Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) Q2 2024 Earnings Conference Call August 8, 2024 5:00 PM ET

Company Participants

Garrett Edson - Investor Relations
Jay Lown - President and CEO
Julian Evans - Chief Investment Officer
Michael Hutchby - Chief Financial Officer

Conference Call Participants

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

Operator

Good day, and welcome to the Cherry Hill Mortgage Investment Corporation's Second Quarter 2024 Conference Call. [Operator Instructions] As a reminder, this call may be recorded.

I would now like to turn the call over to Garrett Edson with Investor Relations. Please go ahead.

Garrett Edson

We would like to thank you for joining us today for Cherry Hill Mortgage Investment Corporation's second quarter 2024 conference call. In addition to this call, we have issued a press release that was distributed earlier this afternoon and posted that press release and a second quarter 2024 Investor Presentation 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 our ability to complete the planned internalization of our management 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, 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 second quarter 2024 earnings call. The second quarter was very much a tale of two halves. As we entered April, markets continue to react to the Fed, which maintained hawkish language with respect to rates as inflation hovered slightly below 3%. As the quarter progressed, the Fed became considerably more dovish given the uptick in unemployment and softer economic data. The weaker data has ultimately led to expectations to the Federal Ease monetary policy starting in September.