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By Rayk Riechmann
Cherry Hill Mortgage Investment Corp. (NYSE:CHMI) reported fourth-quarter numbers led by improving earnings and boosting book value heading into 2026.
While net interest income remained stable at $3.2 million during the fourth quarter, net service income decreased slightly to $8.1 million. CHMI’s net income saw a 74% increase from the previous quarter, leading to a significant increase in earnings available for distribution, fully covering the common dividend of $0.10 for the fourth quarter.
Management highlighted a constructive outlook for 2026 that emphasizes disciplined growth while maintaining balance sheet strength. For now, liquidity appears strong and leverage conservative, with unrestricted cash totaling $54.9 million.
The overall economic environment remains broadly favorable for CHMI. Spreads recently narrowed during January before widening slightly again in February. Macroeconomic factors remain positive amid strong domestic growth, reduced tariff rhetoric and contained political risk.
CHMI stock has performed well since December, but still has room for continued appreciation. The stock is trading at a 49% discount to its 1-year high NTM P/E multiple and a 32% discount to its peer average. With strengthening fundamentals and a better earnings profile, this gap should narrow in 2026.
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