Chimera Investment Corporation (NYSE:CIM) Q2 2024 Earnings Conference Call August 7, 2024 8:30 AM ET

Company Participants

Victor Falvo - Head of Capital Markets and IR
Phil Kardis - President and CEO
Subra Viswanathan - CFO
Dan Thakkar - Chief Investment Officer

Conference Call Participants

Doug Harter - UBS

Bose George - KBW

Stephen Laws - Raymond James
Jake Katsikis - BTIG

Operator

Good day, ladies and gentlemen, and welcome to the Chimera Investment Corporation Second Quarter Earnings Call. Our host for today's call is Victor Falvo.

At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. I would like to now turn the call over to your host. Mr. Falvo, you may begin.

Victor Falvo

Thank you, operator, and thank you, everyone, for participating in Chimera's second quarter 2024 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 disclaimers in our earnings release and 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, 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 conference over to our President and Chief Executive Officer, Phil Kardis.

Phil Kardis

Good morning, and welcome to Chimera Investment Corporation's second quarter 2024 earnings call. Joining me on the call are Subra Viswanathan, our Chief Financial Officer, Dan Thakker, our Chief Investment Officer, and Vic Falvo, our Head of Capital Markets and Investor Relations. After my remarks, Subra will review the financial results, and then we'll open the call for questions.

Throughout the quarter, we experienced some headwinds, but by the end of July, we have accomplished what I would call a period of firsts. This quarter, we successfully completed our first unsecured debt offering and received an inaugural investment-grade rating on the debt. We made our first large agency investment since before the pandemic. We have a long history of agency investments, and this provides us with meaningful income and liquidity. We committed to purchase a pool of RPLs, and at the end of July, sponsored our first RPL securitization since May 2023. And most importantly for our shareholders, we raised a dividend for the first time since March 2021.