qualified dividend rates. For taxable years beginning before January 1, 2026, non-corporate taxpayers may deduct up to 20% of certain pass-through business income, including "qualified REIT dividends" (generally, dividends received by a REIT shareholder that are not designated as capital gain dividends or qualified dividend income), subject to certain limitations. Although the reduced U.S. federal income tax rate applicable to qualified dividend income does not adversely affect the taxation of REITs or divi ...

Chimera Investment Corporation (NYSE:CIM) Q4 2022 Earnings Conference Call February 15, 2023 8:30 AM ET Company Participants Victor Falvo - Head of Capital Markets Phillip Kardis - Chief Executive Officer Subra Viswanathan - Chief Financial Officer Conference Call Participants Mike Smyth - KBW Trevor Cranston - JMP Securities Lee Cooperman - Omega Family Office Operator Greetings, and welcome to the Chimera Investment Corporation Fourth Quarter 2022 Earnings Conference Call. At this time, all participants a ...

chimerareit.com GAAP ASSET ALLOCATION December 31, 2022 June 30, 2022 September 30, 2022 Loan Portfolio Based on fair value. 9% 3% 88% September 30, 2022 4% (1) Includes secured financing of retained tranches from loan securitizations that are eliminated in consolidation. | --- | --- | --- | --- | --- | --- | --- | |--------------------------|------------------------------------------|-------|--------------------|------------------------------------------|-------|------------------| | | RESIDENTIAL MORTGAGE ...

Chimera Investment Corporation (NYSE:CIM) Q3 2022 Earnings Conference Call November 3, 2022 8:30 AM ET Company Participants Victor Falvo - Head of Capital Markets Mohit Marria - CEO and Chief Investment Officer Subra Viswanathan - CFO Conference Call Participants Kenneth Lee - RBC Capital Markets Trevor Cranston - JMP Securities Mike Smyth - KBW Operator Good day, ladies and gentlemen, and welcome to the Chimera Investment's Third Quarter 2022 Earnings Conference Call. All lines have been placed on a listen ...

FINANCIAL SUPPLEMENT 3rd Quarter 2022 DISCLAIMER This presentation 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 "goal" "expect," "target," "assume," "estimate," "project," "budget," "forecast," "anticip ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Common Stock, par value $0.01 per share CIM New York Stock Exchange 8.00% Series A Cumulative Redeemable Preferred Stock CIM PRA New York Stock Exchange 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred StockCIM PRB New York Stock Exchange 7.75% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred StockCIM PRC New York Stock Exchange 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Sto ...

Financial Data and Key Metrics Changes - GAAP book value at the end of Q2 2022 was $8.82 per share, with an economic return on GAAP book value of negative 9.9% [19] - GAAP net loss for Q2 was $180 million or $0.76 per share, while net income on an earnings available for distribution basis was $74 million or $0.31 per share [19] - Economic net interest income for Q2 was $117 million, with a yield on average interest-earning assets of 5.6% and an average cost of funds of 2.7%, resulting in a net interest spread of 2.9% [20] - Total leverage for Q2 was 3.7:1, and recourse leverage ended at 1.1:1 [20] Business Line Data and Key Metrics Changes - The company completed two securitizations totaling $727 million, which helped reduce recourse financing by $278 million [12] - The average cost of debt for the securitizations was 5.13% [11] - The company repurchased 5.4 million shares at an average price of $9.10, totaling approximately $49 million [15] Market Data and Key Metrics Changes - The Federal Reserve increased the federal funds rate by 125 basis points during Q2 and another 75 basis points recently, leading to a 30-year fixed mortgage rate of 5.83%, the highest in over a decade [6] - The company noted that higher primary mortgage rates would severely impact new mortgage origination volumes [8] Company Strategy and Development Direction - The company aims to optimize its liability and capital structure to maximize net interest spread for shareholders [8] - The strategy includes acquiring business purpose loans that match the company's risk profile and capital structure [16] - The company has acquired nearly $1 billion of loans in 2022 at higher yields than in recent years [17] Management's Comments on Operating Environment and Future Outlook - Management indicated that the housing market is expected to slow down due to rising mortgage rates, but supply remains limited [28] - Home price appreciation is projected to be 4% to 6% annually going forward [29] - The company is optimistic about the securitization market in the second half of the year as supply declines and spreads improve [42] Other Important Information - The company entered a swaption contract for $1 billion notional value at a fixed rate of 3.26%, exercisable in May 2023 [14][15] - The company has $177 million remaining purchase authority for share repurchases [16] Q&A Session Summary Question: Expected returns on retained pieces of securitization - Expected returns are mid-high single digits due to earlier loan acquisition costs [22] Question: New returns expectations - New returns are expected to be in the high teens, but acquiring loans is currently less attractive [23] Question: Decline in investment portfolio - The decline was primarily due to natural paydowns and fair value adjustments, with no assets sold [33] Question: Thoughts on housing market and home price appreciation - The housing market is expected to slow, but home price appreciation is projected to be low double digits for the year and 4% to 6% annually thereafter [28][29] Question: Dividend coverage and economic earnings power - The company is evaluating its dividend policy in light of aggressive Fed rate hikes and has ample liquidity to deploy more assets [43][44]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Common Stock, par value $0.01 per share CIM New York Stock Exchange 8.00% Series A Cumulative Redeemable Preferred Stock CIM PRA New York Stock Exchange 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred StockCIM PRB New York Stock Exchange 7.75% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred StockCIM PRC New York Stock Exchange 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Sto ...

FINANCIAL SUPPLEMENT 1st Quarter 2022 DISCLAIMER This presentation 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 "goal" "expect," "target," "assume," "estimate," "project," "budget," "forecast," "anticip ...

Chimera Investment Corporation (NYSE:CIM) Q1 2022 Earnings Conference Call May 5, 2022 8:00 AM ET Company Participants Victor Falvo – Head of Capital Markets Mohit Marria – Chief Executive Officer and Chief Investment Officer Subra Viswanathan – Chief Financial Officer Conference Call Participants Mike Smyth – KBW Trevor Cranston – JMP Securities Doug Harter – Credit Suisse Operator Good day, ladies and gentlemen, and welcome to the Chimera Investment Corporation's First Quarter 2022 Earnings Call. All line ...