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NEW YORK - Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) reported fourth quarter earnings that met analyst expectations, sending shares up 6% in after-hours trading.
The real estate investment trust posted earnings available for distribution of $0.10 per share for the fourth quarter, in line with the analyst consensus estimate.
Cherry Hill reported GAAP net income applicable to common stockholders of $9.1 million, or $0.29 per share, for Q4 2024. The company’s common book value per share stood at $3.82 as of December 31, 2024.
"Reflecting on 2024, we are pleased to have successfully completed the internalization of our management structure, which strengthens shareholder alignment and will reduce our operating expenses," said Jay Lown, President and CEO of Cherry Hill Mortgage Investment Corporation.
The company declared a regular common dividend of $0.15 per share for the quarter. Based on the closing share price on March 5, 2025, this represents an annualized dividend yield of 17.5%.
Cherry Hill’s aggregate portfolio leverage was 5.3x at the end of Q4. The company held $46.3 million in unrestricted cash as of December 31, 2024.
The 6% rise in Cherry Hill’s stock price following the earnings release suggests investors reacted positively to the in-line results and management’s comments on reduced operating expenses going forward.
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