Cherry Hill Mortgage Investment Corp (NYSE: CHMI) is a residential mortgage REIT that invests in residential mortgage-backed securities (RMBS) and mortgage servicing rights (MSRs). It earns income primarily from the net interest spread between yields on its RMBS portfolio and the cost of short-term borrowings, primarily repurchase agreements, along with income generated by its taxable REIT subsidiary Aurora, which owns MSRs. CHMI is headquartered in Tinton Falls, New Jersey and has been listed on the NYSE under the symbol CHMI since October 4, 2013. Aurora carries two MSR financing facilities, each up to $100.0 million, secured by Freddie Mac and Fannie Mae MSRs respectively (as of the 10-K filed March 5, 2026). As a REIT, CHMI is required to distribute at least 90% of its annual REIT taxable income to stockholders, making dividend distributions central to its capital return structure. The business is capital-intensive and rate-sensitive, with earnings exposed to interest rate mismatches between fixed-rate or hybrid-ARM assets and short-term floating-rate liabilities.

Revenue model

Net interest income from RMBS holdings funded via repurchase agreements, plus income from MSRs held through the Aurora taxable REIT subsidiary. Interest rate hedging instruments are used to manage spread risk between assets and liabilities.

Products and services

Residential mortgage-backed securities (RMBS), including fixed-rate and hybrid adjustable-rate mortgage (ARM) securities. Mortgage servicing rights (MSRs) on Fannie Mae and Freddie Mac loans, owned and financed through the Aurora subsidiary.

Customers and end markets

Stockholders receiving REIT dividend distributions. End market exposure is the U.S. residential real estate and mortgage market, with asset performance tied to U.S. housing conditions, prepayment speeds, and interest rate levels.

Value-chain role

Mortgage REIT acting as a capital aggregator and portfolio investor. Buys and holds RMBS and MSRs rather than originating loans. Funds assets with repurchase agreement borrowings and equity capital.

Geographic exposure

United States residential mortgage market. Headquarters in Tinton Falls, New Jersey (as of the 10-K filed March 5, 2026).

Source: SEC 10-K, filed 2026-03-05

Industry: Real Estate Investment Trusts Peers: TPG Mortgage Investment Trust Inc Annaly Capital Management Inc Chicago Atlantic Real Estate Finance Inc Ellington Credit Co Lument Finance Trust Inc RPT Realty Nexpoint Real Estate Finance Inc Seven Hills Realty Trust Sachem Capital Corp