Chimera Investment Corporation (NYSE:CIM) Q3 2024 Earnings Conference Call November 6, 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 - CIO

Conference Call Participants

Trevor Cranston - Citizens JMP
Doug Harter - UBS
Francesco Labetti - KBW
Jake Katsikis - BTIG

Operator

Greetings, and welcome to the Chimera Investment Corporation Third Quarter Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce 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 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 for 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, Phillip Kardis.

Phil Kardis

Thanks, Vic. Good morning, and welcome to the Chimera Investment Corporation's third quarter 2024 earnings call.

Joining me on the call are Subra Viswanathan, our Chief Financial Officer; Dan Thakkar, our Chief Investment Officer; and Vic Falvo, our Head of Capital Markets and Investor Relations. After my remarks about the quarter, I will briefly discuss our recent acquisition announcement, and then turn -- and then Subra will review the financial results before opening the call for questions.

After a prolonged period of rising rates and higher for longer, inflation abated to a point where the Federal Reserve is more concerned about a softening labor market. In September, the Fed cut the funds rate by 50 basis points, and provided guidance for another 50-basis-point reduction by year end. The market reacted by pricing in a more rapid interest rate decrease than projected by the Fed.