Cherry Hill Mortgage Investment Corporation (CHMI) 10-Year Financial Performance & Capital Metrics

CHMI • • REIT / Real Estate

Real EstateMortgage REITsResidential Mortgage REITsAgency MBS Investors

AboutCherry Hill Mortgage Investment Corporation, a residential real estate finance company, acquires, invests in, and manages residential mortgage assets in the United States. The company operates through Investments in RMBS (residential mortgage-backed securities), Investments in Servicing Related Assets, and All Other segments. It manages a portfolio of servicing related assets and RMBS. Cherry Hill Mortgage Investment Corporation qualifies as a real estate investment trust for federal income tax purposes. The company generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Cherry Hill Mortgage Investment Corporation was incorporated in 2012 and is based in Farmingdale, New Jersey.Show more

Revenue $35M +263.1%
FFO $12M +132.9%
FFO/Share 0.39 +128.0%
FFO Payout 235.32% +374.7%
FFO per Share 0.39 +128.0%
NOI Margin 100%
FFO Margin 34.62% -79.9%
ROE 4.87% +136.6%
ROA 0.83% +133.4%
Debt/Assets 10.14% -16.6%
Net Debt/EBITDA -
Book Value/Share 7.56 -23.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High NOI margin of 100.0%
✓Trading at only 0.4x book value

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Shares diluted 17.5% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.02%

5Y-

3Y7.11%

TTM-4.59%

Profit (Net Income) CAGR

10Y17.66%

5Y-

3Y-0.86%

TTM132.74%

EPS CAGR

10Y-14.04%

5Y-

3Y-21.28%

TTM101.54%

ROCE

10Y Avg-1.5%

5Y Avg-

3Y Avg-

Latest-

Peer Comparison

Agency MBS Investors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHMICherry Hill Mortgage Investment Corporation	99.2M	2.70	39.53	263.07%	33.14%	4.54%		0.65
ORCOrchid Island Capital, Inc.	1.49B	8.12	14	362.89%	7.89%	0.7%	4.5%
AGNCAGNC Investment Corp.	12.53B	11.68	12.56	287.65%	92.49%	7.32%	0.69%	0.01
ARRARMOUR Residential REIT, Inc.	2.11B	18.82	-36.90	-46.65%	20.83%	3.03%	12.42%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	18.88M	31.93M	56.78M	49.05M	-47.27M	-56.47M	28.14M	40.19M	-21.2M	34.58M
Revenue Growth %	1.41%	0.69%	0.78%	-0.14%	-1.96%	-0.19%	1.5%	0.43%	-1.53%	2.63%
Property Operating Expenses	761K	2.56M	5.78M	45.12M	0	0	0	0	0	0
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	3.08M	3.28M	3.82M	3.94M	-47.27M	-56.47M	28.14M	40.19M	-21.2M	34.58M
G&A Expenses	5.86M	6.23M	8.16M	9.89M	13.32M	15.51M	14.83M	12.93M	13.73M	18.26M
EBITDA+	730K	-3.54M	-5.61M	16.63M	0	0	0	0	0	0
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	3.81M	-252K	-1.79M	20.57M	0	0	0	0	0	0
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	-3.08M	-3.28M	-3.82M	-3.94M	0	0	0	0	0	0
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	5.98M	7.81M	19.88M	34.51M	0	22.13M	5.77M	17.56M	51.64M	55.77M
Interest Coverage	-0.51x	-0.42x	-0.19x	-0.11x	-	-	-	-	-	-
Non-Operating Income	95.4K	-7.81M	-16.36M	-53.97M	0	0	0	0	0	0
Pretax Income+	13.01M	25.7M	48.62M	39.16M	-60.6M	-71.98M	13.31M	27.26M	-34.93M	16.31M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-343K	458K	601K	1.39M	-9.93M	-18.76M	781K	5.07M	523K	4.1M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	13.21M	24.83M	47.36M	37.28M	-49.86M	-52.24M	12.28M	21.74M	-34.79M	11.97M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	4.62%	0.88%	0.91%	-0.21%	-2.34%	-0.05%	1.24%	0.77%	-2.6%	1.34%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	2.86%	0.44%	0.85%	0.27%	-1.6%	-0.04%	1.79%	-	-	-
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.76	3.30	3.98	2.54	-2.59	-3.67	0.14	0.60	-1.70	0.07
EPS Growth %	4.68%	0.88%	0.21%	-0.36%	-2.02%	-0.42%	1.04%	3.29%	-3.83%	1.04%
EPS (Basic)	1.76	3.31	3.98	2.55	-2.59	-3.67	0.14	0.60	-1.70	0.07
Diluted Shares Outstanding	7.51M	7.52M	11.45M	14.66M	16.78M	16.9M	17.35M	19.8M	26.29M	30.9M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	636.34M	792.88M	2.05B	2.15B	2.94B	1.59B	1.3B	1.41B	1.39B	1.49B
Asset Growth %	0.2%	0.25%	1.59%	0.05%	0.37%	-0.46%	-0.18%	0.08%	-0.01%	0.07%
Real Estate & Other Assets+	486.46M	608.56M	1.73B	1.7B	2.42B	-174.41M	-60.61M	-116.26M	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Total Current Assets+	26.83M	59.71M	86.97M	88.26M	142.34M	0	0	0	0	0
Cash & Equivalents	20.55M	38.29M	56.49M	40.02M	91.71M	83.89M	63.92M	57.32M	52.89M	46.31M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	219K	10.69M	15.99M	27.07M	19.37M	-1.34B	-147.25M	-244.6M	-76.27M	-69.68M
Intangible Assets	97.8M	61.26M	122.81M	294.91M	291.11M	0	0	0	0	0
Total Liabilities	484M	636.87M	1.73B	1.79B	2.55B	1.28B	1.02B	1.14B	1.13B	1.26B
Total Debt+	476.72M	618.2M	1.71B	1.76B	2.52B	111.38M	145.27M	183.89M	169.31M	151.23M
Net Debt	456.17M	579.9M	1.65B	1.72B	2.43B	27.49M	81.35M	126.57M	116.43M	104.91M
Long-Term Debt	22.36M	20.05M	39.02M	157.54M	166.99M	111.38M	145.27M	183.89M	169.31M	151.23M
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	0	0	0	0	0
Capital Lease Obligations	0	0	57.92M	65.64M	115.28M	0	0	0	0	0
Total Current Liabilities+	461.65M	616.79M	1.69B	1.63B	2.38B	0	0	0	0	0
Accounts Payable	0	6.2M	0	0	0	1.01M	996K	4.51M	6M	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	0	37K	880K	2.08M	0	-111.38M	-145.27M	-183.89M	-169.31M	-151.23M
Total Equity+	152.34M	156.01M	322.46M	363.93M	399.38M	312.57M	278.82M	265.52M	258.38M	233.62M
Equity Growth %	-0.05%	0.02%	1.07%	0.13%	0.1%	-0.22%	-0.11%	-0.05%	-0.03%	-0.1%
Shareholders Equity	151.34M	154.23M	319.98M	360.67M	396.59M	310.17M	275.87M	262.04M	255.48M	230.34M
Minority Interest	994K	1.78M	2.48M	3.26M	2.78M	2.4M	2.95M	3.48M	2.9M	3.28M
Common Stock	75K	75K	127K	167K	170K	175K	187K	239K	305K	322K
Additional Paid-in Capital	148.33M	148.46M	229.64M	298.61M	299.18M	301M	311.25M	344.51M	375.5M	381.07M
Retained Earnings	3.13M	12.09M	35.24M	34.65M	-59.45M	-141.98M	-158.48M	-168.99M	-233.16M	-249.64M
Preferred Stock	0	0	57.92M	65.64M	115.28M	115.38M	115.38M	115.38M	115.38M	105.86M
Return on Assets (ROA)	0.02%	0.03%	0.03%	0.02%	-0.02%	-0.02%	0.01%	0.02%	-0.02%	0.01%
Return on Equity (ROE)	0.08%	0.16%	0.2%	0.11%	-0.13%	-0.15%	0.04%	0.08%	-0.13%	0.05%
Debt / Assets	0.75%	0.78%	0.83%	0.82%	0.85%	0.07%	0.11%	0.13%	0.12%	0.1%
Debt / Equity	3.13x	3.96x	5.29x	4.84x	6.30x	0.36x	0.52x	0.69x	0.66x	0.65x
Net Debt / EBITDA	624.89x	-	-	103.43x	-	-	-	-	-	-
Book Value per Share	20.28	20.74	28.16	24.83	23.81	18.49	16.07	13.41	9.83	7.56

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	23.38M	34.46M	40.24M	63.64M	69.68M	62.38M	48.01M	59.91M	40.66M	-4.69M
Operating CF Growth %	-0.06%	0.47%	0.17%	0.58%	0.1%	-0.1%	-0.23%	0.25%	-0.32%	-1.12%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	13.36M	25.24M	48.01M	37.77M	-43.5M	-53.22M	12.53M	22.19M	-34.79M	12.21M
Depreciation & Amortization	3.81M	4.12M	8.68M	12.24M	15.14M	16.24M	16.24M	0	-1.64M	0
Stock-Based Compensation	463K	618K	607K	662K	1.02M	1.01M	900K	0	0	0
Other Non-Cash Items	4.27M	-3.38M	-15.75M	13.89M	128.43M	129.37M	19.94M	14.71M	61.53M	-660K
Working Capital Changes	1.94M	8.48M	-697K	-268K	-30.39M	-30.01M	-708K	23.02M	15.56M	-16.24M
Cash from Investing+	-113.15M	-146.09M	-1.22B	-165.88M	-757.12M	1.26B	166.52M	-128.2M	-104.05M	-141.33M
Acquisitions (Net)	-3.84M	15.39M	81.61M	175.67M	102.98M	52.96M	55.38M	0	0	0
Purchase of Investments	-307.32M	-320.71M	-1.35B	-416.11M	-1.09B	-984.44M	-595.44M	-1.11B	-761.95M	-431.02M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-3.26M	27.1M	-45.71M	-175.67M	-102.98M	-37.13M	-55.38M	0	3.73M	13.31M
Cash from Financing+	87.93M	116.86M	1.2B	85.77M	739.12M	-1.28B	-267.97M	57.07M	67.17M	147.46M
Dividends Paid	-15.03M	-15.87M	-24.21M	-37.87M	-39.23M	-32.33M	-28.45M	-30.82M	-31.21M	-28.17M
Common Dividends	-155K	-246K	-326K	-367K	-513K	-32.33M	-28.45M	-30.82M	-31.21M	-28.17M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K
Share Repurchases	0	0	0	0	-3.54M	-1.75M	-236K	0	0	0
Other Financing	-3.15M	-12.77M	1.06B	-3.46M	719.34M	-1.2B	-283.49M	16.08M	82.08M	197.88M
Net Change in Cash+	-1.84M	5.22M	11.5M	-16.48M	51.69M	38.51M	-53.44M	-11.22M	3.77M	1.43M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	12.45M	10.6M	15.82M	56.49M	40.02M	91.71M	130.22M	76.78M	65.55M	69.33M
Cash at End	10.6M	15.82M	27.33M	40.02M	91.71M	130.22M	76.78M	65.55M	69.33M	70.76M
Free Cash Flow+	9.51M	19.06M	-41.37M	-112.04M	-33.29M	8.24M	-7.37M	21.88M	40.66M	-4.69M
FCF Growth %	-0.67%	1%	-3.17%	-1.71%	0.7%	1.25%	-1.89%	3.97%	0.86%	-1.12%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.27	3.27	3.98	3.95	-2.07	-2.13	1.64	1.1	-1.39	0.39
FFO Payout Ratio	0.91%	1%	0.72%	0.63%	-1.48%	-89.82%	99.75%	141.76%	-85.68%	235.32%
NOI Margin	95.97%	91.98%	89.81%	8%	100%	100%	100%	100%	100%	100%
Net Debt / EBITDA	624.89x	-	-	103.43x	-	-	-	-	-	-
Debt / Assets	74.92%	77.97%	83.19%	81.73%	85.48%	6.99%	11.15%	13.05%	12.15%	10.14%
Interest Coverage	-0.51x	-0.42x	-0.19x	-0.11x	-	-	-	-	-	-
Book Value / Share	20.28	20.74	28.16	24.83	23.81	18.49	16.07	13.41	9.83	7.56
Revenue Growth	141.29%	69.16%	77.82%	-13.62%	-196.39%	-19.45%	149.83%	42.84%	-152.75%	263.07%

Revenue by Segment

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
RMBS	-	-	-	-	-	-	-	29.33M	13.3M	15.92M
RMBS Growth	-	-	-	-	-	-	-	-	-54.67%	19.71%
Servicing Related Assets	-	14.32M	958K	5.02M	18.25M	-2.21M	-849K	3.37M	-4.11M	-3.84M
Servicing Related Assets Growth	-	-	-93.31%	423.70%	263.78%	-112.14%	61.67%	497.41%	-221.75%	6.60%
Residential Mortgage Backed Securities	1.06M	6.34M	-	-	-	25.42M	25.6M	-	-	-
Residential Mortgage Backed Securities Growth	-	500.00%	-	-	-	-	0.70%	-	-	-
Excess Mortgage Servicing Rights	3.55M	-	-	-	-	-	-	-	-	-
Excess Mortgage Servicing Rights Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Cherry Hill Mortgage Investment Corporation (CHMI) has a price-to-earnings (P/E) ratio of 39.5x. This suggests investors expect higher future growth.

Growth & Financials

Cherry Hill Mortgage Investment Corporation (CHMI) reported $32.2M in revenue for fiscal year 2024.

Cherry Hill Mortgage Investment Corporation (CHMI) grew revenue by 263.1% over the past year. This is strong growth.

Yes, Cherry Hill Mortgage Investment Corporation (CHMI) is profitable, generating $10.7M in net income for fiscal year 2024 (34.6% net margin).

Dividend & Returns

Yes, Cherry Hill Mortgage Investment Corporation (CHMI) pays a dividend with a yield of 33.77%. This makes it attractive for income-focused investors.

Cherry Hill Mortgage Investment Corporation (CHMI) has a return on equity (ROE) of 4.9%. This is below average, suggesting room for improvement.

Industry Metrics

Cherry Hill Mortgage Investment Corporation (CHMI) offers a 33.77% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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