Revenue volatility remains high, with quarterly figures fluctuating significantly from a $3.0 million loss in 2025Q1 to $26.0 million in 2026Q1, while NOI margins have shown extreme instability ranging from 41.0% to 100.0%.
| 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 |
|---|
| Revenue | 79.43M | 105.39M | 34.58M | -21.2M | 40.19M | 28.14M | -56.47M | -47.27M | 49.05M | 56.78M | 31.93M | 18.88M | 7.82M | 22.53M | 0 |
| Revenue Growth % | 423.37% | 204.8% | 263.07% | -152.75% | 42.84% | 149.83% | -19.45% | -196.39% | -13.62% | 77.82% | 69.16% | 141.29% | -65.28% | - | - |
| Property Operating Expenses | 19.07M | 9.28M | 0 | 0 | 0 | 0 | 0 | 0 | 45.12M | 5.78M | 2.56M | 761K | 0 | 0 | 0 |
| Net Operating Income (NOI) | 60.37M | 96.11M | 34.58M | -21.2M | 40.19M | 28.14M | -56.47M | -47.27M | 3.92M | 51M | 29.37M | 18.11M | 7.82M | 22.53M | 0 |
| NOI Margin % | 76% | 91.2% | 100% | 100% | 100% | 100% | 100% | 100% | 8% | 89.81% | 91.98% | 95.97% | 100% | 100% | - |
| Operating Expenses | 19.02M | 37.2M | 34.58M | -21.2M | 40.19M | 28.14M | -56.47M | -47.27M | 3.94M | 3.82M | 3.28M | 3.08M | 3.03M | 716K | 150K |
| G&A Expenses | 12.11M | 0 | 18.26M | 13.73M | 12.93M | 14.83M | 15.51M | 13.32M | 9.89M | 8.16M | 6.23M | 5.86M | 5.59M | 1.33M | 150K |
| EBITDA | 41.35M | 58.92M | 0 | 0 | 0 | 0 | 0 | 0 | 16.63M | -5.61M | -3.54M | 730K | -970K | -499K | 0 |
| EBITDA Margin % | 52.05% | 55.91% | 0% | 0% | 0% | 0% | 0% | 0% | 33.9% | -9.88% | -11.07% | 3.87% | -12.4% | -2.21% | - |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.57M | -1.79M | -252K | 3.81M | 2.06M | 217K | 150K |
| D&A / Revenue % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 41.94% | -3.16% | -0.79% | 20.19% | 26.31% | 0.96% | - |
| Operating Income | 41.35M | 58.91M | 0 | 0 | 0 | 0 | 0 | 0 | -3.94M | -3.82M | -3.28M | -3.08M | -3.03M | -716K | -150K |
| Operating Margin % | 52.05% | 55.9% | 0% | 0% | 0% | 0% | 0% | 0% | -8.03% | -6.72% | -10.28% | -16.32% | -38.71% | -3.18% | - |
| Interest Expense | 4M | 49.78M | 55.77M | 51.64M | 17.56M | 5.77M | 22.13M | 0 | 34.51M | 19.88M | 7.81M | 5.98M | 4.31M | 867K | 0 |
| Interest Coverage | - | 1.18x | - | - | - | - | - | - | 1.55x | 3.45x | 4.29x | 3.17x | 1.52x | 25.45x | - |
| Non-Operating Income | 2.68M | -2K | 0 | 0 | 0 | 0 | 0 | 0 | -53.97M | -16.36M | -7.81M | 95.4K | 12.83M | -867K | 0 |
| Pretax Income | 17.33M | 9.14M | 16.31M | -34.93M | 27.26M | 13.31M | -71.98M | -60.6M | 39.16M | 48.62M | 25.7M | 13.01M | 2.23M | 21.2M | -150K |
| Pretax Margin % | 21.81% | 8.67% | 47.18% | 164.76% | 67.82% | 47.31% | 127.47% | 128.19% | 79.84% | 85.62% | 80.49% | 68.93% | 28.57% | 94.09% | - |
| Income Tax | -4.54M | 2.2M | 4.1M | 523K | 5.07M | 781K | -18.76M | -9.93M | 1.39M | 601K | 458K | -343K | -140K | 107K | 0 |
| Effective Tax Rate % | -26.19% | 24.04% | 25.15% | -1.5% | 18.6% | 5.87% | 26.07% | 16.38% | 3.54% | 1.24% | 1.78% | -2.64% | -6.26% | 0.5% | 0% |
| Net Income | 21.62M | 6.83M | 11.97M | -34.79M | 21.74M | 12.28M | -52.24M | -49.86M | 37.28M | 47.36M | 24.83M | 13.21M | 2.35M | 21.09M | -150K |
| Net Margin % | 27.21% | 6.48% | 34.62% | 164.11% | 54.09% | 43.65% | 92.51% | 105.46% | 76.02% | 83.41% | 77.77% | 70% | 30.08% | 93.61% | - |
| Net Income Growth % | 422.16% | -42.96% | 134.4% | -260.05% | 76.98% | 123.51% | -4.78% | -233.72% | -21.27% | 90.72% | 87.92% | 461.58% | -88.85% | 14163.33% | - |
| Funds From Operations (FFO) | 30.91M | 7.14M | 11.97M | -36.43M | 21.74M | 28.52M | -36M | -34.72M | 57.85M | 45.57M | 24.58M | 17.02M | 4.41M | 21.31M | 0 |
| FFO Margin % | 38.91% | 6.77% | 34.62% | 171.82% | 54.09% | 101.38% | 63.74% | 73.44% | 117.96% | 80.25% | 76.98% | 90.19% | 56.38% | 94.58% | - |
| FFO Growth % | 0% | - | - | - | - | 179.24% | -3.68% | -160.01% | 26.97% | 85.38% | 44.38% | 285.97% | -79.3% | - | - |
| FFO per Share | 0.84 | -0.11 | 0.39 | -1.39 | 1.10 | 1.64 | -2.13 | -2.07 | 3.95 | 3.98 | 3.27 | 2.27 | 0.59 | 2.84 | 0.00 |
| FFO Payout Ratio % | 69.27% | 401.43% | 235.32% | -85.68% | 141.76% | 99.75% | -89.82% | -1.48% | 0.63% | 0.72% | 1% | 0.91% | 2.36% | 15.84% | - |
| EPS (Diluted) | 0.59 | -0.10 | 0.07 | -1.70 | 0.60 | 0.14 | -3.67 | -2.59 | 2.54 | 3.98 | 3.30 | 1.76 | 0.31 | 2.81 | -0.02 |
| EPS Growth % | 120.99% | -246.41% | 104.02% | -383.33% | 328.57% | 103.81% | -41.7% | -201.97% | -36.18% | 20.61% | 87.5% | 467.74% | -88.97% | 14150% | - |
| EPS (Basic) | - | -0.10 | 0.07 | -1.70 | 0.60 | 0.14 | -3.67 | -2.59 | 2.55 | 3.98 | 3.31 | 1.76 | 0.31 | 2.81 | -0.02 |
| Diluted Shares Outstanding | 36.59M | -67.27M | 30.9M | 26.29M | 19.8M | 17.35M | 16.9M | 16.78M | 14.66M | 11.45M | 7.52M | 7.51M | 7.51M | 7.5M | 7.5M |
Fair value accounting volatility
According to the provided financial data, Cherry Hill Mortgage Investment Corporation experienced significant revenue fluctuations, including a 2026Q1 revenue of $26.0M, which highlights the inherent instability of an investment portfolio heavily reliant on fair value adjustments for mortgage servicing rights and interest rate hedging instruments.
The erratic revenue trajectory suggests that the company's top-line performance is less a reflection of operational growth and more a byproduct of market-driven valuation swings. Investors should monitor whether the recent revenue expansion can be sustained through consistent interest income or if it remains tethered to volatile mark-to-market gains.
As reported in the quarterly income statements, NOI margins have fluctuated wildly, ranging from a high of 100% in several periods to a low of 41.0% in 2025Q3, indicating that property-level profitability is subject to significant pressure from external management fees and interest expense volatility.
The wide variance in NOI margins suggests that the company's cost structure is not optimized for consistent performance across different interest rate environments. This inconsistency warrants further investigation into the impact of the external management agreement on the company's ability to retain earnings during periods of market stress.
Based on the provided financial filings, FFO data is largely unavailable for most periods, with the exception of 2025Q4, which reported $7.7M in FFO, leaving analysts with insufficient longitudinal data to assess the true cash-generating capacity or the long-term safety of the dividend payout.
The lack of consistent FFO reporting makes it difficult to distinguish between recurring earnings and one-time valuation adjustments. Without a clear FFO trajectory, the sustainability of the dividend yield appears uncertain and may be subject to future adjustments if cash flow does not stabilize.
Financial statements indicate that net income is frequently decoupled from operational reality, as evidenced by the 2024Q3 net loss of $12.2M followed by a 2026Q1 net income of $7.9M, suggesting that non-cash fair value adjustments are the primary drivers of the bottom line.
This reliance on fair value accounting implies that the reported net income may not accurately represent the company's underlying economic health. Investors should be cautious, as these accounting practices may mask underlying credit risks or potential impairments within the mortgage servicing rights portfolio.
Quick answers to the most common questions about buying CHMI stock.
For fiscal year 2025, Cherry Hill Mortgage Investment Corporation (CHMI) reported total revenue of $105.4M.
Cherry Hill Mortgage Investment Corporation (CHMI) is profitable, generating $6.8M in net income for the fiscal year ending 2025 with a net profit margin of 6.5%.
Cherry Hill Mortgage Investment Corporation (CHMI) reported an operating income of $58.9M, resulting in an operating profit margin of 55.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Cherry Hill Mortgage Investment Corporation (CHMI) generated $96.1M in gross profit for the year, representing a gross profit margin of 91.2%. This demonstrates the company's core pricing power and production efficiency.