Analyst Summary:
Cherry Hill Mortgage Investment Corporation (CHMI) reported its financial results for Q4 and full year 2022. President and CEO, Jay Lown, stated that despite the challenging macro environment, they remain thoughtfully leveraged and will continue to be opportunistic in deploying capital in 2023. CHMI's net income for Q4 was $41.7 million, with a net interest spread for the RMBS portfolio of 3.0% and a weighted average coupon of 4.0%. The company paid a dividend of $0.27 per share of common stock for Q4 2022. CHMI also announced dividends for its Series A and B Preferred Stock. Additionally, the company provided a reconciliation of GAAP net income to non-GAAP earnings available for distribution (EAD) in the release. While EAD provides a better understanding of the company's operating performance and liquidity, it does have significant limitations. The company's ability to generate attractive risk-adjusted returns for stockholders will rely on its long-term growth opportunities and strategies. Investors should refer to the reconciliation table accompanying the release for a better understanding of EAD. The statements made in the release are CHMI's present expectations, but they are not guaranteed to occur. Investors can find additional information in the company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 7, 2023, and other documents filed by the company.