Wirestock/iStock via Getty Images Cherry Hill Mortgage Investment Corporation's Series A 8.2% preferred shares (NYSE:CHMI.PR.A) have performed in line with the iShares Preferred and Income Securities ETF (P Cherry Hill Series A preferred shares vs PFF in 2024 (Seeking Alpha) Company overview | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------|--------|--------|-------------------|-------|--------|-------|-------|-------|---------------|-------|-------| | $1,500 | $1,349 | | A ...

Perawit Boonchu Recently, I've found mREITs across the board to be very cheap, as rising interest rates have crushed the stock prices of many like Cherry Hill Mortgage Investment (NYSE:CHMI). However, I believe we are now seeing the bottom for mREITs and Cherry Hill stood out as a solid performer selling at a modest discount to book value with dividends that seem well-covered. Investors who like mREITs should look to Cherry Hill as a source of opportunity due to its focus on residential mortgages, strong ba ...

Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) Q1 2024 Earnings Conference Call May 6, 2024 5:00 PM ET Company Participants Peter Gustav - Investor Relations Jay Lown - President and CEO Julian Evans - Chief Investment Officer Michael Hutchby - Chief Financial Officer Ray Slater - Senior Vice President and MSR Portfolio Manager Conference Call Participants Mikhail Goberman - Citizens JMP Matt Howlett - B. Riley Securities Operator Good day and thank you for standing by. Welcome to the Cherry Hill M ...

GAAP net income of $0.32 per share4 EAD of $0.13 per share4, 5 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------|-------------------------|-----------------------------|-------------|---------|---------------------------------------------|---------|---------|---------|---------| | Characteristics | March 31, 2024 \nFNMA | MSR Characteristics \nFHLMC | \nTotal | $21,600 | Cherry Hill Historical MSR UPB ($ millions) | | | ...

Cherry Hill Mortgage Investment Corporation First Quarter 2024 Results [First Quarter 2024 Highlights](index=1&type=section&id=First%20Quarter%202024%20Highlights) Cherry Hill reported positive GAAP net income and EAD, declared a common dividend, and maintained book value with moderate leverage Q1 2024 Key Financial Metrics | Metric | Value | | :--- | :--- | | GAAP Net Income to Common Stockholders | $9.7 million | | GAAP EPS (diluted) | $0.32 | | Earnings Available for Distribution (EAD) | $4.0 million | | EAD per Diluted Share | $0.13 | | Common Book Value per Share | $4.49 | | Declared Common Dividend per Share | $0.15 | | Aggregate Portfolio Leverage | 4.5x | | Unrestricted Cash | $47.5 million | - The company repurchased approximately **372,000 shares** of its 8.250% Series B Preferred Stock for **$9.3 million** as of May 3, 2024, with **$41.2 million** remaining in the repurchase program[14](index=14&type=chunk) - The CEO noted that the investment portfolio's positioning helped offset the impact of widening spreads and higher interest rates during the quarter[1](index=1&type=chunk) [Operating and Financial Results](index=1&type=section&id=Operating%20and%20Financial%20Results) Q1 2024 GAAP net income was driven by net servicing income and derivative gains, partially offset by unrealized losses on RMBS and servicing assets Consolidated Statements of Income (Unaudited, in thousands, except per share amounts) | Account | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | **Total Income (Loss)** | **$16,348** | **($30,893)** | | Total Expenses | $3,589 | $3,472 | | **Net Income (Loss)** | **$12,056** | **($33,644)** | | Net Income (Loss) Applicable to Common Stockholders | $9,666 | ($35,480) | | **Diluted EPS** | **$0.32** | **($1.29)** | Consolidated Statements of Comprehensive Income (Unaudited, in thousands) | Account | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Net Income (Loss) | $12,056 | ($33,644) | | Unrealized gain (loss) on RMBS, available-for-sale, net | ($6,596) | $29,527 | | **Comprehensive income (loss)** | **$5,460** | **($4,117)** | | Comprehensive income (loss) attributable to common stockholders | $3,199 | ($6,504) | - GAAP book value was **$4.49** per diluted share as of March 31, 2024, net of the first quarter dividend[18](index=18&type=chunk) [Portfolio Highlights](index=3&type=section&id=Portfolio%20Highlights) The company's portfolio included **$19.6 billion MSRs** and **$1.1 billion RMBS**, with hedging strategies utilizing swaps, TBAs, and Treasury futures - The MSR portfolio's unpaid principal balance was **$19.6 billion** with a carrying value of **$250.4 million** at quarter-end[17](index=17&type=chunk) - The RMBS portfolio had a book value of approximately **$1.1 billion**, a carrying value of **$1.0 billion**, a weighted average coupon of **4.71%**, and a weighted average maturity of **28 years**[31](index=31&type=chunk) - The company held interest rate swaps (**$1.1B notional**), TBAs ((**$418.2M notional**)), and Treasury futures (**$256.6M notional**) to hedge against duration and interest rate risk[9](index=9&type=chunk) [Dividends](index=4&type=section&id=Dividends) The Board declared a **$0.15 quarterly common dividend** and also paid dividends for Series A and Series B preferred stock - A quarterly dividend of **$0.15** per share of common stock was declared on March 14, 2024, and paid on April 30, 2024[19](index=19&type=chunk) - Quarterly dividends were also declared for preferred stock: **$0.5125** per share for **8.20% Series A** and **$0.515625** per share for **8.250% Series B**, both paid on April 15, 2024[19](index=19&type=chunk) [Earnings Available for Distribution (EAD)](index=4&type=section&id=Earnings%20Available%20for%20Distribution%20%28EAD%29) The company reported **$4.0 million EAD** for Q1 2024, a non-GAAP measure providing insight into ongoing operational performance - EAD is a non-GAAP measure defined as GAAP net income excluding various realized and unrealized gains/losses on RMBS, derivatives, and MSRs, and is not a substitute for GAAP net income[25](index=25&type=chunk)[20](index=20&type=chunk) Reconciliation of Net Income to EAD (Unaudited, in thousands, except per share amounts) | Account | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Net Income (Loss) | $12,056 | ($33,644) | | Adjustments (Net) | ($5,632) | $40,763 | | **Total EAD** | **$6,424** | **$7,119** | | EAD Attributable to Common Stockholders | $3,992 | $4,529 | | **EAD Per Diluted Share** | **$0.13** | **$0.17** | | GAAP Net Income (Loss) Per Diluted Share | $0.32 | ($1.29) | [Additional Information and Forward-Looking Statements](index=5&type=section&id=Additional%20Information%20and%20Forward-Looking%20Statements) The company provided details for a conference call and webcast, with additional information available in SEC filings and an investor presentation - An investor presentation with supplemental information for Q1 2024 is available on the Investor Relations section of the company's website[11](index=11&type=chunk) - A conference call and webcast were scheduled for May 6, 2024, at 5:00 pm Eastern Time to discuss the results[34](index=34&type=chunk)[22](index=22&type=chunk) - The report includes forward-looking statements concerning the company's strategies and opportunities, which are not guarantees of future performance and are subject to risks outlined in SEC filings[12](index=12&type=chunk)

12 Derivative transactions include swaps, swaptions, U.S. treasury futures and "to-be-announced" securities ("TBAs"). A TBA contract is an agreement to purchase or sell, for future delivery, an Agency RMBS with a specified issuer, term and coupon. Swaps and swaptions are entered into by the Company solely for interest rate risk management purposes. TBAs and U.S. treasury futures are used to manage duration risk as well as basis risk and pricing risk on the Company's financing facilities for MSRs. The decisi ...

FARMINGDALE, N.J.--(BUSINESS WIRE)--Cherry Hill Mortgage Investment Corporation (NYSE: CHMI) today announced that its Board of Directors declared a dividend of $0.15 per share on the Company’s common stock for the first quarter of 2024. The dividend will be payable in cash on April 30, 2024 to holders of the common stock of record as of the close of business on March 28, 2024. Additionally, Cherry Hill announced that its Board of Directors has declared a dividend of $0.5125 per share on the Company’s 8.20% ...

C H E R R Y H I L L L MORTGAGE INVESTMENT CORPORATION Fourth Quarter 2023 CAUTIONARY NOTE REGARDING EXPECTED RETURNS AND EXPECTED YIELDS. Expected returns and expected yields are presented for illustrative purposes only and are estimates of the annualized effective rate of return that we presently expect to be earned over the expected average life of an investment (i.e., IRR), after giving effect, in the case of returns, to existing leverage and existing hedging costs, and calculated on a weighted average b ...

Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) Q4 2023 Earnings Conference Call March 7, 2024 5:00 PM ET Company Participants Garrett Edson - Investor Relations Jay Lown - President and Chief Executive Officer Julian Evans - Chief Investment Officer Michael Hutchby - Chief Financial Officer Conference Call Participants Mikhail Goberman - JMP Securities Operator Good day, and thank you for standing by. Welcome to the Cherry Hill Mortgage Investment Corporation Fourth Quarter 2023 Earnings Call. At t ...

FARMINGDALE, NJ – March 7, 2024 — Cherry Hill Mortgage Investment Corporation (NYSE: CHMI) ("Cherry Hill" or the "Company") today reported results for the fourth quarter and full year 2023. Cherry Hill reported GAAP net loss applicable to common stockholders for the fourth quarter of 2023 of $35.5 million, or $1.29 per basic and diluted weighted average common share outstanding. Reported GAAP net loss was determined based primarily on the following: $0.4 million of net interest expense, $9.7 million of net ...