Cherry Hill Mortgage Investment ( (CHMI) ) has released its Q4 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 that acquires, invests in, and manages residential mortgage assets in the United States.
Cherry Hill Mortgage Investment Corporation reported its financial results for the fourth quarter and full year of 2024, highlighting a successful internalization of management and a focus on delivering strong shareholder returns.
For the fourth quarter of 2024, the company reported a GAAP net income of $9.1 million, or $0.29 per share, and earnings available for distribution of $3.3 million, or $0.10 per diluted share. The company’s common book value per share stood at $3.82, and it declared a regular common dividend of $0.15 per share, resulting in an annualized dividend yield of 17.5%. The company’s aggregate portfolio leverage was 5.3x, with unrestricted cash of $46.3 million at year-end.
The company experienced a net servicing income of $8.5 million and a net interest income of $0.7 million, with other income primarily from realized and unrealized gains on derivatives. Despite some realized and unrealized losses on its RMBS portfolio, Cherry Hill maintained a strong portfolio with a book value of approximately $1.1 billion and a weighted average coupon of 4.80%.
Looking ahead, Cherry Hill Mortgage Investment Corporation is optimistic about its growth prospects and aims to continue providing compelling returns to its shareholders, leveraging its strengthened management structure and strategic investments.