Cherry Hill Mortgage Reports Q3 2024 Financial Results
Company Announcements

Cherry Hill Mortgage Reports Q3 2024 Financial Results

Cherry Hill Mortgage Investment ( (CHMI) ) has released its Q3 earnings. Here is a breakdown of the information Cherry Hill Mortgage Investment presented to its investors.

Cherry Hill Mortgage Investment Corporation is a real estate finance company specializing in acquiring, investing in, and managing residential mortgage assets in the United States.

Cherry Hill Mortgage Investment Corporation reported a challenging third quarter for 2024, with a GAAP net loss of $14.8 million, translating to a loss of $0.49 per share. Despite the loss, the company declared a regular dividend of $0.15 per share, maintaining an annualized dividend yield of 18.6%.

Key financial metrics showed that earnings available for distribution were $2.5 million, or $0.08 per diluted share, impacted by special committee-related expenses. The company’s aggregate portfolio leverage was at 5.3x, with unrestricted cash of $50.2 million. Notably, the RMBS portfolio saw an unrealized gain of $25.0 million, although this was offset by realized and unrealized losses in derivatives and investments in servicing-related assets.

The company is focusing on deploying additional capital into agency RMBS, which are seen as offering attractive risk-adjusted returns. As Cherry Hill navigates spread and volatility risks, it maintains a strategic approach to its investment portfolio.

Looking ahead, Cherry Hill’s management expresses a cautious yet strategic outlook, emphasizing opportunities in agency RMBS to enhance risk-adjusted returns, while carefully managing portfolio risks and leveraging opportunities within the residential mortgage market.

Related Articles
TheFlyCherry Hill Mortgage reports Q3 EAD 8c, two estimates 15c
Jason CarrCHMI Earnings this Week: How Will it Perform?
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App