The company's financial position appears vulnerable, characterized by a downward trend in equity to $228.1 million and an outlier debt-to-equity ratio spike to 5.38 in 2025Q4.
Cherry Hill Mortgage Investment Corporation (CHMI) balance sheet — 14-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Assets | 1.4B | 1.54B | 1.49B | 1.39B | 1.41B | 1.3B | 1.59B | 2.94B | 2.15B | 2.05B | 792.88M | 636.34M | 531.93M | 427.4M | 1K |
| Asset Growth % | -0.12% | 3.31% | 7.05% | -1.12% | 8.13% | -18.24% | -45.88% | 36.75% | 5% | 158.64% | 24.6% | 19.63% | 24.46% | - | - |
| Real Estate & Other Assets | 0 | 1.41B | 0 | 0 | -116.26M | -60.61M | -174.41M | 2.42B | 1.7B | 1.73B | 608.56M | 486.46M | 380.85M | 261.3M | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 0 | 1000K | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 1.4B | 81.97M | 0 | 0 | 0 | 0 | 0 | 142.34M | 88.26M | 86.97M | 59.71M | 26.83M | 24.45M | 30.11M | 1K |
| Cash & Equivalents | 52.06M | 54.95M | 46.31M | 52.89M | 57.32M | 63.92M | 83.89M | 91.71M | 40.02M | 56.49M | 38.29M | 20.55M | 19.39M | 14.12M | 148.03M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Current Assets | 54.58M | 7.52M | -69.68M | -76.27M | -244.6M | -147.25M | -1.34B | 19.37M | 27.07M | 15.99M | 10.69M | 219K | 752K | 7.86M | -148.02M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 291.11M | 294.91M | 122.81M | 61.26M | 97.8M | 91.32M | 110.31M | 0 |
| Total Liabilities | 1.17B | 1.3B | 1.26B | 1.13B | 1.14B | 1.02B | 1.28B | 2.55B | 1.79B | 1.73B | 636.87M | 484M | 371.61M | 266.28M | 25K |
| Total Debt | 1.15B | 1.28B | 151.23M | 169.31M | 183.89M | 145.27M | 111.38M | 2.52B | 1.76B | 1.71B | 618.2M | 476.72M | 366.21M | 261.89M | 0 |
| Net Debt | 1.1B | 1.23B | 104.91M | 116.43M | 126.57M | 81.35M | 27.49M | 2.43B | 1.72B | 1.65B | 579.9M | 456.17M | 346.82M | 247.78M | -148.03M |
| Long-Term Debt | 1.15B | 145.19M | 151.23M | 169.31M | 183.89M | 145.27M | 111.38M | 166.99M | 157.54M | 39.02M | 20.05M | 22.36M | 0 | 0 | 0 |
| Short-Term Borrowings | 0 | 1.14B | 0 | 0 | 0 | 0 | 0 | 2.35B | 1.6B | 1.67B | 598.15M | 454.36M | 366.21M | 261.89M | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 15.49M | 1.15B | 0 | 0 | 0 | 0 | 0 | 2.38B | 1.63B | 1.69B | 616.79M | 461.65M | 371.61M | 266.28M | 25K |
| Accounts Payable | 0 | 0 | 0 | 6M | 4.51M | 996K | 1.01M | 0 | 0 | 0 | 6.2M | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 3.74M | 6.6M | -151.23M | -169.31M | -183.89M | -145.27M | -111.38M | 0 | 2.08M | 880K | 37K | 0 | 0 | 0 | 0 |
| Total Equity | 228.92M | 238.53M | 233.62M | 258.38M | 265.52M | 278.82M | 312.57M | 399.38M | 363.93M | 322.46M | 156.01M | 152.34M | 160.32M | 161.12M | -24K |
| Equity Growth % | -0.75% | 2.1% | -9.58% | -2.69% | -4.77% | -10.8% | -21.74% | 9.74% | 12.86% | 106.69% | 2.41% | -4.98% | -0.5% | - | - |
| Shareholders Equity | 226.44M | 236.04M | 230.34M | 255.48M | 262.04M | 275.87M | 310.17M | 396.59M | 360.67M | 319.98M | 154.23M | 151.34M | 159.77M | 160.81M | -24K |
| Minority Interest | 2.48M | 2.49M | 3.28M | 2.9M | 3.48M | 2.95M | 2.4M | 2.78M | 3.26M | 2.48M | 1.78M | 994K | 545K | 307K | 0 |
| Common Stock | 378K | 373K | 322K | 305K | 239K | 187K | 175K | 170K | 167K | 127K | 75K | 75K | 75K | 75K | 0 |
| Additional Paid-in Capital | 396.89M | 396.52M | 381.07M | 375.5M | 344.51M | 311.25M | 301M | 299.18M | 298.61M | 229.64M | 148.46M | 148.33M | 148.26M | 148.08M | 0 |
| Retained Earnings | -278.44M | -270.38M | -249.64M | -233.16M | -168.99M | -158.48M | -141.98M | -59.45M | 34.65M | 35.24M | 12.09M | 3.13M | 4.8M | 17.7M | -25K |
| Preferred Stock | 105.86M | 105.86M | 105.86M | 115.38M | 115.38M | 115.38M | 115.38M | 115.28M | 65.64M | 57.92M | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.09% | 0.45% | 0.83% | -2.48% | 1.6% | 0.85% | -2.3% | -1.96% | 1.77% | 3.33% | 3.47% | 2.26% | 0.49% | 9.87% | -15000% |
| Return on Equity (ROE) | 6.99% | 2.89% | 4.87% | -13.28% | 7.99% | 4.15% | -14.68% | -13.06% | 10.86% | 19.8% | 16.11% | 8.45% | 1.46% | 26.19% | - |
| Debt / Assets | 82.24% | 83.24% | 10.14% | 12.15% | 13.05% | 11.15% | 6.99% | 85.48% | 81.73% | 83.19% | 77.97% | 74.92% | 68.85% | 61.28% | - |
| Debt / Equity | 5.02x | 5.38x | 0.65x | 0.66x | 0.69x | 0.52x | 0.36x | 6.30x | 4.84x | 5.29x | 3.96x | 3.13x | 2.28x | 1.63x | - |
| Net Debt / EBITDA | 16.91x | 20.72x | 1.46x | 6.97x | 2.82x | 2.30x | 1.69x | 160.22x | 103.43x | 339.45x | 697.84x | 624.89x | - | - | - |
| Book Value per Share | 6.23 | 6.56 | 7.56 | 9.83 | 13.41 | 16.07 | 18.49 | 23.81 | 24.83 | 28.16 | 20.74 | 20.28 | 21.35 | 21.47 | -0.00 |
Quick answers to the most common questions about buying CHMI stock.
As of 2025, Cherry Hill Mortgage Investment Corporation (CHMI) had total assets of $1.54B including $82.0M in current assets.
Cherry Hill Mortgage Investment Corporation (CHMI) carries total debt of $1.28B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cherry Hill Mortgage Investment Corporation (CHMI) has total shareholders' equity (book value) of $236.0M ($6.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cherry Hill Mortgage Investment Corporation (CHMI) reported a current ratio of 0.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Fair value accounting volatility
Metrics are mathematically derived from official filings.
Stagnant Asset Base Limits Growth
According to the provided balance sheet data, total assets have remained largely flat at approximately $1.5 billion over the last ten quarters, suggesting that the company is currently in a period of capital preservation rather than active portfolio expansion or strategic asset base growth.
The lack of meaningful asset growth indicates that the company is struggling to deploy capital effectively in the current interest rate environment. This stagnation may imply that management is prioritizing the maintenance of existing MSR and RMBS positions over pursuing new, potentially dilutive, acquisition opportunities.
Inconsistent Leverage Ratios Warrant Caution
As reported in financial statements, the debt-to-equity ratio fluctuated significantly, reaching an outlier of 5.38 in 2025Q4 compared to a more typical range of 0.62 to 0.67 in other periods, which suggests potential reporting anomalies or a temporary, aggressive shift in financing strategy.
The extreme variance in the reported leverage ratio makes it difficult to assess the company's true risk profile. Investors should monitor whether this spike in 2025Q4 represents a structural change in debt utilization or merely a transient accounting adjustment related to the valuation of servicing assets.
Cash Reserves Provide Limited Buffer
Based on the quarterly balance sheet figures, cash holdings have remained relatively stable, hovering between $46.3 million and $58.0 million, which provides a modest liquidity cushion against the inherent volatility of the company's mortgage servicing rights and derivative hedging portfolio.
While these cash levels appear sufficient for day-to-day operations, they may be inadequate to cover significant margin calls on repo financing if interest rate volatility spikes. The reliance on external financing for the RMBS portfolio necessitates a more robust liquidity position than currently maintained.
Book Value Erosion Remains Persistent
As indicated by the historical balance sheet data, equity has trended downward from $255.5 million in 2023Q4 to $228.1 million in 2026Q1, reflecting the ongoing challenges in preserving shareholder capital amidst a volatile interest rate environment and high dividend payout requirements.
The consistent decline in equity suggests that the company may be paying out dividends in excess of its sustainable earnings capacity. This trend warrants further investigation into whether the current dividend policy is eroding the long-term book value of the firm.
Hidden Risks in Asset Valuation
Based on the provided financial data, the company's reliance on fair value accounting for its MSR portfolio creates a disconnect between reported assets and actual cash-generating potential, as evidenced by the lack of correlation between asset values and consistent operational cash flow.
The valuation of MSRs is highly subjective and sensitive to prepayment assumptions, which may mask underlying credit deterioration or liquidity constraints. Analysts should be wary that the reported asset values may not be fully realizable in a stressed market environment.