Chimera Investment Corporation (NYSE: CIM) announced today that it would delay the filing of its Form 10-K for the period ended December 31, 2011.
The Company is completing the preparation of its financial statements for the year ended December 31, 2011 and the Annual Report on Form 10-K. Additional time is required in order for the Company to review the application of GAAP guidance to certain of its non-Agency assets.
The effect of this review may result in a non-cash change in the GAAP accounting results of the Company that will not affect the Company’s previously announced GAAP or economic book values, actual cash flows, dividends and taxable income for any period. The Company’s previously announced third quarter 2011 GAAP book value of $3.27 per share and economic book value of $3.01 per share will not change as a result of this analysis. The Company has determined that as of December 31, 2011, its GAAP book value was $2.97 per share, its economic book value was $2.82 per share, and its taxable income for the fourth quarter 2011 was $0.11 per share. The Company’s dividend distributions are based on taxable income, not GAAP income, and the results of this analysis will have no impact on the Company’s prior or future dividend distributions.
The Company expects to file its 2011 Form 10-K as soon as practicable.
The Company has also declared the first quarter 2012 common stock cash dividend of $0.11 per common share. This dividend is payable April 27, 2012 to common shareholders of record on March 30, 2012. The ex-dividend date is March 28, 2012.
Chimera Investment Corporation invests in residential mortgage loans, residential mortgage-backed securities, real estate-related securities and various other asset classes. The Company’s principal business objective is to generate income from the spread between yields on its investments and its cost of borrowing and hedging activities. The Company, a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”).