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Chimera Investment Corporation (CIM) CEO Matthew Lambiase on Q1 2020 Results - Earnings Call Transcript

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Chimera Investment Corporation (NYSE:CIM) Q1 2020 Earnings Conference Call May 6, 2020 9:00 AM ET

Company Participants

Emily Mohr - Investor Relations

Matthew Lambiase - President & Chief Executive Officer

Mohit Marria - Chief Investment Officer

Rob Colligan - Chief Financial Officer

Choudhary Yarlagadda - Chief Operating Officer

Vic Falvo - Head, Capital Markets

Conference Call Participants

Doug Harter - Credit Suisse

Eric Hagen - KBW

Trevor Cranston - JMP Securities

Matthew Howlett - Nomura

Stephen Laws - Raymond James

Lee Cooperman - Omega Family


Ladies and gentlemen, thank you for standing by. Welcome to the Chimera Investment Corporation First Quarter 2020 Earnings Conference Call and Webcast. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

It's now my pleasure to turn the floor over to Emily Mohr, of Investor Relations. Please go ahead.

Emily Mohr

Thank you, Holly, and thank you everyone for participating in Chimera's First Quarter 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 encourage you to read the forward-looking statement disclaimer in our earnings release in addition to our quarterly and annual filings.

During the call today, we may also discuss non-GAAP financial measures. Please refer to our SEC filings and earnings supplement for reconciliation to the most comparable GAAP measures. Additionally, the content of this conference call may contain time-sensitive information that is

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Comments (17)

Sold my several thousand shares of CIM in August 2019 at 19.86. I wish my timing had been as good on all the other stocks I own.
magnolius profile picture
if you really sold all your 10 shares @$20 this is the perfect time to buy back 30 shares. 3x more shares and 2x more in dividends. cannot go wrong dude
Capt Jack Daniels profile picture
One would be a fool to buy back in if they managed to get out at 20.

20 stocks dont become 6 stocks because they are well run or valuable quite the contrary.
I am not that stupid to buy back at least 4000 shares. When I sold out at 19.86, I was kicking myself because I know it soon went over 22. Now I wouldn't touch CIM.
Page 9 Cooperman said you declared a$.30 dividend When? not in this call??? I have 20,000 shares and live on dividends and you don,t say a word about it. No explanation!!!!! unbelievable. Where do I find your declaration. What the hell is going on??? Read it twice and found no mention
Capt Jack Daniels profile picture
The 30 cent mention is on a shelf offering of preferred shares convertible debt or some other instrument where they disclaim they predict the next dividend as 30 instead of 50.
Expect hair cuts. It stinks and why the stock has so tanked.
purplemountaingirl profile picture
@glenncduc If you didn't read the shelf offering (which most people do not) you still wouldn't know they cut the dividend. The least they could have done was mention it on the call. I am long and still thinking about what to do with this one.
Capt Jack Daniels profile picture
The great worry is do they cut more than just 20 cents? what if they cut 50% instead of 40% and they distribute only 25 cents in lieu of the 50 cents they have been returning.
Monergist profile picture
Not super excited about the next 12-18 months, but plan on staying long in this stock as it's both too late to sell and I don't have the time (or skill) to time the bottom. DRIP. HOLD. REPEAT.
Tedamerica profile picture
REIT's are something to stay away from until there is more clarity - Remember there is no such thing as a "get rich" scheme.
purplemountaingirl profile picture
@Tedamerica Too late for me now...
Tedamerica profile picture
Not necessarily - imo the rebound will come faster than we might think. Remember Donnie is going to keep these businesses afloat and will pay their mortgages - this buys precious time for the management team at Chimera to get a clearer picture of what the future might look like.
purplemountaingirl profile picture
No visionaries here at Chimera. Now they decide, "cash is king." Lame. Selling your Agency securities for liquidity. ...

"Unchartered waters," ....OK. But you get paid well for being nimble. Management didn't even address the dividend and the 65% drop in common stock.
Capt Jack Daniels profile picture
Their AGENCIES got sold in a forced margin requirement at bottom of the barrel prices.. very poor why couldn't they figure something else out instead of having someone else force a bogus sale at burnt home prices.
fripp1 profile picture
In regard to "nimble" the story is pretty similar at every mortgage finance firm. I don't think anyone expected interest rate policy from the Fed to be enacted to the degree and at the pace it was. Then when Covid really gripped the nation and forbearance and rent postponement suddenly became viable options for those in vulnerable situations it exacted another significant toll.

To those who were unaware of the dividend decrease I can only say you need to pay closer to your investments! (I DO, however, fault management for not at least bringing it up in this CC.)

I purchased 2500 shares pretty close to the bottom hoping that the (approx) 15% yield will hold up (meaning no further dividend cuts). If not I may be willing to average down depending on what we see transpiring.
fripp1 profile picture
Bailed yesterday.
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