News
CHIMERA INVESTMENT CORPORATION RELEASES 3RD QUARTER 2017 EARNINGS
Thu November 2 2017
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GAAP EARNINGS OF
$0.69 PER COMMON SHARE -
CORE EARNINGS(1) OF
$0.62 PER COMMON SHARE -
GAAP BOOK VALUE OF
$16.92 PER COMMON SHARE -
ADDED
$783 MILLION OF RESIDENTIAL MORTGAGE LOANS
"Chimera's seasoned mortgage loan portfolio and securitizations continue
to grow" said
(1) Core earnings is a non-GAAP measure. See additional discussion on page 5. |
(2) Economic return on book value is based on the change in GAAP book value per common share for the quarter plus the quarterly dividend declared per common share. |
Note: All per common share amounts presented on a diluted basis. |
Other Information
Please visit www.chimerareit.com and click on Investor Relations for additional information about us.
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||
(dollars in thousands, except share and per share data) | |||||||||
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Assets: | |||||||||
Cash and cash equivalents | $ | 38,055 | $ | 177,714 | |||||
Non-Agency RMBS, at fair value | 2,950,348 | 3,330,063 | |||||||
Agency MBS, at fair value | 4,354,872 | 4,167,754 | |||||||
Loans held for investment, at fair value | 13,538,052 | 8,753,653 | |||||||
Receivable for investment sold | 11,235 | — | |||||||
Accrued interest receivable | 99,421 | 79,697 | |||||||
Other assets | 172,876 | 166,350 | |||||||
Derivatives, at fair value, net | 22,525 | 9,677 | |||||||
Total assets (1) | $ | 21,187,384 | $ | 16,684,908 | |||||
Liabilities: | |||||||||
Repurchase agreements ( |
$ | 6,709,821 | $ | 5,600,903 | |||||
Securitized debt, collateralized by Non-Agency RMBS ( |
233,113 | 334,124 | |||||||
Securitized debt at fair value, collateralized by loans held for
investment ( |
9,683,062 | 6,941,097 | |||||||
Payable for investments purchased | 733,142 | 520,532 | |||||||
Accrued interest payable | 64,280 | 48,670 | |||||||
Dividends payable | 95,000 | 97,005 | |||||||
Accounts payable and other liabilities | 21,331 | 16,694 | |||||||
Derivatives, at fair value | 1,204 | 2,350 | |||||||
Total liabilities (1) | $ | 17,540,953 | $ | 13,561,375 | |||||
Stockholders' Equity: | |||||||||
Preferred Stock, par value of |
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8.00% Series A cumulative redeemable: 5,800,000 shares issued and
outstanding, respectively ( |
$ | 58 | $ | 58 | |||||
8.00% Series B cumulative redeemable: 13,000,000 and 0 shares
issued and outstanding, respectively |
130 | — | |||||||
Common stock: par value |
1,878 | 1,877 | |||||||
Additional paid-in-capital | 3,825,832 | 3,508,779 | |||||||
Accumulated other comprehensive income | 813,118 | 718,106 | |||||||
Cumulative earnings | 2,860,244 | 2,443,184 | |||||||
Cumulative distributions to stockholders | (3,854,829 | ) | (3,548,471 | ) | |||||
Total stockholders' equity | $ | 3,646,431 | $ | 3,123,533 | |||||
Total liabilities and stockholders' equity | $ | 21,187,384 | $ | 16,684,908 | |||||
(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 ( |
Net Income | ||||||||||||||||||
(dollars in thousands, except share and per share data) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||
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Net interest income: | ||||||||||||||||||
Interest income (1) | $ | 296,813 | $ | 250,953 | $ | 836,801 | $ | 673,246 | ||||||||||
Interest expense (2) | 140,358 | 94,911 | 388,544 | 241,120 | ||||||||||||||
Net interest income | 156,455 | 156,042 | 448,257 | 432,126 | ||||||||||||||
Other-than-temporary impairments: | ||||||||||||||||||
Total other-than-temporary impairment losses | (784 | ) | (993 | ) | (4,245 | ) | (8,555 | ) | ||||||||||
Portion of loss recognized in other comprehensive income | (10,684 | ) | (10,581 | ) | (39,431 | ) | (34,652 | ) | ||||||||||
Net other-than-temporary credit impairment losses | (11,468 | ) | (11,574 | ) | (43,676 | ) | (43,207 | ) | ||||||||||
Other investment gains (losses): | ||||||||||||||||||
Net unrealized gains (losses) on derivatives | 9,204 | 27,628 | 19,902 | (51,382 | ) | |||||||||||||
Realized gains (losses) on terminations of interest rate swaps | — | — | (16,143 | ) | (60,616 | ) | ||||||||||||
Net realized gains (losses) on derivatives | (7,841 | ) | (14,268 | ) | (28,680 | ) | (58,934 | ) | ||||||||||
Net gains (losses) on derivatives | 1,363 | 13,360 | (24,921 | ) | (170,932 | ) | ||||||||||||
Net unrealized gains (losses) on financial instruments at fair value | 19,042 | 32,999 | 159,047 | 80,217 | ||||||||||||||
Net realized gains (losses) on sales of investments | 1 | 3,079 | 9,709 | 7,035 | ||||||||||||||
Gains (losses) on extinguishment of debt | (1 | ) | (45 | ) | (48,016 | ) | (1,811 | ) | ||||||||||
Total other gains (losses) | 20,405 | 49,393 | 95,819 | (85,491 | ) | |||||||||||||
Other income: | ||||||||||||||||||
Other income | — | — | — | 95,000 | ||||||||||||||
Total other income | — | — | — | 95,000 | ||||||||||||||
Other expenses: | ||||||||||||||||||
Compensation and benefits | 7,533 | 6,911 | 22,759 | 19,087 | ||||||||||||||
General and administrative expenses | 4,537 | 4,332 | 13,162 | 13,073 | ||||||||||||||
Servicing fees | 10,715 | 9,788 | 31,193 | 23,139 | ||||||||||||||
Deal expenses | 3,357 | — | 16,054 | 13,022 | ||||||||||||||
Total other expenses | 26,142 | 21,031 | 83,168 | 68,321 | ||||||||||||||
Income (loss) before income taxes | 139,250 | 172,830 | 417,232 | 330,107 | ||||||||||||||
Income taxes | 18 | 13 | 172 | 65 | ||||||||||||||
Net income (loss) | $ | 139,232 | $ | 172,817 | $ | 417,060 | $ | 330,042 | ||||||||||
Dividend on preferred stock | 9,400 | — | 24,083 | — | ||||||||||||||
Net income (loss) available to common shareholders | $ | 129,832 | $ | 172,817 | $ | 392,977 | $ | 330,042 | ||||||||||
Net income (loss) per share available to common shareholders: | ||||||||||||||||||
Basic | $ | 0.69 | $ | 0.92 | $ | 2.09 | $ | 1.76 | ||||||||||
Diluted | $ | 0.69 | $ | 0.92 | $ | 2.09 | $ | 1.76 | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||
Basic | 187,779,794 | 187,729,765 | 187,773,715 | 187,727,667 | ||||||||||||||
Diluted | 188,192,111 | 187,919,792 | 188,176,757 | 187,917,694 | ||||||||||||||
Dividends declared per share of common stock | $ | 0.50 | $ | 0.48 | $ | 1.50 | $ | 1.94 | ||||||||||
(1) Includes interest income of consolidated VIEs of |
(2) Includes interest expense of consolidated VIEs of |
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
(dollars in thousands, except share and per share data) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||
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Comprehensive income (loss): | ||||||||||||||||||
Net income (loss) | $ | 139,232 | $ | 172,817 | $ | 417,060 | $ | 330,042 | ||||||||||
Other comprehensive income: | ||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities, net | 21,370 | (18,364 | ) | 59,114 | 94,059 | |||||||||||||
Reclassification adjustment for net losses included in net income
for other- |
11,468 | 11,574 | 43,676 | 43,207 | ||||||||||||||
Reclassification adjustment for net realized losses (gains)
included in net |
(1 | ) | (2,680 | ) | (7,778 | ) | (13,354 | ) | ||||||||||
Other comprehensive income (loss) | 32,837 | (9,470 | ) | 95,012 | 123,912 | |||||||||||||
Comprehensive income (loss) before preferred stock dividends | $ | 172,069 | $ | 163,347 | $ | 512,072 | $ | 453,954 | ||||||||||
Dividends on preferred stock | $ | 9,400 | $ | — | $ | 24,083 | $ | — | ||||||||||
Comprehensive income (loss) available to common stock shareholders | $ | 162,669 | $ | 163,347 | $ | 487,989 | $ | 453,954 | ||||||||||
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 | |||||||||||||||||||||
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(dollars in thousands, except per share data) | |||||||||||||||||||||
GAAP Net income available to common stockholders | $ | 129,832 | $ | 105,617 | $ | 157,524 | $ | 219,454 | $ | 172,817 | |||||||||||
Adjustments: | |||||||||||||||||||||
Net other-than-temporary credit impairment losses | 11,468 | 13,509 | 18,701 | 14,780 | 11,574 | ||||||||||||||||
Net unrealized (gains) losses on derivatives | (9,204 | ) | (5,802 | ) | (4,896 | ) | (101,475 | ) | (27,628 | ) | |||||||||||
Net unrealized (gains) losses on financial instruments at fair value | (19,042 | ) | (67,762 | ) | (72,243 | ) | 20,664 | (32,999 | ) | ||||||||||||
Net realized (gains) losses on sales of investments | (1 | ) | (4,541 | ) | (5,167 | ) | (11,121 | ) | (3,079 | ) | |||||||||||
(Gains) losses on extinguishment of debt | 1 | 48,014 | — | (1,334 | ) | 45 | |||||||||||||||
Realized (gains) losses on terminations of interest rate swaps | — | 16,143 | — | — | — | ||||||||||||||||
Net realized (gains) losses on Futures (1) | 3,267 | 6,914 | 2,084 | (19,628 | ) | 7,823 | |||||||||||||||
Core Earnings | $ | 116,321 | $ | 112,092 | $ | 96,003 | $ | 121,340 | $ | 128,553 | |||||||||||
GAAP net income per basic common share | $ | 0.69 | $ | 0.56 | $ | 0.84 | $ | 1.17 | $ | 0.92 | |||||||||||
Core earnings per basic common share(2) | $ | 0.62 | $ | 0.60 | $ | 0.51 | $ | 0.65 | $ | 0.68 | |||||||||||
(1) Included in net realized gains (losses) on derivatives in the Consolidated Statements of Operations. |
(2) We note that core and taxable earnings will typically differ, and may materially differ, due to differences on realized gains and losses on investments and related hedges, credit loss recognition, timing differences in premium amortization, accretion of discounts, equity compensation and other items. |
The following tables provide a summary of the Company’s MBS portfolio at
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Principal or |
Weighted |
Weighted |
Weighted |
Weighted |
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Non-Agency RMBS | |||||||||||||||||
Senior | $ | 2,821,535 | $ | 54.54 | $ | 81.68 | 4.4% | 16.7% | |||||||||
Senior, interest-only | 4,948,265 | 5.42 | 4.30 | 1.4% | 7.8% | ||||||||||||
Subordinated | 531,526 | 66.62 | 79.30 | 4.1% | 9.2% | ||||||||||||
Subordinated, interest-only | 256,286 | 5.06 | 4.52 | 1.0% | 8.4% | ||||||||||||
Agency MBS | |||||||||||||||||
Residential pass-through | 2,316,838 | 105.54 | 104.80 | 3.8% | 2.9% | ||||||||||||
Commercial pass-through | 1,774,802 | 102.26 | 102.09 | 3.6% | 3.2% | ||||||||||||
Interest-only | 3,176,110 | 3.82 | 3.61 | 0.7% | 3.5% | ||||||||||||
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Principal or |
Weighted |
Weighted |
Weighted |
Weighted |
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Non-Agency RMBS | |||||||||||||||||
Senior | $ | 3,190,947 | $ | 55.76 | $ | 78.69 | 4.3% | 15.5% | |||||||||
Senior, interest-only | 5,648,339 | 5.18 | 4.49 | 1.5% | 11.7% | ||||||||||||
Subordinated | 673,259 | 70.83 | 82.21 | 3.8% | 9.2% | ||||||||||||
Subordinated, interest-only | 266,927 | 5.20 | 4.50 | 1.1% | 13.5% | ||||||||||||
Agency MBS | |||||||||||||||||
Residential pass-through | 2,594,570 | 105.78 | 104.29 | 3.9% | 3.0% | ||||||||||||
Commercial pass-through | 1,331,543 | 102.64 | 98.91 | 3.6% | 2.9% | ||||||||||||
Interest-only | 3,356,491 | 4.53 | 4.31 | 0.8% | 3.5% | ||||||||||||
(1) Bond Equivalent Yield at period end. | |||||||||||||||||
At
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(dollars in thousands) | ||||||||
Overnight | $ | — | $ | — | ||||
1 to 29 days | 3,777,160 | 2,947,604 | ||||||
30 to 59 days | 1,591,370 | 958,956 | ||||||
60 to 89 days | 330,186 | 407,625 | ||||||
90 to 119 days | 28,798 | 559,533 | ||||||
Greater than or equal to 120 days | 982,307 | 727,185 | ||||||
Total | $ | 6,709,821 | $ | 5,600,903 | ||||
The following table summarizes certain characteristics of our portfolio
at
For the Quarter Ended | For the Year Ended | ||||||||
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Interest earning assets at period-end (1) | $ | 20,843,272 | $ | 16,251,470 | |||||
Interest bearing liabilities at period-end | $ | 16,625,996 | $ | 12,876,124 | |||||
GAAP Leverage at period-end | 4.6:1 | 4.1:1 | |||||||
GAAP Leverage at period-end (recourse) | 1.8:1 | 1.8:1 | |||||||
Portfolio Composition, at amortized cost | |||||||||
Non-Agency RMBS | 6.2 | % | 9.0 | % | |||||
Senior | 2.9 | % | 3.9 | % | |||||
Senior, interest only | 1.4 | % | 1.9 | % | |||||
Subordinated | 1.8 | % | 3.1 | % | |||||
Subordinated, interest only | 0.1 | % | 0.1 | % | |||||
RMBS transferred to consolidated VIEs | 4.9 | % | 7.6 | % | |||||
Agency MBS | 22.2 | % | 27.7 | % | |||||
Residential | 12.4 | % | 17.8 | % | |||||
Commercial | 9.2 | % | 8.9 | % | |||||
Interest-only | 0.6 | % | 1.0 | % | |||||
Loans held for investment | 66.7 | % | 55.7 | % | |||||
Fixed-rate percentage of portfolio | 92.0 | % | 88.4 | % | |||||
Adjustable-rate percentage of portfolio | 8.0 | % | 11.6 | % | |||||
Annualized yield on average interest earning assets for the periods ended | 6.3 | % | 6.4 | % | |||||
Annualized cost of funds on average borrowed funds for the periods ended (2) | 3.6 | % | 3.0 | % | |||||
(1) Excludes cash and cash equivalents. |
(2) Includes the effect of realized losses on interest rate swaps. |
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.
GAAP |
GAAP |
Net |
Economic |
GAAP Net |
Net |
Other (1) |
Economic |
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For the Quarter Ended |
$ | 296,813 | $ | 140,358 | $ | 3,489 | $ | 143,847 | $ | 156,455 | $ | (3,489 | ) | $ | (167 | ) | $ | 152,799 | |||||||||||||
For the Quarter Ended |
$ | 288,644 | $ | 137,955 | $ | 3,486 | $ | 141,441 | $ | 150,689 | $ | (3,486 | ) | $ | (350 | ) | $ | 146,853 | |||||||||||||
For the Quarter Ended |
$ | 251,344 | $ | 110,231 | $ | 4,106 | $ | 114,337 | $ | 141,113 | $ | (4,106 | ) | $ | (519 | ) | $ | 136,488 | |||||||||||||
For the Quarter Ended |
$ | 260,823 | $ | 106,737 | $ | 4,151 | $ | 110,888 | $ | 154,086 | $ | (4,151 | ) | $ | 40 | $ | 149,975 | ||||||||||||||
For the Quarter Ended |
$ | 250,953 | $ | 94,911 | $ | 4,595 | $ | 99,506 | $ | 156,042 | $ | (4,595 | ) | $ | (105 | ) | $ | 151,342 | |||||||||||||
(1) Primarily 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 Quarters Ended | ||||||||||||||||||||||
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(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||
Average |
Interest |
Average |
Average |
Interest |
Average |
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Assets: | ||||||||||||||||||||||
Interest-earning assets (1): | ||||||||||||||||||||||
Agency MBS | $ | 3,733,640 | $ | 24,236 | 2.6% | $ | 3,735,142 | $ | 29,482 | 3.2% | ||||||||||||
Non-Agency RMBS | 1,258,634 | 28,590 | 9.1% | 1,404,995 | 25,879 | 7.4% | ||||||||||||||||
Non-Agency RMBS transferred to consolidated VIEs | 1,000,912 | 56,388 | 22.5% | 1,267,633 | 61,272 | 19.3% | ||||||||||||||||
Residential mortgage loans held for investment | 12,959,595 | 187,432 | 5.8% | 8,974,781 | 134,215 | 6.0% | ||||||||||||||||
Total | $ | 18,952,781 | $ | 296,646 | 6.3% | $ | 15,382,551 | $ | 250,848 | 6.5% | ||||||||||||
Liabilities and stockholders' equity: | ||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Repurchase agreements collateralized by: | ||||||||||||||||||||||
Agency MBS (2) | $ | 3,114,689 | $ | 14,211 | 1.8% | $ | 3,407,242 | $ | 11,606 | 1.4% | ||||||||||||
Non-Agency RMBS | 706,941 | 5,257 | 3.0% | 831,412 | 5,700 | 2.7% | ||||||||||||||||
Re-Remic repurchase agreements | 443,029 | 3,679 | 3.3% | 660,303 | 4,901 | 3.0% | ||||||||||||||||
RMBS from loan securitizations | 2,285,232 | 18,843 | 3.3% | 970,425 | 6,584 | 2.7% | ||||||||||||||||
Securitized debt, collateralized by Non-Agency RMBS | 248,989 | 4,416 | 7.1% | 402,657 | 5,182 | 5.1% | ||||||||||||||||
Securitized debt, collateralized by loans | 9,399,125 | 97,441 | 4.1% | 7,313,626 | 65,533 | 3.6% | ||||||||||||||||
Total | $ | 16,198,005 | $ | 143,847 | 3.6% | $ | 13,585,665 | $ | 99,506 | 2.9% | ||||||||||||
Economic net interest income/net interest rate spread | $ | 152,799 | 2.7% | $ | 151,342 | 3.6% | ||||||||||||||||
Net interest-earning assets/net interest margin | $ | 2,754,776 | 3.2% | $ | 1,796,886 | 3.9% | ||||||||||||||||
Ratio of interest-earning assets to interest bearing liabilities | 1.17 | 1.13 | ||||||||||||||||||||
(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 on |
Economic Net |
Core |
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(Ratios have been annualized) | |||||||
For the Quarter Ended |
15.42% | 16.92% | 12.88% | ||||
For the Quarter Ended |
12.98% | 16.57% | 12.65% | ||||
For the Quarter Ended |
19.63% | 16.46% | 11.57% | ||||
For the Quarter Ended |
28.82% | 19.48% | 15.76% | ||||
For the Quarter Ended |
23.04% | 20.18% | 17.14% | ||||
* Includes effect of realized losses on interest rate swaps. | |||||||
The following table presents changes to Accretable Discount (net of premiums) as it pertains to our Non-Agency RMBS portfolio, excluding premiums on IOs, during the previous five quarters.
For the Quarters Ended | |||||||||||||||||||||
Accretable Discount (Net of Premiums) |
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(dollars in thousands) | |||||||||||||||||||||
Balance, beginning of period | $ | 627,724 | $ | 648,659 | $ | 683,648 | $ | 733,060 | $ | 769,764 | |||||||||||
Accretion of discount | (43,502 | ) | (42,625 | ) | (43,715 | ) | (44,427 | ) | (44,455 | ) | |||||||||||
Purchases | 1,723 | (108 | ) | (3,642 | ) | (33,987 | ) | 8,959 | |||||||||||||
Sales and deconsolidation | 5,792 | 212 | (7,303 | ) | (2,138 | ) | (14,386 | ) | |||||||||||||
Transfers from/(to) credit reserve, net | 31,245 | 21,586 | 19,671 | 31,140 | 13,178 | ||||||||||||||||
Balance, end of period | $ | 622,982 | $ | 627,724 | $ | 648,659 | $ | 683,648 | $ | 733,060 | |||||||||||
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
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
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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