Chimera Investment Corporation (NYSE:CIM) today announced its
financial results for the fourth quarter and full year ended
December 31, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240214838379/en/
Financial Highlights:
- 4TH QUARTER GAAP NET INCOME OF $0.05 PER DILUTED COMMON
SHARE
- 4TH QUARTER EARNINGS AVAILABLE FOR DISTRIBUTION(1) OF $0.13 PER
DILUTED COMMON SHARE
- FULL YEAR GAAP NET INCOME OF $52 MILLION, OR $0.23 PER DILUTED
COMMON SHARE
- FULL YEAR EARNINGS AVAILABLE FOR DISTRIBUTION(1) OF $119
MILLION, OR $0.51 PER DILUTED COMMON SHARE
- GAAP BOOK VALUE OF $6.75 PER COMMON SHARE
“During 2023, we lowered our recourse debt by $1.0 billion and
took advantage of our ability to re-lever our existing
securitizations and to access the capital markets to acquire new
assets,” said Phillip J. Kardis, CEO. “We believe that lowering our
recourse debt and acquiring high-yielding assets will benefit our
shareholders over the long run.”
(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)
December 31, 2023
December 31, 2022
Cash and cash equivalents
$
221,684
$
264,600
Non-Agency RMBS, at fair value (net of
allowance for credit losses of $19 million and $7 million,
respectively)
1,043,806
1,147,481
Agency MBS, at fair value
102,484
430,944
Loans held for investment, at fair
value
11,397,046
11,359,236
Accrued interest receivable
76,960
61,768
Other assets
87,018
133,866
Derivatives, at fair value
—
4,096
Total assets (1)
$
12,928,998
$
13,401,991
Liabilities:
Secured financing agreements ($3.6 billion
and $4.7 billion pledged as collateral, respectively, and includes
$350 million and $374 million at fair value, respectively)
$
2,432,115
$
3,434,765
Securitized debt, collateralized by
Non-Agency RMBS ($249 million and $276 million pledged as
collateral, respectively)
75,012
78,542
Securitized debt at fair value,
collateralized by Loans held for investment ($10.7 billion and
$10.0 billion pledged as collateral, respectively)
7,601,881
7,100,742
Payable for investments purchased
158,892
9,282
Accrued interest payable
38,272
30,696
Dividends payable
54,552
64,545
Accounts payable and other liabilities
9,355
16,616
Total liabilities (1)
$
10,370,079
$
10,735,188
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, 241,360,656 and 231,824,192 shares
issued and outstanding, respectively
2,414
2,318
Additional paid-in-capital
4,368,520
4,318,388
Accumulated other comprehensive income
185,668
229,345
Cumulative earnings
4,165,046
4,038,942
Cumulative distributions to
stockholders
(6,163,101
)
(5,922,562
)
Total stockholders' equity
$
2,558,919
$
2,666,803
Total liabilities and stockholders'
equity
$
12,928,998
$
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 December 31, 2023, and December 31, 2022, total
assets of consolidated VIEs were $10,501,840 and $10,199,266,
respectively, and total liabilities of consolidated VIEs were
$7,349,109 and $6,772,125, respectively.
Net Income (Loss)
(dollars in thousands, except
share and per share data)
(unaudited)
For the Year Ended
December 31, 2023
December 31, 2022
December 31, 2021
Net interest income:
Interest income (1)
$
772,904
$
773,121
$
937,546
Interest expense (2)
509,541
333,293
326,628
Net interest income
263,363
439,828
610,918
Increase (decrease) in provision for
credit losses
11,371
7,037
33
Other investment gains
(losses):
Net unrealized gains (losses) on
derivatives
(6,411
)
(1,482
)
—
Realized gains (losses) on derivatives
(40,957
)
(561
)
—
Periodic interest cost of swaps, net
17,167
(1,752
)
—
Net gains (losses) on
derivatives
(30,201
)
(3,795
)
—
Net unrealized gains (losses) on financial
instruments at fair value
34,373
(736,899
)
437,357
Net realized gains (losses) on sales of
investments
(31,234
)
(76,473
)
45,313
Gains (losses) on extinguishment of
debt
3,875
(2,897
)
(283,556
)
Other investment gains (losses)
1,091
(1,866
)
—
Total other gains (losses)
(22,096
)
(821,930
)
199,114
Other expenses:
Compensation and benefits
30,570
49,378
46,823
General and administrative expenses
25,117
22,651
22,246
Servicing and asset manager fees
32,624
36,005
36,555
Transaction expenses
15,379
16,146
29,856
Total other expenses
103,690
124,180
135,480
Income (loss) before income
taxes
126,206
(513,319
)
674,519
Income taxes
102
(253
)
4,405
Net income (loss)
$
126,104
$
(513,066
)
$
670,114
Dividends on preferred stock
73,750
73,765
73,764
Net income (loss) available to common
shareholders
$
52,354
$
(586,831
)
$
596,350
Net income (loss) per share available
to common shareholders:
Basic
$
0.23
$
(2.51
)
$
2.55
Diluted
$
0.23
$
(2.51
)
$
2.44
Weighted average number of common
shares outstanding:
Basic
230,057,356
233,938,745
233,770,474
Diluted
232,617,866
233,938,745
245,496,926
(1) Includes interest income of
consolidated VIEs of $593,384, $551,253, and $586,580 for the years
ended December 31, 2023, 2022, and 2021, respectively.
(2) Includes interest expense of
consolidated VIEs of $282,542, $197,823, and $203,135 for the years
ended December 31, 2023, 2022, and 2021, respectively.
CHIMERA INVESTMENT
CORPORATION
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
(dollars in thousands, except
share and per share data)
(Unaudited)
For the Year Ended
December 31, 2023
December 31, 2022
December 31, 2021
Comprehensive income (loss):
Net income (loss)
$
126,104
$
(513,066
)
$
670,114
Other comprehensive income:
Unrealized gains (losses) on
available-for-sale securities, net
(44,990
)
(175,709
)
(115,926
)
Reclassification adjustment for net
realized losses (gains) included in net income
1,313
—
(37,116
)
Other comprehensive income (loss)
$
(43,677
)
$
(175,709
)
$
(153,042
)
Comprehensive income (loss) before
preferred stock dividends
$
82,427
$
(688,775
)
$
517,072
Dividends on preferred stock
$
73,750
$
73,765
$
73,764
Comprehensive income (loss) available
to common stock shareholders
$
8,677
$
(762,540
)
$
443,308
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, diligence 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. We believe that excluding these costs
is useful to investors as it is generally consistent with our peer
groups treatment of these costs in their non-GAAP measures
presentation, mitigates period to period comparability issues tied
to the timing of securitization and structured finance
transactions, and is consistent with the accounting for the
deferral of debt issue costs prior to the fair value election
option made by us. In addition, we believe it is important for
investors to review this metric which is consistent with how
management internally evaluates the performance of the Company.
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
December 31, 2023
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
(dollars in thousands, except per
share data)
GAAP Net income (loss) available to
common stockholders
$
12,104
$
(16,268
)
$
17,586
$
38,928
$
78,716
Adjustments:
Net unrealized (gains) losses on financial
instruments at fair value
(6,815
)
43,988
(6,954
)
(64,592
)
(112,026
)
Net realized (gains) losses on sales of
investments
3,752
460
21,758
5,264
39,443
(Gains) losses on extinguishment of
debt
2,473
—
(4,039
)
(2,309
)
—
Increase (decrease) in provision for
credit losses
2,330
3,217
2,762
3,062
3,834
Net unrealized (gains) losses on
derivatives
15,871
(17
)
(17,994
)
8,551
10,171
Realized gains (losses) on derivatives
—
—
6,822
34,134
561
Transaction expenses
425
90
8,456
6,409
3,274
Stock Compensation expense for retirement
eligible awards
(391
)
(392
)
(388
)
2,141
(309
)
Other investment (gains) losses
986
(2,381
)
421
(117
)
2,383
Earnings available for
distribution
$
30,735
$
28,697
$
28,430
$
31,471
$
26,047
GAAP net income (loss) per diluted
common share
$
0.05
$
(0.07
)
$
0.08
$
0.17
$
0.34
Earnings available for distribution per
adjusted diluted common share
$
0.13
$
0.13
$
0.12
$
0.13
$
0.11
The following tables provide a summary of the Company’s MBS
portfolio at December 31, 2023 and December 31, 2022.
December 31, 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
$
1,073,632
$
45.69
62.98
5.7
%
17.3
%
Subordinated
583,049
50.92
47.49
3.3
%
6.7
%
Interest-only
2,874,680
5.49
3.16
0.5
%
4.2
%
Agency RMBS
Interest-only
392,284
4.90
3.83
0.1
%
5.7
%
Agency CMBS
Project loans
86,572
101.44
91.46
4.0
%
3.8
%
Interest-only
478,239
1.62
1.73
0.5
%
8.2
%
(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
439,591
68.60
65.27
4.2
%
6.8
%
Interest-only
3,286,545
4.95
3.01
0.6
%
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 December 31, 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.
December 31, 2023
December 31, 2022
(dollars in thousands)
Principal
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
$
272,490
7.35
%
6.30% - 8.22%
$
493,918
4.66
%
3.63% - 6.16%
30 to 59 days
495,636
6.68
%
5.58% - 7.87%
762,768
6.14
%
4.60% - 7.34%
60 to 89 days
305,426
7.17
%
5.93% - 7.85%
225,497
6.04
%
4.70% - 7.12%
90 to 119 days
54,376
7.46
%
6.59% - 7.80%
43,180
6.54
%
5.50% - 6.70%
120 to 180 days
105,727
7.09
%
6.72% - 7.80%
401,638
5.88
%
5.57% - 6.92%
180 days to 1 year
39,620
7.06
%
6.66% - 7.39%
402,283
6.06
%
5.63% - 6.64%
1 to 2 years
808,601
9.36
%
8.36% - 12.50%
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
362,215
5.11
%
5.10% - 7.15%
382,839
5.14
%
5.10% - 6.07%
Total
$
2,444,091
7.51
%
$
3,443,431
6.61
%
(1) The outstanding balance for secured
financing agreements in the table above is net of $1 million of
deferred financing cost as of December 31, 2022.
The following table summarizes certain characteristics of our
portfolio at December 31, 2023 and December 31, 2022.
December 31, 2023
December 31, 2022
GAAP Leverage at period-end
4.0:1
4.0:1
GAAP Leverage at period-end (recourse)
1.0:1
1.3:1
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Portfolio Composition
Amortized Cost
Fair Value
Non-Agency RMBS
7.5
%
7.5
%
8.3
%
8.9
%
Senior
4.0
%
4.0
%
5.4
%
5.9
%
Subordinated
2.3
%
2.3
%
2.2
%
2.2
%
Interest-only
1.2
%
1.2
%
0.7
%
0.8
%
Agency RMBS
0.2
%
0.1
%
0.1
%
0.1
%
Interest-only
0.2
%
0.1
%
0.1
%
0.1
%
Agency CMBS
0.7
%
3.3
%
0.7
%
3.2
%
Project loans
0.6
%
2.3
%
0.6
%
2.2
%
Interest-only
0.1
%
1.0
%
0.1
%
1.0
%
Loans held for investment
91.6
%
89.1
%
90.9
%
87.8
%
Fixed-rate percentage of portfolio
96.5
%
96.5
%
95.9
%
95.6
%
Adjustable-rate percentage of
portfolio
3.5
%
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 Year Ended December 31, 2023
$
772,904
$
509,541
$
(17,167
)
$
492,374
$
263,363
$
17,167
$
(9,871
)
$
270,659
For the Year Ended December 31, 2022
$
773,121
$
333,293
$
1,752
$
335,045
$
439,828
$
(1,752
)
$
(2,505
)
$
435,571
For the Year Ended December 31, 2021
$
937,546
$
326,628
$
—
$
324,354
$
610,918
$
—
$
2,208
$
613,126
For the Quarter Ended December 31,
2023
$
191,204
$
126,553
$
(5,296
)
$
121,257
$
64,651
$
5,296
$
(1,651
)
$
68,296
For the Quarter Ended September 30,
2023
$
195,591
$
132,193
$
(4,894
)
$
127,299
$
63,398
$
4,894
$
(2,301
)
$
65,991
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
(1) Primarily interest income on cash and
cash equivalents and interest expense on Long-term debt.
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
December 31, 2023
September 30, 2023
December 31, 2022
(dollars in thousands)
(dollars in thousands)
(dollars in thousands)
Average
Balance
Interest
Average
Yield/Cost
Average
Balance
Interest
Average
Yield/Cost
Average
Balance
Interest
Average
Yield/Cost
Assets:
Interest-earning assets (1):
Agency RMBS
$
19,136
$
303
6.3
%
$
18,990
$
234
4.9
%
$
31,542
$
346
4.4
%
Agency CMBS
105,270
1,138
4.3
%
124,094
1,701
5.5
%
441,421
4,291
3.9
%
Non-Agency RMBS
950,366
29,611
12.5
%
961,257
28,826
12.0
%
1,013,693
29,304
11.6
%
Loans held for investment
11,882,662
158,501
5.3
%
12,188,221
162,530
5.3
%
12,075,239
151,478
5.0
%
Total
$
12,957,434
$
189,553
5.9
%
$
13,292,562
$
193,290
5.8
%
$
13,561,895
$
185,419
5.5
%
Liabilities and stockholders' equity:
Interest-bearing liabilities
(2):
Secured financing agreements
collateralized by:
Agency RMBS
$
—
$
—
—
%
$
—
$
—
—
%
$
4,547
$
46
4.0
%
Agency CMBS
75,847
1,071
5.6
%
90,205
1,200
5.3
%
358,914
3,464
3.9
%
Non-Agency RMBS
710,550
13,561
7.6
%
742,579
17,769
9.6
%
788,795
13,275
6.7
%
Loans held for investment
1,761,188
30,298
6.9
%
1,832,445
29,896
6.5
%
1,971,144
33,776
6.9
%
Securitized debt
8,422,017
76,327
3.6
%
8,663,773
78,434
3.6
%
8,056,913
57,959
2.9
%
Total
$
10,969,602
$
121,257
4.4
%
$
11,329,002
$
127,299
4.5
%
$
11,180,313
$
108,520
3.9
%
Economic net interest income/net
interest rate spread
$
68,296
1.5
%
$
65,991
1.3
%
$
76,899
1.6
%
Net interest-earning assets/net
interest margin
$
1,987,832
2.1
%
$
1,963,560
2.0
%
$
2,381,582
2.3
%
Ratio of interest-earning assets to
interest bearing liabilities
1.18
1.17
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 Year Ended December 31, 2023
4.87
%
10.45
%
7.19
%
For the Year Ended December 31, 2022
(16.69
)%
14.17
%
11.96
%
For the Year Ended December 31, 2021
18.05
%
16.52
%
15.42
%
For the Quarter Ended December 31,
2023
4.84
%
10.81
%
7.70
%
For the Quarter Ended September 30,
2023
0.34
%
10.40
%
7.14
%
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
%
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)
December 31, 2023
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
Balance, beginning of period
$
147,252
$
145,322
$
157,253
$
176,635
$
207,812
Accretion of discount
(12,840
)
(9,022
)
(10,620
)
(11,663
)
(11,128
)
Purchases
—
(9
)
—
—
—
Sales
—
—
—
—
(17,935
)
Elimination in consolidation
—
—
—
—
—
Transfers from/(to) credit reserve,
net
5,325
10,961
(1,311
)
(7,719
)
(2,114
)
Balance, end of period
$
139,737
$
147,252
$
145,322
$
157,253
$
176,635
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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version on businesswire.com: https://www.businesswire.com/news/home/20240214838379/en/
Investor Relations 888-895-6557 www.chimerareit.com
Chimera Investment (NYSE:CIM)
過去 株価チャート
から 12 2024 まで 1 2025
Chimera Investment (NYSE:CIM)
過去 株価チャート
から 1 2024 まで 1 2025
