Chimera Investment Corporation Announces Authorization for New $150 Million Share Repurchase Program
March 13 2020 - 6:40AM
Business Wire
Chimera Investment Corporation (NYSE:CIM) today announced its
Board of Directors has authorized the repurchase of up to $150
million of its outstanding common shares. The share repurchase
program is expected to be funded through the Company’s existing
capital. The repurchase program announced today replaces the
Company’s previously disclosed share repurchase program (of which,
as of the date hereof, approximately $85 million was
available).
Purchases made pursuant to the program will be made in either
the open market or in privately negotiated transactions from time
to time as permitted by securities laws and other legal
requirements. The timing, manner, price and amount of any
repurchases will be determined by the Company in its discretion and
will be subject to economic and market conditions, stock price,
applicable legal requirements and other factors. The Company
intends to only consider repurchasing shares of our common stock
when the purchase price is less than the last publicly reported
book value per common share. The authorization does not obligate
the Company to acquire any particular amount of common shares and
the program may be suspended or discontinued at the Company’s
discretion without prior notice.
About Chimera Investment
Corporation
We are a publicly traded REIT that is primarily engaged in the
business of investing directly or indirectly through our
subsidiaries, on a leveraged basis, in a diversified portfolio of
real estate assets, including mortgage loans, Agency RMBS,
Non-Agency RMBS, Agency CMBS, and other real estate assets.
Forward-Looking Statements
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, 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: our expected funding of any common
share repurchases, or if any such repurchases are consummated; 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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