
157,253
$
176,635
$
207,812
$
241,391
Disclaimer
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Actual results
may differ from expectations, estimates and projections and,
consequently, readers should not rely on these forward-looking
statements as predictions of future events. Words such as “expect,”
“target,” “assume,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believe,” “predicts,” “potential,” “continue,” and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements involve significant
risks and uncertainties that could cause actual results to differ
materially from expected results, including, among other things,
those described in our most recent Annual Report on Form 10-K, and
any subsequent Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K, under the caption “Risk Factors.” Factors that could
cause actual results to differ include, but are not limited to: our
business and investment strategy; our ability to accurately
forecast the payment of future dividends on our common and
preferred stock, and the amount of such dividends; our ability to
determine accurately the fair market value of our assets;
availability of investment opportunities in real estate-related and
other securities, including our valuation of potential
opportunities that may arise as a result of current and future
market dislocations; effect of a pandemic or other national or
international crisis on real estate market, financial markets and
our Company, including the impact on the value, availability,
financing and liquidity of mortgage assets; changes in the value of
our investments, including negative changes resulting in margin
calls related to the financing of our assets; changes in interest
rates and mortgage prepayment rates; prepayments of the mortgage
and other loans underlying our mortgage-backed securities, or RMBS,
or other asset-backed securities, or ABS; rates of default,
delinquencies or decreased recovery rates on our investments;
general volatility of the securities markets in which we invest;
our ability to maintain existing financing arrangements and our
ability to obtain future financing arrangements; our ability to
effect our strategy to securitize residential mortgage loans; our
ability to consummate proposed transactions; interest rate
mismatches between our investments and our borrowings used to
finance such purchases; effects of interest rate caps on our
adjustable-rate investments; the degree to which our hedging
strategies may or may not protect us from interest rate volatility;
the impact of and changes to various government programs; impact of
and changes in governmental regulations, tax law and rates,
accounting guidance, and similar matters; market trends in our
industry, interest rates, the debt securities markets or the
general economy; estimates relating to our ability to make
distributions to our stockholders in the future; our understanding
of our competition; availability of qualified personnel; our
ability to maintain our classification as a real estate investment
trust, or, REIT, for U.S. federal income tax purposes; our ability
to maintain our exemption from registration under the Investment
Company Act of 1940, as amended, or 1940 Act; our expectations
regarding materiality or significance; and the effectiveness of our
disclosure controls and procedures.
Readers are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Chimera does not undertake or accept any obligation to release
publicly any updates or revisions to any forward-looking statement
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is based.
Additional information concerning these and other risk factors is
contained in Chimera’s most recent filings with the Securities and
Exchange Commission (SEC). All subsequent written and oral
forward-looking statements concerning Chimera or matters
attributable to Chimera or any person acting on its behalf are
expressly qualified in their entirety by the cautionary statements
above.
Readers are advised that the financial information in this press
release is based on Company data available at the time of this
presentation and, in certain circumstances, may not have been
audited by the Company’s independent auditors.
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Chimera Investment (NYSE:CIM)
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