The following is a summary of the Cherry Hill Mortgage Investment Corporation (CHMI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Cherry Hill Mortgage Investment Corporation reported Q1 2024 GAAP net income applicable to common stockholders of $0.32 per diluted share.
The company generated Earnings Available for Distribution (EAD) of $4 million, or $0.13 per share.
The book value per common share at the end of the quarter was $4.49, a slight decrease from the end of last year.The company's financial leverage was 4.5 times at the end of the quarter.
Cherry Hill ended the quarter with $48 million of unrestricted cash on the balance sheet.
Business Progress:
Cherry Hill has begun to repurchase a portion of its Series B Preferred shares and has repurchased approximately $9.3 million of these to date.
The Board of Directors established a Special Committee to explore strategic alternatives to maximize stockholder value.
The firm plans to selectively deploy capital into additional Agency RMBS and reduce the portion of preferred equity in the capital structure.
The company's RMBS portfolio accounted for about 41% of capital and around 72% of investable assets, excluding cash.
The firm's MSR portfolio had a UPB of $19.6 billion and a market value of roughly $250 million at the end of the quarter.
More details: Cherry Hill Mortgage Investment IR
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