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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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(d)
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Exhibits:
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99.1 Press release, dated May 8, 2023.
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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: May 8, 2023
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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 May 8, 2023
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● |
GAAP net loss applicable to common stockholders of $21.4 million, or $0.87 per share.
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● |
Earnings available for distribution (“EAD”) attributable to common stockholders of $5.2 million, or $0.21 per diluted share.
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● |
Common book value per share of $5.52 at March 31, 2023.
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● |
Declared regular common dividend of $0.27 per share, annualized common dividend yield was 20.5% based on the closing sale price of the Company’s common stock reported as by the NYSE on May 5, 2023.
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● |
Aggregate portfolio leverage stood at 4.4x at March 31, 2023.
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● |
As of March 31, 2023, the Company had unrestricted cash of $54.6 million.
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Three Months Ended
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||||||||
March 31, 2023
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December 31, 2022
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(unaudited)
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(unaudited)
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|||||||
Income
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||||||||
Interest income
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$
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11,795
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$
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9,906
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||||
Interest expense
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11,955
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8,539
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Net interest income (expense)
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(160
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)
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1,367
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Servicing fee income
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13,874
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13,700
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Servicing costs
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2,765
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3,304
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Net servicing income
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11,109
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10,396
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Other income (loss)
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||||||||
Realized loss on RMBS, net
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(981
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)
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(30,701
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)
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Realized gain (loss) on derivatives, net
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(5,600
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)
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8,521
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Unrealized loss on RMBS, measured at fair value through earnings, net
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(192
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)
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-
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|||||
Unrealized loss on derivatives, net
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(12,246
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)
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(13,526
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)
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Unrealized loss on investments in Servicing Related Assets
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(8,668
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)
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(7,198
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)
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Total Loss
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(16,738
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)
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(31,141
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)
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Expenses
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General and administrative expense
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1,523
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1,587
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Management fee to affiliate
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1,680
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1,597
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Total Expenses
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3,203
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3,184
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Loss Before Income Taxes
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(19,941
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)
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(34,325
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)
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Benefit from corporate business taxes
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(619
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)
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(1,572
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)
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Net Loss
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(19,322
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)
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(32,753
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)
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Net loss allocated to noncontrolling interests in Operating Partnership
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377
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702
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Dividends on preferred stock
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2,463
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2,463
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Net Loss Applicable to Common Stockholders
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$
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(21,408
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)
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$
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(34,514
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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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(0.87
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)
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$
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(1.59
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)
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Diluted
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$
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(0.87
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)
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$
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(1.59
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)
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Weighted Average Number of Shares of Common Stock Outstanding
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||||||||
Basic
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24,662,823
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21,648,846
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Diluted
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24,685,241
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21,682,287
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Three Months Ended
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||||||||
March 31, 2023
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December 31, 2022
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|||||||
(unaudited)
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(unaudited)
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|||||||
Net Loss
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$
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(19,322
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)
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$
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(32,753
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)
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Other comprehensive income:
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||||||||
Unrealized gain on RMBS, available-for-sale, net
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14,639
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41,655
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Net other comprehensive income
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14,639
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41,655
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Comprehensive income (loss)
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$
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(4,683
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)
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$
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8,902
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Comprehensive income (loss) attributable to noncontrolling interests in Operating Partnership
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(91
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)
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197
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Dividends on preferred stock
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2,463
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2,463
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Comprehensive income (loss) attributable to common stockholders
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$
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(7,055
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)
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$
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6,242
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Three Months Ended
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||||||||
March 31, 2023
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December 31, 2022
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|||||||
(unaudited)
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(unaudited)
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|||||||
Net Loss
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$
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(19,322
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)
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$
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(32,753
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)
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Realized loss on RMBS, net
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981
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30,701
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Realized loss (gain) on derivatives, net ¹
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14,021
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(2,180
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)
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Unrealized loss on RMBS, measured at fair value through earnings, net
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192
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-
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Unrealized loss on derivatives, net
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12,246
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13,526
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Unrealized gain on investments in MSRs, net of estimated MSR amortization
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(739
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)
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(1,206
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)
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Tax (benefit) expense on realized and unrealized (loss) gain on MSRs
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459
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(217
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)
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Total EAD:
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$
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7,838
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$
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7,871
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EAD attributable to noncontrolling interests in Operating Partnership
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(153
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)
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(143
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)
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Dividends on preferred stock
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2,463
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2,463
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EAD Attributable to Common Stockholders
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$
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5,222
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$
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5,265
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EAD Attributable to Common Stockholders, per Diluted Share
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$
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0.21
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$
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0.24
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GAAP Net Loss Per Share of Common Stock, per Diluted Share
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$
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(0.87
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)
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$
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(1.59
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)
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(A) |
Excludes drop income on TBA dollar rolls of $538,000 and $749,000 and interest rate swap periodic interest income of $7.9 million and $5.6 million, for the three-month periods ended March 31, 2023
and December 31, 2022, respectively.
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