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Chimera Investment Corporation (NYSE: CIM) announced today that it will release financial results for the second quarter ended June 30, 2026, before the market

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Chimera Investment Corporation (CIM) has three preferred shares we will be discussing. Instead of buying one preferred share and holding it indefinitely, we monitor relative valuations to identify opportunities to swap between preferred shares. We will be going over current valuations and then our trade history for a good example of how we implement that strategy in practice.

Preferred Shares CIM-B (CIM.PR.B) is currently in the buy range and CIM-D (CIM.PR.D) is currently in our hold range. CIM-C (CIM.PR.C) is in our hold range and would only need to fall below $22.67 to be in our buy range.

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One of the biggest advantages of investing in preferred shares is that investors don't need to take on the risks from the common stock to get an attractive yield. Sometimes the best opportunities come from recognizing when a preferred share is trading at an attractive valuation.

For a long time now, Chimera's preferred shares have provided an excellent opportunity and example of how we use relative valuations to trade in and out of positions. The chart below highlights those trades.

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The following sections will walk readers through our decision-making process on these dates.

March 30, 2026, Buying CIM-C Back in late March, we believe CIM-C became a great opportunity because it had materially underperformed most of the other mortgage REIT floating-rate preferred shares. That includes the other Chimera's preferred shares as you can see in the chart above.

At the time, this was the difference in yield:

CIM-C offered a stripped yield of just over 11%. CIM-B offered a stripped yield of 10.98%. CIM-D offered a stripped yield of 10.71%. Looking at those prices, my thought was pretty simple: I bet other investors will bid more for these in the future. That doesn't require Chimera to suddenly become a better company. It simply requires a valuation gap between very similar securities to shrink.

While we waited, investors were collecting an attractive dividend rate.

April 27, 2026, Harvesting The Gains Over the following month, that trade worked extremely well.

CIM-C rallied sharply and thoroughly outperformed the comparable preferred shares. As the valuation gap narrowed, the original investment thesis played out.

We decided to harvest the gains.

We weren't selling because we suddenly disliked Chimera. We weren't reacting to negative news. We simply recognized that CIM-C had delivered the outperformance we expected.

One of the key values our service provides is the research to help investors find opportunities to swap between similar preferred shares. This was a great example of how we utilize our strategy focusing on relative valuations instead of becoming emotionally attached to a particular ticker.

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June 12, 2026, Another Opportunity Less than two months later, another opportunity developed. Chimera's preferred shares sold off rapidly over the course of a week. They weren't even on my radar as potential buys the week before because they had been performing quite well.

Then they tanked.

Whenever I see a move like that, the first thing I want to know is whether the fundamentals changed. I double-checked Chimera's common stock to see if there had been a major negative shift in investor perception.

Nothing.

The common shares were actually trading higher than they had been a week earlier. The preferred share scenario looked like sellers simply outnumbered buyers and prices declined in response.

Great.

Those are exactly the kinds of situations we like to investigate. After reviewing the fundamentals, I was comfortable purchasing both CIM-B and CIM-C because they had fallen back into attractive valuation ranges. The opportunity wasn't created by improving fundamentals. It was created by changing prices.

June 17, 2026, Swapping Shares Only a few days later, another relative value opportunity developed. CIM-C recovered quickly while MFA-C offered a better risk/reward profile, so we made another trade. We sold CIM-C and purchased MFA-C.

I'm not getting married to these shares.

I'm not trying to hold them forever.

I'm simply taking advantage of a more attractive risk/reward profile.

We collect a pretty nice yield while we wait. If prices go up materially, or better opportunities appear elsewhere, we simply swap into the better opportunity.

The REIT Forum

The REIT Forum

Final Thoughts I think these trades demonstrate one of the biggest advantages of following relative valuations instead of simply buying a preferred share and forgetting about it. The goal isn't to predict where preferred share prices will trade in isolation in the future. The goal is to consistently own the preferred share offering the best upside potential relative to its risk and relative to other preferred shares.

Sometimes that means buying a preferred share that has become cheap. Sometimes it means harvesting gains after relative gaps close. Other times it means swapping into another preferred share because the relative values have shifted.

Today's ratings reflect the same process we continue to use. We believe CIM-B currently offers the most attractive valuation. CIM-D is approaching our buy range but remains closer to fair value today.

This is how we historically have looked at preferred shares. We expect relative valuations will continue to create opportunities for us in the future.

Utility-Scale Development Fully Contracted to Investment-Grade Offtaker Secures Financing from Bank Syndicate

LOS ANGELES--(BUSINESS WIRE)--CIM Group’s Permanent Power Company (the “Company”), a national power platform, announced today that it has closed an approximately $600 million construction financing facility to proceed with development of its solar and energy storage project in California (“Grape”). The financing package includes an approximately $372.3 million construction-to-term loan, an approximately $166.7 million tax credit transfer bridge loan, and an approximately $61.3 million letter of credit facility. Truist serves as the administrative agent under the facility and Wells Fargo serves as the collateral agent.

Grape is a 246.4 MWac solar photovoltaic (PV) project with 150 MWac (600 MWh) of battery energy storage systems (BESS) located in Westlands Solar Park, one of the largest permitted solar parks in the U.S. encompassing more than 20,000 acres in California’s San Joaquin Valley. The Company recently signed a long-term power purchase agreement (PPA) with an investment-grade, regulated energy service provider for the entire capacity of solar generation and battery storage at Grape.

Now under construction, Grape is expected to support more than 400 construction jobs and generate enough clean energy to power over 86,000 California homes annually.

“This financing is an important milestone for Permanent Power Company that reflects the confidence our capital partners have in our ability to develop and deliver large-scale power generation and energy storage projects. Grape is particularly notable given that an investment-grade offtaker signed a long-term PPA for its full solar and storage capacity prior to completion, underscoring both the strength of the project and the approach we bring to our platform,” said Avi Shemesh, Co-Founder and Principal, CIM Group.

Upon completion, Grape will contribute to the Company’s broader portfolio, which is expected to comprise approximately 1,200 MWac of solar PV and 690 MWac (2,760 MWh) of BESS.

The Company previously secured a $400 million financing commitment from funds and accounts managed by HPS Investment Partners, part of BlackRock Private Financing Solutions, advancing the Company’s growth plan to deliver power, energy storage and transmission solutions across the U.S., with a strategic focus on assets located in Qualified Rural Opportunity Zones.

About Permanent Power Company

Permanent Power Company is a CIM-backed energy holdings platform currently held by CIM affiliates and managed accounts and formed to capitalize on long term, secular trends within the U.S. energy markets, including the continued demand for reliable, diversified power generation and related infrastructure. Permanent Power Company owns a portfolio of operating solar and storage projects, together with a development pipeline of projects that are expected to qualify for applicable solar tax credits and to generate revenue pursuant to offtaker agreements that have been executed or are in active negotiation. Permanent Power Company is expected to continue to pursue opportunities in a broader pipeline of renewable energy and non-renewable power assets over the long term, including assets located in Opportunity Zones.

The Dogcatcher Top Ten-Year Dividend Dogs list identifies 90 high-yield stocks, with 24 'safer' names meeting the ideal of dividends from $1K invested exceeding share price. Analyst estimates project average net gains of 51.29% by March 2027 for the top ten, with risk/volatility 25% below the market. Five lowest-priced top-yield dogs are expected to deliver 41.55% net gains, outperforming the full top ten's 33.10% by March 2027.

Vancouver, British Columbia--(Newsfile Corp. - April 8, 2026) - Military Metals Corp. (CSE: MILI) (OTCQB: MILIF) (FSE: QN90) (the "Company" or "MILI") is pleased to announce the completion of a maiden Inferred Mineral Resource estimate (MRE) of 6.5 Mt at 1.02% Sb and 1.06 g/t Au for 67 thousand tonnes (kt) of antimony and 222 thousand ounces (koz) of gold at the Company's wholly owned flagship Trojárová Project (the "Project") in Western Slovakia.

Highlights:

Inferred Mineral Resource of 6.5 Mt at 1.02% Sb and 1.06 g/t Au for 67 kt of antimony and 222 koz of gold (Table 1)Resource estimate incorporated 53 diamond drill holes totaling 7,167 m of drilling and 55 intervals of underground chip samples totaling 202 m Historical MRE is now replaced by a modern MRE that is prepared in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards (CIM, 2014) and the CIM Best Practice Guidelines of Mineral Resources and Reserves (2019) Scott Eldridge, Chief Executive Officer of the Company, commented, "The maiden mineral resource estimate of the Trojárová Project firmly underpins the value of Military Metals. Following our 2025 confirmation drilling campaign Trojárová has emerged as the largest antimony resource in the European union that is defined by a modern regulatory standard 1, and among the largest antimony resources globally. At a time when the need for secure, domestically sourced critical minerals is more pressing than ever, these results strengthen the project's potential importance to, and alignment with, the EU's objective of building a dependable, home-grown supply of critical raw materials."

1The Company defines "a modern regulatory standard" as NI 43-101, JORC, or S-K 1300 disclosure standards.

Table 1 - Trojárová Mineral Resource Estimate - April 6, 2026

ClassificationTonnageAverage GradeContained Metal(Mt)Sb (%)Au (g/t)Sb (kt)Au (koz)Inferred6.51.021.0667222Notes:

The Mineral Resource Estimate was completed by SLR Consulting (Canada) Ltd. ("SLR") in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards and the CIM Best Practice Guidelines of Mineral Resources and Reserves (2019).SLR is independent of Military Metals Corp.The Mineral Resource is reported on a 100% ownership basis.Mineral Resources are estimated at a cut-off grade of 0.8% SbEq.The formula for SbEq is SbEq = Sb % + (Au g/t * 0.562).Mineral Resources are estimated using a long-term antimony price of US$29,000 per tonne and a gold price of US$3,000 per ounce.A uniform bulk density of 2.82 t/m3 was applied based on the length-weighted mean from laboratory density determinations from the Project's main mineralized zone.Metallurgical recovery is 85% for antimony and 85% for gold.The Mineral Resource excludes a 50 m crown pillar.Resource estimation domains were modelled to a 2.0 m minimum width.Totals may vary due to rounding.The 2026 Trojárová Mineral Resource Estimate

The maiden Mineral Resource Estimate ("MRE") incorporates all historical and modern drilling completed on the project, as well as historical underground sampling, comprising 53 diamond drill holes totaling 7,167 m and 55 underground face chip sampling intervals totaling 202 m. Three historical drill holes without analytical results available were excluded. Six mineralization wireframes, each supported by a minimum of two drill holes, were manually built based on a 0.1% SbEq threshold. A minimum wireframe width of 2.0 m was applied to all zones. Mineral Resources above the 0.8% SbEq cut-off were reported in four of the six mineralization wireframes (Figure 1).

Inferred Mineral Resources correspond to areas supported by at least two drill holes with nominal drill spacing of no more than 150 m. Classification boundaries were locally refined manually to reflect geological interpretation, grade continuity, and zone thickness.

The MRE is constrained within estimation domains meeting a 2.0 m minimum mining width. A 50 m crown pillar was also excluded from the MRE.

Resource classification follows the CIM (2014) Definition Standards. Modeling and estimation were completed in Leapfrog Geo and Leapfrog Edge, and validation included database checks, wireframe-to-block volume comparisons, statistical reviews, and visual inspections on sections, plans, and longitudinal sections. Reporting assumes an antimony price of US $29,000 per tonne and a gold price of US$3,000/oz, with an effective date of April 6th, 2026.

The average grade, minimum mining width and other results or assumptions above do not guarantee future production.

Figure 1: Trojárová deposit showing Inferred Mineral Resources above cut off (grey), and mineralization wireframes (red)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10818/291609_7fe684b144344ad4_001full.jpg

Exploration Growth Potential

To date no significant mineralization has been intersected beyond the boundaries of the current Inferred Mineral Resource estimate. However, mineral exploration beyond these boundaries has also been limited. There is geological evidence of the mineralizing structure or other sympathetic structures continuing northward along strike within the boundaries of the Trojárová project. Additional exploration along this corridor could identify targets for future drilling. Furthermore, the Inferred Mineral Resource is open to depth, where additional drilling has the potential to incorporate additional volume into future mineral resource estimates.

About the Trojárová Project

Discovered in the late 1970s, Trojárová was the focus of extensive surface and underground exploration over a 2 km strike length from 1983 to 1995, including 66 diamond drill holes for a total of 9,049 m and 1.7 km of underground workings. Efforts continued over the years as additional trenches were dug, and holes were drilled. Starting in 1990, underground development began, ultimately comprising a 300-metre-long adit connected to a 700-plus-metre-long drive in the footwall of the mineralized zone, with seven crosscuts into the mineralized zone for sampling.

These efforts culminated in a comprehensive study comprising drill logs, analyses, drill plans, maps and sections, deposit model studies, petrographic studies, metallurgical studies and more, now detailed in a multi-volume compendium of reports produced by the Slovak Geological Institute published in 1992.

The historical work carried out appears comprehensive, detailed and at a professional standard. The Company considers this historical data relevant, as it will use it as a guide to plan future exploration programs and informs the Inferred Mineral Resource estimate. The Company also considers the data to be reliable for these purposes.

The Company completed a confirmation drilling campaign in the winter of 2025 to validate historical work. Seven diamond drill holes totaling 1,383 m were drilled (Figure 2).

Figure 2: Map of Military Metals' Trojárová Project, Western Slovakia.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10818/291609_7fe684b144344ad4_002full.jpg

Qualified Person

The Mineral Resource estimate was prepared by Luke Evans, M.Sc., P.Eng., Principal Resource Geologist, Global Technical Director, Geology Group Leader for SLR Consulting (Canada) Ltd. It is reported in accordance with the CIM Definition Standards (2014). The scientific and technical information in this news release related to the Trojárová Mineral Resource estimate has been reviewed and approved by Mr. Evans, who is independent of Military Metals Corp. and a "Qualified Person" under National Instrument 43-101.

SLR is unaware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the Mineral Resource estimate.

David Murray, P.Geo., Vice President of Exploration at Military Metals Corp. a "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

A technical report will be prepared by Qualified Persons in accordance with the requirements of NI 43-101 and will be filed on SEDAR+ within 45 days of this press release.

About Military Metals Corp.

The Company is a British Columbia-based mineral exploration company that is primarily engaged in the acquisition, exploration and development of mineral properties with a focus on antimony.

For more information about Military Metals Corp. and its critical minerals initiatives, please visit: https://www.militarymetalscorp.com.

LinkedIn: https://www.linkedin.com/company/military-metals/
X: https://x.com/militarymetals
Facebook: https://www.facebook.com/profile.php?id=61564717587797

Cautionary Statement regarding Forward-Looking Statements

This news release contains "forward-looking information." Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, the continuation of the value of antimony, and the future needs of Europe and the E.U. specifically. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this news release. These include geopolitical developments related to the supply and value of antimony, the continued use of antimony and availability of alternatives, availability of capital and labour in respect of the property that is the subject of this news release, the results of any future exploration activities, which cannot be guaranteed, and any other future activities in respect of the property held by the Target. Additional risk factors can also be found in the Company's public filings under the Company's SEDAR+ profile at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/291609

Source: Military Metals Corp.

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Chimera Investment Corporation offers four cumulative preferred stocks, each with distinct coupon rates, call dates, and floating rate provisions. While it should be Called before CIM-D, due to its superior yield and slightly better add-on, I am moving my Buy rating to CIM-B, rating others as Holds. Dividend and redemption risks appear manageable, supported by CIM's hybrid mortgage REIT structure and sufficient equity coverage for preferred par values.

NEW YORK--(BUSINESS WIRE)--The Board of Directors of Chimera Investment Corporation (“Chimera”) announced the declaration of its second quarter cash dividend of $0.50 per share of 8.00% Series A Cumulative Redeemable Preferred Stock. The dividend is payable June 30, 2026 to preferred shareholders of record on June 1, 2026. The ex-dividend date is June 1, 2026.

The Board of Directors of Chimera also announced the declaration of its second quarter cash dividend of $0.6095 per share of 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, which reflects a rate of 9.75222% equal to three-month CME Term SOFR (plus a spread adjustment of 0.26161%) on the dividend determination date plus a spread of 5.791%. The dividend is payable June 30, 2026 to preferred shareholders of record on June 1, 2026. The ex-dividend date is June 1, 2026.

The Board of Directors of Chimera also announced the declaration of its second quarter cash dividend of $0.5561 per share of 7.75% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, which reflects a rate of 8.70422%, equal to three-month CME Term SOFR (plus a spread adjustment of 0.26161%) on the dividend determination date plus a spread of 4.743%. The dividend is payable June 30, 2026 to preferred shareholders of record on June 1, 2026. The ex-dividend date is June 1, 2026.

The Board of Directors of Chimera also announced the declaration of its second quarter cash dividend of $0.5967 per share of 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, which reflects a rate of 9.34022%, equal to three-month CME Term SOFR (plus a spread adjustment of 0.26161%) on the dividend determination date plus a spread of 5.379%. The dividend is payable June 30, 2026 to preferred shareholders of record on June 1, 2026. The ex-dividend date is June 1, 2026.

About Chimera Investment Corporation

Chimera is a diversified real estate company that invests in, originates, and manages primarily residential real estate assets. The assets we may invest in for ourselves and manage for others through our wholly-owned subsidiary Palisades Advisory Services, LLC, include residential mortgage loans, Non-Agency RMBS, Agency RMBS, RTLs, Investor Loans, MSRs and other real estate-related assets such as Agency CMBS, junior liens and HELOCs, equity appreciation rights, and reverse mortgages. Also, through our wholly-owned subsidiary, HomeXpress Mortgage Corp., we primarily originate non-QM residential mortgage loans (both consumer loans and Investor Loans) as well as a smaller amount of QM residential mortgage loans. Chimera was incorporated in Maryland on June 1, 2007 and started trading on the NYSE in November 2007, and is structured as an internally managed real estate investment trust, or REIT, for U.S. federal income tax purposes.

Forward-Looking Statements

In this press release references to “we,” “us,” “our,” “Chimera,” or “the Company” refer to Chimera Investment Corporation and its subsidiaries unless specifically stated otherwise or the context otherwise indicates. This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including as related to the expected impact. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “goal,” “expect,” “target,” “assume,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “would,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” or similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among other things, those described in our most recent Annual Report on Form 10-K, and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, under the caption “Risk Factors.” Factors that could cause actual results to differ include, but are not limited to: our ability to obtain funding on favorable terms and access the capital markets; our ability to achieve optimal levels of leverage and effectively manage our liquidity; changes in inflation, the yield curve, interest rates and mortgage prepayment rates; our ability to manage credit risk related to our investments and comply with the Dodd-Frank Act and related laws and regulations relating to credit risk retention for securitizations; rates of default, delinquencies, forbearance, deferred payments or decreased recovery rates on our investments; the concentration of properties securing our securities and residential loans in a small number of geographic areas; our ability to execute on our business and investment strategy; our ability to determine accurately the fair market value of our assets; changes in our industry, the general economy or geopolitical conditions, including the ongoing conflicts involving the U.S. in the Middle East; our ability to successfully integrate and realize the anticipated benefits of any acquisitions, including the acquisition of HomeXpress; our ability to originate or acquire quality and profitable loans at an appropriate and consistent cost; our ability to sell the loans that we originate or acquire; our ability to refinance or obtain additional liquidity for borrowing; our ability to manage, maintain and expand our relationships with our clients, the independent mortgage brokers and bankers; our ability to operate our investment management and advisory services and manage any regulatory rules and conflicts of interest; the degree to which our hedging strategies may or may not be effective; our ability to effect our strategy to securitize residential mortgage loans; our ability to compete with competitors and source target assets at attractive prices; the ability of servicers and other third parties to perform their services at a high level and comply with applicable law and expanding regulations; our dependence on information technology and its susceptibility to cyber-attacks; the development, proliferation and use of artificial intelligence; our ability to find and retain qualified executive officers and key personnel; our ability to comply with extensive government regulation, including, but not limited to, federal and state consumer lending regulations; the impact of and changes in governmental regulations, tax law and rates, accounting guidance, refinancing and borrowing guidelines and similar matters; our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended; our ability to maintain our classification as a real estate investment trust for U.S. federal income tax purposes; the volatility of the market price and trading volume of our shares; and our ability to make distributions to our stockholders in the future.

Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Chimera does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these and other risk factors is contained in Chimera’s most recent filings with the Securities and Exchange Commission (SEC). All subsequent written and oral forward-looking statements concerning Chimera or matters attributable to Chimera or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

Readers are advised that any financial information in this press release is based on Company data available at the time of this press release and, in certain circumstances, may not have been audited by Chimera’s independent auditors.

Chimera Investment Corporation (CIM) Q1 2026 Earnings Call Transcript

Chimera Investment Corp. (CIM) Preferred A (CIM-A) offers a compelling 9.3% yield and 16% capital gains potential, driven by strong Q1 fundamentals. mREIT preferreds, especially CIM-A, benefit from significant overcollateralization and equity issuance, making them notably safer than their common equity counterparts. CIM-A trades at a substantial discount to par versus pari-passu peers, providing superior total return potential despite similar risk profiles.

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Dividend Maintained at $0.45 Per Share, Reflecting an Annualized Rate of $1.80 Per Share

NEW YORK--(BUSINESS WIRE)--The Board of Directors of Chimera Investment Corporation (“Chimera”) has declared its second quarter cash dividend of $0.45 per common share, consistent with the first quarter 2026 dividend and in line with the Board’s previously stated expectation to maintain the $0.45 quarterly dividend throughout 2026.

The dividend is payable on July 31, 2026 to common shareholders of record on June 30, 2026. The ex-dividend date is June 30, 2026.

About Chimera Investment Corporation

Chimera is a diversified real estate company that invests in, originates, and manages primarily residential real estate assets. The assets we may invest in for ourselves and manage for others through our wholly-owned subsidiary Palisades Advisory Services, LLC, include residential mortgage loans, Non-Agency RMBS, Agency RMBS, RTLs, Investor Loans, MSRs and other real estate-related assets such as Agency CMBS, junior liens and HELOCs, equity appreciation rights, and reverse mortgages. Also, through our wholly-owned subsidiary, HomeXpress Mortgage Corp., we primarily originate non-QM residential mortgage loans (both consumer loans and Investor Loans) as well as a smaller amount of QM residential mortgage loans. Chimera was incorporated in Maryland on June 1, 2007 and started trading on the NYSE in November 2007, and is structured as an internally managed real estate investment trust, or REIT, for U.S. federal income tax purposes.

Forward-Looking Statements

In this press release references to “we,” “us,” “our,” “Chimera,” or “the Company” refer to Chimera Investment Corporation and its subsidiaries unless specifically stated otherwise or the context otherwise indicates. This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including as related to the expected impact. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “goal,” “expect,” “target,” “assume,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “would,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” or similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among other things, those described in our most recent Annual Report on Form 10-K, and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, under the caption “Risk Factors.” Factors that could cause actual results to differ include, but are not limited to: our ability to obtain funding on favorable terms and access the capital markets; our ability to achieve optimal levels of leverage and effectively manage our liquidity; changes in inflation, the yield curve, interest rates and mortgage prepayment rates; our ability to manage credit risk related to our investments and comply with the Dodd-Frank Act and related laws and regulations relating to credit risk retention for securitizations; rates of default, delinquencies, forbearance, deferred payments or decreased recovery rates on our investments; the concentration of properties securing our securities and residential loans in a small number of geographic areas; our ability to execute on our business and investment strategy; our ability to determine accurately the fair market value of our assets; changes in our industry, the general economy or geopolitical conditions, including the ongoing conflicts involving the U.S. in the Middle East; our ability to successfully integrate and realize the anticipated benefits of any acquisitions, including the acquisition of HomeXpress; our ability to originate or acquire quality and profitable loans at an appropriate and consistent cost; our ability to sell the loans that we originate or acquire; our ability to refinance or obtain additional liquidity for borrowing; our ability to manage, maintain and expand our relationships with our clients, the independent mortgage brokers and bankers; our ability to operate our investment management and advisory services and manage any regulatory rules and conflicts of interest; the degree to which our hedging strategies may or may not be effective; our ability to effect our strategy to securitize residential mortgage loans; our ability to compete with competitors and source target assets at attractive prices; the ability of servicers and other third parties to perform their services at a high level and comply with applicable law and expanding regulations; our dependence on information technology and its susceptibility to cyber-attacks; the development, proliferation and use of artificial intelligence; our ability to find and retain qualified executive officers and key personnel; our ability to comply with extensive government regulation, including, but not limited to, federal and state consumer lending regulations; the impact of and changes in governmental regulations, tax law and rates, accounting guidance, refinancing and borrowing guidelines and similar matters; our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended; our ability to maintain our classification as a real estate investment trust for U.S. federal income tax purposes; the volatility of the market price and trading volume of our shares; and our ability to make distributions to our stockholders in the future.

Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Chimera does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these and other risk factors is contained in Chimera’s most recent filings with the Securities and Exchange Commission (SEC). All subsequent written and oral forward-looking statements concerning Chimera or matters attributable to Chimera or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

Readers are advised that any financial information in this press release is based on Company data available at the time of this press release and, in certain circumstances, may not have been audited by Chimera’s independent auditors.

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