Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) Q1 2023 Earnings Conference Call May 8, 2023 5:00 PM ET

Company Participants

Garrett Edson - ICR

Jeffrey Lown - President, Chief Executive Officer & Director

Julian Evans - Chief Information Officer

Michael Hutchby - Chief Financial Officer, Treasurer, Secretary & Head, Investor Relations

Conference Call Participants

Mikhail Goberman - JMP Securities

Matthew Howlett - B. Riley Securities

Operator

Good day, and thank you all for standing by. Welcome to the Cherry Hill Mortgage Investment Corporation's First Quarter 2023 Conference. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our speaker today, Garrett Edson. Please go ahead.

Garrett Edson

We'd like to thank you for joining us today for Cherry Hill Mortgage Investment Corporation's First Quarter 2023 Conference Call. In addition to this call, we have filed a press release that was distributed earlier this afternoon and posted to the Investor Relations section of our website at www.chmireit.com.

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.

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 Michael Hutchby, the Chief Financial Officer.

Now I will turn the call over to Jay.

Jeffrey Lown

Thanks, Garrett, and welcome to our first quarter 2023 earnings call. On our last call, we noted that we remain positioned for additional rate hikes as we awaited word from the Fed as to when the tightening cycle would end, and our efforts to navigate the environment and protect book value were holding up well in the first quarter. Just a couple of days after our call, Silicon Valley Bank suddenly collapsed, with Signature Bank right behind it, sending the U.S. banking sector into a significant crisis that we had not seen since 2008.