Cherry Hill Mortgage Investment Corporation (CHMI) Earnings
Cherry Hill Mortgage Investment Corporation is expected to report next earnings on November 5, 2026 (in NaN days), with a consensus EPS estimate of $0.15. CHMI has beaten EPS estimates in 2 of its last 12 reported quarters (average surprise +3.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $0.13 | $0.15 | +15.4% | $8M | -26.7% |
| May 7, 2026 | $0.12 | $0.14 | +16.7% | $5M | -55.0% |
| Feb 25, 2026 | $0.11 | $0.11 | +0.0% | $12M | +380.0% |
| Nov 6, 2025 | $0.11 | $0.09 | -18.2% | $9M | +249.9% |
| Aug 7, 2025 | $0.12 | $0.10 | -16.7% | $39M | +1240.7% |
| Mar 6, 2025 | $0.10 | $0.10 | +0.0% | $19M | +1145.3% |
| Aug 8, 2024 | $0.15 | $0.08 | -46.7% | $7M | -43.3% |
| Mar 7, 2024 | $0.20 | $0.17 | -15.0% | $18M | +25.4% |
| Nov 2, 2023 | $0.16 | $0.16 | +0.0% | $21M | +43.5% |
| Aug 3, 2023 | $0.21 | $0.16 | -23.8% | $6M | -4.0% |
| Mar 7, 2023 | $0.28 | $0.24 | -14.3% | $-31M | -325.0% |
| Nov 2, 2022 | $0.29 | $0.26 | -10.3% | $46M | +284.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Geopolitical events globally impacted market performance in the first quarter. - Cherry Hill managed interest rate exposure well in March to mitigate book value impact. - MSR portfolio valuation improved, showing resilience. - Strategic partnership with Real Genius continues to progress. - Maintained portfolio positioning mostly, took steps to protect book value in March's rising rate environment.
Guidance
- Markets likely to remain turbulent until geopolitical situation settles. - Continue to proactively manage portfolio through challenging period. - Seek additional investment opportunities believed to be accretive to business.
Segment performance
For the first quarter, the MSR portfolio had a UPV of 15.6 billion and a market value of approximately 213 million at quarter end. The MSR and related net assets represented approximately 41% of equity capital and approximately 21% of investable assets excluding cash at quarter end. The RMBS portfolio accounted for approximately 42% of equity capital and represented approximately 79% of investable assets excluding cash at quarter end. The MSR portfolio's net CPR averaged approximately 4.5% for the first quarter, down modestly from the previous quarter. The RMBS portfolio's prepayment speeds declined modestly to 8% CPR for the three-month period ending March, compared to 8.5% for the prior quarter.
Risks & headwinds
- Geopolitical events causing market volatility. - Interest rate fluctuations and yield curve flattening due to volatility. - Tighter SOFR spreads impacting portfolio performance.
Analyst Q&A
Q: Earlier in the call, you mentioned examining additional investment opportunities. Could you provide color on how you would go about funding those investment opportunities?
A: Anything that we might do from an investment perspective would obviously come at the expense of a different asset class. We would evaluate new opportunities based on return profile on a risk return weighted basis and how it might impact shareholder returns as capital is constrained.
Q: You noted the volatility in March and then the stabilization in April. Walk us through your general thoughts on the return profile of the portfolio if stabilization persists through the second quarter or if there's a spike in volatility again.
A: Currently, mortgages are attractive from a spread and yield perspective. On a levered basis, RMBS could have returns in mid-teens to high teens and MSR anywhere between 10 to 12. Any stability can lead to spread tightening and positive portfolio impact. A bull steepening scenario adds positive returns.
Q: You mentioned expecting continued volatility in the near term. Talk about the range you expect spreads to trade in over the near future and behavior in widening scenarios.
A: Currently, versus swaps, spreads ended first quarter around 165, retraced to around 150, could go back to 130 on the low side and visit 180 on the high side. Vol remains elevated until geopolitical clarity, and spreads will stay at higher levels until resolution.