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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED: June 30, 2019
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _______________ TO _________________
COMMISSION FILE NUMBER: 1-33796
CHIMERA INVESTMENT CORPORATION
(Exact name of Registrant as specified in its Charter)
|
| | |
Maryland | | 26-0630461 |
(State or other jurisdiction of incorporation or organization) | | (IRS Employer Identification No.) |
520 Madison Avenue 32nd Floor
New York, New York
(Address of principal executive offices)
10022
(Zip Code)
(212) 626-2300
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
|
| | |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| | |
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 Cumulative Fixed-to-Floating Rate Redeemable Preferred Stock | CIM PRB | New York Stock Exchange |
7.75% Series C Cumulative Fixed-to-Floating Rate Redeemable Preferred Stock | CIM PRC | New York Stock Exchange |
8.00% Series D Cumulative Fixed-to-Floating Rate Redeemable Preferred Stock | CIM PRD | New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all documents and reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:
Yes þ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes þ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “accelerated filer,” “large accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Yes ☐ No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date:
|
| |
Class | Outstanding at June 30, 2019 |
Common Stock, $0.01 par value | 187,157,432 |
CHIMERA INVESTMENT CORPORATION
FORM 10-Q
TABLE OF CONTENTS
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Consolidated Statements of Financial Condition as of June 30, 2019 (Unaudited) and December 31, 2018 (Derived from the audited consolidated financial statements as of December 31, 2018) | |
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Consolidated Statements of Operations (Unaudited) for the quarters and six months ended June 30, 2019 and 2018 | |
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Consolidated Statements of Comprehensive Income (Unaudited) for the quarters and six months ended June 30, 2019 and 2018 | |
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Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the quarters and six months ended June 30, 2019 and 2018 | |
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Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2019 and 2018 | |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
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Part I
Item 1. Consolidated Financial Statements
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CHIMERA INVESTMENT CORPORATION |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
(dollars in thousands, except share and per share data) |
(Unaudited) |
| June 30, 2019 | December 31, 2018 |
Cash and cash equivalents | $ | 54,034 |
| $ | 47,486 |
|
Non-Agency RMBS, at fair value | 2,699,367 |
| 2,486,130 |
|
Agency MBS, at fair value | 12,154,575 |
| 12,188,950 |
|
Loans held for investment, at fair value | 12,301,263 |
| 12,572,581 |
|
Receivable for investments sold | 75,059 |
| — |
|
Accrued interest receivable | 121,393 |
| 123,442 |
|
Other assets | 231,828 |
| 252,582 |
|
Derivatives, at fair value, net | 211 |
| 37,468 |
|
Total assets (1) | $ | 27,637,730 |
| $ | 27,708,639 |
|
Liabilities: | |
| |
|
Repurchase agreements ($16.4 billion and $15.8 billion pledged as collateral, respectively) | $ | 14,514,719 |
| $ | 14,030,465 |
|
Securitized debt, collateralized by Non-Agency RMBS ($962 million and $1.0 billion pledged as collateral, respectively) | 145,130 |
| 159,955 |
|
Securitized debt at fair value, collateralized by loans held for investment ($11.5 billion and $12.3 billion pledged as collateral, respectively) | 7,881,087 |
| 8,455,376 |
|
Payable for investments purchased | 921,507 |
| 1,136,157 |
|
Accrued interest payable | 84,234 |
| 110,402 |
|
Dividends payable | 97,091 |
| 95,986 |
|
Accounts payable and other liabilities | 25,012 |
| 16,469 |
|
Total liabilities (1) | $ | 23,668,780 |
| $ | 24,004,810 |
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Commitments and Contingencies (See Note 15) |
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Stockholders' Equity: | |
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|
Preferred Stock, par value of $0.01 per share, 100,000,000 shares authorized: |
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|
|
|
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 shares issued and outstanding, respectively ($260,000 liquidation preference) | 104 |
| 104 |
|
8.00% Series D cumulative redeemable: 8,000,000 and 0 shares issued and outstanding, respectively ($200,000 liquidation preference) | 80 |
| — |
|
Common stock: par value $0.01 per share; 500,000,000 and 300,000,000 shares authorized, 187,157,432 and 187,052,398 shares issued and outstanding, respectively | 1,872 |
| 1,871 |
|
Additional paid-in-capital | 4,272,001 |
| 4,072,093 |
|
Accumulated other comprehensive income | 739,090 |
| 626,832 |
|
Cumulative earnings | 3,556,396 |
| 3,379,489 |
|
Cumulative distributions to stockholders | (4,600,781 | ) | (4,376,748 | ) |
Total stockholders' equity | $ | 3,968,950 |
| $ | 3,703,829 |
|
Total liabilities and stockholders' equity | $ | 27,637,730 |
| $ | 27,708,639 |
|
(1) June 30, 2019 and December 31, 2018, total assets of consolidated VIEs were $12,715,740 and $13,392,951, respectively, and total liabilities of consolidated VIEs were $8,060,256 and $8,652,158, respectively. See Note 8 for further discussion.
See accompanying notes to consolidated financial statements.
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| | | | | | | | | | | | |
CHIMERA INVESTMENT CORPORATION |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(dollars in thousands, except share and per share data) |
(Unaudited) |
| For the Quarters Ended | For the Six Months Ended |
| June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 |
Net interest income: |
|
|
|
|
Interest income (1) | $ | 339,914 |
| $ | 306,436 |
| $ | 690,303 |
| $ | 603,567 |
|
Interest expense (2) | 198,110 |
| 161,266 |
| 401,060 |
| 310,518 |
|
Net interest income | 141,804 |
| 145,170 |
| 289,243 |
| 293,049 |
|
Other-than-temporary impairments: | |
| |
|
|
|
|
|
Total other-than-temporary impairment losses | — |
| (805 | ) | (801 | ) | (1,099 | ) |
Portion of loss recognized in other comprehensive income | — |
| (8,326 | ) | (4,052 | ) | (9,190 | ) |
Net other-than-temporary credit impairment losses | — |
| (9,131 | ) | (4,853 | ) | (10,289 | ) |
Other investment gains (losses): | |
| |
|
|
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|
|
Net unrealized gains (losses) on derivatives | (132,171 | ) | 25,895 |
| (221,486 | ) | 107,314 |
|
Realized gains (losses) on terminations of interest rate swaps | (95,211 | ) | — |
| (203,257 | ) | — |
|
Net realized gains (losses) on derivatives | (9,697 | ) | (1,393 | ) | (16,974 | ) | 11,693 |
|
Net gains (losses) on derivatives | (237,079 | ) | 24,502 |
| (441,717 | ) | 119,007 |
|
Net unrealized gains (losses) on financial instruments at fair value | 190,748 |
| (18,364 | ) | 391,561 |
| (3,898 | ) |
Net realized gains (losses) on sales of investments | (7,526 | ) | 2,167 |
| 1,077 |
| 2,167 |
|
Gains (losses) on extinguishment of debt | (608 | ) | 387 |
| (608 | ) | 10,057 |
|
Total other gains (losses) | (54,465 | ) | 8,692 |
| (49,687 | ) | 127,333 |
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Other expenses: | |
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Compensation and benefits | 12,114 |
| 8,689 |
| 26,484 |
| 17,100 |
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General and administrative expenses | 7,030 |
| 5,860 |
| 12,914 |
| 11,349 |
|
Servicing fees | 9,280 |
| 9,943 |
| 18,243 |
| 21,277 |
|
Deal expenses | — |
| 2,095 |
| — |
| 3,183 |
|
Total other expenses | 28,424 |
| 26,587 |
| 57,641 |
| 52,909 |
|
Income (loss) before income taxes | 58,915 |
| 118,144 |
| 177,062 |
| 357,184 |
|
Income taxes | 155 |
| 36 |
| 155 |
| 68 |
|
Net income (loss) | $ | 58,760 |
| $ | 118,108 |
| $ | 176,907 |
| $ | 357,116 |
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Dividends on preferred stock | 18,438 |
| 9,400 |
| 35,829 |
| 18,800 |
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Net income (loss) available to common shareholders | $ | 40,322 |
| $ | 108,708 |
| $ | 141,078 |
| $ | 338,316 |
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Net income (loss) per share available to common shareholders: |
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Basic | $ | 0.22 |
| $ | 0.58 |
| $ | 0.75 |
| $ | 1.81 |
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Diluted | $ | 0.21 |
| $ | 0.58 |
| $ | 0.75 |
| $ | 1.80 |
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Weighted average number of common shares outstanding: |
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Basic | 187,153,007 |
| 186,994,743 |
| 187,132,842 |
| 187,272,469 |
|
Diluted | 188,271,483 |
| 187,422,145 |
| 188,254,266 |
| 187,738,443 |
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(1) $200,703 and $229,746 for the quarters ended June 30, 2019 and 2018, respectively and $407,814 and $464,772 for the six months ended June 30, 2019 and 2018. See Note 8 to consolidated financial statements for further discussion.
(2) $87,529 and $99,507 for the quarters ended June 30, 2019 and 2018, respectively and $178,556 and $199,121 for the six months ended June 30, 2019 and 2018. See Note 8 to consolidated financial statements for further discussion.
See accompanying notes to consolidated financial statements.
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CHIMERA INVESTMENT CORPORATION |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
(dollars in thousands, except share and per share data) |
(Unaudited) |
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| For the Quarters Ended | For the Six Months Ended |
| June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 |
Comprehensive income (loss): | |
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Net income (loss) | $ | 58,760 |
| $ | 118,108 |
| $ | 176,907 |
| $ | 357,116 |
|
Other comprehensive income: | |
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Unrealized gains (losses) on available-for-sale securities, net | 58,833 |
| (42,341 | ) | 85,218 |
| (131,157 | ) |
Reclassification adjustment for net losses included in net income for other-than-temporary credit impairment losses | — |
| 9,131 |
| 4,853 |
| 10,289 |
|
Reclassification adjustment for net realized losses (gains) included in net income | 7,269 |
| (4,383 | ) | 22,187 |
| (4,383 | ) |
Other comprehensive income (loss) | 66,102 |
| (37,593 | ) | 112,258 |
| (125,251 | ) |
Comprehensive income (loss) before preferred stock dividends | $ | 124,862 |
| $ | 80,515 |
| $ | 289,165 |
| $ | 231,865 |
|
Dividends on preferred stock | $ | 18,438 |
| $ | 9,400 |
| $ | 35,829 |
| $ | 18,800 |
|
Comprehensive income (loss) available to common stock shareholders | $ | 106,424 |
| $ | 71,115 |
| $ | 253,336 |
| $ | 213,065 |
|
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CHIMERA INVESTMENT CORPORATION |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY |
(dollars in thousands, except per share data) |
(Unaudited) |
|
For the Quarter Ended June 30, 2019 |
| Series A Preferred Stock Par Value | Series B Preferred Stock Par Value | Series C Preferred Stock Par Value | Series D Preferred Stock Par Value | Common Stock Par Value | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Cumulative Earnings | Cumulative Distributions to Stockholders | Total |
Balance, March 31, 2019 | $ | 58 |
| $ | 130 |
| $ | 104 |
| $ | 80 |
| $ | 1,871 |
| $ | 4,268,063 |
| $ | 672,988 |
| $ | 3,497,636 |
| $ | (4,487,753 | ) | $ | 3,953,177 |
|
Net income (loss) | — |
| — |
| — |
| — |
| — |
| — |
| — |
| 58,760 |
| — |
| 58,760 |
|
Other comprehensive income (loss) | — |
| — |
| — |
| — |
| — |
| — |
| 66,102 |
| — |
| — |
| 66,102 |
|
Stock based compensation | — |
| — |
| — |
| — |
| 1 |
| 3,938 |
| — |
| — |
| — |
| 3,939 |
|
Common dividends declared | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (94,590 | ) | (94,590 | ) |
Preferred dividends declared | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (18,438 | ) | (18,438 | ) |
Balance, June 30, 2019 | $ | 58 |
| $ | 130 |
| $ | 104 |
| $ | 80 |
| $ | 1,872 |
| $ | 4,272,001 |
| $ | 739,090 |
| $ | 3,556,396 |
| $ | (4,600,781 | ) | $ | 3,968,950 |
|
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For the Quarter Ended June 30, 2018 |
| Series A Preferred Stock Par Value | Series B Preferred Stock Par Value | Series C Preferred Stock Par Value | Series D Preferred Stock Par Value | Common Stock Par Value | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Cumulative Earnings | Cumulative Distributions to Stockholders | Total |
Balance, March 31, 2018 | $ | 58 |
| $ | 130 |
| $ | — |
| $ | — |
| $ | 1,870 |
| $ | 3,814,391 |
| $ | 709,244 |
| $ | 3,206,860 |
| $ | (4,061,809 | ) | $ | 3,670,744 |
|
Net income (loss) | — |
| — |
| — |
| — |
| — |
| — |
| — |
| 118,108 |
| — |
| 118,108 |
|
Other comprehensive income (loss) | — |
| — |
| — |
| — |
| — |
| — |
| (37,593 | ) | — |
| — |
| (37,593 | ) |
Stock based compensation | — |
| — |
| — |
| — |
| — |
| 2,240 |
| — |
| — |
| — |
| 2,240 |
|
Common dividends declared | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (93,957 | ) | (93,957 | ) |
Preferred dividends declared | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (9,400 | ) | (9,400 | ) |
Balance, June 30, 2018 | $ | 58 |
| $ | 130 |
| $ | — |
| $ | — |
| $ | 1,870 |
| $ | 3,816,631 |
| $ | 671,651 |
| $ | 3,324,968 |
| $ | (4,165,166 | ) | $ | 3,650,142 |
|
| | | | | | | | | | |
For the Six Months Ended June 30, 2019 |
| Series A Preferred Stock Par Value | Series B Preferred Stock Par Value | Series C Preferred Stock Par Value | Series D Preferred Stock Par Value | Common Stock Par Value | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Cumulative Earnings | Cumulative Distributions to Stockholders | Total |
Balance, December 31, 2018 | $ | 58 |
| $ | 130 |
| $ | 104 |
| $ | — |
| $ | 1,871 |
| $ | 4,072,093 |
| $ | 626,832 |
| $ | 3,379,489 |
| $ | (4,376,748 | ) | $ | 3,703,829 |
|
Net income (loss) | — |
| — |
| — |
| — |
| — |
| — |
| — |
| 176,907 |
| — |
| 176,907 |
|
Other comprehensive income (loss) | — |
| — |
| — |
| — |
| — |
| — |
| 112,258 |
| — |
| — |
| 112,258 |
|
Stock based compensation | — |
| — |
| — |
| — |
| 1 |
| 6,620 |
| — |
| — |
| — |
| 6,621 |
|
Common dividends declared | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (188,204 | ) | (188,204 | ) |
Preferred dividends declared | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (35,829 | ) | (35,829 | ) |
Issuance of preferred stock | — |
| — |
| — |
| 80 |
| — |
| 193,288 |
| — |
| — |
| — |
| 193,368 |
|
Balance, June 30, 2019 | $ | 58 |
| $ | 130 |
| $ | 104 |
| $ | 80 |
| $ | 1,872 |
| $ | 4,272,001 |
| $ | 739,090 |
| $ | 3,556,396 |
| $ | (4,600,781 | ) | $ | 3,968,950 |
|
| | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the Six Months Ended June 30, 2018 |
| Series A Preferred Stock Par Value | Series B Preferred Stock Par Value | Series C Preferred Stock Par Value | Series D Preferred Stock Par Value | Common Stock Par Value | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Cumulative Earnings | Cumulative Distributions to Stockholders | Total |
Balance, December 31, 2017 | $ | 58 |
| $ | 130 |
| $ | — |
| $ | — |
| $ | 1,878 |
| $ | 3,826,691 |
| $ | 796,902 |
| $ | 2,967,852 |
| $ | (3,958,534 | ) | $ | 3,634,977 |
|
Net income (loss) | — |
| — |
| — |
| — |
| — |
| — |
| — |
| 357,116 |
| — |
| 357,116 |
|
Other comprehensive income (loss) | — |
| — |
| — |
| — |
| — |
| — |
| (125,251 | ) | — |
| — |
| (125,251 | ) |
Repurchase of common stock | — |
| — |
| — |
| — |
| (8 | ) | (14,826 | ) | — |
| — |
| — |
| (14,834 | ) |
Stock based compensation | — |
| — |
| — |
| — |
| — |
| 4,766 |
| — |
| — |
| — |
| 4,766 |
|
Common dividends declared | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (187,832 | ) | (187,832 | ) |
Preferred dividends declared | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (18,800 | ) | (18,800 | ) |
Balance, June 30, 2018 | $ | 58 |
| $ | 130 |
| $ | — |
| $ | — |
| $ | 1,870 |
| $ | 3,816,631 |
| $ | 671,651 |
| $ | 3,324,968 |
| $ | (4,165,166 | ) | $ | 3,650,142 |
|
| | | | | | | | | | |
See accompanying notes to consolidated financial statements.