Cherry Hill Mortgage Investment Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported GAAP net loss applicable to common stockholders of $3.9 million ($0.11 per share) for the third quarter of 2026, compared to a net income of $1.3 million ($0.04 per share) in the second quarter of 2026.
• Reported Earnings Available for Distribution (EAD) attributable to common stockholders of $5.2 million ($0.14 per diluted share), down from $5.5 million ($0.15 per diluted share) in the second quarter of 2026.
• Net interest income was $4.5 million, compared to $4.7 million in the prior quarter.
• Net servicing income was $7.5 million, compared to $7.4 million in the prior quarter.
• Total other loss was $5.5 million, driven primarily by a $51.8 million net unrealized loss on RMBS measured at fair value through earnings, partially offset by a $10.6 million net realized gain on derivatives and a $32.1 million net unrealized gain on derivatives.
• General and administrative expenses and compensation and benefits totaled $6.5 million, an increase from $4.0 million in the prior quarter.
• GAAP book value per share was $2.73 at September 30, 2026.
• Aggregate portfolio leverage stood at 5.19x at September 30, 2026.
• Unrestricted cash held was $41.2 million as of September 30, 2026.
• Net unrealized loss on RMBS portfolio classified as available-for-sale reported in accumulated other comprehensive income was approximately $8.9 million.

Guidance and Future Outlook:

• No forward guidance or future outlook statements were provided in the press release.
• The Company will not host a webcast or conference call to discuss results due to the pending merger transaction.

Business Segments and Product Lines:

• The Mortgage Servicing Rights (MSR) portfolio had an unpaid principal balance of $14.9 billion and a carrying value of $215.2 million as of September 30, 2026.
• The RMBS portfolio had a book value of approximately $1.1 billion and a carrying value of approximately $1.0 billion, with a weighted average coupon of 5.08% and a weighted average maturity of 27 years.
• Net interest spread for the RMBS portfolio was 3.45%.
• To mitigate duration and interest rate risk, the Company utilized interest rate swaps ($767.3 million notional), TBAs ($415.4 million notional), Treasury futures ($68.1 million notional), and Eris SOFR swap futures ($91.7 million notional) as of September 30, 2026.

Market and Competitive Landscape:

• No specific market trends, competition, or market share data were disclosed in the press release.

Risks and Challenges:

• Risks include the potential failure to complete the proposed merger with TPG Mortgage Investment Trust, Inc. (MITT) in a timely manner or at all.
• Risks involve the failure to receive required stockholder or regulatory approvals for the transaction.
• Potential for competing offers or acquisition proposals for the Company or MITT.
• Risks related to the diversion of management attention from ongoing business operations due to the transaction.
• Risks that the transaction may not qualify as a tax-free reorganization for U.S. federal income tax purposes.
• Market risks including changes in interest rates, credit spreads, prepayment rates, default rates, and general economic conditions affecting mortgage-related assets.
• Risk that the Company or MITT may fail to maintain qualification as a real estate investment trust.

Management Commentary and Tone:

• Management announced the entry into a definitive merger agreement with TPG Mortgage Investment Trust, Inc. (NYSE: MITT) on August 10, 2026.
• The transaction has an implied value of $117.5 million, representing a 29% premium to the closing price on August 7, 2026, and a 32% premium to the 30-Day Volume Weighted Average Price.
• No direct management quotes or commentary on operational tone were included in the release.

Other Key Points:

• The Board of Directors declared a regular common dividend of $0.10 per share for the third quarter of 2026, payable on October 30, 2026.
• The annualized common dividend yield was 15.4% based on the closing sale price of the common stock on October 28, 2026.
• Dividends were also declared on preferred stock: $0.5125 per share on the 8.20% Series A Cumulative Redeemable Preferred Stock and $0.6162 per share on the 8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, paid on October 15, 2026.
• The Company will file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, with the SEC.