Maryland
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001-36099
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461315605
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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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Item 2.02. |
Results of Operations and Financial Condition.
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Item 9.01. |
Financial Statements and Exhibits.
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CHERRY HILL MORTGAGE INVESTMENT CORPORATION
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||
By:
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/s/ Martin J. Levine
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Martin J. Levine
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||
Date: March 18, 2019
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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 18, 2019
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· |
GAAP net loss applicable to common stockholders of $39.7 million, or $2.42 per share
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· |
Core earnings attributable to common stockholders of $10.8 million, or $0.66 per share
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· |
Book value of $17.58 per share at December 31, 2018, a 9.7% decline from September 30, 2018, net of the Company’s fourth quarter dividend and before giving
effect to the $0.15 special dividend
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· |
Declared regular common dividend of $0.49 per share; annualized common dividend yield at market close was 10.8% at March 15, 2019
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· |
Aggregate portfolio leverage stood at 4.8x at December 31, 2018
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· |
Increased UPB of MSR portfolio by approximately 10% during the quarter
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Three Months Ended
December 31,
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||||||||
2018
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2017
|
|||||||
(unaudited)
|
(unaudited)
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|||||||
Income
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||||||||
Interest income
|
$
|
16,958
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$
|
14,037
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||||
Interest expense
|
10,385
|
7,062
|
||||||
Net interest income
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6,573
|
6,975
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||||||
Servicing fee income
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16,574
|
7,660
|
||||||
Servicing costs
|
3,528
|
1,939
|
||||||
Net servicing income
|
13,046
|
5,721
|
||||||
Other income (loss)
|
||||||||
Realized loss on RMBS, net
|
(2,932
|
)
|
(1
|
)
|
||||
Realized loss on derivatives, net
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(3,162
|
)
|
(1,260
|
)
|
||||
Unrealized gain (loss) on derivatives, net
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(30,937
|
)
|
8,447
|
|||||
Unrealized gain (loss) on investments in MSRs
|
(21,924
|
)
|
3,688
|
|||||
Total Income (Loss)
|
(39,336
|
)
|
23,570
|
|||||
Expenses
|
||||||||
General and administrative expense
|
962
|
849
|
||||||
Management fee to affiliate
|
1,649
|
1,345
|
||||||
Total Expenses
|
2,611
|
2,194
|
||||||
Income (Loss) Before Income Taxes
|
(41,947
|
)
|
21,376
|
|||||
Provision for corporate business taxes
|
(3,137
|
)
|
1,143
|
|||||
Net Income (Loss)
|
(38,810
|
)
|
20,233
|
|||||
Net (income) loss allocated to noncontrolling interests in Operating Partnership
|
505
|
(269
|
)
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|||||
Dividends on preferred stock
|
1,395
|
1,240
|
||||||
Net Income (Loss) Applicable to Common Stockholders
|
$
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(39,700
|
)
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$
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18,724
|
|||
Net Income (Loss) Per Share of Common Stock
|
||||||||
Basic
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$
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(2.42
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)
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$
|
1.47
|
|||
Diluted
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$
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(2.42
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)
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$
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1.47
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|||
Weighted Average Number of Shares of Common Stock Outstanding
|
||||||||
Basic
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16,382,914
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12,713,265
|
||||||
Diluted
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16,391,170
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12,721,464
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Three Months Ended
December 31,
|
||||||||
2018
|
2017
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net Income (Loss)
|
$
|
(38,810
|
)
|
$
|
20,233
|
|||
Other comprehensive income:
|
||||||||
Net unrealized gain (loss) on RMBS
|
13,862
|
(7,683
|
)
|
|||||
Reclassification of net realized gain on RMBS included in earnings
|
2,932
|
1
|
||||||
Other comprehensive income (loss)
|
16,794
|
(7,682
|
)
|
|||||
Comprehensive income (loss)
|
$
|
(22,016
|
)
|
$
|
12,551
|
|||
Comprehensive income (loss) attributable to noncontrolling interests in Operating Partnership
|
(286
|
)
|
161
|
|||||
Dividends on preferred stock
|
1,395
|
1,240
|
||||||
Comprehensive income (loss) attributable to common stockholders
|
$
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(23,125
|
)
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$
|
11,150
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Three Months Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net Income (Loss)
|
$
|
(38,810
|
)
|
$
|
20,233
|
|||
Realized loss on RMBS, net
|
2,932
|
1
|
||||||
Realized loss on derivatives, net
|
3,162
|
1,260
|
||||||
Unrealized loss (gain) on derivatives, net
|
30,937
|
(8,447
|
)
|
|||||
Unrealized loss (gain) on investments in MSRs
|
21,924
|
(3,688
|
)
|
|||||
Tax (benefit) expense on unrealized (loss) gain on MSRs
|
(3,260
|
)
|
1,487
|
|||||
Changes due to realization of expected cash flows
|
(4,487
|
)
|
(4,935
|
)
|
||||
Yield maintenance income
|
-
|
500
|
||||||
Total core earnings:
|
$
|
12,398
|
$
|
8,656
|
||||
Core earnings attributable to noncontrolling interests in Operating Partnership
|
(159
|
)
|
(113
|
)
|
||||
Dividends on preferred stock
|
1,395
|
1,240
|
||||||
Core Earnings Attributable to Common Stockholders
|
$
|
10,845
|
$
|
7,303
|
||||
Core Earnings Attributable to Common Stockholders, per Share
|
$
|
0.66
|
$
|
0.57
|
||||
GAAP Net Income (Loss) Per Share of Common Stock
|
$
|
(2.42
|
)
|
$
|
1.47
|