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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