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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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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 9, 2021
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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 9, 2021
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104 |
Cover Page Interactive Data File - cover page XBRL tags are embeddde within the Inline XBRL document. |
• |
GAAP net income applicable to common stockholders of $6.4 million, or $0.38 per share
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• |
Core earnings attributable to common stockholders of $6.3 million, or $0.37 per share
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• |
Common book value per share of $11.16 at December 31, 2020
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• |
Declared regular common dividend of $0.27 per share, annualized common dividend yield at market close was 10.3% at March 8, 2021
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• |
Aggregate portfolio leverage stood at 4.0x at December 31, 2020
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• |
As of December 31, 2020, the Company had unrestricted cash of approximately $84 million
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Three Months Ended
December 31,
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||||||||
2020
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2019
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|||||||
(unaudited)
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(unaudited)
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|||||||
Income
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||||||||
Interest income
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$
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8,638
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$
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19,770
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||||
Interest expense
|
619
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13,499
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||||||
Net interest income
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8,019
|
6,271
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||||||
Servicing fee income
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14,045
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19,318
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||||||
Servicing costs
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4,940
|
5,378
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||||||
Net servicing income
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9,105
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13,940
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||||||
Other income (loss)
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||||||||
Realized gain on RMBS, available-for-sale, net
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7,950
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627
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||||||
Realized loss on derivatives, net
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(787
|
)
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(17,148
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)
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||||
Realized loss on acquired assets, net
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(93
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)
|
(28
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)
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||||
Unrealized gain (loss) on derivatives, net
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(3,266
|
)
|
3,357
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|||||
Unrealized gain (loss) on investments in Servicing Related Assets
|
(10,050
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)
|
1,959
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|||||
Total Income
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10,878
|
8,978
|
||||||
Expenses
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||||||||
General and administrative expense
|
1,209
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1,352
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||||||
Management fee to affiliate
|
1,842
|
1,999
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||||||
Total Expenses
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3,051
|
3,351
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||||||
Income Before Income Taxes
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7,827
|
5,627
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||||||
Provision for (Benefit from) corporate business taxes
|
(1,216
|
)
|
1,132
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|||||
Net Income
|
9,043
|
4,495
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||||||
Net income allocated to noncontrolling interests in Operating Partnership
|
(168
|
)
|
(75
|
)
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||||
Dividends on preferred stock
|
2,463
|
2,460
|
||||||
Net Income Applicable to Common Stockholders
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$
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6,412
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$
|
1,960
|
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Net Income Per Share of Common Stock
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||||||||
Basic
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$
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0.38
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$
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0.12
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||||
Diluted
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$
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0.38
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$
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0.12
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||||
Weighted Average Number of Shares of Common Stock Outstanding
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||||||||
Basic
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17,054,634
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16,797,523
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||||||
Diluted
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17,076,858
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16,810,312
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Three Months Ended
December 31,
|
||||||||
2020
|
2019
|
|||||||
|
(unaudited)
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(unaudited)
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||||||
Net Income
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$
|
9,043
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$
|
4,495
|
||||
Other comprehensive income (loss):
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||||||||
Net unrealized gain (loss) on RMBS
|
(3,915
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)
|
7,373
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|||||
Reclassification of net realized loss on RMBS included in earnings
|
(7,950
|
)
|
(627
|
)
|
||||
Other comprehensive income (loss)
|
(11,865
|
)
|
6,746
|
|||||
Comprehensive income (loss)
|
$
|
(2,822
|
)
|
$
|
11,241
|
|||
Comprehensive income (loss) attributable to noncontrolling interests in Operating Partnership
|
(50
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)
|
181
|
|||||
Dividends on preferred stock
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2,463
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2,460
|
||||||
Comprehensive income (loss) attributable to common stockholders
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$
|
(5,235
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)
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$
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8,600
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Three Months Ended
December 31,
|
||||||||
2020
|
2019
|
|||||||
|
(unaudited)
|
(unaudited)
|
||||||
Net Income
|
$
|
9,043
|
$
|
4,495
|
||||
Realized gain on RMBS, net
|
(7,950
|
)
|
(627
|
)
|
||||
Realized loss on derivatives, net
|
787
|
17,148
|
||||||
Realized loss on acquired assets, net
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93
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28
|
||||||
Unrealized loss (gain) on derivatives, net
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3,266
|
(3,357
|
)
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|||||
Unrealized loss (gain) on investments in MSRs, net of estimated MSR amortization
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3,596
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(9,786
|
)
|
|||||
Tax benefit of realized and unrealized loss on MSRs
|
52
|
2,876
|
||||||
Total core earnings:
|
$
|
8,887
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$
|
10,777
|
||||
Core earnings attributable to noncontrolling interests in Operating Partnership
|
(162
|
)
|
(173
|
)
|
||||
Dividends on preferred stock
|
2,463
|
2,460
|
||||||
Core Earnings Attributable to Common Stockholders
|
$
|
6,262
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$
|
8,144
|
||||
Core Earnings Attributable to Common Stockholders, per Diluted Share
|
$
|
0.37
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$
|
0.48
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||||
GAAP Net Income Per Share of Common Stock, per Diluted Share
|
$
|
0.38
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$
|
0.12
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