chmi stock Cherry Hill Mortgage Overview

Cherry Hill Mortgage Investment Corporation (CHMI)

chmi stock is a ticker representing Cherry Hill Mortgage Investment Corporation, a U.S.-listed residential mortgage real estate investment trust (mREIT) that focuses on acquiring and managing mortgage servicing rights (MSRs), agency and non‑agency residential mortgage-backed securities (RMBS), and other residential mortgage assets. CHMI is listed on the NYSE under the ticker CHMI. The company operates a dividend‑oriented strategy designed to generate income from servicing economics, net interest income, and realized gains/losses on mortgage assets.

As of June 30, 2024, per the company’s most recent SEC filings and investor disclosures, CHMI identifies MSRs, agency and non‑agency RMBS, and servicing‑related assets as its primary investment categories. Readers will gain an approachable, filing‑based overview of chmi stock, how the business makes money, the main risks to watch, and where to find up‑to‑date market data and filings.

History

Cherry Hill Mortgage Investment Corporation was formed to operate as a mortgage real estate investment trust focused on servicing‑related assets and residential mortgage securities. The company’s corporate evolution includes formation, REIT election, and a public listing to access capital markets for portfolio growth and dividend distributions.

Key historical milestones typically reported by mREITs like CHMI include formation and capitalization, REIT election (to qualify for pass‑through taxation), a public offering or listing event, and strategic portfolio shifts or corporate reviews. For chmi stock, readers should reference the company’s registration statements and periodic filings to confirm exact dates and transaction details.

Concise timeline (example items to verify in filings):

• Formation and corporate organization (see company charter and registration statement).
• Election to be taxed as a REIT (documented in SEC filings).
• Public listing on the NYSE under ticker CHMI (see listing announcement and prospectus).
• Announcements of major portfolio acquisitions or sales, strategic reviews, or management changes.

As of June 30, 2024, per Cherry Hill Mortgage’s Form 10‑Q and associated investor materials, the company had publicly disclosed its principal asset classes and strategic emphasis on servicing economics and RMBS exposure.

Business model and operations

Cherry Hill Mortgage (chmi stock) operates as a mortgage REIT with a focus on residential mortgage assets. Its core activities include acquiring and managing mortgage servicing rights, investing in agency and non‑agency RMBS, holding servicing‑related assets, and selectively investing in other residential mortgage instruments.

The company’s revenue drivers generally include:

• Net interest income (interest received on assets less interest expense on financings).
• Servicing economics (servicing fees, ancillary income, and compensation related to MSRs).
• Realized and unrealized gains or losses from the sale or revaluation of RMBS and other assets.

CHMI’s cash available for distribution is affected by servicing cash flows, financing costs, prepayment speeds, credit performance, and mark‑to‑market volatility of RMBS holdings. The firm commonly uses short‑term borrowings and structured financing to leverage assets, which both amplifies returns and increases risk.

Investment segments

The company typically reports results across several operating segments. For chmi stock, the following segment descriptions are useful for understanding revenue contribution and risk exposure:

• Investments in RMBS

  • This segment includes agency RMBS (securities guaranteed by government‑sponsored entities) and non‑agency RMBS (private‑label securities). The holdings generate coupon interest, principal repayments, and mark‑to‑market gains or losses. Agency RMBS tend to have lower credit risk but remain subject to interest rate and prepayment risk; non‑agency RMBS carry credit risk and may require active credit monitoring.

• Investments in Servicing‑Related Assets

  • This includes MSRs (the contractual right to service mortgage loans and collect servicing fees), excess servicing spread structures, and other assets tied to the mechanics of mortgage servicing. Servicing‑related assets produce recurring servicing economics but are sensitive to prepayment rates and servicing costs.

• All Other

  • This category generally captures residual investments, working capital, cash, deferred costs, and any ancillary businesses. For chmi stock, this bucket can include hedging instruments, short‑term liquid assets, or non‑core holdings.

Each segment has different sensitivity to interest rates, prepayments, credit conditions, and liquidity considerations.

Management and external management structure

Many mortgage REITs use an internally or externally managed structure. For CHMI, governance documents and filings describe whether operations are managed by an in‑house team or by Cherry Hill Mortgage Management, LLC (or another external manager). The management structure affects fees, alignment of incentives, and oversight.

Key management roles relevant to chmi stock operations include:

• Chief Executive Officer (CEO): responsible for overall strategy and capital allocation.
• Chief Investment Officer (CIO): oversees portfolio construction, RMBS and MSR acquisitions, and risk management.
• Chief Financial Officer (CFO): manages capital markets activity, financial reporting, leverage, and liquidity.
• Head of Servicing: responsible for servicing operations, subservicer relationships, and servicing economics.

Investors should review the company’s proxy statements and Form 10‑K/10‑Q to confirm the exact management and external management arrangements for chmi stock, including any advisory or management fees, profit sharing, or termination provisions.

Portfolio and holdings

A central focus for anyone analyzing chmi stock is the composition and performance of the company’s investable assets. Typical disclosure items include the unpaid principal balance (UPB) of mortgage loans associated with MSRs, the carrying value and composition of RMBS holdings, and amounts invested in servicing‑related assets.

Typical portfolio composition metrics to look for in CHMI’s filings and presentations:

• MSR UPB (the aggregate unpaid principal balance of loans that CHMI services or that underlie the MSRs it owns).
• Fair value carrying amount of MSRs and servicing‑related assets.
• Par value and fair value of agency RMBS and non‑agency RMBS holdings.
• Concentration by loan vintage, geographic distribution, credit score buckets (for non‑agency exposure), and weighted average coupon or duration metrics.

Diversification approach

Cherry Hill’s portfolio management typically aims to diversify by asset type (MSRs vs RMBS), loan characteristics, and counterparty exposures to limit concentration risk. CHMI’s public disclosures should report any material concentrations and changes to portfolio composition across reporting periods.

Publicly disclosed portfolio metrics

For chmi stock, look for the following items in the quarterly (Form 10‑Q) and annual (Form 10‑K) filings:

• Total investable assets (by fair value).
• Aggregate UPB related to held MSRs (in dollars).
• Carrying value of RMBS holdings and classification (agency vs non‑agency).
• Servicing‑related assets and any notes on valuation methods (e.g., discounted cash flow assumptions, prepayment models).

As of June 30, 2024, per the company’s SEC disclosures, CHMI provided periodic detail on its MSR UPB and RMBS balances; readers should consult the most recent filings for precise, verifiable values.

Financial profile and performance

When evaluating chmi stock, several financial metrics are essential to understand the company’s operating performance and financial health. The most informative figures include:

• Revenue (total and segmented: interest income, servicing income, realized gains/losses).
• Net income (GAAP) and adjusted earnings measures used by management.
• Book value per share (core equity value per common share, often reported as tangible book value).
• Total assets and total liabilities (balance sheet size and composition).
• Total debt and financing arrangements (short‑term borrowings, warehouse lines, repurchase agreements).
• Cash flow metrics: operating cash flow, investing cash flow, and financing cash flow; funds from operations (FFO) if reported.
• Dividend history: declared dividends per share, frequency, payout source, and sustainability commentary.

Trends to monitor for chmi stock

• Book value trends: increases/decreases due to net earnings, unrealized gains/losses, and dividend distributions.
• Dividend coverage: whether servicing cash flows, net interest income, or asset sales are funding dividends; look for management commentary on sustainable coverage.
• Leverage trends: changes in borrowing levels, average cost of debt, and leverage ratios over time.
• Profitability drivers: net interest margin, servicing margin, and realized gains from RMBS sales or revaluations.

All quantitative analysis must reference primary disclosures. As of June 30, 2024, per CHMI’s filings, the company discussed its primary drivers of revenue and noted the importance of servicing economics and interest rate environments in determining quarterly results.

Capital structure and leverage

CHMI’s capital structure determines how the company funds asset acquisitions and dividends. Important elements for chmi stock analysis include:

• Debt profile: types of borrowings (repurchase agreements, secured financings, term debt), maturities, covenants, and counterparties.
• Use of short‑term borrowings and repurchase facilities to finance RMBS and MSR acquisitions.
• Leverage ratios: debt to equity, debt to total assets, and net leverage metrics used by management.
• Preferred shares: any outstanding preferred stock series (e.g., Series A, Series B) with stated dividends and liquidation preferences.
• Dividend funding sources: whether dividends are funded from operating cash flows, financing proceeds, or asset sales.

Impact on risk and return

Higher leverage can magnify returns on chmi stock while increasing the company’s sensitivity to interest rate changes, margin calls, and liquidity squeezes. Preferred shares, if outstanding, have seniority over common equity for dividend payments and liquidation claims and can affect common shareholders’ residual risk.

Investors should review CHMI’s detailed notes to the financial statements for the exact terms of financing agreements and any material covenants or borrowing concentrations.

Stock information

The following market data items are commonly included in a summary of chmi stock:

• Ticker: CHMI
• Primary exchange: NYSE
• Market capitalization (market cap)
• Shares outstanding and public float
• Typical trading ranges and historical price performance (1‑year, year‑to‑date)
• Dividend yield and recent ex‑dividend dates
• Analyst coverage and consensus price targets (if any)
• Trading metrics: average daily volume, recent volumes, short interest percentage

As of June 30, 2024, per primary market data providers and the company’s filings, market participants should consult the latest quote pages and filings for up‑to‑date market capitalization, trading volume, and float for chmi stock. Market metrics fluctuate daily; always validate numbers in real time via official market quotes and the company’s investor relations materials.

Preferred and other traded securities

If CHMI has any publicly traded preferred share series or other listed securities, they should be described separately. For each series, include symbol (if listed), stated liquidation preference, dividend rate (fixed or floating), callable features, and typical trading yields. Preferred instruments affect the company’s capital structure and are relevant to income‑oriented investors analyzing chmi stock.

Risk factors

Investing in chmi stock carries risks typical of mortgage REITs and servicing businesses. Key risk categories include:

• Interest rate sensitivity: Changes in interest rates affect RMBS prices, MSR valuations (through discount rates and prepayment expectations), and funding costs. A rising rate environment can widen or compress spreads depending on portfolio positioning.

• Leverage and refinancing risk: Heavy reliance on short‑term financing exposes CHMI to margin calls, covenant risk, and roll‑over risk if counterparties tighten lending or capital markets seize up.

• Hedging effectiveness: The company may use derivatives to hedge interest rate and spread exposures. Ineffective hedges or basis risk can generate unexpected mark‑to‑market losses.

• Prepayment and credit risk: Faster-than‑expected prepayments reduce future servicing cash flows and can materially change MSR economics. Non‑agency RMBS are also exposed to borrower credit performance.

• Liquidity risk: RMBS and some servicing‑related assets can be less liquid in stressed markets, limiting the company’s ability to sell assets at attractive prices to raise cash.

• Regulatory and tax risk: REIT status requires strict compliance with distribution and income tests; changes in tax law or failures to meet REIT requirements can impact after‑tax returns.

• Concentration risk: Concentration in particular asset types, loan vintages, or counterparties can increase vulnerability to localized credit or operational events.

• Operational risk: Servicing operations require systems, third‑party servicers, and compliance procedures; failures can result in regulatory penalties and reputational damage.

CHMI’s filings (e.g., the Risk Factors section of the Form 10‑K) provide detailed, legally required disclosure of these and other company‑specific risks.

Corporate governance and management

Good governance disclosures provide insight into how chmi stock is managed and governed. Key items to review include:

• Board composition: number of directors, independence, committee structure (audit, compensation, nominating/governance).
• Executive officers: CEO, CFO, CIO and other named executives with bios and industry experience.
• Compensation practices: executive pay structure, equity awards, performance incentives, and links between pay and shareholder outcomes.
• Insider ownership and recent insider transactions: significant holdings by directors or executives and any buying or selling they report.

Investors should consult the company’s proxy statement (DEF 14A) for detailed governance and compensation disclosures relevant to chmi stock.

Recent developments and news highlights

When evaluating chmi stock, track recent public events that may affect the company’s valuation or operations. Examples of developments that commonly matter include:

• Quarterly earnings releases and conference call commentary on servicing performance, RMBS valuations, and dividend declarations.
• Announcements of dividend changes, particularly cuts or suspensions for mREITs.
• Material changes in book value per share or impairment charges.
• Strategic reviews, asset sales, or capital raises.
• Management changes, including departures of the CEO, CIO, or CFO.

As of June 30, 2024, per Cherry Hill Mortgage’s public filings and investor materials, the company continued to report periodic updates about its portfolio composition and operating results. For the latest dated news items, reference the company’s press releases and SEC filings. Example phrasing for sourcing: “As of June 30, 2024, per the company’s Form 10‑Q filed with the SEC, CHMI reported its most recent quarter’s portfolio and results.”

Regulation, taxation, and REIT status

Being a REIT has important implications for chmi stock. Key points:

• REIT tax election: To qualify as a REIT, the company must distribute at least 90% of its taxable income to shareholders annually and meet income and asset tests. This tax status allows the REIT to avoid corporate income tax on distributed taxable income, but it imposes distribution and compliance constraints.

• Tax distribution requirements: REITs commonly communicate how dividends are classified (ordinary income vs return of capital vs capital gains) and how distributions relate to taxable income.

• Regulatory environment: Mortgage servicing and RMBS markets are subject to oversight by banking and consumer protection regulators. Servicing activities require compliance with servicing standards, loss mitigation protocols, and data protection rules.

• Disclosure frameworks: CHMI must file regular reports with the SEC (10‑K, 10‑Q, 8‑K) and commentary on material events, derivatives exposure, and risk management.

Investors should confirm CHMI’s REIT qualification status and any tax‑related disclosures in the company’s annual reports.

Valuation and analyst views

Common valuation metrics for mREITs and chmi stock include:

• Price-to-Book (P/B) ratio: market price divided by book value per share (or tangible book value); widely used for REITs where book value is a proxy for net asset value.
• Dividend yield: trailing or forward dividend yield relative to current market price.
• Price-to‑earnings (P/E): less commonly used for mREITs with volatile mark‑to‑market items but still referenced when earnings are stable.
• Net asset value per share (NAV): management or analyst estimates of the fair value of assets less liabilities, often compared to market capitalization.

Analyst sentiment and price targets

Where analyst coverage exists, consensus recommendations (buy/hold/sell mix) and price targets reflect expectations for book value trends, dividend sustainability, and macro factors like interest rates. For chmi stock, investors should examine the coverage summaries from reputable sell‑side analysts and note the date of the most recent research since valuation drivers can change quickly.

Key factors that influence analyst views include: the company’s leverage profile, servicing economics, hedging program effectiveness, and the outlook for mortgage prepayments and RMBS spreads.

Controversies and criticism

Any public controversies, legal proceedings, regulatory inquiries, or critical media coverage can materially affect perception of chmi stock. Potential areas of criticism for an mREIT like CHMI include:

• Allegations of mispricing or inadequate disclosure of asset valuations.
• Servicing compliance issues or regulatory penalties related to mortgage servicing practices.
• Conflicts of interest in externally managed structures or related‑party transactions.
• Dividend policies perceived as unsustainable.

Material controversies will be disclosed in filings (8‑K, legal proceedings notes) and in press coverage; they can influence credit counterparties, rating agencies, and investor sentiment.

See also

• Mortgage REITs (mREITs)
• Mortgage servicing rights (MSRs)
• Residential RMBS
• REIT taxation and distribution rules
• Comparable mortgage REIT companies (compare by strategy and asset focus)

References

This article relies on primary company disclosures and reputable market sources for factual information about chmi stock. Key sources to consult include the following (search by name on the issuer’s investor relations page or the SEC’s EDGAR system):

• Company Form 10‑K (annual report) and Form 10‑Q (quarterly reports).
• Current reports on Form 8‑K and registration statements/prospectuses.
• Company press releases and investor presentations.
• Market data providers and reputable financial news outlets for trading metrics and analyst coverage.

As of June 30, 2024, per Cherry Hill Mortgage Investment Corporation’s most recent SEC filings and investor disclosures, the company reported its core asset classes and reiterated the importance of servicing economics and RMBS exposure in its operating model.

External links

Recommended resources to track chmi stock and obtain up‑to‑date filings and market quotes (search the titles below on the web or on your market platform):

• Cherry Hill Mortgage Investment Corporation — Investor Relations (company website)
• SEC EDGAR — Company filings for CHMI (10‑K, 10‑Q, 8‑K)
• Major market quote pages for CHMI (real‑time quotes, historical charts, and trading statistics)

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Practical checklist for analyzing chmi stock

1. Review the most recent Form 10‑Q / 10‑K for up‑to‑date portfolio and financial metrics.
2. Check MSR UPB and servicing cash flow reconciliations in the disclosures.
3. Evaluate the composition and fair value of agency vs non‑agency RMBS holdings.
4. Assess leverage and financing terms in the notes (maturities, covenants, counterparties).
5. Examine hedging strategies and derivatives disclosures for interest rate and spread exposure.
6. Track dividend history, payout coverage, and management commentary on sustainability.
7. Monitor market metrics: market cap, float, average daily volume, and short interest.
8. Read management discussion and risk factor updates for material changes.

How to stay current on chmi stock (practical steps)

• Subscribe to CHMI’s investor relations email alerts to receive earnings releases and investor presentations.
• Review the company’s SEC filings (10‑Q/10‑K) after each reporting period for verified data.
• Use reputable market data pages for current quotes and trading metrics; check average daily volume and recent price performance.
• Follow conference call transcripts and earnings call recordings for management’s tone and forward‑looking commentary.

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Final notes and reader action

chmi stock represents exposure to a mortgage servicing and RMBS strategy that can offer income potential but brings pronounced interest rate, liquidity, and operational risks. Readers should use this article as a foundational overview and always verify specific numbers and dates directly from CHMI’s SEC filings and investor relations materials before making any decisions.

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