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(State or other jurisdiction of incorporation)
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Commission File Number:
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(IRS Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Item 2.02. |
Results of Operations and Financial Condition.
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Item 9.01. |
Financial Statements and Exhibits.
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(d)
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Exhibits:
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99.1 Press release, dated March 7, 2023.
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CHERRY HILL MORTGAGE INVESTMENT
CORPORATION
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By:
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/s/ Michael Hutchby
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Michael Hutchby
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Date: March 7, 2023
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Chief Financial Officer
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Exhibit
Number
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Description
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Press release, dated March 7, 2023
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• |
GAAP net loss applicable to common stockholders of $34.5 million, or $1.59 per share
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• |
Earnings available for distribution (“EAD”) attributable to common stockholders of $5.3 million, or $0.24 per share
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• |
Common book value per share of $6.06 at December 31, 2022.
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• |
Declared regular common dividend of $0.27 per share, annualized common dividend yield at market close was 16.2% on March 6, 2023
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• |
Aggregate portfolio leverage stood at 3.8x at December 31, 2022
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• |
As of December 31, 2022, the Company had unrestricted cash of $57.3 million
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Three Months Ended
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||||||||
December 31, 2022
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September 30, 2022
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(unaudited)
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(unaudited)
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|||||||
Income
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||||||||
Interest income
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$
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9,906
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$
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8,213
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||||
Interest expense
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8,539
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4,882
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||||||
Net interest income
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1,367
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3,331
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||||||
Servicing fee income
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13,700
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13,426
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Servicing costs
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3,304
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2,725
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Net servicing income
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10,396
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10,701
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Other income (loss)
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||||||||
Realized loss on RMBS, available-for-sale, net
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(30,701
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)
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(9,735
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)
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||||
Realized gain on derivatives, net
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8,521
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6,210
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||||||
Unrealized gain (loss) on derivatives, net
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(13,526
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)
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33,321
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|||||
Unrealized gain (loss) on investments in Servicing Related Assets
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(7,198
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)
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2,293
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|||||
Total Income (Loss)
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(31,141
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)
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46,121
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|||||
Expenses
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||||||||
General and administrative expense
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1,587
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1,475
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Management fee to affiliate
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1,597
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1,625
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Total Expenses
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3,184
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3,100
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||||||
Income (Loss) Before Income Taxes
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(34,325
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)
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43,021
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|||||
Provision for (Benefit from) corporate business taxes
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(1,572
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)
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1,344
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|||||
Net Income (Loss)
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(32,753
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)
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41,677
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|||||
Net (income) loss allocated to noncontrolling interests in Operating Partnership
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702
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(866
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)
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Dividends on preferred stock
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2,463
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2,462
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Net Income (Loss) Applicable to Common Stockholders
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$
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(34,514
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)
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$
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38,349
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Net Income (Loss) Per Share of Common Stock
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||||||||
Basic
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$
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(1.59
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)
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$
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1.91
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Diluted
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$
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(1.59
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)
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$
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1.90
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Weighted Average Number of Shares of Common Stock Outstanding
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||||||||
Basic
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21,648,846
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20,123,165
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||||||
Diluted
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21,682,287
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20,156,606
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Three Months Ended
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||||||||
December 31, 2022
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September 30, 2022
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|||||||
(unaudited)
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(unaudited)
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|||||||
Net Income (Loss)
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$
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(32,753
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)
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$
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41,677
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|||
Other comprehensive income (loss):
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||||||||
Unrealized gain (loss) on RMBS, available-for-sale, net
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41,655
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(46,592
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)
|
|||||
Net other comprehensive income (loss)
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41,655
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(46,592
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)
|
|||||
Comprehensive income (loss)
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$
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8,902
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$
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(4,915
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)
|
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Comprehensive income (loss) attributable to noncontrolling interests in Operating Partnership
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197
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(92
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)
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|||||
Dividends on preferred stock
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2,463
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2,462
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||||||
Comprehensive income (loss) attributable to common stockholders
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$
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6,242
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$
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(7,285
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)
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Three Months Ended
|
||||||||
December 31, 2022
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September 30, 2022
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net Income (Loss)
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$
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(32,753
|
)
|
$
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41,677
|
|||
Realized loss on RMBS, net
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30,701
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9,735
|
||||||
Realized gain on derivatives, net ¹
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(2,180
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)
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(2,143
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)
|
||||
Unrealized loss (gain) on derivatives, net
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13,526
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(33,321
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)
|
|||||
Unrealized gain on investments in MSRs, net of estimated MSR amortization
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(1,206
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)
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(10,590
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)
|
||||
Tax (benefit) expense on realized and unrealized (loss) gain on MSRs
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(217
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)
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2,404
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|||||
Total EAD:
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$
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7,871
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$
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7,762
|
||||
EAD attributable to noncontrolling interests in Operating Partnership
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(143
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)
|
(153
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)
|
||||
Dividends on preferred stock
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2,463
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2,462
|
||||||
EAD Attributable to Common Stockholders
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$
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5,265
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$
|
5,147
|
||||
EAD Attributable to Common Stockholders, per Diluted Share
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$
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0.24
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$
|
0.26
|
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GAAP Net Income (Loss) Per Share of Common Stock, per Diluted Share
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$
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(1.59
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)
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$
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1.90
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1.
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Excludes drop income on TBA dollar rolls of $0.7 million and interest rate swap periodic interest income of $5.6 million for the three-month period ended
December 31, 2022. Excludes drop income on TBA dollar rolls of $0.8 million and interest rate swap periodic interest income of $3.2 million for the three-month period ended September 30, 2022.
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