Chimera Investment Corporation is a New York City-based Real Estate Investment Trust (REIT), founded in 2007. Our income is primarily generated by the difference between the income we earn on our assets and our financing and hedging costs. As a credit-focused hybrid mortgage REIT, we invest in residential mortgage loans as well as Agency and non-Agency mortgage-backed securities.
1st quarter GAAP net income of $0.17 per diluted common share
1st quarter Earnings available for distribution* of $0.13 per diluted common share
1st quarter GAAP book value of $7.41 per common share
As of Mar. 31, 2023 • Q1 2023 Earnings Release
* Non-GAAP Financial Measures. View full reconciliation in our Q1 earnings press release.
For complete information regarding our financials, see our periodic filings
For Fiscal Year Ending Dec 31, 2022
“This quarter Chimera committed to purchase $1.25 billion of diversified mortgage loans, completed three securitizations, reduced recourse leverage by $237 million, and generated a 2% total economic return. Since the quarter ended, including a securitization we expect to close later today, we have completed four securitizations, reduced our RPL loan warehouse exposure to zero, and reduced our recourse leverage by a further $400 million, all in a very challenging environment. We remain optimistic about our future. Our ability to execute loan purchases and securitizations highlights the overall strength of Chimera’s franchise value.”
May 4, 2023
| (Dollars in millions. Except per share data) | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|
| GAAP Earnings | $0.17 | $0.34 | -$0.88 | ($0.76) |
| Earnings Available for Distribution(1) | $0.13 | $0.11 | $0.27 | $0.31 |
| Common Dividend | $0.23 | $0.23 | $0.23 | $0.33 |
| Total Assets | $14,204 | $13,402 | $13,669 | $14,033 |
| Stockholders Equity | $2,649 | $2,667 | $2,654 | $2,973 |
| GAAP Book Value | $7.41 | $7.49 | $7.44 | $8.82 |
(1)Earnings Available for Distribution is a non-GAAP measure.
As of Mar. 31, 2023 • Q1 2023 Earnings Release
| (Dollars in thousands. Except per share data) | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|
| Interest Income | $189,250 | $187,286 | $188,303 | $195,357 |
| Interest Expense | $119,615 | $106,891 | $83,464 | $78,467 |
| Net Interest Income | $69,635 | $80,395 | $104,839 | $116,890 |
| Average Yield, Interest-earning assets | 5.5% | 5.5% | 5.5% | 5.6% |
| Average Cost, Interest-bearing liabilities | 4.1% | 3.9% | 3.0% | 2.7% |
| Net Interest Spread | 1.4% | 1.6% | 2.5% | 2.9% |
As of Mar. 31, 2023 • Q1 2023 Earnings Release
| Control | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|
| Agency RMBS as percent of portfolio | 0% | 0% | 0% | 0% |
| Agency CMBS as percent of portfolio | 2% | 3% | 3% | 3% |
| Securitized Loans as percent of portfolio | 90% | 88% | 88% | 87% |
| Non-Agency RMBS as percent of portfolio | 8% | 9% | 9% | 10% |
| GAAP Leverage | 4.1:1 | 4.0:1 | 3.9:1 | 3.7:1 |
| GAAP Leverage (Recourse) | 1.2:1 | 1.3:1 | 1.1:1 | 1.1:1 |
As of Mar. 31, 2023 • Q1 2023 Earnings Release and Financial Supplement
Chimera has declared $6 billion in cumulative distributions to stockholders.
(in thousands)
As of Mar. 31, 2023 • Q1 2023 Earnings Release
As a hybrid mortgage REIT, we invest in both Agency and non-Agency mortgage assets. This approach allows for flexibility in portfolio asset allocation and liability management, which contributes to our organization's success.
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We believe our environmental, social, and governance (ESG) efforts not only contribute to the greater good for our communities, they contribute to our continued business success. That's why we incorporate our ESG goals into every business decision - from our energy efficient headquarters to the investments we make.
View Our ESG Efforts
Chimera Investment Corporation
630 Fifth Avenue
Ste 2400
New York, NY 10111
United States
T: 888-895-6557
investor@chimerareit.com
Computershare Trust Company, N.A.
P.O. Box 43078
Providence RI 02940-3078
T: 877-239-3308
http://www.computershare.com/investor