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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CHMI

CHMI fundamentals

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