$CHMI
Cherry Hill Mortgage Investment Corp

2023 Q4 Form 10-Q Financial Statement

#000114036123051140 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue -$14.57M $20.53M
YoY Change -24.49% -55.49%
Cost Of Revenue $18.05M $2.869M
YoY Change 34.29% 5.28%
Gross Profit -$32.62M $17.66M
YoY Change -0.36% -59.31%
Gross Profit Margin 86.02%
Selling, General & Admin $1.756M $1.630M
YoY Change 10.65% 10.51%
% of Gross Profit 9.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.756M $3.366M
YoY Change 10.65% 8.58%
Operating Profit -$34.38M $14.29M
YoY Change 0.15% -64.53%
Interest Expense $13.34M
YoY Change 173.19%
% of Operating Profit 93.32%
Other Income/Expense, Net
YoY Change
Pretax Income -$34.37M $17.16M
YoY Change 0.12% -60.11%
Income Tax -$721.0K $1.276M
% Of Pretax Income 7.44%
Net Earnings -$35.48M $15.89M
YoY Change 2.8% -61.89%
Net Earnings / Revenue 77.39%
Basic Earnings Per Share $0.49
Diluted Earnings Per Share -$1.29 $0.49
COMMON SHARES
Basic Shares Outstanding 26.98M 26.98M
Diluted Shares Outstanding 26.98M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.89M $44.70M
YoY Change -7.74% 4.59%
Cash & Equivalents $52.89M $44.73M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $0.00 $5.500M
Other Receivables $17.44M $17.60M
Total Short-Term Assets $70.33M $67.80M
YoY Change -43.47% -45.08%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $253.6M $266.5M
YoY Change -9.33% -4.5%
Other Assets $16.44M $25.70M
YoY Change 99.67% 11.71%
Total Long-Term Assets $1.323B $1.360B
YoY Change 2.98% 9.45%
TOTAL ASSETS
Total Short-Term Assets $70.33M $67.80M
Total Long-Term Assets $1.323B $1.360B
Total Assets $1.393B $1.428B
YoY Change -1.12% 4.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.789M $1.900M
YoY Change -97.78% -93.42%
Accrued Expenses $36.76M $18.40M
YoY Change 88.43% 158.06%
Deferred Revenue
YoY Change
Short-Term Debt $903.5M $967.3M
YoY Change 9.39% 11.77%
Long-Term Debt Due $64.50M $64.50M
YoY Change -5.84%
Total Short-Term Liabilities $1.013B $1.058B
YoY Change 1.0% 16.4%
LONG-TERM LIABILITIES
Long-Term Debt $104.8M $107.5M
YoY Change -9.16% -39.38%
Other Long-Term Liabilities $16.62M $4.200M
YoY Change -32.77% -85.21%
Total Long-Term Liabilities $121.4M $111.7M
YoY Change -13.33% -45.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.013B $1.058B
Total Long-Term Liabilities $121.4M $111.7M
Total Liabilities $1.135B $1.170B
YoY Change -0.76% 4.93%
SHAREHOLDERS EQUITY
Retained Earnings -$233.2M -$193.2M
YoY Change 37.97% 50.77%
Common Stock $305.0K $274.0K
YoY Change 27.62% 28.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $255.5M $254.1M
YoY Change
Total Liabilities & Shareholders Equity $1.393B $1.428B
YoY Change -1.12% 4.52%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$35.48M $15.89M
YoY Change 2.8% -61.89%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $18.60M $17.30M
YoY Change 22.41% 13.64%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $60.09M -$1.000M
YoY Change 578.21% -99.57%
Cash From Investing Activities $60.09M -$1.000M
YoY Change 578.21% -99.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -79.79M -6.600M
YoY Change 229.14% -103.22%
NET CHANGE
Cash From Operating Activities 18.60M 17.30M
Cash From Investing Activities 60.09M -1.000M
Cash From Financing Activities -79.79M -6.600M
Net Change In Cash -1.103M 9.700M
YoY Change 483.6% -181.9%
FREE CASH FLOW
Cash From Operating Activities $18.60M $17.30M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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1451 Route 34
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Suite 303
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us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Derivatives and Hedging Activities</div> <div><br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Derivative transactions include swaps, swaptions, U.S. treasury futures and “to-be-announced” securities (“TBAs”). <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">A TBA contract is an agreement to purchase or sell, for future delivery, an Agency RMBS with a specified issuer, term and coupon. </span>Swaps and swaptions are entered into by the Company solely for interest rate risk management purposes. TBAs and U.S. treasury futures are used to manage duration risk as well as basis risk and pricing risk on the Company’s financing facilities for MSRs. The decision as to whether or not a given transaction/position (or portion thereof) is economically hedged is made on a case-by-case basis, based on the risks involved and other factors as determined by senior management, including restrictions imposed by the Code on REITs. In determining whether to economically hedge a risk, the Company may consider whether other assets, liabilities, firm commitments and anticipated transactions already offset or reduce the risk. All transactions undertaken as economic hedges are entered into with a view towards minimizing the potential for economic losses that could be incurred by the Company. Generally, derivatives entered into are not intended to qualify as hedges under GAAP, unless specifically stated otherwise.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">From time to time, the Company enters into a TBA dollar roll which represents a transaction where TBA contracts with the same terms but different settlement dates are simultaneously bought and sold. The TBA contract settling in the later month typically prices at a discount to the earlier month contract with the difference in price commonly referred to as the “drop”. The drop is a reflection of the expected net interest income from an investment in similar Agency RMBS, net of an implied financing cost, that would be foregone as a result of settling the contract in the later month rather than in the earlier month. The drop between the current settlement month price and the forward settlement month price occurs because in the TBA dollar roll market, the party providing the financing is the party that would retain all principal and interest payments accrued during the financing period. Accordingly, drop income on TBA dollar rolls generally represents the economic equivalent of the net interest income earned on the underlying Agency RMBS less an implied financing cost. TBA dollar roll transactions are accounted for under GAAP as a series of derivatives transactions.</span></div> <div><br/></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s bi-lateral derivative financial instruments contain credit risk to the extent that its counterparties may be unable to meet the terms of the agreements. The Company reduces such risk by limiting its exposure to any one counterparty. In addition, the potential risk of loss with any one party resulting from this type of credit risk is monitored. The Company’s interest rate swaps and U.S. treasury futures are required to be cleared on an exchange, which further mitigates, but does not eliminate, credit risk. Management does not expect any material losses as a result of default by other parties to its derivative financial instruments.</div> <div><br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Classification</span></span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> – All derivatives, including TBAs, are recognized as either assets or liabilities on the consolidated balance sheets and measured at fair value. <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The fair value of TBA derivatives is determined using methods similar to those used to value Agency RMBS. </span>Due to the nature of these instruments, they may be in a receivable/asset position or a payable/liability position at the end of an accounting period. Derivative amounts payable to, and receivable from, the same party under a contract may be offset as long as the following conditions are met: (i) each of the two parties owes the other determinable amounts; (ii) the reporting party has the right to offset the amount owed with the amount owed by the other party; (iii) the reporting party intends to offset; and (iv) the right to offset is enforceable by law. The Company reports the fair value of derivative instruments gross of cash paid or received pursuant to credit support agreements, and fair value may be reflected on a net counterparty basis when the Company believes a legal right of offset exists under an enforceable master netting agreement. For further discussion on offsetting assets and liabilities, see Note 8.</span></div> <div><br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><span style="text-decoration: underline;">Revenue Recognition</span></span> – <span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">With respect to derivatives that have not been designated as hedges, any payments under, or fluctuations in the fair value of, such derivatives have been recognized currently in “Realized gain (loss) on derivatives, net” and “Unrealized gain (loss) on derivatives, net”, respectively, in the consolidated statements of income (loss).</span> Interest rate swap periodic interest income (expense) is included in “Realized gain (loss) on derivatives, net” in the consolidated statements of income (loss).</div>
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chmi Management Agreement Subject To Termination Notice Period For Termination To Manager
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chmi Management Agreement Subject To Termination Period Of Notice By Manager In The Event Of Default
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chmi Management Agreement Subject To Termination Period Of Termination Fee Payment In The Event Of Default
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ManagementFeeExpense
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CompensationReimbursement
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chmi Compensation Reimbursement
CompensationReimbursement
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CompensationReimbursement
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CY2023Q3 chmi Management Fee And Expense Reimbursement To Affiliate
ManagementFeeAndExpenseReimbursementToAffiliate
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CY2022Q3 chmi Management Fee And Expense Reimbursement To Affiliate
ManagementFeeAndExpenseReimbursementToAffiliate
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chmi Management Fee And Expense Reimbursement To Affiliate
ManagementFeeAndExpenseReimbursementToAffiliate
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chmi Management Fee And Expense Reimbursement To Affiliate
ManagementFeeAndExpenseReimbursementToAffiliate
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CY2023Q3 us-gaap Derivative Collateral Obligation To Return Securities
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DerivativeCollateralObligationToReceiveReturnCash
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CY2023Q3 us-gaap Derivative Asset Not Offset Policy Election Deduction
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CY2023Q3 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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DerivativeAssets
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CY2022Q4 chmi Derivative Collateral Obligation To Receive Return Cash
DerivativeCollateralObligationToReceiveReturnCash
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CY2022Q4 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
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CY2022Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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chmi Percentage Of Gross Equity Paid To Manager As Annual Management Fee
PercentageOfGrossEquityPaidToManagerAsAnnualManagementFee
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CY2023Q3 us-gaap Securities Sold Under Agreements To Repurchase Gross
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RepurchaseAgreementWeightedAverageRate
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RepurchaseAgreementObligationLessThanOneMonthMaturities
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CY2022Q4 chmi Repurchase Agreement Less Than One Month Weighted Average Rate
RepurchaseAgreementLessThanOneMonthWeightedAverageRate
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CY2022Q4 chmi Repurchase Agreement One To Three Months Weighted Average Rate
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SecuritiesSoldUnderAgreementsToRepurchaseGross
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RepurchaseAgreementWeightedAverageRate
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chmi Number Of Overnight And Demand Securities
NumberOfOvernightAndDemandSecurities
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CY2022 chmi Number Of Overnight And Demand Securities
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CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2022Q4 us-gaap Long Term Debt
LongTermDebt
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us-gaap Income Tax Reconciliation Tax Exempt Income
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us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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us-gaap Income Tax Reconciliation Tax Exempt Income
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us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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CY2023Q3 chmi Servicing Advances
ServicingAdvances
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CY2022Q4 chmi Servicing Advances
ServicingAdvances
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CY2023Q3 chmi Receivables And Other Assets
ReceivablesAndOtherAssets
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CY2022Q4 chmi Receivables And Other Assets
ReceivablesAndOtherAssets
36765000
CY2023Q3 chmi Interest Payable On Repurchase Agreements
InterestPayableOnRepurchaseAgreements
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CY2022Q4 chmi Interest Payable On Repurchase Agreements
InterestPayableOnRepurchaseAgreements
2796000
CY2023Q3 chmi Accrued Interest On Notes Payable
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CY2022Q4 chmi Accrued Interest On Notes Payable
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DueToCounterparties
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DueToCounterparties
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CY2023Q3 us-gaap Accrued Liabilities And Other Liabilities
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CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
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chmi Percentage Of Taxable Income That Must Be Distributed To Qualify As Areit
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EffectiveIncomeTaxRateContinuingOperations
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IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q3 us-gaap Deferred Federal Income Tax Expense Benefit
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DeferredFederalIncomeTaxExpenseBenefit
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us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2023Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2022Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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us-gaap Deferred State And Local Income Tax Expense Benefit
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us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q3 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022Q3 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2022Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2023Q3 chmi Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Provision To Return Adjustment Percent
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017ProvisionToReturnAdjustmentPercent
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CY2022Q3 chmi Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Provision To Return Adjustment Amount
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CY2022Q3 chmi Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Provision To Return Adjustment Percent
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017ProvisionToReturnAdjustmentPercent
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chmi Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Provision To Return Adjustment Amount
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017ProvisionToReturnAdjustmentAmount
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chmi Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Provision To Return Adjustment Percent
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chmi Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Provision To Return Adjustment Amount
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chmi Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Provision To Return Adjustment Percent
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017ProvisionToReturnAdjustmentPercent
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CY2023Q3 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
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CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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CY2022Q3 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
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CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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CY2023Q3 us-gaap Income Tax Receivable
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CY2023Q3 chmi Deferred Tax Asset Mortgage Servicing Rights
DeferredTaxAssetMortgageServicingRights
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DeferredTaxAssetMortgageServicingRights
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CY2023Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2023Q3 us-gaap Deferred Tax Assets Other
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2023Q3 us-gaap Operating Loss Carryforwards
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