Q3 2025 | INVESTOR PRESENTATION November 6, 2025 Disclaimer This presentation includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including as related to the expected impact (including related to Chimera's future earnings) of Chimera's acquisition of HomeXpress. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking stat ...

Core Insights - Cherry Hill Mortgage Investment Corp. (CHMI) is positioned to benefit from anticipated Federal Reserve rate cuts through 2026, making it a noteworthy investment opportunity [1][5] Company Overview - Cherry Hill operates as a dual-sleeve strategy REIT, with a portfolio that includes 77% agency residential mortgage-backed securities (RMBS) and 23% mortgage servicing rights (MSRs) as of Q2 2025 [2] - The business model is sensitive to market interest rate changes, which can impact asset valuation positively in favorable conditions [3] Risk Management - Cherry Hill actively manages interest rate risks by utilizing a natural hedging relationship between MSRs and RMBS to mitigate volatility [3] Financial Performance - The company has fully internalized its operating structure, aiming for better alignment between management incentives and shareholder interests, which is expected to lead to annualized cost savings [4] - Cherry Hill anticipates core earnings growth from $12.1 million in 2024 to $20.2 million in 2026, supported by a strong dividend yield of 16.2% [4] Market Opportunities - With the Fed's first rate cut initiated for 2025, further cuts are expected, which will lower borrowing costs, improve refinancing costs, and enhance asset valuations for Cherry Hill [5] - Currently, Cherry Hill trades at a discount across several key valuation metrics, presenting an opportunity for investors before broader market recognition [5]

Financial Performance - Onity Group Inc delivered strong second quarter results in 2025, with sustained robust net income driving book value growth[9, 10] - Diluted EPS increased by 35% year-over-year to $2.40, and book value per share increased by $2.94 year-over-year to $60[12] - The company reaffirmed its annual Adjusted ROE guidance of 16-18%, demonstrating a commitment to strong shareholder returns[10] - Adjusted Pre-Tax Income was $16 million in Q2'25[12] Servicing Portfolio - Total Servicing Average UPB grew to $307 billion[12, 21] - Owned Servicing Average UPB increased from $147 billion in Q1'25 to $153 billion in Q2'25[21] - MSR originations increased by 35% year-over-year, exceeding industry growth of 23%[23] Originations - Originations volume reached $9.4 billion in Q2'25[12, 24] - Consumer Direct funded volume increased by 2.4x year-over-year[26] - The company achieved a top-tier refinance recapture rate, 1.5x the industry average in Q2'25[26] Technology and Efficiency - The company is expanding its AI-powered platform to grow revenue, reduce costs, and drive service excellence[32] - Robotic Process Automation (RPA) is performing over 190 processes, completing the work of approximately 400 FTE[35]

Core Insights - AGNC Investment Corp. is adopting a proactive and defensive portfolio management strategy aimed at long-term growth by frequently adjusting asset allocations and hedging strategies to mitigate risks while seizing yield opportunities [1] Portfolio Management - The company has maintained a robust hedge position, covering 91% of its Investment Securities Repo, TBA positions, and other debt as of March 31, 2025, indicating a strong focus on protecting against interest rate volatility [2] - AGNC has strategically reduced its exposure to more volatile non-agency mortgage-backed securities (MBS) and shifted towards higher-coupon Agency MBS, which enhances prepayment probability and supports better cash flow visibility [3] Market Positioning - With spreads between Agency MBS and benchmarks reaching near-pandemic highs in early April 2025, AGNC's $77.9 billion Agency MBS portfolio is well-positioned for compelling forward returns, particularly on a leveraged basis, as these securities are backed by Government-Sponsored Enterprises (GSEs) [4] - Despite potential fluctuations in short-term earnings due to market volatility, AGNC's disciplined active management and defensive positioning provide a solid foundation for long-term growth [5] Competitive Landscape - AGNC competes with Annaly Capital Management (NLY) and Starwood Property Trust (STWD) within the mortgage REITs industry, with differing investment approaches among the companies [6] - Annaly pursues a diversified strategy combining traditional Agency MBS with non-agency and credit-sensitive assets, focusing on acquiring newly originated mortgage servicing rights (MSRs) to enhance returns [7] - Starwood focuses primarily on commercial real estate, including commercial mortgage-backed securities (CMBS) and real estate debt investments, maintaining steady income through principal repayments and targeted acquisitions [8] Performance Metrics - AGNC shares have gained 6.4% year to date, outperforming the industry's growth of 2.8% [9] - The company trades at a forward price-to-tangible book ratio of 1.08X, above the industry's average of 0.96X [13] - The Zacks Consensus Estimate for AGNC's 2025 and 2026 earnings implies year-over-year declines of 11.2% and 3.9%, respectively, with estimates remaining unchanged over the past 30 days [15]

Core Viewpoint - Companies like AGNC Investment, Annaly Capital Management, and Delek Logistics Partners are identified as "monster dividend stocks" with yields exceeding 10%, making them attractive for generating passive income [1]. Group 1: AGNC Investment - AGNC Investment offers a dividend yield of over 16%, significantly higher than the S&P 500's yield of less than 1.5% [3]. - As a REIT, AGNC is required to distribute at least 90% of its taxable net income as dividends, contributing to its high yield [4]. - The company utilizes leverage to enhance returns, with potential returns in the low 20% range, but this strategy carries risks during market downturns [5]. Group 2: Annaly Capital Management - Annaly Capital Management, another mortgage REIT, has a dividend yield approaching 15% and has recently increased its dividend due to improved earnings [7]. - The REIT invests primarily in Agency MBS and has also ventured into higher-risk residential credit investments and mortgage servicing rights [6][8]. - Historical performance shows that Annaly has had to cut dividends in the past due to declining earnings, indicating a higher risk-reward profile [8]. Group 3: Delek Logistics Partners - Delek Logistics Partners operates as a master limited partnership (MLP) with a dividend yield of nearly 10.5%, the highest in the energy midstream sector [10]. - The MLP has consistently raised its distribution for 49 consecutive quarters, with a 3.7% increase over the past year [10]. - Its business model is supported by stable cash flows from long-term contracts, and it is diversifying its earnings by reducing reliance on its parent company [11].