What is the market's earnings forecast for Cherry Hill Mortgage next quarter?

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What were the key takeaways from Cherry Hill Mortgage’s earnings call?

What is Cherry Hill Mortgage's gross profit margin?

What is Cherry Hill Mortgage's latest dividend and current dividend yield?

What guidance did Cherry Hill Mortgage's management provide for the next earnings period?

What is the revenue and EPS growth rate for Cherry Hill Mortgage year over year?

What factors drove the changes in Cherry Hill Mortgage's revenue and profit?

- **Q4 Financials Strong:** $0.14 EPS, book value +2.4%, and $55M cash highlight prudent leverage and liquidity.
- **Portfolio Resilience:** RMBS and MSR portfolios performed despite volatile rates, with MSR value up 1.3% on NAV.
- **Strategic Growth:** Real Genius partnership positions for mortgage rate-driven growth, while potential buybacks signal shareholder focus.
- **Market Volatility:** Q1 2026 sees tighter spreads in January, but February widening reflects macroeconomic uncertainty.

**CEO Summary Section**
- Q4 2025 GAAP net income: $5.3 million ($0.14 per diluted share), with book value rising to $3.44 from $3.36.
- Portfolio performance driven by tighter mortgage spreads and a steeper yield curve; MSR portfolio (+250bps out-of-the-money) contributed $215 million in value.
- Strategic partnership with Real Genius LLC (digital mortgage platform) growing steadily, with potential acceleration if mortgage rates drop below 5.5%.
- Financial leverage maintained at 5.4x, with $55 million unrestricted cash.

**CFO Financial Commentary**
- RMBS portfolio: $805 million (vs. $782M prior quarter), net interest spread 2.52% (down due to reduced dollar roll income).
- MSR portfolio: CPR 5.1%, recapture rate negligible; RMBS prepayment speeds rose to 8.5% CPR.
- Hedging strategy includes $422 million in derivatives (swaps, TBAs, futures); no hedge accounting applied.
- Earnings Available for Distribution (EAD): $3.9 million ($0.11 per share).

**Q&A Key Highlights**
- **Market Trends (Timothy D'Agostino):** January saw tighter spreads, but February featured widening due to yield curve flattening and flight to quality. Bid-ask in mortgages has widened.
- **CPR Normalization (Julian Evans):** Current RMBS portfolio CPR ~8.5%, could rise to 15-20% if rates drop to 5.5%. Portfolio accretion offsets prepayment risk.
- **G&A Expenses (Apeksha Patel):** Q4 G&A down 30% due to normalization post-third-quarter nonrecurring costs.
- **Equity Strategy (Jay Lown):** Considering Series B preferred buybacks; common shares seen as undervalued, with potential buybacks if price aligns with book value.

Cherry Hill Mortgage Investment Corporation(CHMI)-20260226-2025 Q4 Earnings call transcript

- **Sustainable Dividend Adjustment**: Dividend reduced to $0.10 per share to align with earnings power, maintaining financial stability.
- **Portfolio Resilience**: MSR portfolio (3.5% note rate) and RMBS portfolio (6.1% CPR) performed well amid rate cuts, with potential for higher prepayment speeds as rates decline.
- **Cost Management Progress**: Operating expenses up 12.5% sequentially due to personnel changes, but CFO anticipates future reductions with new in-house GC.
- **Strategic Growth Potential**: Real Genius partnership shows momentum, with digital mortgage platform poised to benefit from lower mortgage rates.

**【CEO Summary Section】**
- **Market Conditions and Portfolio Performance**: The third quarter saw reduced macro volatility and Fed rate cuts, with the 10-year yield ending at 4.15%. The portfolio, including mortgages, swaps, futures, and MSRs, performed well, with lower coupon mortgages outperforming. The MSR portfolio (weighted average note rate of 3.5%) and RMBS portfolio (6.1% CPR) showed stability.
- **Financial Highlights**: GAAP net income was $0.05 per share, book value rose to $3.36, and NAV increased by 0.5%. The Board adjusted the dividend to $0.10 per share for sustainability.
- **Strategic Initiatives**: The partnership with Real Genius, a digital mortgage platform, is gaining momentum, with potential growth as mortgage rates decline.

**【CFO Financial Commentary】**
- **Earnings and Dividends**: GAAP net income was $2 million, comprehensive income $4.5 million, and EAD $3.3 million. Dividends of $0.10 per common share and $0.5125/$0.6523 for preferred shares were paid.
- **Cost Management**: Operating expenses rose to $3.8 million due to personnel changes and fees, but a new in-house GC is expected to reduce future costs.
- **Liquidity and Leverage**: Financial leverage remained at 5.3x, with $55 million in unrestricted cash.

**【Q&A Key Highlights】**
- **Partnership Outlook**: CEO indicated openness to future accretive partnerships, with Real Genius showing positive momentum.
- **Expense Trends**: CFO noted Q3 G&A and comp costs were elevated due to personnel changes but expects downward pressure in Q4.
- **Book Value Update**: As of October 31, book value per share increased by 1.2% from September 30, excluding dividend accruals.

Cherry Hill Mortgage Investment Corporation (CHMI) Q3 2025 Earnings Call Transcript

- **Strategic Tech Partnership**: Investment in Real Genius's digital mortgage platform expected to yield profits within 6-7 months.
- **Financial Resilience**: Despite Q2 GAAP net loss, book value increased to $3.34, supported by prudent leverage (5.3x) and $58M cash.
- **Leverage Outlook**: Modest increase anticipated in H2 2025 as Fed rate cuts may enhance mortgage asset returns.
- **Dividend Stability**: Common dividend of $0.15 maintained, alongside preferred stock distributions.

**【CEO Summary Section】**
- Q2 2025 started with market volatility due to tariff announcements but ended with stabilization. GAAP net loss of $0.03 per share, but book value rose to $3.34 from $3.18. Strategic partnership with Real Genius, a digital mortgage tech company, aims to accelerate growth through a direct-to-consumer platform.

**【CFO Financial Commentary】**
- GAAP net loss of $0.9 million ($0.03 per share) and EAD of $3.2 million ($0.10 per share). Operating expenses were $3.4 million. A $0.15 common dividend was declared, along with preferred stock dividends. Hedging strategy includes SOFR swaps, TBAs, and treasury futures, with a combined notional of $446 million.

**【Q&A Key Highlights】**
- **Servicing Costs**: Lower due to prior quarter deboarding fees and reduced loan count from Flagstar acquisition.
- **Leverage Outlook**: Expected to creep up slightly in H2 2025 as Fed rate cuts may drive mortgage asset attractiveness.
- **Real Genius Partnership**: Expected to be profitable within 6-7 months, with potential for accretive growth.
- **Book Value**: Flat at $3.34 as of July 31, pre-third quarter dividend accrual.

Cherry Hill Mortgage Investment Corporation (CHMI) Q2 2025 Earnings Call Transcript

- **Market Volatility Impact**: Q1 marked by aggressive rate fluctuations (10-year Treasury down 30bps) and tariff-driven spikes, leading to a neutral portfolio stance.
- **Financial Results**: GAAP net loss of $0.29 per share, book value at $3.58, and 3.2% NAV decline. EAD of $0.17 per share driven by a maturing hedge, with future EAD expected to decline.
- **Portfolio Strategy**: 76% of assets in RMBS (higher coupon focus), 44% in MSR. Prepayment rates stable, but cautious on tariff-related macro risks.
- **Dividend Policy**: Q1 dividend of $0.15 per share, with Board emphasizing market conditions and portfolio returns in future decisions.
- **Hedging Update**: $489 million hedged via swaps, TBAs, and futures. Treasury futures increased as swap spreads tightened.

**【Management Opening Remarks】**
- **Market Volatility**: The first quarter was marked by aggressive market reactions to the new administration's policies, including rate fluctuations and the impact of Liberation Day tariffs. The 10-year Treasury yield ended the quarter at 4.25%, down 30bps QoQ, but spiked post-tariff announcements.
- **Financial Performance**: GAAP net loss applicable to common stockholders was $0.29 per share, with book value per common share at $3.58 (down from $3.82). NAV declined $7.5 million (3.2%) due to market volatility.
- **Portfolio Strategy**: Maintained a neutral rate stance to withstand volatility. Financial leverage remained stable at 5.2x, with $47 million in unrestricted cash. Operating expenses declined due to internalization, eliminating management fees.

**【CEO & CIO Portfolio Commentary】**
- **MSR Portfolio**: UPB of $17 billion and market value of $227 million, representing 44% of equity capital. Net CPR averaged 4.1%, with minimal recapture due to high loan rates. Prepayment speeds expected to remain low amid elevated rates.
- **RMBS Portfolio**: 76% of investable assets (excluding cash), focused on higher coupons. Q1 CPR was 5.8%, stable vs. prior quarter. Net interest margin (NIM) benefited from dollar roll income but may normalize in coming quarters.
- **Hedging Strategy**: Used swaps, TBAs, and treasury futures to hedge $489 million notional. Treasury futures increased as swap spreads tightened.

**【CFO Financial Commentary】**
- **Earnings Metrics**: GAAP net loss of $9.3 million ($0.29 per share), comprehensive loss of $0.08 per share. EAD was $0.17 per share, boosted by a maturing hedge. Future EAD may decline as this hedge is no longer contributing.
- **Dividends**: Q1 common dividend of $0.15 per share, with preferred dividends totaling $0.5125 and $0.6372 per share. Board considers market conditions, portfolio returns, and taxable income when setting dividends.
- **Liquidity**: Ended with $47 million cash and 5.2x leverage. No ATM capital raised in Q1.

**【Q&A Highlights】**
- **Portfolio Allocation**: Reinvested all amortization income into RMBS, no MSR purchases in recent quarters. Cautious on expanding MSR due to uncertain macro environment.
- **GSE Reform**: Market not pricing in potential risks to government guarantees. Reform details unclear, but cautious on privatization impacts.
- **Swap Portfolio**: $250 million payer swaps rolled off in Q1, with $15 million remaining (maturing mid-2026). No other swaps rolling off this year.
- **Mortgage Convexity**: Builder buy-downs and Rocket Cooper impacts minimal. Portfolio focuses on modest pay-ups and traditional refi dynamics.
- **MSR Pricing**: Post-Rocket Cooper deal, no significant changes in MSR supply or pricing. Volumes remain lower than prior year.

Cherry Hill Mortgage Investment (CHMI)-6 May 25-2025 Q1 Earnings call transcript

- **Q4 Financials**: GAAP net income $0.29/share; EAD $0.10/share (excluding one-time costs).\n- **Internalization Benefits**: $1.1M-$1.6M annual cost savings (2025).\n- **Portfolio Resilience**: MSR prepayment speeds stable at 4.7%; RMBS CPR 5.7%.\n- **Rate Outlook**: Fewer 2025 rate cuts expected; higher-for-longer rates strategy.\n- **ROE Guidance**: Blended portfolio ROE ~14%-17%.\n

**【CEO Summary Section】**
- Q4 2024 GAAP net income: $0.29 per diluted share; EAD: $0.10 per share (excluding $0.02 special committee expenses).\n- Internalized management to align interests with shareholders, reducing 2025 operating expenses by $1.1M-$1.6M ($0.03-$0.05 per share).\n- Book value: $3.82/share (down 5% QoQ); NAV: $3.82 (down 2.3% QoQ).\n- Portfolio strategy: Maintain higher-for-longer positioning; deploy capital into Agency RMBS and select MSRs.\n
**【CIO Investment Portfolio】**\n- MSR portfolio: UPB $17.3B, market value $234M (46% of equity capital).\n- RMBS portfolio: $723M (38% of equity capital), reduced from $856M QoQ.\n- MSR prepayment speeds: 4.7% (stable QoQ); RMBS CPR: 5.7% (up 0.3% QoQ).\n- Hedge strategy: Interest rate swaps, TBAs, and treasury futures ($809M notional).\n
**【CFO Financial Commentary】**\n- GAAP net income: $9.1M; comprehensive loss: $1.5M.\n- Operating expenses: $4.5M (includes special committee costs).\n- Dividends: $0.15/common share, $0.5125/Series A preferred, $0.6739/Series B preferred.\n- Liquidity: $46M unrestricted cash; leverage: 5.3x (stable QoQ).\n
**【Q&A Key Takeaways】**\n- **Rate Environment**: Expect fewer 2025 rate cuts; higher-for-longer rates to dominate.\n- **Portfolio Allocation**: Favor RMBS over MSRs due to better risk-adjusted returns.\n- **ROE Estimates**: Blended portfolio ROE ~14%-17%.\n- ** MSR Portfolio Resilience**: Mid-3% note rates provide runway against refi risk.\n- **Spec Pools Strategy**: Focus on $200K-$250K loan balance pools in Florida/Texas.\n

Cherry Hill Mortgage Investment (CHMI)-6 Mar 25-2024 Q4 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-12 Nov 24-2024 Q3 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-8 Aug 24-2024 Q2 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-6 May 24-2024 Q1 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-7 Mar 24-2023 Q4 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-3 Aug 23-2023 Q2 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-8 May 23-2023 Q1 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-7 Mar 23-2022 Q4 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-3 Nov 22-2022 Q3 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-4 Aug 22-2022 Q2 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-10 May 22-2022 Q1 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-16 Mar 22-2021 Q4 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-10 Nov 21-2021 Q3 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-10 Aug 21-2021 Q2 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-11 May 21-2021 Q1 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-10 Mar 21-2020 Q4 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-9 Nov 20-2020 Q3 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-11 Aug 20-2020 Q2 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-11 May 20-2020 Q1 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-27 Feb 20-2019 Q4 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-12 Nov 19-2019 Q3 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-8 Aug 19-2019 Q2 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-10 May 19-2019 Q1 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-18 Mar 19-2018 Q4 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-7 Nov 18-2018 Q3 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-8 Aug 18-2018 Q2 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-9 May 18-2018 Q1 Earnings call transcript

Cherry Hill Mortgage Investment (CHMI)-11 Nov 17-2017 Q3 Earnings call transcript

Actual												0.47	0.47	0.48	0.37	0.21	0.28	0.25	0.32	0.34	0.28	0.26	0.24	0.21	0.16	0.16	0.17	0.13	0.08	0.08	0.1	0.17	0.1	0.09	0.11
Forecast												-1.155	0.285	0.325	0.29	0.3175	0.26	0.3033	0.28	0.33	0.295	0.29	0.275	0.25	0.21	0.17	0.2	0.18	0.155	0.17	0.095	0.105	0.1133	0.1	0.105
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+140.69%	+64.91%	+47.69%	+27.59%	-33.86%	+7.69%	-17.57%	+14.29%	+3.03%	-5.08%	-10.34%	-12.73%	-16.00%	-23.81%	-5.88%	-15.00%	-27.78%	-48.39%	-52.94%	+5.26%	+61.90%	-11.74%	-10.00%	+4.76%

Actual	--	--	--	--	--	--	--	--	--	--	--	-56.55M	-12.57M	634.00K	10.88M	28.09M	-9.77M	-317.00K	9.59M	36.14M	-10.93M	46.12M	-31.14M	-16.74M	5.90M	20.53M	-30.89M	16.35M	6.58M	-7.08M	18.73M	-3.05M	6.04M	8.57M	11.76M
Forecast	--	--	--	--	--	--	--	--	--	--	--	19.00M	11.84M	16.65M	8.69M	15.85M	12.33M	13.56M	11.10M	12.00M	11.97M	11.99M	13.84M	13.83M	12.64M	12.24M	13.08M	12.67M	12.05M	13.60M	9.97M	11.03M	9.88M	9.90M	10.35M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-397.64%	-206.12%	-96.19%	+25.18%	+77.25%	-179.20%	-102.34%	-13.59%	+201.18%	-191.27%	+284.66%	-325.01%	-221.03%	-53.31%	+67.70%	-336.19%	+29.03%	-45.40%	-152.06%	+87.78%	-127.66%	-38.92%	-13.40%	+13.63%

CHMI

CHMI fundamentals

CHMI Q4 2025 Earnings

Earnings Call

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CHMI

CHMI fundamentals

CHMI Q4 2025 Earnings

Earnings Call

CHMI Earnings Call Summary for Q4/20255:00 PM on Feb 25, 2026

CHMI Earnings Call Summary for Q3/20255:00 PM on Nov 6, 2025

CHMI Earnings Call Summary for Q2/20255:00 PM on Aug 7, 2025

CHMI Earnings Call Summary for Q1/20255:00 PM on May 6, 2025

CHMI Earnings Call Summary for Q4/20245:00 PM on Mar 6, 2025

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