1ST QUARTER GAAP NET LOSS OF $1.19 PER DILUTED COMMON SHARE

1ST QUARTER EARNINGS AVAILABLE FOR DISTRIBUTION⁽¹⁾ OF $0.39 PER DILUTED COMMON SHARE WHICH INCLUDES $0.07 OF INCOME FROM AGENCY CMBS SECURITIES THAT HAVE BEEN CALLED

GAAP BOOK VALUE OF $10.15 PER COMMON SHARE

Chimera Investment Corporation (NYSE:CIM) today announced its financial results for the first quarter ended March 31, 2022. The Company's GAAP net loss for the first quarter was $281 million, or $1.19 per diluted common share. Earnings available for distribution⁽¹⁾ for the first quarter ended March 31, 2022 was $94 million, or $0.39 per diluted common.

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"We began to prepare for a higher rate environment in 2021 by maintaining low leverage and optimizing our liability structure which included the re-securitizing $6 billion of our loans with long-term fixed-rate coupons. As rates began to rise this year, we have begun implementation of the next leg our strategy; to acquire higher yielding residential loans while continuing to obtain long-term financing through securitization", said Mohit Marria, CEO and Chief Investment Officer. "This quarter we committed to acquire $807 million of residential re-performing loans and sponsored our first securitization of 2022 with $328 million CIM 2022-R1. We expect these actions to be accretive to earnings immediately."

(1) Earnings available for distribution per adjusted diluted common share is a non-GAAP measure. See additional discussion on page 5.

(2) Economic return on book value is based on the change in GAAP book value per common share plus the dividend declared per common share.

Other Information

Chimera Investment Corporation is a publicly traded real estate investment trust, or REIT, that is primarily engaged in the business of investing directly or indirectly through its subsidiaries, on a leveraged basis, in a diversified portfolio of mortgage assets, including residential mortgage loans, Non-Agency RMBS, Agency CMBS, Agency RMBS, and other real estate related securities.

CHIMERA INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except share and per share data)
(Unaudited)
	March 31, 2022			December 31, 2021
Cash and cash equivalents	$	165,728		$	385,741
Non-Agency RMBS, at fair value (net of allowance for credit losses of $453 thousand and $213 thousand, respectively)		1,458,887			1,810,208
Agency RMBS, at fair value		74,104			60,487
Agency CMBS, at fair value		503,231			761,208
Loans held for investment, at fair value		12,905,280			12,261,926
Accrued interest receivable		72,418			69,513
Other assets		61,531			58,320
Total assets ⁽¹⁾	$	15,241,179		$	15,407,403
Liabilities:
Secured financing agreements ($4.5 billion and $4.4 billion pledged as collateral, respectively)	$	3,424,405		$	3,261,613
Securitized debt, collateralized by Non-Agency RMBS ($337 million and $365 million pledged as collateral, respectively)		84,188			87,999
Securitized debt at fair value, collateralized by Loans held for investment ($11.4 billion and $11.0 billion pledged as collateral, respectively)		8,010,170			7,726,043
Payable for investments purchased		259,796			477,415
Accrued interest payable		21,422			20,416
Dividends payable		86,560			86,152
Accounts payable and other liabilities		17,910			11,574
Total liabilities ⁽¹⁾	$	11,904,451		$	11,671,212


Stockholders' Equity:
Preferred Stock, par value of $0.01 per share, 100,000,000 shares authorized:
8.00% Series A cumulative redeemable: 5,800,000 shares issued and outstanding, respectively ($145,000 liquidation preference)	$	58		$	58
8.00% Series B cumulative redeemable: 13,000,000 shares issued and outstanding, respectively ($325,000 liquidation preference)		130			130
7.75% Series C cumulative redeemable: 10,400,000 shares issued and outstanding, respectively ($260,000 liquidation preference)		104			104
8.00% Series D cumulative redeemable: 8,000,000 shares issued and outstanding, respectively ($200,000 liquidation preference)		80			80
Common stock: par value $0.01 per share; 500,000,000 shares authorized, 237,044,792 and 236,951,266 shares issued and outstanding, respectively		2,370			2,370
Additional paid-in-capital		4,360,340			4,359,045
Accumulated other comprehensive income		364,099			405,054
Cumulative earnings		4,289,214			4,552,008
Cumulative distributions to stockholders		(5,679,667	)		(5,582,658	)
Total stockholders' equity	$	3,336,728		$	3,736,191
Total liabilities and stockholders' equity	$	15,241,179		$	15,407,403

(1) The Company's consolidated statements of financial condition include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations and liabilities of the VIE for which creditors do not have recourse to the primary beneficiary (Chimera Investment Corporation). As of March 31, 2022, and December 31, 2021, total assets of consolidated VIEs were $11,025,170 and $10,666,591, respectively, and total liabilities of consolidated VIEs were $7,564,121 and $7,223,655, respectively.



CHIMERA INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except share and per share data)
(Unaudited)
	For the Quarters Ended
	March 31, 2022			March 31, 2021
Net interest income:
Interest income ⁽¹⁾	$	202,175		$	243,127
Interest expense ⁽²⁾		64,473			108,066
Net interest income		137,702			135,061

Increase/(decrease) in provision for credit losses		240			(126	)

Other investment gains (losses):
Net unrealized gains (losses) on financial instruments at fair value		(370,167	)		270,012
Net realized gains (losses) on sales of investments		—			37,796
Gains (losses) on extinguishment of debt		—			(237,137	)
Total other gains (losses)		(370,167	)		70,671

Other expenses:
Compensation and benefits		11,353			13,439
General and administrative expenses		5,711			5,198
Servicing and asset manager fees		9,291			9,281
Transaction expenses		3,804			16,437
Total other expenses		30,159			44,355
Income (loss) before income taxes		(262,864	)		161,503
Income tax expense (benefit)		(70	)		3,912
Net income (loss)	$	(262,794	)	$	157,591

Dividends on preferred stock		18,408			18,438

Net income (loss) available to common shareholders	$	(281,202	)	$	139,153

Net income (loss) per share available to common shareholders:
Basic	$	(1.19	)	$	0.60
Diluted	$	(1.19	)	$	0.54

Weighted average number of common shares outstanding:
Basic		237,012,702			230,567,231
Diluted		237,012,702			261,435,081

(1) Includes interest income of consolidated VIEs of $131,066 and $158,100 for the quarters ended March 31, 2022 and 2021, respectively.

(2) Includes interest expense of consolidated VIEs of $42,491 and $65,205 for the quarters ended March 31, 2022 and 2021, respectively.



CHIMERA INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(dollars in thousands, except share and per share data)
(Unaudited)

	For the Quarters Ended
	March 31, 2022			March 31, 2021
Comprehensive income (loss):
Net income (loss)	$	(262,794	)	$	157,591
Other comprehensive income:
Unrealized gains (losses) on available-for-sale securities, net		(40,955	)		(38,652	)
Reclassification adjustment for net realized losses (gains) included in net income		—			(25,793	)
Other comprehensive income (loss)		(40,955	)		(64,445	)
Comprehensive income (loss) before preferred stock dividends	$	(303,749	)	$	93,146
Dividends on preferred stock	$	18,408		$	18,438
Comprehensive income (loss) available to common stock shareholders	$	(322,157	)	$	74,708

Earnings available for distribution

Earnings available for distribution is a non-GAAP measure and is defined as GAAP net income excluding unrealized gains or losses on financial instruments carried at fair value with changes in fair value recorded in earnings, realized gains or losses on the sales of investments, gains or losses on the extinguishment of debt, interest expense on long term debt, changes in the provision for credit losses, and transaction expenses incurred. In addition, stock compensation expense charges incurred on awards to retirement eligible employees is reflected as an expense over a vesting period (36 months) rather than reported as an immediate expense.

As defined, Earnings available for distribution is the Economic net interest income, as defined previously, reduced by compensation and benefits expenses (adjusted for awards to retirement eligible employees), general and administrative expenses, servicing and asset manager fees, income tax benefits or expenses incurred during the period, as well as the preferred dividend charges. We view Earnings available for distribution as a consistent measure of our investment portfolio's ability to generate income for distribution to common stockholders. Earnings available for distribution is one of the metrics, but not the exclusive metric, that our board of directors uses to determine the amount, if any, of dividends on our common stock. In addition, Earnings available for distribution is different than REIT taxable income and the determination of whether we have met the requirement to distribute at least 90% of our annual REIT taxable income (subject to certain adjustments) to our stockholders in order to maintain qualification as a REIT is not based on Earnings available for distribution. Therefore, Earnings available for distribution should not be considered as an indication of our REIT taxable income, a guaranty of our ability to pay dividends, or as a proxy for the amount of dividends we may pay, because Earnings available for distribution excludes certain items that impact our cash needs. We believe Earnings available for distribution as described above helps us and investors evaluate our financial performance period over period without the impact of certain transactions. Therefore, Earnings available for distribution should not be viewed in isolation and is not a substitute for net income or net income per basic share computed in accordance with GAAP. In addition, our methodology for calculating Earnings available for distribution may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and accordingly, our Earnings available for distribution may not be comparable to the Earnings available for distribution reported by other REITs.

The following table provides GAAP measures of net income and net income per diluted share available to common stockholders for the periods presented and details with respect to reconciling the line items to Earnings available for distribution and related per average diluted common share amounts. Earnings available for distribution is presented on an adjusted dilutive shares basis. Certain prior period amounts have been reclassified to conform to the current period's presentation.

	For the Quarters Ended
	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
	(dollars in thousands, except per share data)
GAAP Net income (loss) available to common stockholders	$	(281,202	)	$	(718	)	$	313,030		$	144,883		$	139,153
Adjustments:
Net unrealized (gains) losses on financial instruments at fair value		370,167			108,286			(239,524	)		(36,108	)		(270,012	)
Net realized (gains) losses on sales of investments		—			—			—			(7,517	)		(37,796	)
(Gains) losses on extinguishment of debt		—			(980	)		25,622			21,777			237,137
Interest expense on long term debt		—			—			238			959			1,076
Increase (decrease) in provision for credit losses		240			92			(386	)		453			(126	)
Transaction expenses		3,804			4,241			3,432			5,745			16,437
Stock Compensation expense for retirement eligible awards		723			(363	)		(365	)		(361	)		661
Earnings available for distribution	$	93,732		$	110,558		$	102,047		$	129,831		$	86,530

GAAP net income (loss) per diluted common share	$	(1.19	)	$	(0.00	)	$	1.30		$	0.60		$	0.54
Earnings available for distribution per adjusted diluted common share	$	0.39		$	0.46		$	0.42		$	0.54		$	0.36

(1) We note that earnings available for distribution and taxable earnings will typically differ, and may materially differ, due to differences on realized gains and losses on investments and related hedges, credit loss recognition, timing differences in premium amortization, accretion of discounts, equity compensation and other items.

The following tables provide a summary of the Company's MBS portfolio at March 31, 2022 and December 31, 2021.

	March 31, 2022
	Principal or Notional Value at Period-End (dollars in thousands)		Weighted Average Amortized Cost Basis		Weighted Average Fair Value	Weighted Average Coupon		Weighted Average Yield at Period-End ⁽¹⁾
Non-Agency RMBS
Senior	$	1,250,785	$	47.25	74.28	4.5	%	17.7	%
Subordinated		512,981		67.98	76.88	4.6	%	7.1	%
Interest-only		3,644,165		4.97	3.72	1.7	%	12.2	%
Agency RMBS
Interest-only		1,501,720		8.13	4.93	1.1	%	1.3	%
Agency CMBS
Project loans		329,515		102.01	108.10	4.4	%	4.2	%
Interest-only		2,779,083		5.55	5.29	0.7	%	4.0	%

(1) Bond Equivalent Yield at period end.

	December 31, 2021
	Principal or Notional Value at Period-End (dollars in thousands)		Weighted Average Amortized Cost Basis		Weighted Average Fair Value		Weighted Average Coupon		Weighted Average Yield at Period-End ⁽¹⁾
Non-Agency RMBS
Senior	$	1,283,788	$	48.02	$	76.78	4.5	%	18.0	%
Subordinated		845,432		68.10		77.12	3.8	%	7.1	%
Interest-only		3,904,665		4.90		4.42	1.7	%	13.2	%
Agency RMBS
Interest-only		992,978		10.37		6.09	1.3	%	0.3	%
Agency CMBS
Project loans		560,565		101.77		109.61	4.3	%	4.1	%
Interest-only		2,578,640		5.70		5.69	0.7	%	4.6	%

(1) Bond Equivalent Yield at period end.

At March 31, 2022 and December 31, 2021, the secured financing agreements collateralized by MBS and Loans held for investment had the following remaining maturities and borrowing rates.

	March 31, 2022					December 31, 2021
	(dollars in thousands)
	Principal ⁽¹⁾		Weighted Average Borrowing Rates		Range of Borrowing Rates	Principal ⁽¹⁾		Weighted Average Borrowing Rates		Range of Borrowing Rates
Overnight	$	—	NA		NA	$	—	NA		NA
1 to 29 days		1,561,598	1.57	%	0.30% - 2.35%		1,018,670	0.73	%	0.11% - 1.95%
30 to 59 days		162,097	1.44	%	0.95% - 1.67%		379,031	1.66	%	1.55% - 1.70%
60 to 89 days		146,974	2.48	%	1.49% - 2.71%		342,790	1.86	%	0.90% - 2.35%
90 to 119 days		78,400	1.50	%	1.50% - 1.50%		67,840	1.66	%	1.66% - 1.66%
120 to 180 days		847,135	3.64	%	1.73% - 4.38%		157,944	1.38	%	0.95% - 1.45%
180 days to 1 year		406,705	2.95	%	0.94% - 3.45%		895,210	3.70	%	1.95% - 4.38%
1 to 2 years		—	NA		NA		143,239	3.05	%	3.05% - 3.05%
Greater than 3 years		221,496	5.56	%	5.56% - 5.56%		256,889	5.56	%	5.56% - 5.56%
Total	$	3,424,405	2.53	%		$	3,261,613	2.30	%

(1) The principal balance for secured financing agreements in the table above is net of $3 million of deferred financing cost as of March 31, 2022 and December 31, 2021.

The following table summarizes certain characteristics of our portfolio at March 31, 2022 and December 31, 2021.

	March 31, 2022	December 31, 2021
GAAP Leverage at period-end	3.5:1	3.0:1
GAAP Leverage at period-end (recourse)	1.0:1	0.9:1


	March 31, 2022	December 31, 2021	March 31, 2022	December 31, 2021
Portfolio Composition	Amortized Cost		Fair Value
Non-Agency RMBS	7.8 %	10.1 %	9.7 %	12.1 %
Senior	4.1 %	4.5 %	6.2 %	6.5 %
Subordinated	2.4 %	4.2 %	2.6 %	4.4 %
Interest-only	1.3 %	1.4 %	0.9 %	1.2 %
Agency RMBS	0.8 %	0.8 %	0.5 %	0.4 %
Pass-through	— %	— %	— %	— %
Interest-only	0.8 %	0.8 %	0.5 %	0.4 %
Agency CMBS	3.4 %	5.3 %	3.4 %	5.2 %
Project loans	2.3 %	4.2 %	2.4 %	4.2 %
Interest-only	1.1 %	1.1 %	1.0 %	1.0 %
Loans held for investment	88.0 %	83.8 %	86.4 %	82.3 %
Fixed-rate percentage of portfolio	95.8 %	95.4 %	94.9 %	94.4 %
Adjustable-rate percentage of portfolio	4.2 %	4.6 %	5.1 %	5.6 %

Economic Net Interest Income

Our Economic net interest income is a non-GAAP financial measure that equals GAAP net interest income adjusted for interest expense on long term debt and any interest earned on cash. We believe this presentation is useful to investors because it depicts the economic value of our investment strategy by showing all components of interest expense and net interest income of our investment portfolio. However, Economic net interest income should not be viewed in isolation and is not a substitute for net interest income computed in accordance with GAAP. Where indicated, interest expense, adjusting for interest payments on long term debt and any interest earned on cash, is referred to as Economic interest expense. Where indicated, net interest income reflecting interest payments on long term debt and any interest earned on cash, is referred to as Economic net interest income.

The following table reconciles the Economic net interest income to GAAP net interest income and Economic interest expense to GAAP interest expense for the periods presented.

	GAAP Interest Income		GAAP Interest Expense		Interest Expense on Long Term Debt			Economic Interest Expense		GAAP Net Interest Income		Other⁽¹⁾			Economic Net Interest Income
For the Quarter Ended March 31, 2022	$	202,175	$	64,473	$	—		$	64,473	$	137,702	$	(18	)	$	137,684
For the Quarter Ended December 31, 2021	$	221,162	$	66,598	$	—		$	66,598	$	154,564	$	(12	)	$	154,552
For the Quarter Ended September 30, 2021	$	220,579	$	71,353	$	(239	)	$	71,114	$	149,226	$	220		$	149,446
For the Quarter Ended June 30, 2021	$	252,677	$	80,610	$	(959	)	$	79,651	$	172,067	$	936		$	173,003
For the Quarter Ended March 31, 2021	$	243,127	$	108,066	$	(1,076	)	$	106,990	$	135,061	$	1,065		$	136,126

(1) Primarily interest expense on Long term debt and interest income on cash and cash equivalents.

The table below shows our average earning assets held, interest earned on assets, yield on average interest earning assets, average debt balance, economic interest expense, economic average cost of funds, economic net interest income, and net interest rate spread for the periods presented.

	For the Quarter Ended
	March 31, 2022						December 31, 2021
	(dollars in thousands)						(dollars in thousands)
	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
Assets:
*Interest-earning assets ⁽¹⁾:*
Agency RMBS	$	113,723	$	253	0.9	%	$	104,684	$	71	0.3	%
Agency CMBS		559,478		22,870	16.4	%		851,886		27,711	13.0	%
Non-Agency RMBS		1,310,359		45,675	13.9	%		1,406,876		51,644	14.7	%
Loans held for investment		11,599,206		133,359	4.6	%		11,498,173		141,724	4.9	%
Total	$	13,582,766	$	202,157	6.0	%	$	13,861,619	$	221,150	6.4	%

Liabilities and stockholders' equity:
*Interest-bearing liabilities:*
Secured financing agreements collateralized by:
Agency RMBS	$	20,342	$	31	0.6	%	$	23,824	$	40	0.7	%
Agency CMBS		435,545		270	0.2	%		731,577		346	0.2	%
Non-Agency RMBS		817,261		5,448	2.7	%		839,898		5,837	2.8	%
Loans held for investment		1,948,974		12,839	2.6	%		1,872,915		13,281	2.8	%
Securitized debt		7,870,127		45,885	2.3	%		8,009,117		47,094	2.4	%
Total	$	11,092,249	$	64,473	2.3	%	$	11,477,331	$	66,598	2.3	%

Economic net interest income/net interest rate spread			$	137,684	3.7	%			$	154,552	4.1	%

Net interest-earning assets/net interest margin	$	2,490,517			4.1	%	$	2,384,288			4.5	%

Ratio of interest-earning assets to interest bearing liabilities		1.22						1.21

(1) Interest-earning assets at amortized cost

The table below shows our Net Income and Economic net interest income as a percentage of average stockholders' equity and Earnings available for distribution as a percentage of average common stockholders' equity. Return on average equity is defined as our GAAP net income (loss) as a percentage of average equity. Average equity is defined as the average of our beginning and ending stockholders' equity balance for the period reported. Economic Net Interest Income and Earnings available for distribution are non-GAAP measures as defined in previous sections.

	Return on Average Equity	Economic Net Interest Income/Average Equity *	Earnings available for distribution/Average Common Equity
	(Ratios have been annualized)
For the Quarter Ended March 31, 2022	(29.72) %	15.57 %	14.38 %
For the Quarter Ended December 31, 2021	1.87 %	16.30 %	15.45 %
For the Quarter Ended September 30, 2021	35.47 %	15.99 %	14.54 %
For the Quarter Ended June 30, 2021	18.16 %	19.24 %	19.47 %
For the Quarter Ended March 31, 2021	17.16 %	14.82 %	12.62 %

* Excludes long term debt expense.

The following table presents changes to Accretable Discount (net of premiums) as it pertains to our Non-Agency RMBS portfolio, excluding premiums on IOs, during the previous five quarters.

	For the Quarters Ended
	(dollars in thousands)
Accretable Discount (Net of Premiums)	March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Balance, beginning of period	$	333,546		$	352,545		$	338,024		$	358,562		$	409,690
Accretion of discount		(19,470	)		(22,172	)		(21,820	)		(37,986	)		(24,023	)
Purchases		—			—			1,995			(3,453	)		—
Sales		—			—			—			(17,123	)		(41,651	)
Elimination in consolidation		(60,361	)		—			—			—			—
Transfers from/(to) credit reserve, net		4,779			3,173			34,346			38,024			14,546
Balance, end of period	$	258,494		$	333,546		$	352,545		$	338,024		$	358,562

Disclaimer

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. 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 "expect," "target," "assume," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "predicts," "potential," "continue," and 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 business and investment strategy; our ability to accurately forecast the payment of future dividends on our common and preferred stock, and the amount of such dividends; our ability to determine accurately the fair market value of our assets; availability of investment opportunities in real estate-related and other securities, including our valuation of potential opportunities that may arise as a result of current and future market dislocations; effect of the novel coronavirus (or COVID-19) pandemic on real estate market, financial markets and our Company, including the impact on the value, availability, financing and liquidity of mortgage assets; how COVID-19 may affect us, our operations and our personnel; our expected investments; changes in the value of our investments, including negative changes resulting in margin calls related to the financing of our assets; changes in interest rates and mortgage prepayment rates; prepayments of the mortgage and other loans underlying our mortgage-backed securities, or RMBS, or other asset-backed securities, or ABS; rates of default, delinquencies or decreased recovery rates on our investments; general volatility of the securities markets in which we invest; our ability to maintain existing financing arrangements and our ability to obtain future financing arrangements; our ability to effect our strategy to securitize residential mortgage loans; interest rate mismatches between our investments and our borrowings used to finance such purchases; effects of interest rate caps on our adjustable-rate investments; the degree to which our hedging strategies may or may not protect us from interest rate volatility; the impact of and changes to various government programs, including in response to COVID-19; impact of and changes in governmental regulations, tax law and rates, accounting guidance, and similar matters; market trends in our industry, interest rates, the debt securities markets or the general economy; estimates relating to our ability to make distributions to our stockholders in the future; our understanding of our competition; availability of qualified personnel; our ability to maintain our classification as a real estate investment trust, or, REIT, for U.S. federal income tax purposes; our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended, or 1940 Act; our expectations regarding materiality or significance; and the effectiveness of our disclosure controls and procedures.

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 the financial information in this press release is based on Company data available at the time of this presentation and, in certain circumstances, may not have been audited by the Company's independent auditors.

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CHIMERA INVESTMENT CORPORATION REPORTS 1ST QUARTER 2022 EARNINGS