![]() Our resecuritization activity in 2021 enabled us to refinance the debt on these loans with a interest expense as well as release equity from the original purchases.įor the full year 2021, we refinanced 13 of our previously issued reperforming deals, with eight new securitizations on $6 billion of mortgage loans. The reperforming loans we purchased in the period from 2016 to 2018 have generated portfolio yields that have exceeded our original expectations. Through innovative structuring techniques, we have consistently demonstrated our ability to efficiently manage our portfolio's asset and liability risk while maintaining low recourse leverage and attractive net interest spreads. Securitization of mortgage assets is at the core of our company's DNA and is paramount to Chimera's market differentiation among its peers. Low interest rates throughout most of 2021, combined with strong investor demand for high-quality fixed income assets allowed Chimera to optimize its liability structure, which we believe will benefit our shareholders over the long term. After my remarks, Subra will review the financial results, and then we will open the call up for questions. Joining me on the call today are Choudhary Yarlagadda, our president and chief operating officer Subra Viswanathan, our chief financial officer and Vic Falvo, our head of capital markets. Thank you, Vic, and good morning, and welcome to the fourth quarter and full year 2021 earnings call for Chimera Investment Corporation. Mohit Marria - Chief Executive Officer and Chief Investment Officer I will now turn the conference over to our CEO and chief investment officer, Mohit Marria. We do not undertake and specifically disclaim any obligation to update or revise this information. 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.Īdditionally, the content of this conference call may contain time-sensitive information that is accurate only as of the date of this earnings call. During this call, we will be making forward-looking statements, which are predictions, projections, or other statements about future events. Before we begin, I'd like to review the safe harbor statements. Thank you, Ashley, and thank you, everyone, for participating in Chimera's fourth quarter and full year 2021 earnings conference call. It is now my pleasure to turn the floor over to Victor Falvo, head of capital markets. Welcome to the Chimera Investment Corporation fourth quarter and full year 2021 earnings conference call. Ladies and gentlemen, thank you for standing by.
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