Cherry Hill Mortgage Investment

What Cherry Hill Mortgage Investment does

Cherry Hill Mortgage Investment Corporation (NYSE: CHMI) is a publicly traded real estate investment trust founded in 2013 and headquartered in Tinton Falls, New Jersey, that operates as a hybrid residential mortgage REIT. The company acquires and actively manages a diversified portfolio of mortgage servicing rights (MSRs), agency residential mortgage-backed securities (RMBS), and selectively non-agency RMBS backed by jumbo and non-qualified mortgages. As of Q1 2026, the company serviced a $15.6 billion MSR unpaid principal balance, held $1.2 billion in RMBS, and managed $1.5 billion of investable assets at a portfolio leverage of 5.5x, with book value per share of $3.23.

The company's core operating engine combines flow and bulk MSR acquisitions from mortgage servicers with leveraged agency RMBS positioning, supported by an extensive hedging program using interest rate swaps, swaptions, caps, floors, TBAs, U.S. Treasuries, futures, forwards, and CMOs to mitigate prepayment, interest rate, duration, basis, and pricing risk. A new strategic partnership branded Real Genius has been disclosed for 2026 to identify and pursue additional MSR growth opportunities. Management is led by President and CEO Jay Lown, CIO Julian Evans, and CFO Apeksha Patel, each with over 20 years of experience in residential mortgage markets and prior roles at major institutions including Freedom Mortgage, Deutsche Asset Management, UBS Securities, and Salomon Brothers.

CHMI's revenue mechanics derive from net servicing income on the MSR portfolio, interest income and unrealized gains on RMBS holdings, and the resulting distribution of dividends to stockholders under REIT requirements (at least 90% of REIT taxable income annually). The Q2 2026 common dividend of $0.10 per share implies a roughly 15-16% annualized yield, with preferred series A (8.20%) and series B (8.250%) also trading on the NYSE. GTM is exclusively through public equity markets via the NYSE listing, supported by a dedicated investor relations portal, quarterly earnings releases, and management conference calls. The customer base is dispersed public and institutional equity holders rather than commercial counterparties.

Name

Cherry Hill Mortgage Investment

Legal name

Cherry Hill Mortgage Investment Corporation

Website

https://chmireit.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Cherry Hill Mortgage Investment Corporation (NYSE: CHMI) is a publicly traded hybrid residential mortgage REIT that acquires and manages mortgage servicing rights, agency RMBS, and non-agency RMBS to generate dividend income and risk-adjusted returns for public stockholders.

Ownership category

akta.pro rank

Product category

Mortgage REIT / Residential Mortgage Investment

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industries

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB), Mortgage-Backed Securities (RMBS/CMBS) (FSACACAB)

Keywords

• Residential mortgage REIT
• Mortgage servicing rights
• Agency RMBS investment
• Residential mortgage assets
• Hybrid mortgage REIT

Headquarters

HQ city

Moorestown

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Net Servicing Income: Income generated from servicing mortgage loans, including servicing fees and related cash flows from the MSR portfolio.
2. Investment Returns on RMBS: Returns from agency residential mortgage-backed securities including unrealized gains and interest income.
3. Dividend Distributions to Stockholders: As a REIT, the company distributes dividends to stockholders from REIT taxable income (at least 90% annually).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Cherry Hill Mortgage Investment Corporation is a hybrid residential mortgage REIT that acquires, manages, and hedges a diversified portfolio of Mortgage Servicing Rights (MSRs), Agency Residential Mortgage-Backed Securities (RMBS), and Non-Agency RMBS. The company generates income through net servicing fees on MSRs and investment returns on RMBS, distributing the bulk of REIT taxable income to stockholders as dividends.

Product overview

Cherry Hill Mortgage Investment Corporation operates as a hybrid residential mortgage REIT with a diversified portfolio strategy focused on three core asset classes: Mortgage Servicing Rights (MSRs), Agency Residential Mortgage Backed Securities (RMBS), and Non-Agency RMBS. The company's investment strategy centers on acquiring and managing these mortgage-related assets to generate consistent attractive current yields and risk-adjusted total returns. The portfolio is supported by a hedging and risk management service that utilizes derivative instruments to mitigate interest rate, prepayment, and credit risks. As of March 31, 2026, the company held $15.6 billion in MSR unpaid principal balance and $1.5 billion of investable assets, with operations managed from its Tinton Falls, New Jersey headquarters.

Differentiator

Problem solved

Functional benefit

Products and services

• Mortgage Servicing Rights (MSRs) Selectively acquired Mortgage Servicing Rights obtained through flow or bulk purchases with mortgage servicers, representing CHMI's core asset class for generating consistent attractive current yields through net servicing income.

Quantifiable outcome

• 16% dividend yield based on March 31, 2026 closing price
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Real GeniusminorStrategic or Co-development PartnerCherry Hill Mortgage Investment is developing growth options through its Real Genius partnership. Real Genius appears to be a strategic initiative for identifying and pursuing growth opportunities in the mortgage servicing rights market. The partnership is described as a growth option for 2026, though specific details on the nature of collaboration are limited in available sources.

Scale indicators10 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• AGNC Investment Corp: AGNC is a publicly traded agency mortgage REIT focused on agency RMBS with leverage and hedging similar to CHMI. It is one of the closest pure-play comps in the mortgage REIT space and offers a useful benchmark for capital structure and dividend sustainability.
• Annaly Capital Management: Annaly is the largest mortgage REIT and a direct hybrid peer with exposure to agency MBS, MSRs (through its subsidiary), and credit assets. Comparable business model, dividend-oriented structure, and scale make it the most natural benchmark for CHMI.
• New York Mortgage Trust: NYMT is a small-cap hybrid mortgage REIT investing in agency RMBS, non-agency RMBS, and MSRs with a multi-strategy mandate. Comparable in scale and strategy mix to CHMI and frequently compared on dividend coverage and book value stability.
• Two Harbors Investment Corp: Two Harbors operates a hybrid mortgage REIT model with agency RMBS, MSRs, and credit assets, mirroring CHMI's three-asset-class framework. Direct comp on strategy, hedging approach, and dividend yield dynamics.
• Dynex Capital Inc: Dynex is a small-cap mortgage REIT investing primarily in agency RMBS with selective credit exposure. Similar leverage profile and small-cap public structure to CHMI make it a clean comparable for valuation and dividend dynamics.
• ARMOUR Residential REIT: ARMOUR is a pure-play agency mortgage REIT with a leveraged RMBS portfolio and similar dividend yield profile. Provides a benchmark for how single-strategy agency REITs compare against CHMI's hybrid approach.
• Invesco Mortgage Capital: Invesco Mortgage Capital invests in agency and non-agency RMBS using leverage and is managed by Invesco. Comparable business model, asset focus, and use of structured credit exposure to CHMI's non-agency sleeve.
• Western Asset Mortgage Capital: Western Asset Mortgage Capital is a small-cap mortgage REIT focused on agency RMBS and related credit assets, managed by Western Asset Management. Comparable in scale, structure, and yield profile to CHMI.

Emerging players

• Ellington Financial Inc: Ellington Financial is a diversified specialty finance company with exposure to residential mortgage-related assets alongside broader credit strategies. Partial overlap with CHMI on RMBS and MSR exposure, though broader asset mix.

Regional players

• KKR Real Estate Finance Trust: KREF is a commercial-focused mortgage REIT externally managed by KKR, with overlap to CHMI only in the broader real estate debt theme. Useful adjacent comp on management quality and sponsor backing rather than direct asset overlap.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/cherry-hill-mortgage-investment-corp-chmi-

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cherry Hill Mortgage Investment