Cherry Hill Mortgage Investment Corp

Listed Company

CHMICIK 0001571776NYSEAcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$6.94M

Total Assets

$1.54B

Equity

$236.04M

Shares Out

36.74M

Op. Cash Flow

$19.10M

Business

Cherry Hill Mortgage Investment Corp is a fully integrated, internally managed residential real estate finance company that acquires, invests in and manages residential mortgage assets. It offers investments in agency and non-agency RMBS, mortgage servicing rights (MSRs) and excess MSRs, and engages in trading of TBAs and related hedging instruments. The company operates through two primary segments: investments in RMBS and investments in Servicing Related Assets, with a mortgage servicing subsidiary and a taxable REIT subsidiary supporting MSR activities. Its operations and investment activities are conducted in the United States through repurchase financing, capital markets transactions and third-party subservicers.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	61	56	50	30	15
Interest expense	50	56	52	18	—
Net interest income (expense)	11	29,000	−2	12	9
Servicing fee income	43	49	53	53	54
Servicing costs	9	12	11	12	14
Net servicing income	34	36	42	42	41
Realized loss on RMBS, net	−6	−7	−36	−100	548,000
Realized gain on investments in MSRs, net	0	500,000	0	0	15,000
Realized gain on derivatives, net	7	21	34	1	−9
Realized gain on acquired assets, net	2,000	2,000	23,000	12,000	—
Unrealized gain (loss) on RMBS, measured at fair value through earnings, net	36	−19	10	0	0
Unrealized gain (loss) on derivatives, net	−40	10	−43	62	−2
Unrealized loss on investments in Servicing Related Assets	−19	−7	−26	23	−11
Total Income (Loss)	23	35	−21	40	28
General and administrative expense	8	11	6	6	7
Compensation and benefits	6	2	466,000	495,000	—
Management fee to affiliate	0	6	7	7	8
Total Expenses	14	18	14	13	15
Income (Loss) Before Income Taxes	9	16	−35	27	13
Provision for corporate business taxes	2	4	523,000	5	781,000
Net Income (Loss)	7	12	−35	22	13
Net (income) loss allocated to noncontrolling interests in Operating Partnership	−114,000	−240,000	661,000	−450,000	−247,000
Dividends on preferred stock	−10	−10	−10	−10	10
Gain on repurchase and retirement of preferred stock	0	78,000	0	—	—
Net Income (Loss) Applicable to Common Stockholders	−3	2	−45	12	—
Basic (in dollars per share)	−0.09	0.07	−1.7	0.6	0.14
Diluted (in dollars per share)	−0.09	0.07	−1.7	0.6	0.14
Basic (in shares)	34	30	26	20	17
Diluted (in shares)	34	30	26	20	17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
RMBS, at fair value (including pledged assets of $1,189,714 and $1,103,622, respectively)	1,214	1,122	1,012	931	953
Investments in Servicing Related Assets, at fair value (including pledged assets of $214,831 and $233,658, respectively)	215	234	254	280	219
Cash and cash equivalents	55	46	53	57	64
Restricted cash	8	24	16	8	13
Derivative assets	15	30	20	46	11
Receivables and other assets	35	34	38	37	43
Total Assets	1,541	1,491	1,393	1,409	1,303
Repurchase agreements	1,137	1,077	903	826	865
Derivative liabilities	2	4	17	25	1
Notes payable	145	151	169	184	145
Dividends payable	6	7	7	8	7
Accrued expenses and other liabilities	11	18	37	20	3
Total Liabilities	1,302	1,258	1,135	1,143	1,024
Common stock, $0.01 par value per share, 500,000,000 shares authorized and 36,739,538 shares issued and outstanding as of December 31, 2025 and 500,000,000 shares authorized and 31,625,073 shares issued and outstanding as of December 31, 2024	373,000	322,000	305,000	239,000	187,000
Additional paid-in capital	397	381	375	345	311
Accumulated deficit	−270	−250	−233	−169	−158
Accumulated other comprehensive income (loss)	4	−7	−3	−29	8
Total Cherry Hill Mortgage Investment Corporation Stockholders' Equity	236	230	255	262	276
Non-controlling interests in Operating Partnership	2	3	3	3	3
Total Stockholders' Equity	239	234	258	266	279
Total Liabilities and Stockholders' Equity	1,541	1,491	1,393	1,409	1,303

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Accretion of premiums on RMBS	−3	−3	−2	613,000	14
Amortization of deferred financing costs	329,000	311,000	185,000	120,000	188,000
LTIP-OP Unit awards	287,000	496,000	468,000	496,000	900,000
Decrease (increase) in receivables and other assets	−356,000	4	−2	7	1
Decrease in due to manager	0	−2	−81,000	−19,000	−1
Increase (decrease) in accrued expenses and other liabilties	−7	−19	17	16	−684,000
Net cash provided by (used in) operating activities	19	−5	41	60	48
Purchase of RMBS	−248	−414	−762	−1,080	−584
Principal paydown of RMBS	100	81	68	93	247
Proceeds from sale of RMBS	100	195	586	902	570
Proceeds from sale of MSRs	0	13	0	0	—
Acquisition of MSRs	2,000	7,000	174,000	−38	−55
Proceeds from (payments for) settlement of derivatives	−19	−17	4	23	0
Net cash used in investing activities	−67	−141	−104	−128	167
Borrowings under repurchase agreements	10,229	9,930	9,301	6,082	5,324
Repayments of repurchase agreements	−10,169	−9,756	−9,223	−6,122	−5,608
Proceeds from derivative financing	0	24	5	56	2
Payments for bank loans	−514,000	0	−759,000	—	—
Principal paydown of bank loans	−6	−18	−14	−3	−72
Dividends paid	−29	−28	−31	−31	−28
LTIP-OP Units distributions paid	−316,000	−346,000	−389,000	−416,000	−361,000
Redemption of OP units	−101,000	−9,000	0	0	−89,000
Issuance of common stock, net of offering costs	15	6	31	33	10
Repurchase and retirement of preferred stock	0	−9	0	0	—
Net cash provided by financing activities	39	147	67	57	−268
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	−8	1	4	−11	−53
Cash paid during the period for interest expense	60	34	29	11	2
Cash paid during the period for income taxes	49,000	64,000	56,000	44,000	58,000
Dividends declared but not paid	6	7	7	8	7

Filings

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