The following is a summary of the Cherry Hill Mortgage Investment Corporation (CHMI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Cherry Hill Mortgage reported a GAAP net loss of $0.49 per diluted share for Q3 2024.

• Earnings available for distribution (EAD) was $2.5 million, or $0.08 per share, impacted by approximately $0.045 per share of special committee expenses.

• Book value per common share decreased to $4.02 from $4.15 at the end of the previous quarter, partially due to special committee and ATM issuance costs.

Business Progress:

• The company is closely monitoring the macroeconomic environment and positioning the portfolio for further rate cuts, focusing on agency RMBS for strong risk-adjusted returns.

• Continued emphasis on maintaining strong liquidity and prudent leverage, with financial leverage increasing to 5.3 times.

• Plans to manage the portfolio proactively, particularly by adjusting the hedge composition in response to expected ongoing Fed easing.

Opportunities:

• The ongoing adjustments in Fed rates and the macroeconomic environment provide opportunities for strategic portfolio adjustments to optimize returns.

Risks:

• Market conditions and interest rate fluctuations pose a risk, evidenced by the GAAP net loss and the potential for increased prepayment speeds affecting portfolio performance.

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