- GAAP EARNINGS OF $0.92 PER SHARE
- CORE EARNINGS(1) OF $0.68 PER
SHARE
- GAAP BOOK VALUE OF $16.18 PER
SHARE
- BOARD DECLARES INCREASED FOURTH QUARTER
2016 DIVIDEND OF $0.50 PER SHARE OF COMMON STOCK
- BOARD DECLARES A FOURTH QUARTER 2016
DIVIDEND OF $0.42222 PER SHARE OF 8% SERIES A CUMULATIVE REDEEMABLE
PREFERRED STOCK
“We are seeing the full impact of the three loan securitizations
Chimera sponsored in the second quarter of 2016. We expect the
securities Chimera created and retained from the loan
securitizations to contribute to stable and steady earnings for
several years” said Matthew Lambiase, Chimera’s CEO and President.
“We continue to seek similar opportunities in residential mortgage
credit investments that will be accretive to Chimera’s
earnings.”
The Board of Directors of Chimera announced the declaration of
its fourth quarter cash dividend of $0.50 per common
share. The dividend is payable January 27, 2017, to common
stockholders of record on December 30, 2016. The ex-dividend date
is December 28, 2016.
The Board of Directors of Chimera also announced the declaration
of its fourth quarter cash dividend of $0.42222 per share
of 8% Series A Cumulative Redeemable Preferred Stock. The dividend
is payable December 30, 2016 to preferred shareholders of
record on December 1, 2016. The dividend is the first dividend
being paid by Chimera on the Series A Cumulative Redeemable
Preferred Stock and is payable for the partial period beginning on
the original issuance date of October 14, 2016 and ending on
December 30, 2016.
(1) Core earnings is a non-GAAP measure. 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) September 30, 2016
December 31, 2015
Assets: Cash
and cash equivalents $ 156,608 $ 114,062 Non-Agency
RMBS, at fair value 3,437,235 3,675,841 Agency MBS, at fair value
4,362,550 6,514,824 Securitized loans held for investment, at fair
value 8,909,037 4,768,416 Accrued interest receivable 84,328 66,247
Other assets 216,790 189,796 Derivatives, at fair value, net
2,153 15,460 Total assets (1) $
17,168,701 $ 15,344,646
Liabilities:
Repurchase agreements, MBS ($7.3 billion
and $8.8 billion pledged as collateral, respectively)
$ 5,817,519 $ 7,439,339
Securitized debt, collateralized by
Non-Agency RMBS ($1.9 billion and $2.1 billion pledgedas
collateral, respectively)
380,715 529,415
Securitized debt at fair value,
collateralized by loans held for investment ($8.9 billion and
$4.8billion pledged as collateral, respectively)
7,191,462 3,720,496 Payable for investments purchased 578,499
560,641 Accrued interest payable 49,743 37,432 Dividends payable
90,645 90,097 Accounts payable and other liabilities 15,309 11,404
Derivatives, at fair value 8,009 9,634
Total liabilities (1) 14,131,901 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 3,367,943 3,366,568
Accumulated other comprehensive income 897,703 773,791 Accumulated
deficit (1,230,723 ) (1,196,048 ) Total stockholders'
equity $ 3,036,800 $ 2,946,188 Total
liabilities and stockholders' equity $ 17,168,701
$ 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 September 30, 2016 and December 31, 2015, total
assets of consolidated VIEs were $10,996,318 and $7,031,278,
respectively, and total liabilities of consolidated VIEs were
$7,599,439 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 Nine Months Ended
September 30,2016
September 30,2015
September 30,2016
September 30,2015
Net Interest Income:
Interest income (1) $ 250,953 $ 211,876
$ 673,246 $ 670,825 Interest expense (2) 94,911
67,910 241,120 194,410
Net interest income 156,042 143,966
432,126 476,415
Other-than-temporary impairments: Total other-than-temporary
impairment losses (993 ) (3,129 ) (8,555 ) (6,389 ) Portion of loss
recognized in other comprehensive income (10,581 )
(14,703 ) (34,652 ) (46,359 ) Net
other-than-temporary credit impairment losses (11,574 )
(17,832 ) (43,207 ) (52,748 )
Other
investment gains (losses): Net unrealized gains (losses) on
derivatives 27,628 (71,540 ) (51,382 ) 20,543 Realized gains
(losses) on terminations of interest rate swaps — — (60,616 )
(99,703 ) Net realized gains (losses) on derivatives (14,268
) (21,160 ) (58,934 ) (80,023 )
Net gains
(losses) on derivatives 13,360 (92,700 )
(170,932 ) (159,183 ) Net unrealized gains (losses)
on financial instruments at fair value 32,999 (40,955 ) 80,217
(88,640 ) Net realized gains (losses) on sales of investments 3,079
3,539 7,035 42,789 Gains (losses) on Extinguishment of Debt
(45 ) (19,915 ) (1,811 ) (14,836 ) Total other
gains (losses) 49,393 (150,031 )
(85,491 ) (219,870 )
Other income: Other income
— — 95,000 —
Total other income — —
95,000 —
Other expenses: Management
fees — 4,088 — 24,610 Expense recoveries from Manager —
(1,140 ) — (6,905 ) Net
management fees — 2,948 —
17,705 Compensation and benefits 6,911 3,955 19,087
4,482 General and administrative expenses 4,332 8,534 13,073 22,028
Servicing Fees of consolidated VIEs 9,788 6,499 23,139 19,276 Deal
Expenses — 2,426 13,022
5,337 Total other expenses 21,031
24,362 68,321 68,828
Income (loss) before income taxes 172,830 (48,259 ) 330,107
134,969 Income taxes 13 — 65
—
Net income (loss) $ 172,817
$ (48,259 ) $ 330,042 $ 134,969
Net income (loss) per share available to common
shareholders:
Basic $ 0.92 $ (0.24 ) $ 1.76
$ 0.65 Diluted $ 0.92 $
(0.24 ) $ 1.76 $ 0.65
Weighted
average number of common shares outstanding:
Basic 187,729,765
197,787,858 187,727,667
202,891,610 Diluted 187,919,792
197,875,408 187,917,694 202,979,160
Dividends declared per share of common stock $
0.48 $ 0.48 $ 1.94 $ 1.44
Comprehensive income (loss): Net income (loss)
$ 172,817 $ (48,259 ) $ 330,042 $ 134,969 Other comprehensive
income: Unrealized gains (losses) on available-for-sale securities,
net (18,364 ) 16,512 94,059 (121,142 )
Reclassification adjustment for net losses
included in net incomefor other-than-temporary credit impairment
losses
11,574 17,832 43,207 52,748
Reclassification adjustment for net
realized losses (gains)included in net income
(2,680 ) (3,903 ) (13,354 ) (43,038 )
Other comprehensive income (loss) (9,470 ) 30,441
123,912 (111,432 ) Comprehensive income
(loss) $ 163,347 $ (17,818 ) $ 453,954
$ 23,537 (1) Includes interest income
of consolidated VIEs of $195,488 and $142,053 for the quarters
ended September 30, 2016 and 2015, respectively, and interest
income of consolidated VIEs of $488,353 and $439,571 for the nine
months ended September 30, 2016 and 2015, respectively. (2)
Includes interest expense of consolidated VIEs of $70,715 and
$50,837 for the quarters ended September 30, 2016 and 2015,
respectively, and interest expense of consolidated VIEs of $168,738
and $148,017 for the nine months ended September 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
September 30,2016
June 30,2016
March 31,2016
December 31,2015
September 30,2015
(dollars in thousands, except per share data)
GAAP Net
income $ 172,817 $ 74,127 $ 83,098
$ 115,380 $ (48,259 ) Adjustments: Net
other-than-temporary credit impairment losses 11,574 20,955 10,678
14,696 17,832 Net unrealized (gains) losses on derivatives (27,628
) (22,100 ) 101,110 (46,842 ) 71,540
Net unrealized (gains) losses on financial
instruments at fairvalue
(32,999 ) (30,347 ) (16,871 ) 69,793 40,955 Net realized (gains)
losses on sales of investments (3,079 ) (6,631 ) 2,674 (34,285 )
(3,539 ) (Gains) losses on extinguishment of debt 45 — 1,766 (8,906
) 19,915 Realized (gains) losses on terminations of interest rate
swaps — 60,158 458 (754 ) — Net realized (gains) losses on Futures
(1) 7,823 (635 ) 21,609 (9,018 ) 9,309 Total other (gains) losses —
— — 256 — Other income — — (95,000 )
— — Core Earnings $ 128,553
$ 95,527 $ 109,522 $ 100,320
$ 107,753
GAAP net income per basic common share
$ 0.92 $ 0.39 $ 0.44 $
0.61 $ (0.24 ) Core earnings per basic common share $
0.68 $ 0.51 $ 0.58 $ 0.53
$ 0.54 (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 September 30, 2016 and December 31,
2015.
September 30, 2016
Principal orNotional Valueat
Period-End(dollars inthousands)
WeightedAverageAmortizedCost Basis
WeightedAverage FairValue
WeightedAverageCoupon
WeightedAverage Yield atPeriod-End (1)
Non-Agency RMBS Senior $ 3,308,463 $
55.95 $ 78.14 4.0% 15.2% Senior, interest-only 5,733,457 5.29 5.08
2.0% 11.1% Subordinated 668,946 69.83 81.74 3.4% 10.2%
Subordinated, interest-only 269,868 5.26 5.00 1.1% 11.4% Agency MBS
Residential pass-through 2,672,093 105.20 107.09 3.9% 2.7%
Commercial pass-through 1,273,235 102.61 105.56 3.6% 2.9%
Interest-only 3,474,731 4.71 4.52 0.9% 3.7%
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 September 30, 2016 and December 31, 2015, the
repurchase agreements collateralized by RMBS had the following
remaining maturities.
September 30, 2016 December 31, 2015 (dollars in
thousands) Overnight $ — $ — 1 to 29 days 2,856,171 3,312,902 30 to
59 days 432,336 2,501,513 60 to 89 days 920,977 246,970 90 to 119
days 842,876 430,026 Greater than or equal to 120 days
765,159 947,928 Total $ 5,817,519
$ 7,439,339
The following table summarizes certain characteristics of our
portfolio at September 30, 2016 and December 31,
2015.
September 30, 2016 December 31,
2015 Interest earning assets at period-end (1) $ 16,708,822 $
14,959,081 Interest bearing liabilities at period-end $ 13,389,696
$ 11,689,250 GAAP Leverage at period-end 4.4:1 4.0:1 GAAP Leverage
at period-end (recourse) 1.9:1 2.5:1 Economic Leverage at
period-end (recourse) 2.1:1 2.7:1 Portfolio Composition, at
amortized cost Non-Agency RMBS 8.9% 10.4% Senior 3.9% 4.7% Senior,
interest only 1.9% 1.9% Subordinated 3.0% 3.7% Subordinated,
interest only 0.1% 0.1% RMBS transferred to consolidated VIEs 7.9%
10.1% Agency MBS 27.2% 46.0% Residential 17.9% 37.2% Commercial
8.3% 6.8% Interest-only 1.0% 2.0% Securitized loans held for
investment 56.0% 33.5% Fixed-rate percentage of portfolio 88.0%
84.7% Adjustable-rate percentage of portfolio 12.0% 15.3%
Annualized yield on average interest earning assets for the periods
ended 6.4% 6.0% Annualized cost of funds on average borrowed funds
for the periods ended (2) 2.8% 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.
September 30, 2016 (dollars in thousands, except per share data)
GAAP Book Value $ 3,036,800 GAAP Book Value per Share $
16.18
Economic
Adjustments:
Assets of Consolidated VIEs (10,816,733 ) Non-Recourse Liabilities
of Consolidated VIEs 7,572,177 Interests in VIEs eliminated in
consolidation 3,004,546 Total Adjustments -
Net (240,010 ) Total Adjustments - Net (per share)
(1.28 ) Economic Book Value $ 2,796,790
Economic Book Value per Share $ 14.90 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
NetRealizedLosses onInterestRateSwaps
Other (2)
EconomicInterestExpense
GAAPNetInterestIncome
NetRealizedLosses onInterestRateSwaps
Other (1) (2)
EconomicNetInterestIncome
For the Quarter Ended September 30, 2016 $ 250,953
$ 94,911 $ 4,595 $ —
$ 99,506 $ 156,042 $
(4,595 ) $ (105 ) $ 151,342 For the Quarter Ended
June 30, 2016 $ 221,096 $ 83,227
$ 8,141 $ — $ 91,368
$ 137,869 $ (8,141 ) $ (367 ) $
129,361 For the Quarter Ended March 31, 2016 $
201,194 $ 62,981 $ 11,220
$ — $ 74,201 $ 138,213 $
(11,220 ) $ (448 ) $ 126,545 For the Quarter Ended
December 31, 2015 $ 201,912 $ 64,954
$ 11,673 $ — $ 76,627
$ 136,958 $ (11,673 ) $ (13 )
$ 125,272 For the Quarter Ended September 30, 2015
$ 211,876 $ 67,910 $ 11,355
$ (2,214 ) $ 77,051 $ 143,966
$ (11,355 ) $ 2,103 $ 134,714
(1)
Primarily interest income on cash and cash equivalents. (2)
Other includes $2 million of deferred financing expenses written
off during the quarter ended September 30, 2015.
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 September 30, 2016 September
30, 2015 (dollars in thousands) (dollars in thousands)
AverageBalance
Interest
AverageYield/Cost
AverageBalance
Interest
AverageYield/Cost
Assets:
Interest-earning assets (1):
Agency MBS $ 3,735,142 $ 29,482 3.2% $ 5,935,743 $
42,132 2.8% Non-Agency RMBS 1,404,995 25,879 7.4% 1,450,827 27,579
7.6% Non-Agency RMBS transferred to consolidated VIEs 1,267,633
61,272 19.3% 1,527,414 65,028 17.0% Jumbo Prime securitized
residential mortgage loans held for investment 383,916 3,025 3.2%
510,708 3,972 3.1% Seasoned subprime securitized residential
mortgage loans held for investment 8,590,865
131,190 6.1% 4,664,014 73,054
6.3% Total $ 15,382,551 $ 250,848
6.5% $ 14,088,706 $ 211,765
6.0%
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Agency repurchase agreements (2) $ 3,407,242 $ 11,606 1.4% $
5,243,274 $ 18,690 1.4% Non-Agency repurchase agreements 2,462,140
17,185 2.8% 1,772,806 9,739 2.2% Securitized debt, collateralized
by Non-Agency RMBS 402,657 5,182 5.1% 598,562 9,946 6.6%
Securitized debt, collateralized by jumbo prime residential
mortgage loans 287,845 2,288 3.2% 401,222 3,227 3.2% Securitized
debt, collateralized by seasoned subprime residential mortgage
loans 7,025,781 63,245 3.6%
3,843,969 35,449 3.7% Total $
13,585,665 $ 99,506 2.9% $ 11,859,833
$ 77,051 2.6%
Economic net interest income/net interest rate spread
$ 151,342 3.6% $ 134,714
3.4%
Net interest-earning
assets/net interest margin $ 1,796,886
3.9% $ 2,228,873 3.8%
Ratio of interest-earning assets to
interest bearing liabilities 1.13
1.19 (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
September 30, 2016 23.04% 20.18% 17.14% 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 Year Ended December 31, 2015
7.52% 17.12% 14.20% For The Year Ended
December 31, 2014 16.99% 14.06% 12.70%
* Includes effect of realized losses on interest rate swaps.
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 Nine Months Ended
September 30,2016
September 30,2015
September 30,2016
September 30,2015
(dollars in thousands) (dollars in thousands)
Balance at beginning of period $ 1,714,592 $ 1,698,323 $ 1,742,744
$ 1,534,497 Purchases 18,316 133,227 60,915 241,852 Yield income
earned (69,850 ) (72,557 ) (141,256 ) (213,267 ) Reclassification
(to) from non-accretable difference (29,490 ) 19,205 (2,031 )
238,012 Sales and deconsolidation (12,907 ) (418 )
(39,711 ) (23,314 ) Balance at end of period $
1,620,661 $ 1,777,780 $ 1,620,661
$ 1,777,780
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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