Cherry Hill Mortgage adds Dale Hoffman to its board

TINTON FALLS, N.J. - Cherry Hill Mortgage Investment Corporation (NYSE: CHMI), a $112 million market cap company specializing in residential mortgage assets, announced the appointment of Dale Hoffman to its Board of Directors. The company, which boasts a remarkable 17.2% dividend yield and has maintained dividend payments for 12 consecutive years according to InvestingPro data, continues to strengthen its governance structure. Hoffman, who meets the independence standards of the New York Stock Exchange, will immediately begin his tenure on the Compensation Committee and the Nominating and Corporate Governance Committee.

Jay Lown, President and CEO of Cherry Hill Mortgage, expressed confidence in Hoffman’s appointment, citing his three decades of experience in fixed income capital markets and previous senior roles in trading and management. Lown anticipates that Hoffman’s expertise will be instrumental in the company’s growth and strategic initiatives. The appointment comes as the company shows strong momentum, with InvestingPro data revealing a notable 31.8% year-to-date return.

Hoffman’s background includes serving as President of S&D Sarasota, a consultancy for broker/dealer compliance and regulatory issues. His career also includes a significant tenure at Piper Jaffray as Managing Director and Head of Taxable Fixed Income Trading, and at BMO Capital Markets, US as Managing Director and Co-Head of Fixed Income Trading and Commodities. His earlier experience includes 12 years as a Senior VP at Legg Mason Wood Walker Inc., overseeing a team of traders. Hoffman holds an MBA from St. John’s University and an undergraduate degree from SUNY Binghamton.

The addition of Hoffman to the board is part of Cherry Hill Mortgage’s ongoing efforts to strengthen its leadership team and ensure robust governance as the company manages and invests in residential mortgage assets across the United States. With a FAIR Financial Health Score and trading near its Fair Value according to InvestingPro analysis, the company continues to focus on strategic growth. The information regarding Hoffman’s appointment and his expected contributions to Cherry Hill Mortgage is based on a press release statement from the company. Investors seeking deeper insights can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, which provides detailed analysis of CHMI’s financial health, valuation metrics, and growth prospects.

In other recent news, Cherry Hill Mortgage Investment Corp reported its fourth-quarter 2024 earnings, with earnings per share (EPS) of $0.10, which met market expectations. The company’s GAAP net income was $9.1 million, or $0.29 per diluted share, while its Earnings Available for Distribution (EAD) stood at $3.3 million, or $0.10 per share. Cherry Hill Mortgage also completed the internalization of its management, which is expected to reduce operating expenses significantly in 2025. The company’s MSR portfolio market value is approximately $234 million, and it maintains a financial leverage of 5.3x with $46 million in unrestricted cash. Analysts from B. Riley Securities noted the company’s strategy to navigate a "higher for longer" interest rate environment, suggesting fewer rate cuts in 2025 than previously anticipated. Cherry Hill Mortgage continues to focus on RMBS investments, aiming for better returns amid current economic conditions. The firm’s book value per common share decreased to $3.82 from $4.02 as of September 30, reflecting a 2.3% decline in Net Asset Value (NAV) compared to the previous quarter.

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