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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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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Common Stock, $0.01 par value
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CHMI
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New York Stock Exchange
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8.20% Series A Cumulative Redeemable Preferred Stock, $0.01 par value
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CHMI-PRA
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New York Stock Exchange
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8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable
Preferred Stock, $0.01 par value
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CHMI-PRB
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New York Stock Exchange
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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/ Michael Hutchby
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|
Michael Hutchby | ||
Date: August 8, 2019
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Chief Financial Officer
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Exhibit
Number
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Description
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99.1 |
Press release, dated August 8, 2019
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• |
GAAP net loss applicable to common stockholders of $29.3 million, or $1.75 per diluted share
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• |
Core earnings attributable to common stockholders of $8.7 million, or $0.52 per share
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• |
Book value of $16.80 per share at June 30, 2019, a 4.2% decline from March 31, 2019, net of the Company’s second quarter dividend
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• |
Declared regular common dividend of $0.49 per share; annualized common dividend yield at market close was 13.4% at August 7, 2019
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• |
Aggregate portfolio leverage stood at 5.2x at June 30, 2019
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Three Months Ended
June 30,
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||||||||
2019
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2018
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Income
|
||||||||
Interest income
|
$
|
17,216
|
$
|
12,019
|
||||
Interest expense
|
11,707
|
7,324
|
||||||
Net interest income
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5,509
|
4,695
|
||||||
Servicing fee income
|
18,362
|
11,535
|
||||||
Servicing costs
|
4,103
|
2,394
|
||||||
Net servicing income
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14,259
|
9,141
|
||||||
Other income (loss)
|
||||||||
Realized loss on RMBS, net
|
-
|
(121
|
)
|
|||||
Realized loss on derivatives, net
|
(365
|
)
|
(2,033
|
)
|
||||
Unrealized gain (loss) on derivatives, net
|
(3,819
|
)
|
6,009
|
|||||
Unrealized loss on investments in MSRs
|
(44,042
|
)
|
(365
|
)
|
||||
Total Income (Loss)
|
(28,458
|
)
|
17,326
|
|||||
Expenses
|
||||||||
General and administrative expense
|
1,138
|
937
|
||||||
Management fee to affiliate
|
1,934
|
1,383
|
||||||
Total Expenses
|
3,072
|
2,320
|
||||||
Income (Loss) Before Income Taxes
|
(31,530
|
)
|
15,006
|
|||||
Provision for (Benefit from) corporate business taxes
|
(4,372
|
)
|
1,161
|
|||||
Net Income (Loss)
|
(27,158
|
)
|
13,845
|
|||||
Net (income) loss allocated to noncontrolling interests in Operating Partnership
|
438
|
(173
|
)
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|||||
Dividends on preferred stock
|
2,593
|
1,317
|
||||||
Net Income (Loss) Applicable to Common Stockholders
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$
|
(29,313
|
)
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$
|
12,355
|
|||
Net Income (Loss) Per Share of Common Stock
|
||||||||
Basic
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$
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(1.75
|
)
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$
|
0.91
|
|||
Diluted
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$
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(1.75
|
)
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$
|
0.91
|
|||
Weighted Average Number of Shares of Common Stock Outstanding
|
||||||||
Basic
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16,776,472
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13,616,461
|
||||||
Diluted
|
16,789,261
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13,624,676
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Three Months Ended
June 30,
|
||||||||
2019
|
2018
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net Income (Loss)
|
$
|
(27,158
|
)
|
$
|
13,845
|
|||
Other comprehensive income:
|
||||||||
Net unrealized gain (loss) on RMBS
|
25,536
|
(8,102
|
)
|
|||||
Reclassification of net realized gain on RMBS included in earnings
|
-
|
121
|
||||||
Other comprehensive income (loss)
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25,536
|
(7,981
|
)
|
|||||
Comprehensive income (loss)
|
$
|
(1,622
|
)
|
$
|
5,864
|
|||
Comprehensive income (loss) attributable to noncontrolling interests in Operating Partnership
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(29
|
)
|
75
|
|||||
Dividends on preferred stock
|
2,593
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1,317
|
||||||
Comprehensive income (loss) attributable to common stockholders
|
$
|
(4,186
|
)
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$
|
4,472
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Three Months Ended
June 30,
|
||||||||
2019
|
2018
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net Income (Loss)
|
$
|
(27,158
|
)
|
$
|
13,845
|
|||
Realized loss on RMBS, net
|
-
|
121
|
||||||
Realized loss on derivatives, net
|
365
|
2,033
|
||||||
Unrealized loss (gain) on derivatives, net
|
3,819
|
(6,009
|
)
|
|||||
Unrealized loss on investments in MSRs
|
44,042
|
365
|
||||||
Tax (benefit) expense on unrealized (loss) gain on MSRs
|
(4,249
|
)
|
1,085
|
|||||
Changes due to realization of expected cash flows
|
(5,309
|
)
|
(3,263
|
)
|
||||
Total core earnings:
|
$
|
11,510
|
$
|
8,177
|
||||
Core earnings attributable to noncontrolling interests in Operating Partnership
|
(185
|
)
|
(104
|
)
|
||||
Dividends on preferred stock
|
2,593
|
1,317
|
||||||
Core Earnings Attributable to Common Stockholders
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$
|
8,731
|
$
|
6,756
|
||||
Core Earnings Attributable to Common Stockholders, per Share
|
$
|
0.52
|
$
|
0.50
|
||||
GAAP Net Income (Loss) Per Share of Common Stock
|
$
|
(1.75
|
)
|
$
|
0.91
|