Cherry Hill Mortgage Investment Corporation (CHMI) Q4 2025 earnings summary

Executive summary

• GAAP net income applicable to common stockholders was $5.3 million, or $0.14 per diluted share, for Q4 2025, with book value per common share rising to $3.44 at December 31, 2025.

• Earnings available for distribution (EAD) were $3.9 million, or $0.11 per share.

• Dividend of $0.10 per common share was declared and paid for the quarter, with an annualized yield of 15.4%.

• Book value per share increased 2.4% net of the $0.10 dividend, and total quarterly economic gain was 5.4% for Q4 2025.

• Portfolio leverage stood at 5.4x, with unrestricted cash of $54.9 million at quarter-end.

Financial highlights

• Total assets reached $1.54 billion as of December 31, 2025, up from $1.49 billion a year earlier.

• Comprehensive income attributable to common stockholders was $6.5 million, or $0.18 per diluted share.

• Net interest income for Q4 2025 was $3.2 million; net servicing income was $8.1 million.

• General and administrative plus compensation expenses totaled $3.3 million for the quarter.

• Preferred dividends were declared and paid on Series A and Series B preferred stock.

Outlook and guidance

• Management remains focused on prudent leverage, strong liquidity, and seeking accretive investment opportunities in 2026.

• Expectation for improved dollar roll income and net interest spread in the first quarter of 2026.

• Book value as of March 31, 2026, is up about 1% from December 31, 2025.

• Portfolio risk to spread changes highlighted, with a 50 bps widening in spreads estimated to reduce book value per share by 13.8%.

• Interest rate sensitivity analysis shows limited impact on book value per share for ±25 bps parallel shifts.