Cherry Hill Mortgage Investment Corp

NYSE:CHMIUnited States

May 6, 2024

Show headlines and story abstract

• Press Release: Cherry Hill Mortgage Investment Corporation Announces First Quarter 2024 Results, from 4:16PM ET on Monday May 06, 2024 by Dow Jones

  4:16PM ET on Monday May 06, 2024 by Dow Jones
  Companies Mentioned: CHMI
  
  On March 14, 2024, the Board of Directors declared a quarterly dividend of $0.15 per share of common stock for the first quarter of 2024. The dividend was paid in cash on April 30, 2024 to common stockholders of record as of the close of business on March 28, 2024. Additionally, the Board of Directors declared a dividend of $0.5125 per share on the Company's 8.20% Series A Cumulative Redeemable Preferred Stock and a dividend of $0.515625 per share on the Company's 8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock for the first quarter 2024. The dividends were paid in cash on April 15, 2024 to Series A and B Preferred stockholders of record as of the close of business on March 28, 2024.
  

• Cherry Hill Mortgage Investment Corporation Announces First Quarter 2024 Results, from 4:15PM ET on Monday May 06, 2024 by Business Wire

  4:15PM ET on Monday May 06, 2024 by Business Wire
  Companies Mentioned: CHMI

  Cherry Hill Mortgage Investment Corporation (NYSE: CHMI) ("Cherry Hill" or the "Company") today reported results for the first quarter 2024.

  First Quarter 2024 Highlights

  GAAP net income applicable to common stockholders of $9.7 million, or $0.32 per share. Earnings available for distribution ("EAD") attributable to common stockholders of $4.0 million, or $0.13 per diluted share. Common book value per share of $4.49 at March 31, 2024. Declared regular common dividend of $0.15 per share, annualized common dividend yield was 17.1% based on the closing sale price of the Company's common stock as reported by the NYSE on May 3, 2024. As of May 3, 2024, approximately 372,000 shares of 8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock had been repurchased, totaling $9.3 million. There is $41.2 million of availability left in the program. Aggregate portfolio leverage stood at 4.5x at March 31, 2024. As of March 31, 2024, the Company had unrestricted cash of $47.5 million.

• Cherry Hill Mortgage Investment Corporation Announces First Quarter 2024 Results, from 4:15PM ET on Monday May 06, 2024 by Dow Jones

  4:15PM ET on Monday May 06, 2024 by Dow Jones
  Companies Mentioned: CHMI
  
  Earnings Available for Distribution
  
  Earnings available for distribution ("EAD") is a non-GAAP financial measure that we define as GAAP net income (loss), excluding realized gain (loss) on RMBS, unrealized gain (loss) on RMBS measured at fair value through earnings, realized and unrealized gain (loss) on derivatives, realized gain (loss) on acquired assets, realized and unrealized gain (loss) on investments in MSRs (net of any estimated MSR amortization) and any tax expense (benefit) on realized and unrealized gain (loss) on MSRs. MSR amortization refers to the portion of the change in fair value of the MSR that is primarily due to the realization of cashflows, runoff resulting from prepayments and an adjustment for any gain or loss on the capital used to purchase the MSR. EAD also includes interest rate swap periodic interest income (expense) and drop income on TBA dollar roll transactions, which are included in "Realized gain (loss) on derivatives, net" on the consolidated statements of income (loss). EAD is adjusted to exclude outstanding LTIP-OP Units in our Operating Partnership and dividends paid on our preferred stock.