Cherry Hill Mortgage Investment Corp (CHMI) 2025 Q3 法說會逐字稿

Good day and welcome to Cherry Hill Mortgage Investment Corporation's 3rd quarter 2025 conference call. (operator instructions). I would like to turn the call over to the Garrett Eddison of ICR. Please go ahead.

各位好，歡迎參加 Cherry Hill Mortgage Investment Corporation 2025 年第三季電話會議。（操作說明）我想把電話轉給 ICR 的 Garrett Eddison。請繼續。

We'd like to thank you for joining us today for Cherry Hill Mortgage Investment Corporation's 3rd quarter 2025 conference call. In advance of this call, we issued a press release that was distributed earlier this afternoon. That press release and a 3rd quarter 2025 investor presentation have been posted to the investor relations section of our website at www.chmireit.com.

感謝您今天參加 Cherry Hill Mortgage Investment Corporation 2025 年第三季電話會議。在本次電話會議之前，我們發布了一份新聞稿，該新聞稿已於今天下午早些時候分發。新聞稿和 2025 年第三季投資者簡報已發佈在公司網站 www.chmireit.com 的投資者關係部分。

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those discussed today. Examples of forward-looking statements include those related to interest income, financial guidance, IRRs, future expected cash flows, as well as prepayment and recapture rates, delinquencies, and non-GAAP financial measures such as earnings available for distribution or EAD, and comprehensive income.

在今天的電話會議上，管理層準備的發言和對您問題的回答可能包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與今天討論的結果有所不同。前瞻性陳述的例子包括與利息收入、財務指導、內部收益率、未來預期現金流量以及提前還款率和收回率、拖欠率和非公認會計準則財務指標（如可供分配的收益或 EAD 和綜合收益）相關的陳述。

Forward-looking statements represent management's current estimates, and Cherry Hill assumes no obligation to update any forward-looking statements in the future. We encourage listeners to review the more detailed discussions related to these forward-looking statements contained in the company's filings with the SEC and the definitions contained in the financial presentations available on the company's website. Today's conference call is hosted by Jay Lown, President and CEO, Julian Evans, the Chief Investment Officer, and Apeksha Patel, the Chief Financial Officer. Now I will turn the call over to Jay.

前瞻性陳述代表管理層目前的估計，Cherry Hill 不承擔未來更新任何前瞻性聲明的義務。我們鼓勵聽眾查閱公司向美國證券交易委員會提交的文件以及公司網站上提供的財務報表中的定義，以更詳細地了解這些前瞻性陳述。今天的電話會議由總裁兼執行長 Jay Lown、首席投資長 Julian Evans 和財務長 Apeksha Patel 主持。現在我將把電話交給傑伊。

Thanks, Garrett and welcome to our 3rd quarter 2025 earnings call. The 3rd quarter saw a continued reduction in overall macro volatility. As we moved into the fall.

謝謝加勒特，歡迎參加我們2025年第三季財報電話會議。第三季宏觀經濟整體波動性持續下降。隨著秋天的到來。

With tariff concerns mostly fading into the background and investors accepting the new normal. As the quarter progressed, It became clear that the Fed would proceed with rate cuts given economic indicators.

隨著關稅問題逐漸淡出人們的視野，投資人也接受了新的常態。隨著季度的推進，鑑於各項經濟指標，聯準會將繼續降息的趨勢變得十分明朗。

And they did exactly that in both September and last week. Rates were mostly contained quarter over quarter. With the 10 year yield ending marginally lower at 4.15%. Specific to Cherry Hill, portfolio components such as mortgages, swaps, futures, and MSRs performed well in the quarter.

他們在九月和上週都正是這樣做的。利率環比基本保持穩定。10 年期公債殖利率小幅走低，收在 4.15%。就 Cherry Hill 而言，抵押貸款、互換、期貨和抵押貸款服務權等投資組合組成部分在本季度表現良好。

Though lower coupon mortgages outperformed higher coupons due to lower rates and investors' growing demand for duration. With the Fed in easing mode leading to higher prepayment speed expectations for high coupon mortgages.

儘管由於利率下降和投資者對期限的需求不斷增長，低利率抵押貸款的表現優於高利率抵押貸款。聯準會處於寬鬆政策模式，導致高利抵押貸款的提前還款速度預期上升。

We shifted our R&Bs portfolio in the quarter to benefit from the lower interest rate environment. And stand positioned to benefit from lower funding costs and improved portfolio performance.

本季我們調整了R&B投資組合，以受益於較低的利率環境。並佔據有利位置，從更低的融資成本和更高的投資組合績效中獲益。

Our MSR portfolio has a weighted average note rate of 3.5%, well below current mortgage rates, and continues to perform well. For the 3rd quarter we generated GAAP net income applicable to common stockholders of $0.05 cents per diluted share.

我們的 MSR 投資組合的加權平均票據利率為 3.5%，遠低於目前的抵押貸款利率，並且持續表現良好。第三季度，我們實現了歸屬於普通股股東的GAAP淨利潤，每股稀釋收益為0.05美分。

Book value for common share finished the quarter at $3.36 compared to $3.34 on June 30th. On an NAV basis, which includes preferred stock and prior to any AQM capital raised in the quarter. NAV was up approximately 1.1 million or 0.5% relative to June 30th.

普通股帳面價值本季末為每股 3.36 美元，而 6 月 30 日為每股 3.34 美元。以淨資產值計算，其中包括優先股，且未計入本季籌集的任何AQM資本。與 6 月 30 日相比，淨資產值上漲了約 110 萬，漲幅為 0.5%。

Financial leverage at the end of the quarter remained consistent at 5.3 times as we continue to stay prudently levered. We ended the quarter with $55 million of unrestricted cash. Maintaining a solid liquidity profile.

本季末財務槓桿率維持在 5.3 倍，我們繼續保持審慎的槓桿水準。本季末，我們擁有5500萬美元的非限制性現金。保持穩健的流動性狀況。

In September, our board of directors made the strategic decision to adjust our dividend to $0.10 cents per share. We believe the realignment is more sustainable and in line with the company's earnings power.

9 月，我們的董事會做出了一項戰略決定，將股息調整為每股 0.10 美元。我們認為這種重組更具可持續性，也更符合公司的獲利能力。

As we mentioned on our last call, we entered into a strategic partnership and investment with Real Genius LLC. A Florida-based digital mortgage technology company earlier this year. As a reminder, Real Genius has developed a proprietary direct to consumer platform. Offering an efficient, fully online mortgage experience.

正如我們在上次電話會議中提到的，我們與 Real Genius LLC 建立了策略合作夥伴關係並進行了投資。今年早些時候，一家總部位於佛羅裡達州的數位抵押貸款技術公司。再次提醒，Real Genius 已開發出專有的直接面向消費者的平台。提供高效率便捷的全線上抵押貸款服務。

Including instant pre-qualification, automated document process, and real-time loan tracking. All of which is supported by their custom-built point of sale system. We are seeing positive momentum from that partnership as Real Genius's growth trajectory and stabilization progresses in line with our expectations.

包括即時預審資格、自動化文件處理和即時貸款追蹤。所有這些都由他們自主研發的銷售點系統提供支援。我們看到，隨著 Real Genius 的成長軌跡和穩定性按照我們的預期穩步推進，這種合作關係帶來了積極的勢頭。

With 30-year mortgage rates hovering around 6%. We are optimistic that the reduction in mortgage rates may facilitate an acceleration in real geniuses growth.

30 年期抵押貸款利率徘徊在 6% 左右。我們樂觀地認為，抵押貸款利率的降低可能會促進房地產行業的加速發展。

As more home buyers and homeowners look to purchase homes or refinance. Looking ahead, we will continue to seek out investment opportunities we believe would be accreted to our business.

隨著越來越多的購屋者和房主尋求購買房屋或進行再融資。展望未來，我們將繼續尋找我們認為有利於公司發展的投資機會。

We are monitoring the economic environment closely and are focused on thoughtfully growing the company while maintaining strong liquidity and prudent leverage.

我們密切關注經濟環境，並致力於在維持強勁流動性和審慎槓桿的同時，穩步發展公司。

With that, I'll turn the call over to Julian, who will cover more details regarding our investment portfolio and its performance over the 3rd quarter.

接下來，我將把電話交給朱利安，他將詳細介紹我們的投資組合及其在第三季的表現。

Thank you, Jay. Mortgage spread tightening drove performance in the 3rd quarter.

謝謝你，傑伊。第三季度，抵押貸款利差收窄推動了業績成長。

Reduced tariff rhetoric, a few announced preliminary tariff deals, as well as declining rate volatility, and the assumption that the Fed would initiate and continue easing monetary policy based upon weaker employment data helped to define mortgage performance over the quarter.

關稅方面的言論減少，一些初步關稅協議的宣布，以及利率波動性的下降，再加上美聯儲將根據疲軟的就業數據啟動並繼續寬鬆貨幣政策的假設，這些因素共同決定了本季度抵押貸款的表現。

As the market grew more comfortable with the potential Fed easing, mortgage spreads ground tighter. And as dollar prices rose, the expectations for faster prepayment speeds grew for higher coupon mortgages, limiting their performance.

隨著市場對聯準會可能放鬆貨幣政策的預期越來越高，房貸利差收窄。隨著美元價格上漲，人們對高利率抵押貸款的提前還款速度的預期也越來越高，這限制了這類貸款的表現。

Higher coupon dollar prices became capped as interest rates moved lower and spreads tightened. As a result, investors' desire for lower coupon mortgages and duration needs became apparent.

隨著利率下降和利差收窄，較高的票面美元價格受到限制。因此，投資者對低利率抵押貸款和更短期限的需求變得顯而易見。

Investors were chasing the par coupon mortgage as interest rates moved lower.

隨著利率走低，投資人紛紛追捧以面額計息的房貸。

Throughout the quarter, we adjusted our portfolio positioning to benefit from ongoing spread tightening and declining interest rates.

本季度，我們調整了投資組合配置，以受益於利差持續收窄和利率下降。

At quarter end, our MSR portfolio had a UPB of 16.2 billion and a market value of approximately $219 million. The MSR and related net assets represented approximately 41% of our equity capital and approximately 22% of our investable assets, excluding cash at quarter end.

截至季末，我們的抵押貸款服務權組合未償餘額為 162 億美元，市值約為 2.19 億美元。截至季末，MSR 及相關淨資產約占我們股本的 41%，約占我們可投資資產的 22%（不包括現金）。

Meanwhile, our RMBS portfolio accounted for approximately 39% of our equity capital.

同時，我們的RMBS投資組合約占我們權益資本的39%。

As a percentage of investable assets, the R&BS portfolio represented approximately 78%, excluding cash at quarter end.

截至季末，R&BS 投資組合佔可投資資產的比例約為 78%（不含現金）。

Our MSR portfolio's net CPR averaged approximately 5.9% for the third quarter, pretty much comparable with the previous quarter. The portfolio's recapture rate remained de minimis as the incentive to refinance continues to be minimal for this portfolio, given the portfolio's loan rate.

第三季度，我們的 MSR 投資組合的淨 CPR 平均約為 5.9%，與上一季基本持平。由於該投資組合的貸款利率較低，因此該投資組合的再融資動力仍然很小，其再融資率也微乎其微。

We continue to expect a lower recapture rate and a relatively low net CPR in the near term given our MSR portfolio's characteristics.

鑑於我們的 MSR 投資組合的特點，我們預期短期內回收率將較低，淨 CPR 也將相對較低。

Like the MSR, the RMBS's portfolio prepayment speeds held steady at 6.1% CPR for the three month period ending September.

與 MSR 一樣，RMBS 的投資組合提前還款速度在截至 9 月的三個月期間保持穩定，為 6.1% 的 CPR。

We do expect agency prepayment speeds to increase with current mortgage rates ranging between 575 and 6.25%, especially for higher coupon mortgages. Our portfolio is not comprised of a large portion of higher coupon specified pools. Most of the higher coupon positioning is represented by TBA positioning.

我們預計，隨著當前抵押貸款利率在 575% 至 6.25% 之間波動，機構提前還款的速度將會加快，尤其是對於高利率抵押貸款而言。在我們的投資組合中，高利息債券池所佔比例並不高。大部分高額優惠券定位都以待定定位（TBA）的形式呈現。

The larger pool positioning starts at the 5.5 coupon where the underlying collateral typically has a 650 loan rate.

較大的資金池配置從 5.5 的票息開始，其基礎抵押品的貸款利率通常為 650。

Which will be impacted by the recent lower mortgage rates. The initial impact should be limited as the mortgage universe is only approximately 19% refinanceable at the current mortgage rate levels.

這將受到近期較低的抵押貸款利率的影響。由於目前抵押貸款利率水準下只有大約 19% 的抵押貸款可以進行再融資，因此最初的影響應該有限。

But as the Fed continues to ease monetary policy, we are monitoring a mortgage rate of 5.5%. At a 5.5% mortgage rate, the refinanceable universe increases to approximately 30%.

但隨著聯準會繼續放鬆貨幣政策，我們正在關注5.5%的抵押貸款利率。如果抵押貸款利率為 5.5%，則可再融資的範圍將擴大到約 30%。

As of September 30th, the R&BS portfolio, inclusive of TBAs stood at approximately 782 million compared to 756 million at the previous quarter in as we modestly shifted our RMBS positioning towards lower and middle of the coupon stack mortgages versus higher coupon mortgages.

截至 9 月 30 日，包括 TBA 在內的 R&BS 投資組合約為 7.82 億美元，而上一季為 7.56 億美元，因為我們適度地調整了 RMBS 的配置，使其從高息抵押貸款轉向低息和中息抵押貸款。

For the third quarter, our RMBs net interest spread was approximately 2.87%, higher than the previous quarter.

第三季度，我們的人民幣淨利差約2.87%，高於上一季。

Has increased asset purchases more than offset higher interest expenses. Overall, our hedge strategy remains largely intact. We will continue to use a combination of swaps, TBA securities, and Treasury futures to hedge the portfolio.

增加的資產購置額已足以抵銷更高的利息支出。整體而言，我們的對沖策略基本上保持不變。我們將繼續使用互換、TBA證券和國債期貨的組合來對沖投資組合。

During the quarter, the hedge portfolio changed marginally because more positioning changes were made to the RMBS portfolio. As we close out the year, we will continue to proactively manage our portfolio and adjust our overall capital structure to add value for shareholders to improved performance and earnings.

本季度，由於RMBS投資組合的部位調整較多，對沖投資組合略有變動。在年末之際，我們將繼續積極管理我們的投資組合，並調整我們的整體資本結構，以提高績效和收益，從而為股東創造價值。

I will now turn the call over to Apeksha for a 3rd quarter financial discussion.

現在我將把電話交給 Apeksha，讓她討論第三季的財務狀況。

Thank you, Julian. GAAP net income applicable to common stockholders for the third quarter was $2 million or $0.05 cents per weighted average diluted share outstanding during the quarter, while comprehensive income attributable to common stockholders, which includes the mark to market of our available for sale RMBS, was 4.5 million or $0.12 per rated average diluted share.

謝謝你，朱利安。第三季歸屬於普通股股東的GAAP淨利為200萬美元，即每股加權平均稀釋收益0.05美分；歸屬於普通股股東的綜合收益（包括可供出售的RMBS的市值計價）為450萬美元，即每股評級平均攤薄收益0.12美元。

Our earnings available for distribution or EAD attributable to common stockholders were 3.3 million or $0.09 cents per share. Our book value per common share as of September 30th, 2025 was $3.36 compared to book value of $3.34 as of June 30th, 2025.

歸屬於普通股股東的可供分配收益或 EAD 為 330 萬美元，即每股 0.09 美元。截至 2025 年 9 月 30 日，我們的每股普通股帳面價值為 3.36 美元，而截至 2025 年 6 月 30 日，帳面價值為 3.34 美元。

We use a variety of derivative instruments to mitigate the effects of increases in interest rates on a portion of our future repurchase borrowings. At the end of the 3rd quarter, we held interest rate swaps, TBAs, and Treasury futures, all of which had a combined notional amount of approximately 435 million.

我們使用各種衍生性工具來減輕利率上升對我們未來部分回購借款的影響。第三季末，我們持有利率互換、TBA 和國債期貨，所有這些的總名目金額約為 4.35 億美元。

You can see more details regarding our hedging strategy in our 10-Q as well as our 3rd quarter presentation.

您可以在我們的 10-Q 報告以及第三季報告中查看有關我們避險策略的更多詳細資訊。

For GAAP purposes, we have not elected to apply hedge accounting for our interest rate derivatives, and as a result, we record the change in estimated fare value as a component of the net gain or loss on interest rate derivatives.

就 GAAP 而言，我們沒有選擇對利率衍生性商品應用套期會計，因此，我們將估計票價價值的變化記錄為利率衍生性商品淨收益或損失的一個組成部分。

Operating expenses were 3.8 million for the quarter. On September 15, 2025, our board of directors declared a dividend of $0.10 cents per common share for the third quarter of 2025, which was paid in cash on October 30th, 2025.

本季營運支出為380萬。2025 年 9 月 15 日，我們的董事會宣布派發 2025 年第三季每股普通股 0.10 美元的股息，並於 2025 年 10 月 30 日以現金支付。

We also declared a dividend of 51.25 cents per share on our 8.2% Series A cumulative redeemable preferred stock and a dividend of 65.23 Cents on our 8.25% Series B fixed to floating rate cumulative redeemable preferred stock, both of which were paid on October 15, 2025.

我們也宣布派發每股 51.25 美分的 8.2% A 系列累積可贖回優先股股息和每股 65.23 美分的 8.25% B 系列固定利率轉浮動利率累積可贖回優先股股息，這兩筆股息均於 2025 年 10 月 15 日支付。

At this time we will open up the call for questions. Operator.

現在我們將開放提問環節。操作員。

Timothy D'Agostino, B. Riley Securities.

Timothy D'Agostino，B. Riley Securities。

Yes, hi, thank you so much just one quick question for me regarding the real genius acquisition or partnership sorry, was that more opportunistic or could we see more partnerships like that in the future? Thank you.

是的，您好，非常感謝。關於Real Genius的收購或合作，我還有一個問題。不好意思，那次收購更多是出於機會主義，還是未來會有更多類似的合作？謝謝。

Hey Tim, how are you? Good to have you on. So I'm not really prepared to forecast, but to the extent that we see things that are interesting that are created, sure we'll look at them this was a long time in the making for this for this investment and.

嘿，蒂姆，你好嗎？很高興你能來。所以，我目前還不打算做出預測，但如果我們看到一些有趣的東西被創造出來，我們當然會關注它們。這項投資醞釀已久。

Probably speaking we're really happy with how it's progressing but to the extent that we find opportunities that fit within the skill set of people here we'll absolutely.

可以說，我們對目前的進展非常滿意，但如果我們能找到適合我們員工技能的機會，我們絕對會考慮。

Ok Great thank you so much.

好的，非常感謝。

Okay great thank you So much.

好的，太好了，非常感謝。

Mikhail Goberman, Citizens.

米哈伊爾·戈伯曼，公民。

Hey, good afternoon guys, hope everybody's doing well. If I could pick your brain about just your thoughts on expenses going forward, I'm looking at G&A plus comp looks like it was about a 12.5% sequential rise. Is there a sort of run rate that you guys are targeting going forward? Is there a seasonality to that to that combined number? Thanks.

嘿，各位下午好，希望大家一切都好。如果我可以向您請教一下關於未來支出方面的想法，我注意到一般及行政費用加上薪酬似乎環比增長了約 12.5%。你們未來有設定一個目標勝率嗎？這個總數字是否存在季節性變化？謝謝。

Hi, Miguel, it's Apeksha. Hello. So, yes, their, G&A and, comp and benefits were both up this quarter, and that is mostly due to, changes in personnel that we had, during the second quarter and the 3rd quarter, of the year, as well as professional fees that related to those changes going forward we do anticipate those costs, going down. Especially, with, having a new in-house GC now, as of this point though, it's difficult for us to quantify exactly what that would be, but we are anticipating them going down.

嗨，米格爾，我是阿佩克莎。你好。是的，他們的管理費用和薪資福利在本季都有所增加，這主要是由於我們在今年第二季和第三季的人員變動，以及與這些變動相關的專業費用。展望未來，我們預計這些成本將會下降。尤其是現在有了新的內部總法律顧問，雖然目前我們很難準確量化這將會帶來什麼影響，但我們預期他們的業績會下滑。

Great, thank you for that call and the sequential rise in servicing costs. What was driving that there?

太好了，謝謝你的來電以及服務成本的持續上漲。是什麼原因導致這種情況發生？

That was essentially, a part of the de boarding fee that got reimbursed in Q2, so it's not a typical ongoing, expense, and that was something that in Q2 lowered the expense, Q3 we didn't have it, of course, because we didn't have the deboarding again, and so you saw that, quarter over quarter change, but you know Q3 is more, similar to our ongoing run rate.

這實際上是第二季度報銷的下機費的一部分，所以它不是典型的持續性支出，而且在第二季度降低了支出，當然，第三季度我們沒有這筆費用，因為我們沒有再次進行下機，所以你看到了季度環比的變化，但你知道，第三季度更類似於我們的持續運行率。

Great, and if I can get one more in there, I think you know what it's going to be any update on current book value? The usual.

太好了，如果我還能再加一個進去，我想你應該知道結果會是什麼。目前帳面價值有什麼更新嗎？一切如常。

Turn it over to Apeksha.

交給阿佩克莎吧。

Thank you

謝謝

So, we're seeing, our October 31st book value per share up about 1.2% from September 30th, and, obviously that's before any fourth quarter dividend accrual as the board has not yet met to approve it.

因此，我們看到，截至 10 月 31 日，我們的每股帳面價值比 9 月 30 日增長了約 1.2%，顯然，這還不包括第四季度股息的計提，因為董事會尚未開會批准。

Great, thank you all. Appreciate it.

太好了，謝謝大家。謝謝。

Anytime. Good to have you on.

隨時都可以。很高興你能來。

Thank you. I'm sure no further questions at this time. I'd like to turn the call back over to Jay Lown for closing remarks

謝謝。我想現在應該不會再有其他問題了。我謹將電話交還給傑伊·洛恩，請他作總結發言。

Thank you. Thanks for attending our third quarter 2025 earnings call and we look forward to updating you on our year-end results, in the first quarter of 2026. Have a good evening.

謝謝。感謝您參加我們 2025 年第三季財報電話會議，我們期待在 2026 年第一季向您報告我們的年終業績。祝你晚上愉快。

This does conclude the call. You may now disconnect. Good day.

通話到此結束。您現在可以斷開連線了。再會。