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By Rayk Riechmann
Cherry Hill Mortgage Investment Corp. (NYSE: CHMI) reported fourth quarter numbers headlined by improved earnings and book value momentum going into 2026.
While net interest income remained stable at $3.2 million for the fourth quarter, net servicing income slightly decreased to $8.1 million. CHMI’s net income saw a 74% uptick from the previous quarter, causing a significant increase in earnings available for distribution, fully covering the $0.10 common dividend for the fourth quarter.
Management highlighted a constructive 2026 outlook emphasizing disciplined growth while maintaining balance sheet strength. For now, liquidity looks robust and leverage conservative with unrestricted cash totaling $54.9 million.
The overall economic environment remains broadly supportive for CHMI. Recently, spreads tightened through January before slightly widening again in February. Macro factors remain positive amid solid domestic growth, reduced tariff rhetoric, and contained policy risk.
CHMI shares have performed well since December but still have runway for continued appreciation. The stock trades at a 49% discount to its 1-year-high NTM P/E multiple and 32% discount to the peer average. With strengthening fundamentals and an improved earnings profile this gap should narrow in 2026.
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