Q2 2024 Chimera Investment Corp Earnings Call Transcript
Key Points
- Successfully completed the first unsecured debt offering and received an inaugural investment grade rating.
- Raised the dividend for the first time since March 2021, indicating strong financial health.
- Economic return on GAAP book value was 1.4% for the quarter and 8.4% year-to-date.
- Credit portfolio continued to perform well, with delinquencies and default rates within or better than original expectations.
- Maintained low recourse leverage and managed liquidity effectively, with $649 million in total cash and unencumbered assets.
- Market volatility was substantial, with significant fluctuations in the 10-year treasury yield.
- Economic data indicated signs of a weakening economy, with a rising unemployment rate.
- Interest rate volatility remains a concern, impacting financial planning and forecasting.
- Book value was relatively flat for the period despite higher interest rates and yield volatility.
- The timing of future securitizations is uncertain, impacted by multiple factors including credit performance and market volatility.
Good day, ladies and gentlemen, and welcome to the Chimera Investment Corporation second quarter earnings call. Our host for today's call is Victor Falvo. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session.
I would like to now turn the call over to your host. Mr. Falvo, you may begin.
Thank you, operator. And thank you, everyone, for participating in Chimera's second-quarter 2024 earnings conference call. Before we begin, I'd like to review the Safe Harbor statements.
During this call, we will be making forward-looking statements which are predictions, projections, or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, which are outlined in the Risk Factors section in our most recent annual and quarterly SEC filings.
Actual events and results may differ materially from these forward-looking statements. We
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
