Cherry Hill Mortgage Investment Corporation · NYSE:CHMI
Cherry Hill Mortgage Investment — Q4 2025 Earnings Presentation
24 slides from Cherry Hill Mortgage Investment's earnings presentation, Feb 25, 2026
Slide 1: Investor Presentation Fourth Quarter 2025
Investor Presentation Fourth Quarter 2025
Slide 2: Legal Disclaimer
Legal Disclaimer FORWARD-LOOKING STATEMENTS. Certain statements in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, references to: potential or expected future cash flows; estimated o
Slide 3: Fourth Quarter 2025
Fourth Quarter 2025
Slide 4: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights UNAUDITED Financial Results $3.44 book value per common share1 GAAP net income of $0.14 per share4 2.4% increase, net of quarterly dividend EAD of $0.11 per share4, 5 $0.10 dividend per share declared and paid2 5.4% total quarterly economic gain3 Portfolio Update 5.4
Slide 5: Mortgage Landscape
Mortgage Landscape UNAUDITED Market Trends1 Mortgage Dollar Price Changes U.S. Treasuries - Yield Changes 30 Year MBS 15 Year MBS 2yr 3yr 5yr 7yr 10yr 20yr 30yr 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 4.00% 4.50% 5.00% 5.50% 6.00% March 31, 2025 3.8830 3.8740 3.9500 4.0730 4.2050 4.5990 4.5710 $90
Slide 6: Portfolio Metrics
Portfolio Metrics UNAUDITED Asset Investment Composition (ex. Cash) Equity Composition 100% 100% 22% 21% 16% 17% 21% 20% 20% 24% 24% 23% 75% 75% 38% 39% 36% 39% 40% 50% 50% 76% 76% 77% 78% 79% 25% 25% 46% 44% 43% 41% 40% - - 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 30 Year RMBS¹ MSRs Servic
Slide 7: MSR Portfolio Overview
MSR Portfolio Overview UNAUDITED December 31, 2025 MSR Characteristics Historical MSR UPB ($ millions) Characteristics FNMA FHLMC Total $17,500 $17,304 UPB $10,036,028 $5,855,238 $15,891,266 $16,997 Avg UPB $236 $229 $233 $17,000 WAC 3.48 3.52 3.49 $16,606 Net Servicing Fee 0.25 0.25 0.25 $16,500 $1
Slide 8: RMBS Portfolio Overview
RMBS Portfolio Overview UNAUDITED Spec Pool Characteristics 30 Year Spec Pools Coupon FMV Book Value Par Amount GWAC WALA 1 Mo. CPR LT CPR¹ ≤ 4.0% $101,170 $100,762 $108,815 4.2% 44 4.6 8.9 4.5% 216,896 211,515 220,250 5.3% 34 5.0 10.1 5.0% 451,153 439,934 448,300 5.9% 25 3.7 11.4 5.5% 406,565 394,7
Slide 9: RMBS Portfolio Collateral Characteristics
RMBS Portfolio Collateral Characteristics UNAUDITED September 30, 2025 December 31, 2025 RMBS Collateral (ex. TBA): $ 1,191,478 RMBS Collateral (ex. TBA): $1,213,851 $25,764 $21,509 $25,323 $21,079 2% 2% 2% 2% $83,375 $99,383 $12,473 7% $124,143 $11,954 8% $122,056 1% $109,328 10% 1% $107,040 10% $1
Slide 10: Financing Summary
Financing Summary UNAUDITED Repurchase Agreement Counterparty Utilization1 Commentary 2% Average REPO cost was 4.0% with a weighted average 3% 3% 4% 13% days remaining to maturity of 16 days 5% 5% 10% Borrowings with 16 financing counterparties 5% Weighted average “haircut” of 4.4% 9% 6% 7% 8% 7% 8%
Slide 11: Hedging Summary
Hedging Summary UNAUDITED Swaps Payer Swaps Receiver Swaps Yrs. To Maturity Notional WA Pay Rate WA Receive WA Yrs. to Mat. Yrs. To Maturity Notional WA Pay Rate WA Receive WA Yrs. to Mat. x ≤ 1 Year $137,000 2.44% 3.91% 0.4 x ≤ 1 Year - - - - 1 > x ≤ 3 Years 329,900 0.66% 4.10% 2.2 1 > x ≤ 3 Years
Slide 12: Appendix
a cmeied Appendix
Slide 13: Historical Portfolio Overview
Historical Portfolio Overview UNAUDITED Asset Composition Company Leverage $1,500 $1,410 $1,429 6.00x $1,356 $1,346 $1,377 $219 $215 5.50x $1,250 $234 $227 $225 5.00x $1,000 4.50x $750 4.00x $1,191 $1,214 5.26x 5.22x 5.26x 5.33x 5.38x $1,122 $1,119 $1,152 3.50x $500 3.00x $250 2.50x - 2.00x 4Q24 1Q2
Slide 14: Historical Performance Metrics
Historical Performance Metrics UNAUDITED Comprehensive Income (Loss) per Common Share Dividends per Common Share & Dividend Yield $0.20 $0.16 $0.15 $0.15 $0.15 24% $0.14 22% $0.15 $0.12 $0.10 $0.10 20% $0.10 $0.18 $0.10 18% $0.12 $0.08 $0.05 16% $0.06 - ($0.02) 14% ($0.05) $0.04 ($0.05) ($0.08) $0.0
Slide 15: Basis Risk Sensitivity
Basis Risk Sensitivity1 UNAUDITED RMBS and MSR Spread (“Basis Risk”) Sensitivity on Current Portfolio -50 bps -25 bps No Change +25 bps +50 bps Basis Risk Sensitivity Estimated Change in NAV $17,955 $8,926 - ($8,804) ($17,477) Pro forma NAV as of December 31, 2025 $256,487 $247,458 $238,532 $229,728
Slide 16: Interest Rate Sensitivity
Interest Rate Sensitivity1 UNAUDITED Interest Rate Sensitivity on Current Portfolio 2yr -25, 10yr 0 2yr 0, 10yr -25 -25 bps No Change +25 bps 2yr +25, 10yr 0 2yr 0, 10yr +25 Interest Rate Sensitivity Estimated Change in NAV $1,109 ($1,045) $139 - ($1,242) ($1,206) ($108) Pro forma NAV as of December
Slide 17: NAV Snapshot
NAV Snapshot UNAUDITED Net Asset Value Changes in the Quarter $14.0 Income & Gain (Loss) $7.0 Operating Expenses $12.0 ($1.5) Taxes & Other $10.0 Dividends ($1.7) ($0.5) $8.0 $5.9 ($2.4) $6.0 Common ATM Issuances $4.0 - $3.1 ($3.7) $2.0 - Increase Decrease Total Note: Figures presented are rounded.
Slide 18: Balance Sheet
Balance Sheet UNAUDITED Consolidated Balance Sheets December 31, 2025 December 31, 2024 Assets RMBS, at fair value (including pledged assets of $1,189,714 and $1,103,622, respectively) $ 1,213,851 $ 1,122,420 Investments in Servicing Related Assets, at fair value (including pledged assets of $214,83
Slide 19: Income Statement
Income Statement UNAUDITED Consolidated Statements of Income Three Months Ended December 31, 2025 September 30, 2025 Income Interest income $ 15,838 $ 15,643 Interest expense 12,628 12,343 Net interest income 3,210 3,300 Servicing fee income 10,629 10,764 Servicing costs 2,481 2,297 Net servicing in
Slide 20: Comprehensive Income
Comprehensive Income UNAUDITED Consolidated Statement of Comprehensive Income Three Months Ended December 31, 2025 September 30, 2025 Net income $ 7,858 $ 4,515 Other comprehensive income: Unrealized gain on RMBS, available-for-sale, net 1,173 2,561 Net other comprehensive income 1,173 2,561 Compreh
Slide 21: Earnings Available for Distribution
Earnings Available for Distribution UNAUDITED Earnings Available for Distribution Three Months Ended December 31, 2025 September 30, 2025 Net Income $ 7,858 $ 4,515 + Realized loss on derivatives, net¹ 6,497 15,843 + Realized gain on acquired assets, net - (2) + Unrealized gain on RMBS, measured at
Slide 22: Segment Results
Segment Results UNAUDITED Results of Operations Servicing Related Assets RMBS All Other Total Income Information Interest income $ 54 $ 15,784 $ - $ 15,838 Interest expense 422 12,206 - 12,628 Net interest income (expense) (368) 3,578 - 3,210 Servicing fee income 10,629 - - 10,629 Servicing costs 2,
Slide 23: Abbreviations and Other Terms
Abbreviations and Other Terms UNAUDITED This presentation may include the below abbreviations, which have the following meanings • 30+ DQ – Percentage of loans that are delinquent by 30 days or • HPA – Home price appreciation more • LT – Long Term • Age (mths) or Loan Age (mths) – Weighted average n
Slide 24: Contact: Investor Relations
Contact: Investor Relations Phone: (877) 870-7005 investorrelations@chmireit.com
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