Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, which sparked a long-lasting interest in markets and the economy [1] - Recently, the author has been combining long stock positions with covered calls and cash secured puts, indicating a strategic approach to investment [1] - The investment philosophy is fundamentally long-term, with a primary focus on REITs and financials, along with occasional insights on ETFs and other stocks influenced by macroeconomic trends [1]

Core Viewpoint - Cherry Hill Mortgage (CHMI) reported quarterly earnings of $0.1 per share, missing the Zacks Consensus Estimate of $0.12 per share, but showing an increase from $0.08 per share a year ago, indicating a -16.67% earnings surprise [1] Financial Performance - The company posted revenues of $2.64 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 4.39%, compared to revenues of $0.17 million in the same quarter last year [2] - Over the last four quarters, Cherry Hill has surpassed consensus EPS estimates just once and topped consensus revenue estimates only once [2] Stock Performance - Cherry Hill shares have increased approximately 9.5% since the beginning of the year, outperforming the S&P 500's gain of 7.9% [3] Future Outlook - The company's earnings outlook will be crucial for determining the stock's immediate price movement, with current consensus EPS estimates at $0.13 for the coming quarter and $0.55 for the current fiscal year [4][7] - The estimate revisions trend for Cherry Hill was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The REIT and Equity Trust industry, to which Cherry Hill belongs, is currently in the bottom 33% of over 250 Zacks industries, suggesting that the industry's outlook can significantly impact the stock's performance [8]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported a GAAP net loss applicable to common stockholders of $900,000 or $0.03 per diluted share, with a comprehensive loss of $600,000 or $0.02 per diluted share [17][19] - The book value per common share decreased to $3.34 from $3.58 as of March 31, 2025, reflecting a decline in NAV of approximately $6.2 million or 2.7% [7][19] - Earnings available for distribution (EAD) attributable to common stockholders were $3.2 million or $0.10 per share, impacted by the maturity of a significant hedge [17][19] Business Line Data and Key Metrics Changes - The mortgage servicing rights (MSR) portfolio had an unpaid principal balance (UPB) of $16.6 billion and a market value of approximately $225 million, representing about 43% of equity capital [12] - The residential mortgage-backed securities (RMBS) portfolio accounted for approximately 36% of equity capital, with a prepayment speed of 6.1 CPR [12][14] - The RMBS net interest spread was reported at 2.61%, lower than the previous quarter due to the impact of a maturing swap position [14] Market Data and Key Metrics Changes - The ten-year treasury yield ended the quarter at 4.23%, slightly higher than the previous quarter, with the Agency MBS sector experiencing negative performance due to mortgage basis underperforming [6] - The economic environment showed resilience with low inflation, and the company is closely monitoring the Fed's potential shift towards a rate cut cycle [6][9] Company Strategy and Development Direction - The company entered a strategic partnership with RealGenius LLC, a digital mortgage technology firm, to enhance its investment strategy and explore unique growth opportunities [7][9] - The management indicated a potential shift towards a more risk-on investment strategy as the economic environment stabilizes, while maintaining strong liquidity and prudent leverage [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic recovery and the potential for rate cuts by the Fed, which could positively impact refinancing incentives and portfolio performance [9][13] - The company plans to proactively manage its portfolio and adjust its capital structure to enhance shareholder value through improved performance and earnings [15] Other Important Information - The company raised approximately $9 million of capital through its common ATM program and ended the quarter with $58 million of unrestricted cash [7] - Operating expenses for the quarter were reported at $3.4 million, and dividends were declared for both common and preferred stockholders [20] Q&A Session Summary Question: What caused the lower servicing costs this quarter? - Management noted that lower servicing costs were due to deboarding fees from a prior quarter related to the Mr. Cooper acquisition, and a decrease in loan count [24] Question: What is the expectation for leverage moving forward? - Management expects leverage to gradually increase as the year progresses, influenced by economic conditions and potential Fed actions [26][28] Question: Can you provide details on the partnership with RealGenius and its projections? - The partnership is expected to be profitable within the first six to seven months, with dividends anticipated within the first year [33] Question: Are there any updates on the current book value? - The book value per share as of July 31 is expected to remain flat compared to June 30, prior to any third-quarter dividend accrual [39]

Investor Presentation Second Quarter 2025 Legal Disclaimer FORWARD-LOOKING STATEMENTS. Certain statements in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, references to: potential or expected future cash flows; estimated or expected returns, sometimes referred to as initial IRR, updated IRR, expected IRR, or current-to-maturity IRR; potential discount rates; potential future investments; e ...

[Second Quarter 2025 Results Announcement](index=1&type=section&id=Second%20Quarter%202025%20Results%20Announcement) Cherry Hill Mortgage Investment Corporation announced Q2 2025 results, featuring a strategic partnership, equity raise, and key financial metrics [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) The company reported Q2 2025 highlights including a strategic partnership, successful equity raise, and key financial performance metrics - CHMI Solutions, Inc., a subsidiary of CHMI, entered into a strategic partnership and financing with Real Genius LLC, a Florida-based digital mortgage technology company[4](index=4&type=chunk)[6](index=6&type=chunk) - Accessed at-the-market equity program, generating additional proceeds of approximately **$8.9 million**[6](index=6&type=chunk) Key Financial Metrics (Q2 2025) | Metric | Value | | :----------------------------------- | :---------- | | GAAP Net Loss Applicable to Common Stockholders | $(0.9) million | | GAAP Net Loss Per Share | $(0.03) | | Earnings Available for Distribution (EAD) | $3.2 million | | EAD Per Diluted Share | $0.10 | | Common Book Value per Share (June 30, 2025) | $3.34 | | Regular Common Dividend Declared | $0.15 per share | | Annualized Common Dividend Yield | 20.8% | | Aggregate Portfolio Leverage (June 30, 2025) | 5.3x | | Unrestricted Cash (June 30, 2025) | $58.0 million | [Financial Performance](index=2&type=section&id=Financial%20Performance) This section details the company's consolidated income, comprehensive income, and earnings available for distribution for the quarter [Consolidated Statements of Income (Loss)](index=2&type=section&id=Consolidated%20Statements%20of%20Income%20%28Loss%29) Q2 2025 saw a GAAP net loss of $0.9 million, a significant improvement from Q1, driven by higher net interest and servicing income and derivative gains Key Income Statement Figures (Three Months Ended, in thousands) | Metric | June 30, 2025 | March 31, 2025 | QoQ Change | | :----------------------------------- | :-------------- | :------------- | :----------- | | Net interest income | $2,641 | $2,166 | +$475 | | Net servicing income | $8,981 | $8,428 | +$553 | | Realized loss on RMBS, net | $(2,053) | $(3,992) | +$1,939 | | Realized gain on derivatives, net | $14,838 | $4,634 | +$10,204 | | Unrealized gain on RMBS, net | $3,508 | $14,780 | -$11,272 | | Unrealized loss on derivatives, net | $(19,147) | $(22,741) | +$3,594 | | Total Income (Loss) | $6,037 | $(3,050) | +$9,087 | | Total Expenses | $3,355 | $3,769 | -$414 | | Net Income (Loss) | $1,561 | $(6,992) | +$8,553 | | Net Loss Applicable to Common Stockholders | $(935) | $(9,313) | +$8,378 | | Net Loss Per Share (Diluted) | $(0.03) | $(0.29) | +$0.26 | [Comprehensive Income (Loss)](index=3&type=section&id=Comprehensive%20Income%20%28Loss%29) The company reported comprehensive income of $1.9 million for Q2 2025, a significant improvement from Q1, driven by net income and RMBS unrealized gains - Net unrealized gain on the Company's RMBS portfolio classified as available-for-sale, reported in accumulated other comprehensive income, was approximately **$0.3 million**[8](index=8&type=chunk) Comprehensive Income (Loss) (Three Months Ended, in thousands) | Metric | June 30, 2025 | March 31, 2025 | QoQ Change | | :----------------------------------- | :-------------- | :------------- | :----------- | | Net Income (Loss) | $1,561 | $(6,992) | +$8,553 | | Unrealized gain on RMBS, available-for-sale, net | $320 | $6,850 | -$6,530 | | Comprehensive income (loss) | $1,881 | $(142) | +$2,023 | | Comprehensive loss attributable to common stockholders | $(616) | $(2,593) | +$1,977 | [Earnings Available for Distribution (EAD)](index=4&type=section&id=Earnings%20Available%20for%20Distribution%20%28EAD%29) EAD, a non-GAAP measure, provides insight into operational performance, with Q2 2025 EAD attributable to common stockholders at $3.2 million [EAD Definition and Limitations](index=4&type=section&id=EAD%20Definition%20and%20Limitations) EAD is a non-GAAP measure adjusting GAAP net income for specific items, but it has significant limitations and should not substitute GAAP net income - EAD is a non-GAAP financial measure defined as GAAP net income (loss), excluding realized/unrealized gain (loss) on RMBS, derivatives, MSRs (net of estimated amortization), and related tax expense[15](index=15&type=chunk) - EAD includes interest rate swap periodic interest income and drop income on TBA dollar roll transactions[15](index=15&type=chunk) - EAD is adjusted to exclude outstanding LTIP-OP Units and dividends paid on preferred stock[15](index=15&type=chunk) - EAD has significant limitations, including the exclusion of realized and unrealized gains (losses), and may not be comparable to similarly titled measures of other issuers due to differing methodologies[16](index=16&type=chunk) [EAD Reconciliation](index=5&type=section&id=EAD%20Reconciliation) EAD attributable to common stockholders for Q2 2025 was $3.2 million, a decrease from Q1 2025, primarily due to derivative and MSR adjustments EAD Reconciliation (Three Months Ended, in thousands) | Metric | June 30, 2025 | March 31, 2025 | QoQ Change | | :----------------------------------- | :-------------- | :------------- | :----------- | | Net Income (Loss) | $1,561 | $(6,992) | +$8,553 | | Realized loss on RMBS, net | $2,053 | $3,992 | -$1,939 | | Realized loss (gain) on derivatives, net | $(9,576) | $2,782 | -$12,358 | | Unrealized gain on RMBS, net | $(3,508) | $(14,780) | +$11,272 | | Unrealized loss on derivatives, net | $19,147 | $22,741 | -$3,594 | | Unrealized gain on investments in MSRs, net of estimated MSR amortization | $(5,473) | $(719) | -$4,754 | | Tax expense on realized and unrealized gain on MSRs | $1,607 | $957 | +$650 | | Total EAD | $5,811 | $7,981 | -$2,170 | | EAD Attributable to Common Stockholders | $3,247 | $5,376 | -$2,129 | | EAD Attributable to Common Stockholders, per Diluted Share | $0.10 | $0.17 | -$0.07 | [Portfolio Overview](index=3&type=section&id=Portfolio%20Overview) This section provides an overview of the company's Mortgage Servicing Rights (MSR) and Residential Mortgage-Backed Securities (RMBS) portfolios, along with hedging activities [Mortgage Servicing Rights (MSR) Portfolio](index=3&type=section&id=Mortgage%20Servicing%20Rights%20%28MSR%29%20Portfolio) The MSR portfolio generated **$9.0 million** in net servicing fee income, with an unpaid principal balance of **$16.6 billion** at quarter-end - Net servicing fee income for Q2 2025 was **$9.0 million**[10](index=10&type=chunk) MSR Portfolio Metrics (June 30, 2025) | Metric | Value | | :----------------------------------- | :-------------- | | Unpaid Principal Balance | $16.6 billion | | Carrying Value | $224.6 million | [Residential Mortgage-Backed Securities (RMBS) Portfolio](index=3&type=section&id=Residential%20Mortgage-Backed%20Securities%20%28RMBS%29%20Portfolio) The RMBS portfolio had a book value of **$1.1 billion** and a carrying value of **$1.2 billion**, with a net interest spread of **2.61%** RMBS Portfolio Metrics (June 30, 2025) | Metric | Value | | :----------------------------------- | :-------------- | | Book Value | ~$1.1 billion | | Carrying Value | ~$1.2 billion | | Net Interest Spread | 2.61% | | Weighted Average Coupon | 4.97% | | Weighted Average Maturity | 28 years | [Hedging Activities](index=3&type=section&id=Hedging%20Activities) Cherry Hill utilized interest rate swaps, TBAs, and Treasury futures to mitigate duration and interest rate risks for its RMBS and MSR portfolios - Cherry Hill used interest rate swaps, TBAs, and Treasury futures to mitigate duration risk and interest rate risk associated with its RMBS and MSRs[12](index=12&type=chunk) Hedging Instruments Notional Amounts (June 30, 2025) | Instrument | Notional Amount | | :----------------------------------- | :-------------- | | Interest Rate Swaps | $799.7 million | | TBAs | $(413.5) million | | Treasury Futures | $60.2 million | [Dividends](index=4&type=section&id=Dividends) This section outlines the quarterly dividend declarations for common and preferred stockholders for Q2 2025 [Dividend Declarations](index=4&type=section&id=Dividend%20Declarations) The Board of Directors declared quarterly dividends for common and preferred stockholders for Q2 2025, paid in July 2025 Q2 2025 Dividend Declarations | Stock Type | Dividend Per Share | Payment Date | Record Date | | :----------------------------------- | :----------------- | :----------- | :---------- | | Common Stock | $0.15 | July 31, 2025 | June 30, 2025 | | 8.20% Series A Cumulative Redeemable Preferred Stock | $0.5125 | July 15, 2025 | June 30, 2025 | | 8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | $0.6413 | July 15, 2025 | June 30, 2025 | [Company Information & Investor Resources](index=5&type=section&id=Company%20Information%20%26%20Investor%20Resources) This section provides details on additional information, investor resources, company overview, forward-looking statements, and contact information [Additional Information](index=5&type=section&id=Additional%20Information) Further financial details are available in the Company's Q2 2025 Form 10-Q and an investor presentation on its website - Additional information regarding financial condition and results of operations can be found in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 7, 2025[19](index=19&type=chunk) - An investor presentation with supplemental information has been posted to the Investor Relations section of Cherry Hill's website, www.chmireit.com[19](index=19&type=chunk) [Webcast and Conference Call](index=6&type=section&id=Webcast%20and%20Conference%20Call) Management hosted a conference call on August 7, 2025, to discuss results, with a webcast and archived recording available online - The Company's management hosted a conference call on August 7, 2025, at 5:00 pm Eastern Time[20](index=20&type=chunk) - A live webcast of the conference call and an online archive will be available in the investor relations section of the Company's website at www.chmireit.com[21](index=21&type=chunk) Conference Call Details | Detail | Value | | :----------------------------------- | :-------------- | | Domestic Dial-in | 1-800-715-9871 | | International Dial-in | 1-646-307-1963 | | Conference ID | 7589822 | [About Cherry Hill Mortgage Investment Corporation](index=6&type=section&id=About%20Cherry%20Hill%20Mortgage%20Investment%20Corporation) Cherry Hill Mortgage Investment Corporation is a real estate finance company focused on acquiring, investing in, and managing US residential mortgage assets - Cherry Hill Mortgage Investment Corporation is a real estate finance company[22](index=22&type=chunk) - The Company acquires, invests in, and manages residential mortgage assets in the United States[22](index=22&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section contains cautionary statements regarding forward-looking information, noting that actual results may differ due to risk factors in SEC filings - This press release contains forward-looking statements regarding the Company's long-term growth opportunities, strategies, market expansion, and ability to generate attractive risk-adjusted returns[23](index=23&type=chunk) - These forward-looking statements are based upon present expectations but are not guaranteed to occur[23](index=23&type=chunk) - Factors that may cause actual results or performance to differ are described under "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and other SEC filings[23](index=23&type=chunk) [Contact Information](index=6&type=section&id=Contact%20Information) Investor relations contact details are provided for inquiries Investor Relations Contact | Detail | Value | | :----------------------------------- | :-------------- | | Phone | (877) 870-7005 | | Email | InvestorRelations@chmireit.com |

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________to ________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission file number 001-36099 CHERRY HILL MORTGAGE INVESTMENT CORPORATION (Exact name of registrant as specified in its charter) (State ...

Company Performance - Cherry Hill Mortgage (CHMI) has returned 12.5% year-to-date, outperforming the average Finance sector gain of 5.7% [4] - Over the past 90 days, the Zacks Consensus Estimate for CHMI's full-year earnings has increased by 5.8%, indicating improved analyst sentiment and earnings outlook [4] Industry Context - Cherry Hill Mortgage is part of the REIT and Equity Trust industry, which has seen an average loss of 0.9% year-to-date, highlighting CHMI's relative strength in this sector [6] - The Finance sector, which includes 857 individual stocks, ranks 5 in the Zacks Sector Rank, indicating a strong overall performance [2] Zacks Rank - Cherry Hill Mortgage currently holds a Zacks Rank of 2 (Buy), suggesting it is positioned to outperform the broader market in the near term [3] - Another stock in the Finance sector, Commonwealth Bank of Australia Sponsored ADR (CMWAY), also has a Zacks Rank of 2 (Buy) and has returned 23.5% year-to-date [5]

Group 1: Earnings Performance - Cherry Hill Mortgage (CHMI) reported quarterly earnings of $0.17 per share, exceeding the Zacks Consensus Estimate of $0.11 per share, and up from $0.13 per share a year ago, representing an earnings surprise of 54.55% [1] - The company posted revenues of $2.17 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 17.33%, compared to revenues of -$0.91 million a year ago [2] - Over the last four quarters, Cherry Hill has surpassed consensus EPS estimates only once [2] Group 2: Stock Performance and Outlook - Cherry Hill shares have increased approximately 13.3% since the beginning of the year, while the S&P 500 has declined by 3.9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $0.12 on $3 million in revenues, and for the current fiscal year, it is $0.52 on $13.67 million in revenues [7] Group 3: Industry Context - The REIT and Equity Trust industry, to which Cherry Hill belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Cherry Hill's stock performance [5] - The estimate revisions trend for Cherry Hill is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting expected underperformance in the near future [6]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss applicable to common stockholders of $9.3 million or $0.29 per diluted share for Q1 2025 [6][16] - Book value per common share decreased to $3.58 from $3.82 at the end of Q4 2024 [7][17] - NAV declined approximately $7.5 million or 3.2% relative to December 31 [7] Business Line Data and Key Metrics Changes - The MSR portfolio had an unpaid principal balance (UPB) of $17 billion and a market value of approximately $227 million, representing about 44% of equity capital [10] - The RMBS portfolio accounted for approximately 39% of equity capital, with a weighted average three-month CPR of 5.8% [10][12] - EAD attributable to common stockholders was $5.4 million or $0.17 per share, benefiting from dollar roll income [16] Market Data and Key Metrics Changes - Interest rates ended the quarter at 4.25%, approximately 30 basis points lower quarter over quarter [5] - Prepayment speeds for the MSR portfolio averaged approximately 4.1%, down modestly from the previous quarter [11] - RMBS portfolio's net interest spread was 3.55%, higher than the prior quarter [12] Company Strategy and Development Direction - The company plans to deploy capital into Agency RMBS and select MSRs while maintaining strong liquidity and prudent leverage [8] - The management is closely monitoring the macro environment and tariff situation to stress the portfolio for various scenarios [8] - The company aims to improve its expense ratio and capital structure over time by managing operating expenses [8] Management's Comments on Operating Environment and Future Outlook - Management expressed that rates will continue to be highly reactive to global political agendas and domestic economic data [6] - The uncertainty in the market has led the company to position its portfolio more neutrally to withstand daily volatility [6] - Future EAD is expected to trend lower due to the maturation of a significant hedge that previously contributed to EAD [16][53] Other Important Information - The company completed its first full quarter as an integrated, internally managed mortgage REIT [7] - Operating expenses for the quarter were $3.8 million, reflecting a decline due to the elimination of the management fee [17] - The Board declared a dividend of $0.15 per common share for Q1 2025, paid in cash on April 30 [18] Q&A Session Summary Question: What would it take for the company to allocate more to the RMBS portfolio? - Management indicated that all reinvestment income has been directed towards MBS, and significant changes would require selling a portion of the MSR [20][24] Question: Is there any movement in GSE reform affecting capital allocation? - Management stated it is too early to tell, and the market has not fully priced in the potential changes regarding GSE reform [25][29] Question: Can you provide a book value update for Q2? - The company reported a NAV down about 3.7% in April, leading to a 7% book value per share before any dividends [36] Question: How much of the EAD in Q1 was due to the roll-off of expenses associated with internalization? - Approximately $0.02 of EAD in Q1 was attributed to internalization and G&A savings [51] Question: What are the general thoughts on MSR pricing and supply post the Rocket Cooper deal? - Management noted that volumes have been lower and there have not been substantial changes in pricing dynamics in the market [50] Question: Are there opportunities in spec pools within the builder buy-down space? - Management has seen builder buy-downs but has not focused on them for the portfolio, preferring to keep pay-ups modest [44]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported a GAAP net loss applicable to common stockholders of $9.3 million, or $0.29 per diluted share, compared to a comprehensive loss of $2.6 million, or $0.08 per diluted share [6][15]. - The book value per common share decreased to $3.58 from $3.82 at the end of Q4 2024, reflecting a decline of approximately 6.3% [7][17]. - The NAV was down approximately $7.5 million, or 3.2%, relative to December 31, 2024 [7]. Business Line Data and Key Metrics Changes - The MSR portfolio had an unpaid principal balance (UPB) of $17 billion and a market value of approximately $227 million, representing about 44% of equity capital [11]. - The RMBS portfolio accounted for approximately 39% of equity capital, with a weighted average three-month CPR of 5.8%, slightly up from 5.7% in the previous quarter [12][13]. - Prepayment speeds for the MSR portfolio averaged approximately 4.1%, down modestly from the previous quarter, while RMBS prepayment speeds remained low [12]. Market Data and Key Metrics Changes - Interest rates ended the quarter at 4.25%, approximately 30 basis points lower quarter over quarter, but volatility increased due to tariff announcements [5][6]. - The company noted that mortgage performance was mixed, with higher coupon mortgages outperforming lower coupon mortgages [10]. Company Strategy and Development Direction - The company plans to deploy capital into Agency RMBS and select MSRs, focusing on strong risk-adjusted return profiles while maintaining liquidity and prudent leverage [9]. - Management emphasized the importance of closely managing operating expenses to improve the expense ratio and capital structure over time [8]. Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about ongoing macroeconomic uncertainty and the potential for elevated rates until clear macro policy is established [10][11]. - The company is cautious regarding GSE reform, indicating that current market assumptions about government guarantees may not be well-defined [27][29]. Other Important Information - The company declared a dividend of $0.15 per common share for Q1 2025, paid on April 30, 2025 [18]. - Operating expenses for the quarter were reported at $3.8 million, benefiting from the elimination of management fees [17]. Q&A Session Summary Question: What would it take for the company to allocate more to the RMBS portfolio? - Management indicated that all reinvestment income has been directed towards MBS, and significant changes would require selling a portion of the MSR portfolio [23]. Question: Is there any movement in GSE reform affecting market pricing? - Management stated it is too early to tell, noting that while there have been movements at the GSEs, specific plans regarding government guarantees remain undefined [27][29]. Question: Can you provide a book value update for Q2? - The company reported a NAV down about 3.7% in April, leading to an estimated 7% book value per share before any dividends [36]. Question: How much of the EAD in Q1 was due to the roll-off of internalization expenses? - Approximately $0.02 of EAD in Q1 was attributed to savings from internalization and G&A [52]. Question: What are the general thoughts on MSR pricing and supply post-Rocket Cooper deal? - Management noted that volumes have been lower than the previous year, and no substantial changes in pricing dynamics have been observed [51].