- GAAP EARNINGS OF $0.39 PER SHARE
- CORE EARNINGS(1) OF $0.51 PER SHARE,
NET OF $0.07 PER SHARE SECURITIZATION DEAL EXPENSES
- GAAP BOOK VALUE OF $15.78 PER SHARE AND
ECONOMIC BOOK VALUE(1) OF $14.65 PER SHARE
- SPONSORED THREE RESIDENTIAL MORTGAGE
LOAN SECURITIZATIONS TOTALING $5 BILLION AND RETAINED $769 MILLION
OF SUBORDINATE SECURITIES
- REDUCED $2.2 BILLION OF AGENCY MBS
HOLDINGS
- BOARD DECLARES THIRD QUARTER 2016
DIVIDEND OF $0.48 PER SHARE; EXPECTS TO MAINTAIN A $0.48 DIVIDEND
FOR THE FOURTH QUARTER OF 2016
“We have significantly reduced the investment portfolio’s
interest rate exposure by reducing Agency RMBS investments and
related recourse repurchase borrowings and hedges. Chimera’s
ability to analyze and securitize mortgage credit is a key
differentiator for our Company and we have become a leader in the
risk retention space” said Matthew Lambiase, Chimera’s CEO and
President.
The Board of Directors of Chimera also announced the declaration
of its third quarter cash dividend of $0.48 per common share. The
dividend is payable October 27, 2016, to common stockholders
of record on September 30, 2016. The ex-dividend date is September
28, 2016. The Board of Directors also announced that it expects to
maintain a quarterly cash dividend of $0.48 per common share for
the fourth quarter of 2016.
The Company distributes dividends based on its current estimate
of taxable earnings per common share, not GAAP earnings.
Taxable and GAAP earnings will typically differ due to items
such as differences in premium amortization, accretion of
discounts, unrealized and realized gains and losses, and
credit loss recognition. Portions of the dividend may be
ordinary income, capital gains or a return of capital.
(1) Core earnings and economic book value are non-GAAP measures.
See additional discussion on page 4.
Other Information
Chimera Investment Corporation is a publicly traded real estate
investment trust, or REIT, that is primarily engaged in real estate
finance. We were incorporated in Maryland on June 01, 2007 and
commenced operations on November 21, 2007. We invest, either
directly or indirectly through our subsidiaries, in RMBS,
residential mortgage loans, Agency CMBS, commercial mortgage loans,
real estate-related securities and various other asset classes. We
have elected and believe that we are organized and have operated in
a manner that enables us to be taxed as a REIT under the Internal
Revenue Code of 1986, as amended, or the Code.
Please visit www.chimerareit.com and click on Investor Relations
for additional information about us.
CHIMERA INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION (dollars in thousands, except share and per
share data) (Unaudited) June 30, 2016
December 31, 2015
Assets: Cash
and cash equivalents $ 67,421 $ 114,062 Non-Agency
RMBS, at fair value 3,491,480 3,675,841 Agency MBS, at fair value
4,481,503 6,514,824 Securitized loans held for investment, at fair
value 9,212,204 4,768,416 Accrued interest receivable 109,644
66,247 Other assets 225,155 189,796 Derivatives, at fair value, net
2,832 15,460 Total assets (1) $
17,590,239 $ 15,344,646
Liabilities:
Repurchase agreements, MBS ($7.3 billion and $8.8 billion pledged
as collateral, respectively) $ 5,856,263 $ 7,439,339
Securitized debt, collateralized by
Non-Agency RMBS ($2.0 billion and $2.1 billion pledgedas
collateral, respectively)
424,596 529,415
Securitized debt at fair value,
collateralized by loans held for investment ($9.2 billion and
$4.8billion pledged as collateral, respectively)
7,534,277 3,720,496 Payable for investments purchased 642,169
560,641 Accrued interest payable 60,171 37,432 Dividends payable
90,504 90,097 Accounts payable and other liabilities 10,257 11,404
Derivatives, at fair value 8,922 9,634
Total liabilities (1) 14,627,159 12,398,458
Commitments and Contingencies
Stockholders'
Equity:
Preferred Stock: par value $0.01 per
share; 100,000,000 shares authorized, 0 shares issued
andoutstanding, respectively
$ — $ —
Common stock: par value $0.01 per share;
300,000,000 shares authorized, 187,729,765 and187,711,868 shares
issued and outstanding, respectively
1,877 1,877 Additional paid-in-capital 3,367,322 3,366,568
Accumulated other comprehensive income 907,173 773,791 Accumulated
deficit (1,313,292 ) (1,196,048 ) Total stockholders'
equity $ 2,963,080 $ 2,946,188 Total
liabilities and stockholders' equity $ 17,590,239
$ 15,344,646 (1) The Company's consolidated
statements of financial condition include assets of consolidated
variable interest entities (“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, 2016 and December 31, 2015, total
assets of consolidated VIEs were $11,401,484 and $7,031,278,
respectively, and total liabilities of consolidated VIEs were
$7,997,605 and $4,262,017, respectively.
CHIMERA INVESTMENT
CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (dollars in thousands, except share and
per share data)
(Unaudited) For
the Quarter Ended For the Six Months Ended
Net Interest
Income: June 30, 2016 June 30, 2015
June 30, 2016 June 30, 2015 Interest income
(1) $ 221,096 $ 215,804 $ 422,293 $ 458,949
Interest expense (2) 83,227 66,044
146,208 126,500 Net interest income
137,869 149,760 276,085
332,449
Other-than-temporary impairments:
Total other-than-temporary impairment losses (3,139 ) (2,208 )
(7,562 ) (3,260 ) Portion of loss recognized in other comprehensive
income (17,816 ) (24,893 ) (24,071 )
(31,656 ) Net other-than-temporary credit impairment losses
(20,955 ) (27,101 ) (31,633 ) (34,916 )
Other investment gains (losses): Net unrealized gains
(losses) on derivatives 22,100 88,028 (79,010 ) 92,083 Realized
gains (losses) on terminations of interest rate swaps (60,158 )
(31,124 ) (60,616 ) (99,703 ) Net realized gains (losses) on
derivatives (9,697 ) (16,777 ) (44,666 )
(58,863 )
Net gains (losses) on derivatives
(47,755 ) 40,127 (184,292 ) (66,483 )
Net unrealized gains (losses) on financial instruments at fair
value 30,347 (37,260 ) 47,218 (47,685 ) Net realized gains (losses)
on sales of investments 6,631 9,685 3,956 39,250 Gains (losses) on
Extinguishment of Debt — 5,079
(1,766 ) 5,079 Total other gains (losses)
(10,777 ) 17,631 (134,884 ) (69,839 )
Other income: Other income — —
95,000 — Total other income —
— 95,000 —
Other expenses: Management fees — 10,196 — 20,522 Expense
recoveries from Manager — (4,652 ) —
(5,765 ) Net management fees —
5,544 — 14,757 Compensation and
benefits 6,954 36 12,176 508 General and administrative expenses
4,238 9,224 8,741 13,513 Servicing Fees of consolidated VIEs 7,773
6,388 13,351 12,776 Deal Expenses 13,022 2,911
13,022 2,911 Total other
expenses 31,987 24,103 47,290
44,465
Income (loss) before income
taxes 74,150 116,187 157,278 183,229 Income taxes 23
— 52 1
Net
income (loss) $ 74,127 $ 116,187
$ 157,226 $ 183,228
Net
income (loss) per share available to common shareholders:
Basic
$ 0.39 $ 0.57 $ 0.84
$ 0.89 Diluted $ 0.39 $ 0.57
$ 0.84 $ 0.89
Weighted
average number of common shares outstanding:
Basic 187,729,765
205,492,089 187,726,618
205,509,782 Diluted 187,925,046
205,579,639 187,882,614 205,573,297
Dividends declared per share of common stock $
0.48 $ 0.48 $ 1.46 $ 0.96
Comprehensive income (loss): Net income (loss)
$ 74,127 $ 116,187 $ 157,226 $ 183,228 Other comprehensive income:
Unrealized gains (losses) on available-for-sale securities, net
53,015 (117,742 ) 112,423 (137,654 )
Reclassification adjustment for net losses
included in net incomefor other-than-temporary credit impairment
losses
20,955 27,101 31,633 34,916
Reclassification adjustment for net
realized losses (gains) includedin net income
(9,062 ) (10,059 ) (10,674 ) (39,135 )
Other comprehensive income (loss) 64,908
(100,700 ) 133,382 (141,873 ) Comprehensive
income (loss) $ 139,035 $ 15,487
$ 290,608 $ 41,355 (1) Includes interest
income of consolidated VIEs of $160,885 and $146,900 for the
quarters ended June 30, 2016 and 2015, respectively, and interest
income of consolidated VIEs of $292,865 and $297,518 for the six
months ended June 30, 2016 and 2015, respectively.
(2) Includes interest expense of
consolidated VIEs of $58,772 and $50,426 for the quarters ended
June 30, 2016 and 2015, respectively, and interest expense of
consolidated VIEs of $98,022 and $97,179 for the six months ended
June 30, 2016 and 2015, respectively.
Core earnings
Core earnings is a non-GAAP measure and is defined as GAAP net
income excluding unrealized gains on the aggregate portfolio,
impairment losses, realized gains on sales of investments, realized
gains or losses on futures, realized gains or losses on swap
terminations, gain on deconsolidation, extinguishment of debt and
certain other non-recurring gains or losses. As defined, core
earnings include interest income and expense as well as realized
losses on interest rate swaps used to hedge interest rate risk.
Management believes that the presentation of core earnings is
useful to investors because it can provide a useful measure of
comparability to our other REIT peers, but has important
limitations. We believe core earnings as described above helps
evaluate our financial performance without the impact of certain
transactions but is of limited usefulness as an analytical tool.
Therefore, core earnings 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.
The following table provides GAAP measures of net income and net
income per basic share available to common stockholders for the
periods presented and details with respect to reconciling the line
items to core earnings and related per average basic common share
amounts:
For the Quarters Ended June 30, 2016 March 31, 2016
December 31, 2015 September 30, 2015 June 30,
2015 (dollars in thousands, except per share data)
GAAP Net
income $ 74,127 $ 83,098 $ 115,380
$ (48,259 ) $ 116,187 Adjustments: Net
other-than-temporary credit impairment losses 20,955 10,678 14,696
17,832 27,101 Net unrealized (gains) losses on derivatives (22,100
) 101,110 (46,842 ) 71,540 (88,028 ) Net unrealized (gains) losses
on financial instruments at fair value (30,347 ) (16,871 ) 69,793
40,955 37,260 Net realized (gains) losses on sales of investments
(6,631 ) 2,674 (34,285 ) (3,539 ) (9,685 ) (Gains) losses on
extinguishment of debt — 1,766 (8,906 ) 19,915 (5,079 ) Realized
(gains) losses on terminations of interest rate swaps 60,158 458
(754 ) — 31,124 Net realized (gains) losses on Futures (1) (635 )
21,609 (9,018 ) 9,309 7,778 Total other (gains) losses — — 256 — —
Other income — (95,000 ) — —
— Core Earnings $ 95,527 $
109,522 $ 100,320 $ 107,753
$ 116,658
GAAP net income per basic common share $ 0.39
$ 0.44 $ 0.61 $ (0.24 )
$ 0.57 Core earnings per basic common share $ 0.51
$ 0.58 $ 0.53 $ 0.54
$ 0.57 (1) Included in net realized
gains (losses) on derivatives in the Consolidated Statement of
Operations.
The following tables provide a summary of the Company’s RMBS
portfolio at June 30, 2016 and December 31, 2015.
June 30, 2016
Principal orNotional Valueat
Period-End(dollars inthousands)
WeightedAverageAmortizedCost Basis
WeightedAverage FairValue
WeightedAverageCoupon
WeightedAverage Yieldat Period-End (1)
Non-Agency RMBS Senior $
3,398,933 $ 55.76 $ 77.11 4.0% 15.6% Senior, interest-only
5,693,428 5.18 4.93 1.6% 13.3% Subordinated 718,917 70.19 80.28
3.2% 10.2% Subordinated, interest-only 274,357 5.30 4.58 1.1% 11.3%
Agency MBS Residential pass-through 2,833,811 105.03 106.92 3.9%
2.6% Commercial pass-through 1,226,725 102.57 106.76 3.5% 3.0%
Interest-only 3,077,732 4.81 4.61 0.9% 4.1%
December 31, 2015
Principal orNotional Valueat
Period-End(dollars inthousands)
WeightedAverageAmortizedCost Basis
WeightedAverage FairValue
WeightedAverageCoupon
WeightedAverage Yieldat Period-End (1)
Non-Agency RMBS Senior $ 3,651,869 $ 57.47 $ 77.39 3.8% 13.7%
Senior, interest-only 5,426,029 4.95 4.32 1.7% 12.9% Subordinated
762,466 69.25 79.26 3.2% 8.8% Subordinated, interest-only 284,931
5.34 3.95 1.2% 10.9% Agency MBS Residential pass-through 5,045,418
105.07 104.41 3.7% 2.8% Commercial pass-through 952,091 102.27
102.28 3.4% 2.9% Interest-only 6,722,472 4.17 4.06 0.8% 3.4%
(1) Bond Equivalent Yield at period
end.
At June 30, 2016 and December 31, 2015, the repurchase
agreements collateralized by RMBS had the following remaining
maturities.
June 30, 2016 December 31, 2015 (dollars in
thousands) Overnight $ 331,855 $ — 1 to 29 days 2,491,293 3,312,902
30 to 59 days 804,971 2,501,513 60 to 89 days 1,086,872 246,970 90
to 119 days 432,569 430,026 Greater than or equal to 120 days
708,703 947,928 Total $ 5,856,263 $
7,439,339
The following table summarizes certain characteristics of our
portfolio at June 30, 2016 and December 31, 2015.
June 30, 2016 December 31, 2015
Interest earning assets at period-end (1) $ 17,185,187 $ 14,959,081
Interest bearing liabilities at period-end $ 13,815,136 $
11,689,250 GAAP Leverage at period-end 4.7:1 4.0:1 GAAP Leverage at
period-end (recourse) 2.0:1 2.5:1 Economic Leverage at period-end
(recourse) 2.1:1 2.7:1 Portfolio Composition, at amortized cost
Non-Agency RMBS 8.7 % 10.4 % Senior 3.7 % 4.7 % Senior, interest
only 1.8 % 1.9 % Subordinated 3.1 % 3.7 % Subordinated, interest
only 0.1 % 0.1 % RMBS transferred to consolidated VIEs 8.0 % 10.1 %
Agency MBS 26.9 % 46.0 % Residential 18.3 % 37.2 % Commercial 7.7 %
6.8 % Interest-only 0.9 % 2.0 % Securitized loans held for
investment 56.4 % 33.5 % Fixed-rate percentage of portfolio 87.9 %
84.7 % Adjustable-rate percentage of portfolio 12.1 % 15.3 %
Annualized yield on average interest earning assets for the periods
ended 6.1 % 6.0 % Annualized cost of funds on average borrowed
funds for the periods ended (2) 2.7 % 2.5 % (1)
Excludes cash and cash equivalents. (2) Includes the effect of
realized losses on interest rate swaps.
Economic Book Value
The table below presents our estimated economic book value. We
believe that the presentation of economic book value is useful to
our stockholders as it represents an estimate of the fair value of
the assets we own or are able to dispose of, pledge, or otherwise
monetize. The estimated economic book value should not be viewed in
isolation and is not a substitute for book value computed in
accordance with GAAP.
June 30, 2016 (dollars in thousands, except per share data) GAAP
Book Value $ 2,963,080 GAAP Book Value per Share $ 15.78
Economic
Adjustments:
Assets of Consolidated VIEs (11,185,498 ) Non-Recourse Liabilities
of Consolidated VIEs 7,958,873 Interests in VIEs eliminated in
consolidation 3,013,777 Total Adjustments -
Net (212,848 ) Total Adjustments - Net (per share)
(1.13 ) Economic Book Value $ 2,750,232
Economic Book Value per Share $ 14.65 December
31, 2015 (dollars in thousands, except per share data) GAAP Book
Value $ 2,946,188 GAAP Book Value per Share $ 15.70
Economic
Adjustments:
Assets of Consolidated VIEs (6,908,910 ) Non-Recourse Liabilities
of Consolidated VIEs 4,249,911 Interests in VIEs eliminated in
consolidation 2,462,713 Total Adjustments -
Net (196,286 ) Total Adjustments - Net (per share)
(1.05 ) Economic Book Value $ 2,749,902
Economic Book Value per Share $ 14.65
Economic Net Interest Income
Our “Economic net interest income” is a non-GAAP financial
measure, that equals interest income, less interest expense and
realized losses on our interest rate swaps. Realized losses on our
interest rate swaps are the periodic net settlement payments made
or received. 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 Realized gains
(losses) on derivatives in our Consolidated Statements of
Operations and Comprehensive Income. Interest rate swaps are used
to manage the increase in interest paid on repurchase 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 actual interest expense and net interest
income. Where indicated, interest expense, including interest
payments on interest rate swaps, is referred to as economic
interest expense. Where indicated, net interest income reflecting
interest payments on interest rate swaps, is referred to as
economic net interest income.
The following table reconciles the GAAP and non-GAAP
measurements reflected in the Management’s Discussion and Analysis
of Financial Condition and Results of Operations.
GAAPInterestIncome GAAPInterestExpense
Add: NetRealizedLosses
onInterestRateSwaps
EconomicInterestExpense
GAAPNetInterestIncome
Less: NetRealizedLosses
onInterestRateSwaps
EconomicNetInterestIncome (1)
For the Quarter Ended June 30, 2016 $ 221,096
$ 83,227 $ 8,141 $ 91,368
$ 137,869 $ 8,141 $ 129,361 For the
Quarter Ended March 31, 2016 $ 201,194 $
62,981 $ 11,220 $ 74,201
$ 138,213 $ 11,220 $ 126,545 For the
Quarter Ended December 31, 2015 $ 201,912 $
64,954 $ 11,673 $ 76,627
$ 136,958 $ 11,673 $ 125,272 For the
Quarter Ended September 30, 2015 $ 211,876 $
65,696 $ 11,355 $ 77,051
$ 146,180 $ 11,355 $ 134,714 For the
Quarter Ended June 30, 2015 $ 215,804 $ 66,044
$ 9,030 $ 75,074 $
149,760 $ 9,030 $ 140,173 (1) Excludes
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, 2016 June 30, 2015
(dollars in thousands) (dollars in thousands)
AverageBalance
Interest
AverageYield/Cost
AverageBalance
Interest
AverageYield/Cost
Assets:
Interest-earning assets (1):
Agency MBS $ 4,882,776 $ 29,376 2.4 % $ 6,360,739 $
44,821 2.8 % Non-Agency RMBS 1,432,834 30,469 8.5 % 1,322,212
25,651 7.8 % Non-Agency RMBS transferred to consolidated VIEs
1,346,840 62,889 18.7 % 1,593,971 68,885 17.3 % Jumbo Prime
securitized residential mortgage loans held for investment 411,343
3,489 3.4 % 559,150 6,250 4.5 % Seasoned subprime securitized
residential mortgage loans held for investment 6,214,467
94,505 6.1 % 4,518,897
71,765 6.4 % Total $ 14,288,260
$ 220,728 6.2 % $ 14,354,969 $ 217,372
6.1 %
Liabilities and
stockholders' equity:
Interest-bearing
liabilities: Agency repurchase agreements (2) $ 4,612,205 $
15,795 1.4 % $ 5,395,795 $ 16,580 1.2 % Non-Agency repurchase
agreements 2,251,755 16,801 3.0 % 1,508,721 8,069 2.1 % Securitized
debt, collateralized by Non-Agency RMBS 458,350 5,922 5.2 % 648,437
9,218 5.7 % Securitized debt, collateralized by jumbo prime
residential mortgage loans 313,077 2,450 3.1 % 447,975 5,157 4.6 %
Securitized debt, collateralized by seasoned subprime residential
mortgage loans 5,351,393 50,399
3.8 % 3,799,069 36,050 3.8 % Total
$ 12,986,780 $ 91,367 2.8 % $
11,799,997 $ 75,074 2.5 %
Economic net interest income/net interest rate spread
$ 129,361 3.4 % $
142,298 3.6 %
Net
interest-earning assets/net interest margin $ 1,301,480
3.6 % $ 2,554,972
4.0 %
Ratio of interest-earning
assets to interest bearing liabilities 1.10
1.22
(1) Interest-earning assets at amortized cost (2) Interest
includes cash paid on swaps
The table below shows our Net Income, Economic Net Interest
Income and Core Earnings, each as a percentage of average 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 Company’s beginning and ending equity balance for the
period reported. Economic Net Interest Income is a non-GAAP
financial measure, that equals interest income, less interest
expense and realized losses on our interest rate swaps. Core
Earnings is a non-GAAP measures as defined in previous section.
Return onAverage Equity
Economic NetInterestIncome/AverageEquity
*
CoreEarnings/AverageEquity
(Ratios have been annualized) For The Quarter Ended June 30,
2016 10.09% 17.61% 13.00% For The Quarter Ended March
31, 2016 11.34% 17.28% 14.95% For The Quarter Ended
December 31, 2015 15.22% 16.52% 13.23% For The
Quarter Ended September 30, 2015 (5.89)% 16.43%
13.14% For The Quarter Ended June 30, 2015 13.35% 16.10%
13.40% For The Year Ended
For The Year Ended December 31, 2015 7.52% 17.12%
14.20% For The Year Ended December 31, 2014 16.99% 14.06%
12.70%
The table below presents changes in accretable yield, or the
excess of the security’s cash flows expected to be collected over
the Company’s investment, solely as it pertains to the Company’s
Non-Agency RMBS portfolio accounted for according to the provisions
of ASC 310-30.
For the Quarter Ended For the Six Months Ended
June 30, 2016 June 30, 2015 June 30,
2016 June 30, 2015 (dollars in
thousands) (dollars in thousands) Balance at beginning of
period $ 1,726,541 $ 1,536,862 $ 1,742,744 $ 1,534,497 Purchases
22,417 23,872 42,600 108,625 Accretion (35,054 ) (71,005 ) (71,407
) (140,710 ) Reclassification (to) from non-accretable difference
27,492 211,625 27,459 218,807 Sales and deconsolidation
(26,804 ) (3,031 ) (26,804 ) (22,896 ) Balance
at end of period $ 1,714,592 $ 1,698,323
$ 1,714,592 $ 1,698,323
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 Annual Report on Form 10-K for the year
ended December 31, 2015, and any subsequent Quarterly Reports on
Form 10-Q, under the caption “Risk Factors.” Factors that could
cause actual results to differ include, but are not limited to: the
state of credit markets and general economic conditions; changes in
interest rates and the market value of our assets; the rates of
default or decreased recovery on the mortgages underlying our
target assets; the occurrence, extent and timing of credit losses
within our portfolio; the credit risk in our underlying assets;
declines in home prices; our ability to establish, adjust and
maintain appropriate hedges for the risks in our portfolio; the
availability and cost of our target assets; our ability to borrow
to finance our assets and the associated costs; changes in the
competitive landscape within our industry; our ability to manage
various operational risks and costs associated with our business;
interruptions in or impairments to our communications and
information technology systems; our ability to acquire residential
mortgage loans and successfully securitize the residential mortgage
loans we acquire; our ability to oversee our third party
sub-servicers; the impact of any deficiencies in the servicing or
foreclosure practices of third parties and related delays in the
foreclosure process; our exposure to legal and regulatory claims;
legislative and regulatory actions affecting our business; the
impact of new or modified government mortgage refinance or
principal reduction programs; our ability to maintain our REIT
qualification; and limitations imposed on our business due to our
REIT status and our exempt status under the Investment Company Act
of 1940.
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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