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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: November 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 November 9, 2021
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• |
GAAP net loss applicable to common stockholders of $6.2 million, or $0.36 per share
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• |
Earnings available for distribution (“EAD”, fka “core earnings”) attributable to common stockholders of $4.2 million, or $0.25 per share. Earnings available for
distribution included a one-time payment of $0.03 per share related to the Company’s mortgage servicer Aurora
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• |
Common book value per share of $9.07 at September 30, 2021
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• |
Declared regular common dividend of $0.27 per share, annualized common dividend yield at market close was 11.8% at November 8, 2021
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• |
Aggregate portfolio leverage stood at 3.2x at September 30, 2021
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• |
As of September 30, 2021, the Company had unrestricted cash of $62.9 million
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Three Months Ended
September 30,
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||||||||
2021
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2020
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|||||||
(unaudited)
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(unaudited)
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|||||||
Income
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||||||||
Interest income
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$
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7,043
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$
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10,001
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||||
Interest expense
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646
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(18
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)
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|||||
Net interest income
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6,397
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10,019
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||||||
Servicing fee income
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13,839
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14,365
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||||||
Servicing costs
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3,080
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5,266
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||||||
Net servicing income
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10,759
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9,099
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||||||
Other income (loss)
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||||||||
Realized gain (loss) on RMBS, available-for-sale, net
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(1,050
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)
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6,722
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|||||
Realized loss on derivatives, net
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(3,023
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)
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(7,841
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)
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||||
Realized loss on acquired assets, net
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(19
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)
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(95
|
)
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||||
Unrealized gain (loss) on derivatives, net
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(5,467
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)
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3,702
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|||||
Unrealized loss on investments in Servicing Related Assets
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(7,914
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)
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(20,972
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)
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||||
Total Income (Loss)
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(317
|
)
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634
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|||||
Expenses
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||||||||
General and administrative expense
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1,729
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1,503
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||||||
Management fee to affiliate
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1,959
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1,989
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||||||
Total Expenses
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3,688
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3,492
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||||||
Loss Before Income Taxes
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(4,005
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)
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(2,858
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)
|
||||
Benefit from corporate business taxes
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(215
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)
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(2,116
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)
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||||
Net Loss
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(3,790
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)
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(742
|
)
|
||||
Net loss allocated to noncontrolling interests in Operating Partnership
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77
|
10
|
||||||
Dividends on preferred stock
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2,462
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2,459
|
||||||
Net Loss Applicable to Common Stockholders
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$
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(6,175
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)
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$
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(3,191
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)
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Net Loss Per Share of Common Stock
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||||||||
Basic
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$
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(0.36
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)
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$
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(0.19
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)
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Diluted
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$
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(0.36
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)
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$
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(0.19
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)
|
||
Weighted Average Number of Shares of Common Stock Outstanding
|
||||||||
Basic
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17,185,872
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17,054,634
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||||||
Diluted
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17,206,086
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17,076,858
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Three Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
(unaudited)
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(unaudited)
|
|||||||
Net Loss
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$
|
(3,790
|
)
|
$
|
(742
|
)
|
||
Other comprehensive income (loss):
|
||||||||
Net unrealized gain on RMBS
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512
|
4,612
|
||||||
Reclassification of net realized gain (loss) on RMBS included in earnings
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1,050
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(6,722
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)
|
|||||
Other comprehensive income (loss)
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1,562
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(2,110
|
)
|
|||||
Comprehensive loss
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$
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(2,228
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)
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$
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(2,852
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)
|
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Comprehensive loss attributable to noncontrolling interests in Operating Partnership
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(42
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)
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(49
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)
|
||||
Dividends on preferred stock
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2,462
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2,459
|
||||||
Comprehensive loss attributable to common stockholders
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$
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(4,648
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)
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$
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(5,262
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)
|
Three Months Ended September 30,
|
||||||||
2021
|
2020
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net Loss
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$
|
(3,790
|
)
|
$
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(742
|
)
|
||
Realized loss (gain) on RMBS, net
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1,050
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(6,722
|
)
|
|||||
Realized loss on derivatives, net
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3,023
|
7,841
|
||||||
Realized loss on acquired assets, net
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19
|
95
|
||||||
Unrealized loss (gain) on derivatives, net
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5,467
|
(3,702
|
)
|
|||||
Unrealized loss on investments in MSRs, net of estimated MSR amortization
|
417
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15,091
|
||||||
Tax (benefit) expense on realized and unrealized (loss) gain on MSRs
|
655
|
(1,017
|
)
|
|||||
Total EAD:
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$
|
6,841
|
$
|
10,844
|
||||
EAD attributable to noncontrolling interests in Operating Partnership
|
(134
|
)
|
(198
|
)
|
||||
Dividends on preferred stock
|
2,462
|
2,459
|
||||||
EAD Attributable to Common Stockholders
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$
|
4,245
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$
|
8,187
|
||||
EAD Attributable to Common Stockholders, per Diluted Share
|
$
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0.25
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$
|
0.48
|
||||
GAAP Net Loss Per Share of Common Stock, per Diluted Share
|
$
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(0.36
|
)
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$
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(0.19
|
)
|
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