Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) Q1 2024 Earnings Conference Call May 6, 2024 5:00 PM ET

Company Participants

Peter Gustav - Investor Relations
Jay Lown - President and CEO
Julian Evans - Chief Investment Officer
Michael Hutchby - Chief Financial Officer
Ray Slater - Senior Vice President and MSR Portfolio Manager

Conference Call Participants

Mikhail Goberman - Citizens JMP
Matt Howlett - B. Riley Securities

Operator

Good day and thank you for standing by. Welcome to the Cherry Hill Mortgage Investment Corporation First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s 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, Peter Gustav [ph], Investor Relations. Please go ahead.

Peter Gustav

We’d like to thank you for joining us today for Cherry Hill Mortgage Investment Corporation’s first quarter 2024 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, Peter, and welcome to our first quarter 2024 earnings call. On the fourth quarter call, we noted that towards the end of 2023, markets were expecting multiple rate cuts from the Fed in 2024, only to see that forecast evaporate over the first four months of 2024.