Chimera Investment Corporation (NYSE:CIM) Q3 2023 Earnings Call Transcript
Chimera Investment Corporation (NYSE:CIM) Q3 2023 Earnings Call Transcript November 2, 2023
Chimera Investment Corporation beats earnings expectations. Reported EPS is $0.13, expectations were $0.12.
Operator: Greetings. Welcome to the Chimera Investment Corporation Third Quarter 2023 Earnings Call. [Operator Instructions]. At this time, I would like to hand the call over to Victor Falvo, Head of Capital Markets. Thank you. You may begin.
Victor Falvo: Thank you, operator, and thank you, everyone, for participating in Chimera's Third Quarter 2023 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 accurate only as of the date of this earnings call. We do not undertake and specifically disclaim any obligation to update or revise this information. I will now turn the call over to our Chief Executive Officer, Phil Kardis.
Phillip Kardis: Good morning, and welcome to the Third Quarter 2023 Earnings Call for Chimera Investment Corporation. Joining me on the call are Choudhary Yarlagadda, our President, Chief Operating Officer and Co-CIO; Subra Viswanathan, our Chief Financial Officer; Dan Thakkar, our Co-CIO; and Vic Falvo, our Head of Capital Markets. After my remarks, Subra will review the financial results, and then we'll open the call for questions. I'd like to start by welcoming 2 new members to the Chimera team. Susan Mills has been elected to our Board of Directors effective November 13. She recently joined Academy Securities, a veteran-owned investment bank. Before that, she spent 36 years at Citibank, where she held various senior management positions and businesses related to North American residential mortgages.
She brings a wealth of expertise and experience in the residential mortgage market, and we're very excited to have her as part of the team. Also, Miyun Sung is joining us next week as our Chief Legal Officer. She has over 23 years of legal experience both as external counsel and in-house. She has spent the last 7-plus years as Senior Vice President, Chief Legal Officer and Secretary of Urstadt Biddle Properties Inc., a New York Stock Exchange listed equity REIT. We're excited to have her join the team. During the third quarter, the fixed income market experienced both increased volatility and higher rates. In July, as expected, the Federal Reserve increased its Fed funds target rate by 25 basis points. And while the Fed paused their rate hikes at the September meeting, they did reduce the projected rate cuts in 2024 by half or 50 basis points.
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