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Chimera Investment's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Chimera Investment Corporation (CIM)

Q3 2011 Earnings Call

November 21, 2011 10:00 a.m. ET

Executives

Matthew Lambiase - President and Chief Executive Officer

Christian Woschenko - Head, Investments

Alexandra Denahan - Chief Financial Officer

William Dyer - Head of Underwriting

Jay Diamond - Managing Director, FIDAC, Member of Chimera’s Board of Directors

Choudhary Yarlagadda - Head of Structuring at FIDAC

Analysts

Bose George - Keefe, Bruyette & Woods

Jason Weaver - Sterne Agee

Steven DeLaney - JMP Securities

Daniel Furtado - Jefferies

Arren Cyganovich - Evercore Partners

Presentation

Operator

Good morning and welcome to the Third Quarter Earnings Call for Chimera Investment Corporation. At this time, I would like to inform you that this event is being recorded and that all participants are in a listen-only mode. (Operator Instructions) At the request of the company, we will open the conference up to questions and answers after the presentation.

Unidentified Company Representative

This earnings call may contain certain forward-looking statements within the meaning of Section 27-A of the Securities Act of 1933 and Section 21-E of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions, some of which are beyond our control, may be identified by reference to a future period or periods or by the use of forward-looking terminology such as may, will, believe, expect, anticipate, continue or similar terms or variations on those terms or the negative of those terms.

Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including but not limited to, our business and investment strategy; our projected financial and operating results; our ability to maintain existing financing arrangements, obtain future financing arrangements and the terms of such arrangements; general volatility of the securities markets in which we invest; the implementation, timing and impact of and changes to various government programs affecting the capital markets and the economy. Our expected investments; changes in the value of our investments; interest rate mismatches between our investments and our borrowings used to funds such purchases; changes in interest rates and mortgage prepayment rates; effects of interest rate caps on our adjustable rate investments; rates of default or decreased recovery rates on our investments; prepayments of the mortgage and other loans underlying our mortgage-backed or other asset-backed securities; the degree to which our hedging strategies may or may not protect us from interest rate volatility; impact of and changes in governmental regulations; tax law, and rates; accounting guidance and similar matters; availability of investment opportunities in real estate-related and other securities; availability of qualified personnel; estimates relating to our ability to make distributions to our stockholders in the future; our understanding of our competition and market trends in our industry, interest rates, the debt securities markets or the general economy.

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