This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Cherry Hill Mortgage Investment Corporation Announces Second Quarter 2014 Results

Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) (“Cherry Hill” or the “Company”), today reported results for the second quarter of 2014.

Highlights

  • Generated comprehensive income of $4.9 million, or $0.66 per common share
  • Realized income from Excess MSR portfolio of approximately $3.6 million
  • Book value per Share increased to $21.62 at June 30, 2014 from $21.47 at March 31, 2014.
  • 10.2% annualized dividend yield based on June 30, 2014 closing stock price of $20.05 per common share
  • Aggregate portfolio leverage remained low at 1.8x

“Our second quarter results reflect the continued strong momentum in our business. We produced net interest income in line with management expectations and paid dividends to our shareholders consistent with prior quarters,” stated Jay Lown, Cherry Hill Mortgage Investment Corporation’s President and Chief Investment Officer. Mr. Lown added, “We see a wide range of opportunities in the residential mortgage space that may also help us enhance our ability to optimally construct our overall portfolio.”

Operating Results

Cherry Hill’s reported GAAP net income consisted of the following: $5.1 million of net interest income, a realized net gain of $75,000 on the RMBS portfolio, net realized and unrealized losses on derivatives of $2.9 million, a $1.6 million change in carrying value of the Excess MSR portfolio, due to market valuation adjustments, and administrative expenses and management fees paid to Cherry Hill’s external manager in the aggregate amount of approximately $1.3 million. Cherry Hill reported GAAP net loss for the second quarter of 2014 of $652,000 or $0.09 per diluted weighted average common share outstanding.

   

Three Months Ended

June 30, 2014 1

Income
Interest income $ 6,137
Interest expense   1,006
Net interest income 5,131
Other income (loss)
Realized gain (loss) on Agency RMBS, net 75
Realized gain on derivatives, net (187)
Unrealized gain (loss) on derivatives, net (2,705)
Change in fair value of investments in Excess Mortgage Servicing Rights   (1,648)
Total Income   $666
Expenses
General and administrative expense 642
Management fee to affiliate   679
Total Expenses    
Net Income (Loss)   (655)
Net income allocated to LTIP-OP Units   3
Income Applicable to Common Stockholders $ (652)
Income (Loss) Per Share of Common Stock
Basic $ (0.09)
Diluted $ (0.09)
Weighted Average Number of Shares of Common Stock Outstanding
Basic 7,504,572
Diluted 7,509,543
 

In addition, net unrealized gain on our RMBS portfolio for the quarter was approximately $5.6 million.

   

Three Months Ended June 30, 2013 1

Net income (loss) $ (655)
Other comprehensive income (loss):
Net unrealized gain (loss) on RMBS   5,595
Other comprehensive income (loss)   5,595
Comprehensive income (loss) $ 4,940
 

1. Unaudited

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,123.56 -49.12 -0.29%
S&P 500 1,991.78 -2.51 -0.13%
NASDAQ 4,525.1530 -2.5360 -0.06%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs