Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) Q3 2023 Earnings Conference Call November 2, 2023 5:00 PM ET

Company Participants

Garrett Edson - Investor Relations

Jay Lown - President and Chief Executive Officer

Julian Evans - Chief Investment Officer

Michael Hutchby - Chief Financial Officer

Conference Call Participants

Mikhail Goberman - JMP Securities

Matthew Howlett - B. Riley FBR

Operator

Good day, and thank you for standing by. Welcome to the Cherry Hill Mortgage Investment Corporation Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

I would now like to hand the conference over to your speaker today, Garrett Edson, with Investor Relations. Please go ahead.

Garrett Edson

We’d like to thank you for joining us today for Cherry Hill Mortgage Investment Corporation’s third 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.

Jay Lown

Thanks, Garrett, and welcome to our third quarter 2023 earnings call.

While the third quarter initially seemed as if we were headed to a soft landing and an end of the rate height cycle, hotter-than-expected inflation and an overheated economy led to a significant rise in the 10-year treasury to nearly 4.6% as it became clear that higher for longer was likely going to persist for some time.