CHIMERA INVESTMENT CORPORATION REPORTS 3RD QUARTER 2018 EARNINGS

  • 3RD QUARTER GAAP NET INCOME OF $0.79 PER COMMON SHARE
  • 3RD QUARTER CORE EARNINGS(1) OF $0.60 PER COMMON SHARE
  • GAAP BOOK VALUE OF $17.02 PER COMMON SHARE

NEW YORK--(BUSINESS WIRE)-- Chimera Investment Corporation (NYSE:CIM) today announced its financial results for the third quarter ended September 30, 2018. The Company’s GAAP net income for the third quarter was $147 million or $0.79 per common share. Core earnings(1) for the third quarter ended September 30, 2018 was $112 million or $0.60 per common share. Economic return on book value for the third quarter was 3.0%.(2) The Company sponsored two mortgage loan securitizations during the third quarter for $788 million and incurred $1.4 million in securitization deal related expenses.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181031005374/en/

“This quarter, Chimera issued $260 million of Series C preferred Stock with an annual dividend rate of 7.75%,” said Matthew Lambiase, Chimera’s CEO and President. “Since the fourth quarter of 2016, we have raised $730 million in capital through preferred shares which has helped to diversify our capital structure and lower our cost of capital while being accretive to our common shareholders.”

(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 plus the dividend declared per common share.
 

Other Information

Chimera Investment Corporation is a publicly traded real estate investment trust, or 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 mortgage assets, including residential mortgage loans, Non-Agency RMBS, Agency CMBS, Agency RMBS, and other real estate related securities.

Please visit www.chimerareit.com and click on Investors 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, 2018       December 31, 2017
Assets:                
Cash and cash equivalents       $ 121,046       $ 63,569
Non-Agency RMBS, at fair value 2,507,707 2,851,316
Agency MBS, at fair value 9,406,092 4,364,828
Loans held for investment, at fair value 12,729,559 13,678,263
Accrued interest receivable 114,798 100,789
Other assets 145,655 114,391
Derivatives, at fair value, net       155,069         48,914  
Total assets (1)       $ 25,179,926         $ 21,222,070  
Liabilities:

Repurchase agreements ($12.6 billion and $8.8 billion,
pledged as collateral, respectively)

$ 11,143,102 $ 7,250,452

Securitized debt, collateralized by Non-Agency RMBS
($1.1 billion and $1.6 billion pledged as collateral, respectively)

167,718 205,780

Securitized debt at fair value, collateralized by loans held for investment
($12.5 billion and $13.3 billion pledged as collateral, respectively)

8,826,879 9,388,657
Payable for investments purchased 903,424 567,440
Accrued interest payable 110,228 61,888
Dividends payable 96,809 95,365
Accounts payable and other liabilities 18,585 17,191
Derivatives, at fair value, net               320  
Total liabilities (1)       $ 21,266,745         $ 17,587,093  
 
Commitments and Contingencies (See Note 15)
 
Stockholders' Equity:
Preferred Stock, par value of $0.01 per share, 100,000,000 shares authorized:

8.00% Series A cumulative redeemable: 5,800,000 shares issued
and outstanding, respectively ($145,000 liquidation preference)

$ 58 $ 58

8.00% Series B cumulative redeemable: 13,000,000 shares issued
and outstanding, respectively ($325,000 liquidation preference)

130 130

7.75% Series C cumulative redeemable: 10,400,000 and 0 shares issued
and outstanding, respectively ($260,000 liquidation preference)

104

Common stock: par value $0.01 per share; 300,000,000 shares authorized,
187,006,943 and 187,809,288 shares issued and outstanding, respectively

1,870 1,878
Additional paid-in-capital 4,069,868 3,826,691
Accumulated other comprehensive income 627,936 796,902
Cumulative earnings 3,482,287 2,967,852
Cumulative distributions to stockholders       (4,269,072 )       (3,958,534 )
Total stockholders' equity       $ 3,913,181         $ 3,634,977  
Total liabilities and stockholders' equity       $ 25,179,926         $ 21,222,070  
(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, 2018 and December 31, 2017, total assets of consolidated VIEs were $13,703,646 and $14,987,464, respectively, and total liabilities of consolidated VIEs were $9,032,119 and $9,631,820, respectively.
 
CHIMERA INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except share and per share data)
(Unaudited)
      For the Quarters Ended     For the Nine Months Ended

September 30,
2018

   

September 30,
2017

   

September 30,
2018

   

September 30,
2017

Net interest income:            
Interest income (1) $ 321,715 $ 296,813 $ 925,282 $ 836,801
Interest expense (2)       174,671       140,358       485,189       388,544  
Net interest income       147,044       156,455       440,093       448,257  
Other-than-temporary impairments:
Total other-than-temporary impairment losses (772 ) (784 ) (1,871 ) (4,245 )
Portion of loss recognized in other comprehensive income       (6,461 )     (10,684 )     (15,651 )     (39,431 )
Net other-than-temporary credit impairment losses       (7,233 )     (11,468 )     (17,522 )     (43,676 )
Other investment gains (losses):
Net unrealized gains (losses) on derivatives 71,197 9,204 178,511 19,902
Realized gains (losses) on terminations of interest rate swaps (16,143 )
Net realized gains (losses) on derivatives       2,881       (7,841 )     14,573       (28,680 )
Net gains (losses) on derivatives       74,078       1,363       193,084       (24,921 )
Net unrealized gains (losses) on financial instruments at fair value (34,306 ) 19,042 (38,204 ) 159,047
Net realized gains (losses) on sales of investments (6,123 ) 1 (3,956 ) 9,709
Gains (losses) on extinguishment of debt       9,263       (1 )     19,320       (48,016 )
Total other gains (losses)       42,912       20,405       170,244       95,819  
 
Other expenses:
Compensation and benefits 8,642 7,533 25,741 22,759
General and administrative expenses 5,615 4,537 16,964 13,162
Servicing fees 9,766 10,715 31,044 31,193
Deal expenses       1,372       3,357       4,555       16,054  
Total other expenses       25,395       26,142       78,304       83,168  
Income (loss) before income taxes       157,328       139,250       514,511       417,232  
Income taxes       7       18       76       172  
Net income (loss)       $ 157,321       $ 139,232       $ 514,435       $ 417,060  
 
Dividend on preferred stock 9,960 9,400 28,760 24,083
                           
Net income (loss) available to common shareholders       $ 147,361       $ 129,832       $ 485,675       $ 392,977  
 
Net income (loss) per share available to common shareholders:                          
Basic       $ 0.79       $ 0.69       $ 2.59       $ 2.09  
Diluted       $ 0.79       $ 0.69       $ 2.59       $ 2.09  
 
Weighted average number of common shares outstanding:                          
Basic       187,006,777       187,779,794       187,182,932       187,773,715  
Diluted       187,584,958       188,192,111       187,705,831       188,176,757  
 
Dividends declared per share of common stock $ 0.50 $ 0.50 $ 1.50 $ 1.50
(1)   Includes interest income of consolidated VIEs of $223,948 and $241,195 for the quarters ended September 30, 2018 and 2017, respectively and interest income of consolidated VIEs of $688,720 and $668,621 for the nine months ended September 30, 2018 and 2017.
(2) Includes interest expense of consolidated VIEs of $99,622 and $101,856 for the quarters ended September 30, 2018 and 2017, respectively and interest expense of consolidated VIEs of $298,744 and $290,264 for the nine months ended September 30, 2018 and 2017.
 
CHIMERA INVESTMENT CORPORATION
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

September 30,
2018

   

September 30,
2017

   

September 30,
2018

   

September 30,
2017

Comprehensive income (loss):
Net income (loss) $ 157,321 $ 139,232 $ 514,435 $ 417,060
Other comprehensive income:
Unrealized gains (losses) on available-for-sale securities, net (50,728 ) 21,370 (181,885 ) 59,114

Reclassification adjustment for net losses included in net income
for other-than-temporary credit impairment losses

7,233 11,468 17,522 43,676

Reclassification adjustment for net realized losses
(gains) included in net income

      (220 )     (1 )     (4,603 )     (7,778 )
Other comprehensive income (loss)       (43,715 )     32,837       (168,966 )     95,012  
Comprehensive income (loss) before preferred stock dividends       $ 113,606       $ 172,069       $ 345,469       $ 512,072  
Dividends on preferred stock       $ 9,960       $ 9,400       $ 28,760       $ 24,083  
Comprehensive income (loss) available to common stock shareholders       $ 103,646       $ 162,669       $ 316,709       $ 487,989  
 

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, 2018

     

June 30, 2018

     

March 31, 2018

     

December 31, 2017

     

September 30, 2017

 
(dollars in thousands, except per share data)
GAAP Net income available to common stockholders $ 147,361         $ 108,708         $ 229,607         $ 98,208         $ 129,832  
Adjustments:
Net other-than-temporary credit impairment losses 7,233 9,131 1,158 18,179 11,468
Net unrealized (gains) losses on derivatives (71,197 ) (25,895 ) (81,419 ) (28,074 ) (9,204 )
Net unrealized (gains) losses on financial instruments at fair value 34,306 18,364 (14,466 ) 47,637 (19,042 )
Net realized (gains) losses on sales of investments 6,123 (2,167 ) 586 (1 )
(Gains) losses on extinguishment of debt (9,263 ) (387 ) (9,670 ) (12,742 ) 1
Realized (gains) losses on terminations of interest rate swaps
Net realized (gains) losses on Futures (1) (2,799 )       2,210         (16,424 )       (8,204 )       3,267  
Core Earnings $ 111,764         $ 109,964         $ 108,786         $ 115,590         $ 116,321  
                                 
GAAP net income per basic common share $ 0.79         $ 0.58         $ 1.22         $ 0.52         $ 0.69  
Core earnings per basic common share(2) $ 0.60         $ 0.59         $ 0.58         $ 0.62         $ 0.62  
(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 September 30, 2018 and December 31, 2017.

September 30, 2018
       

Principal or
Notional Value
at Period-End
(dollars in
thousands)

   

Weighted
Average
Amortized
Cost Basis

   

Weighted
Average
Fair Value

   

Weighted
Average
Coupon

   

Weighted
Average Yield at
Period-End (1)

Non-Agency RMBS                
Senior       $ 2,413,931 $ 52.46 $ 81.81 4.9% 18.8%
Senior, interest-only 5,844,053 5.09 4.15 1.2% 9.1%
Subordinated 379,077 57.66 73.34 4.3% 11.0%
Subordinated, interest-only 244,298 4.36 5.17 1.2% 16.1%
Agency MBS
Residential pass-through 6,730,675 103.18 101.19 4.0% 3.5%
Commercial pass-through 2,532,460 102.00 97.75 3.6% 3.4%
Interest-only 2,865,073 4.32 4.17 0.8% 4.1%
                                 
December 31, 2017
       

Principal or
Notional Value
at Period-End
(dollars in
thousands)

   

Weighted
Average
Amortized
Cost Basis

   

Weighted
Average
Fair Value

   

Weighted
Average
Coupon

   

Weighted
Average Yield at
Period-End (1)

Non-Agency RMBS
Senior $ 2,733,926 $ 54.04 $ 81.62 4.6% 16.7%
Senior, interest-only 4,862,461 5.41 4.34 1.3% 8.0%
Subordinated 501,455 66.77 80.01 4.1% 9.6%
Subordinated, interest-only 201,378 3.66 3.89 0.8% 11.8%
Agency MBS
Residential pass-through 2,227,128 105.53 104.27 3.8% 2.9%
Commercial pass-through 1,894,594 102.26 102.31 3.6% 3.2%
Interest-only 3,021,840 3.68 3.45 0.7% 3.4%
                                 
(1)   Bond Equivalent Yield at period end.
 

At September 30, 2018 and December 31, 2017, the repurchase agreements collateralized by MBS had the following remaining maturities.

September 30, 2018         December 31, 2017
(dollars in thousands)
Overnight $ 123,417 $
1 to 29 days 4,622,550 4,745,342
30 to 59 days 3,832,236 1,206,769
60 to 89 days 1,208,344 592,865
90 to 119 days 25,196
Greater than or equal to 120 days 1,331,359           705,476
Total $ 11,143,102           $ 7,250,452
 

The following table summarizes certain characteristics of our portfolio at September 30, 2018 and December 31, 2017.

      September 30, 2018       December 31, 2017
Interest earning assets at period-end (1)     $ 24,643,358       $ 20,894,407
Interest bearing liabilities at period-end $ 20,137,699 $ 16,844,889
GAAP Leverage at period-end 5.1:1 4.6:1
GAAP Leverage at period-end (recourse) 2.8:1 2.0:1
Portfolio Composition, at amortized cost
Non-Agency RMBS 5.1% 5.9%
Senior 3.0% 2.9%
Senior, interest only 1.2% 1.3%
Subordinated 0.9% 1.7%
Subordinated, interest only 0.0% 0.0%
RMBS transferred to consolidated VIEs 2.4% 4.6%
Agency MBS 40.6% 22.2%
Residential 29.2% 11.8%
Commercial 10.9% 9.8%
Interest-only 0.5% 0.6%
Loans held for investment 51.9% 67.3%
Fixed-rate percentage of portfolio 95.3% 93.7%
Adjustable-rate percentage of portfolio 4.7% 6.3%

Annualized yield on average interest earning assets
for the quarters ended

5.8% 6.3%

Annualized cost of funds on average borrowed funds
for the quarters ended (2)

    3.6%       3.6%
(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
Interest
Income

   

GAAP
Interest
Expense

   

Net Realized
(Gains) Losses on
Interest
Rate Swaps

   

Economic
Interest
Expense

   

GAAP
Net
Interest
Income

   

Net Realized
Gains (Losses) on
Interest
Rate Swaps

    Other (1)    

Economic
Net
Interest
Income

For the Quarter Ended September 30, 2018     $ 321,715   $ 174,671       $ (242 )     $ 174,429   $ 147,044       $ 242       $ 321       $ 147,607
For the Quarter Ended June 30, 2018     $ 306,436   $ 161,266       $ (1,246 )     $ 160,020   $ 145,170       $ 1,246       $ 436       $ 146,852
For the Quarter Ended March 31, 2018     $ 297,132   $ 149,251       $ 2,612       $ 151,863   $ 147,881       $ (2,612 )     $ 143       $ 145,412
For the Quarter Ended December 31, 2017     $ 301,957   $ 144,204       $ 4,369       $ 148,573   $ 157,753       $ (4,369 )     $ (61 )     $ 153,323
For the Quarter Ended September 30, 2017     $ 296,813   $ 140,358       $ 3,489       $ 143,847   $ 156,455       $ (3,489 )     $ (167 )     $ 152,799
(1)   Primarily interest expense/(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 Quarter Ended
September 30, 2018       September 30, 2017
(dollars in thousands) (dollars in thousands)
       

Average
Balance

   

Interest

   

Average
Yield/Cost

Average
Balance

  Interest  

Average
Yield/Cost

Assets:                              
Interest-earning assets (1):            
Agency MBS $ 7,776,334 $ 66,863 3.4% $ 3,733,640 $ 24,236 2.6%
Non-Agency RMBS 1,186,945 29,213 9.8% 1,258,634 28,590 9.1%
Non-Agency RMBS transferred to consolidated VIEs 632,155 42,416 26.8% 1,000,912 56,388 22.5%
Residential mortgage loans held for investment       12,613,816       183,544       5.8% 12,959,595     187,432     5.8%
Total       $ 22,209,250       $ 322,036       5.8% $ 18,952,781     $ 296,646     6.3%
                               
Liabilities and stockholders' equity:                              
Interest-bearing liabilities:
Repurchase agreements collateralized by:
Agency MBS (2) $ 6,720,205 $ 38,492 2.3% $ 3,114,689 $ 14,211 1.8%
Non-Agency RMBS (2) 428,363 4,186 3.9% 706,941 5,257 3.0%
Re-REMIC repurchase agreements 621,042 6,681 4.3% 443,029 3,679 3.3%
RMBS from loan securitizations 2,465,678 25,449 4.1% 2,285,232 18,843 3.3%
Securitized debt, collateralized by Non-Agency RMBS 173,825 2,471 5.7% 248,989 4,416 7.1%
Securitized debt, collateralized by loans       8,938,962       97,150       4.3% 9,399,125     97,441     4.1%
Total       $ 19,348,075       $ 174,429       3.6% $ 16,198,005     $ 143,847     3.6%
                               
Economic net interest income/net interest rate spread             $ 147,607       2.2%     $ 152,799     2.7%
                               
Net interest-earning assets/net interest margin       $ 2,861,175             2.7% $ 2,754,776         3.2%
                               
Ratio of interest-earning assets to interest bearing liabilities       1.15               1.17          
(1)   Interest-earning assets at amortized cost
(2) Interest includes net cash paid/received 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 the 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
Average Equity

       

Economic Net
Interest
Income/Average
Equity *

       

Core
Earnings/Average
Equity

        (Ratios have been annualized)
For the Quarter Ended September 30, 2018       16.64%         15.61%         11.82%
For the Quarter Ended June 30, 2018       12.91%         16.05%         12.02%
For the Quarter Ended March 31, 2018       26.17%         15.92%         11.91%
For the Quarter Ended December 31, 2017       11.82%         16.85%         12.70%
For the Quarter Ended September 30, 2017       15.42%         16.92%         12.88%
* 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) September 30, 2018       June 30, 2018       March 31, 2018       December 31, 2017       September 30, 2017
        (dollars in thousands)
Balance, beginning of period $ 540,269 $ 555,444 $ 582,193 $ 622,982 $ 627,724
Accretion of discount (35,184 ) (38,110 ) (37,309 ) (39,640 ) (43,502 )
Purchases 1,966 3,098 (2,914 ) 1,723
Sales and deconsolidation (986 ) (6,439 ) 174 5,792
Transfers from/(to) credit reserve, net       32,955         26,276         10,386         1,765         31,245  
Balance, end of period       $ 539,020         $ 540,269         $ 555,444         $ 582,193         $ 622,982  
 

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 most recent Annual Report on Form 10-K, 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.

Investor Relations
888-895-6557
www.chimerareit.com

Source: Chimera Investment Corporation