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    Cherry Hill Mortgage Investment (CHMI)

    Market Price (9/21/2026): $2.825 | Market Cap: $103.4 MilSector: Financials | Industry: Mortgage REITs

    Cherry Hill Mortgage Investment (CHMI)

    Market Price (9/21/2026): $2.825
    Market Cap: $103.4 Mil
    Sector: Financials
    Industry: Mortgage REITs

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 41%, Dividend Yield is 25%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 37%, FCF Yield is 22%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 144%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 65%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 65%

    Low stock price volatility
    Vol 12M is 32%

    Megatrend and thematic drivers
    Megatrends include Real Estate Capital Markets. Themes include Mortgage Asset Investments, Structured Real Estate Finance, and Real Estate Investment Trusts.

    Weak multi-year price returns
    2Y Excs Rtn is -23%, 3Y Excs Rtn is -52%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 86%

    Key risks
    CHMI key risks include [1] high sensitivity to interest rate fluctuations impacting its RMBS and MSR portfolios, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 41%, Dividend Yield is 25%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 37%, FCF Yield is 22%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 144%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 65%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 65%
    3 Low stock price volatility
    Vol 12M is 32%
    4 Megatrend and thematic drivers
    Megatrends include Real Estate Capital Markets. Themes include Mortgage Asset Investments, Structured Real Estate Finance, and Real Estate Investment Trusts.
    5 Weak multi-year price returns
    2Y Excs Rtn is -23%, 3Y Excs Rtn is -52%
    6 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 86%
    7 Key risks
    CHMI key risks include [1] high sensitivity to interest rate fluctuations impacting its RMBS and MSR portfolios, Show more.

    CHMI in ETFs

    Weight = CHMI's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 12/31CHMI [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$35.7 Mil—
    FY 2026 Sales$38.6 Mil—
    FY 2027 Sales$44.4 Mil—
    FY 2026 Sales Growth8.4%—
    FY 2027 Sales Growth14.7%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$16.3 Mil—
    FY 2026 Net Income (Non-GAAP)$21.8 Mil—
    FY 2027 Net Income (Non-GAAP)$22.0 Mil—
    FY 2027 Net Income Growth0.9%18.1%
    FY 2026 EPS (Non-GAAP)$0.56—
    FY 2027 EPS (Non-GAAP)$0.55—
    FY 2027 EPS Growth-0.9%—
    VALUATION
    FY 2026 P/S2.71.6
    FY 2027 P/S2.3—
    FY 2026 P/E4.77.4
    FY 2027 P/E4.7—

    [1] CHMI forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    null

    AI Analysis | Feedback

    MetricValueDateSource
    Earnings Available for Distribution (EAD) per Diluted Share$0.106302025Link
    Common Book Value per Share$3.346302025Link
    Aggregate Portfolio Leverage5.3x6302025Link
    Unpaid Principal Balance (UPB) of Mortgage Servicing Rights (MSRs)$16.6 billion6302025Link
    Portfolio Allocation to Residential Mortgage-Backed Securities (RMBS)77%6302025Link
    Portfolio Allocation to Mortgage Servicing Rights (MSRs)23%6302025Link
    RMBS Net Interest Spread2.61%6302025Link
    MSR Portfolio Weighted Average Coupon3.50%6302025Link
    MSR Portfolio Weighted Average Loan Age (in months)586302025Link
    MSR Portfolio Weighted Average FICO Score7556302025Link
    MSR Portfolio Constant Prepayment Rate (CPR) (3-month average)5.9%6302025Link
    Total Economic Loss2.5%6302025Link

    Price Chart

    Upcoming
    9/30/2026DividendAmount: $0.10
    Payment On: 10/30/2026
    11/05/2026Earnings ReleaseRev: $11 Mil (E)
    EPS: $0.15 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/16/2026

    Cherry Hill Mortgage Investment (CHMI) stock has gained about 25% since 5/31/2026 because of the following key factors:

    1. Definitive Merger Agreement with Significant Premium.

    Cherry Hill Mortgage Investment Corporation's stock gained significantly following the announcement on August 10, 2026, of a definitive merger agreement under which TPG Mortgage Investment Trust, Inc. (MITT) would acquire CHMI. The transaction was valued at an implied $117.5 million, representing a 29% premium to CHMI's closing price on August 7, 2026, and a 32% premium to its 30-day Volume Weighted Average Price (VWAP).

    2. Stronger-Than-Expected Second Quarter 2026 Earnings.

    The company reported its fiscal second quarter 2026 results on August 10, 2026, with Earnings Available for Distribution (EAD) attributable to common stockholders reaching $5.5 million, or $0.15 per diluted share. This EAD figure surpassed analyst estimates by $0.02 per share.

    Show more
    Updated on 9/16/2026

    Cherry Hill Mortgage Investment (CHMI) stock has gained about 25% since 5/31/2026 because of the following key factors:

    1. Definitive Merger Agreement with Significant Premium.

    Cherry Hill Mortgage Investment Corporation's stock gained significantly following the announcement on August 10, 2026, of a definitive merger agreement under which TPG Mortgage Investment Trust, Inc. (MITT) would acquire CHMI. The transaction was valued at an implied $117.5 million, representing a 29% premium to CHMI's closing price on August 7, 2026, and a 32% premium to its 30-day Volume Weighted Average Price (VWAP).

    2. Stronger-Than-Expected Second Quarter 2026 Earnings.

    The company reported its fiscal second quarter 2026 results on August 10, 2026, with Earnings Available for Distribution (EAD) attributable to common stockholders reaching $5.5 million, or $0.15 per diluted share. This EAD figure surpassed analyst estimates by $0.02 per share.

    3. Consistent Common Stock Dividend Declarations.

    Cherry Hill Mortgage Investment declared a common stock dividend of $0.10 per share for the second quarter of 2026, payable on July 31, 2026, and maintained this dividend at $0.10 per share for the third quarter of 2026, payable on October 30, 2026. This consistent dividend, which implied an annualized yield of 16.6% based on the August 7, 2026 closing price, likely contributed to investor confidence and supported the stock's upward trend.

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    Stock Movement Drivers

    Fundamental Drivers

    The 24.1% change in CHMI stock from 5/31/2026 to 9/20/2026 was primarily driven by a 15.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)53120269202026Change
    Stock Price ($)2.272.8224.1%
    Change Contribution By: 
    Total Revenues ($ Mil)313615.0%
    Net Income Margin (%)45.5%45.8%0.6%
    P/E Multiple5.96.37.4%
    Shares Outstanding (Mil)37370.0%
    Cumulative Contribution24.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/20/2026
    ReturnCorrelation
    CHMI24.1% 
    Market (SPY)0.9%4.1%
    Sector (XLF)8.3%14.4%

    Fundamental Drivers

    The 16.4% change in CHMI stock from 2/28/2026 to 9/20/2026 was primarily driven by a 29.7% change in the company's Net Income Margin (%).
    (LTM values as of)22820269202026Change
    Stock Price ($)2.422.8216.4%
    Change Contribution By: 
    Total Revenues ($ Mil)303617.8%
    Net Income Margin (%)35.3%45.8%29.7%
    P/E Multiple8.26.3-22.8%
    Shares Outstanding (Mil)3637-1.3%
    Cumulative Contribution16.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/20/2026
    ReturnCorrelation
    CHMI16.4% 
    Market (SPY)11.6%14.9%
    Sector (XLF)9.2%23.3%

    Fundamental Drivers

    The 15.4% change in CHMI stock from 8/31/2025 to 9/20/2026 was primarily driven by a 143.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120259202026Change
    Stock Price ($)2.442.8215.4%
    Change Contribution By: 
    Total Revenues ($ Mil)1536143.7%
    P/S Multiple5.52.9-47.8%
    Shares Outstanding (Mil)3337-9.3%
    Cumulative Contribution15.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/20/2026
    ReturnCorrelation
    CHMI15.4% 
    Market (SPY)19.4%22.0%
    Sector (XLF)4.7%28.8%

    Fundamental Drivers

    The 18.9% change in CHMI stock from 8/31/2023 to 9/20/2026 was primarily driven by a 760.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120239202026Change
    Stock Price ($)2.372.8218.9%
    Change Contribution By: 
    Total Revenues ($ Mil)436760.7%
    P/S Multiple14.92.9-80.6%
    Shares Outstanding (Mil)2637-28.9%
    Cumulative Contribution18.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/20/2026
    ReturnCorrelation
    CHMI18.9% 
    Market (SPY)75.6%35.9%
    Sector (XLF)69.8%37.1%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    CHMI Return2%-17%-19%-22%15%22%-26%
    Peers Return16%-30%8%6%20%-6%3%
    S&P 500 Return27%-19%24%23%16%12%103%

    Monthly Win Rates [3]
    CHMI Win Rate42%50%42%50%50%44% 
    Peers Win Rate58%45%48%58%62%42% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    CHMI Max Drawdown-19%-37%-56%-33%-32%-16% 
    Peers Max Drawdown-16%-49%-37%-14%-22%-20% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: NLY, AGNC, ARR, PMT, CIM.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/18/2026 (YTD)

    How Low Can It Go

    EventCHMIS&P 500
    2025 US Tariff Shock
      % Loss-29.4%-18.8%
      % Gain to Breakeven41.7%23.1%
      Time to Breakeven488 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-33.5%-9.5%
      % Gain to Breakeven50.3%10.5%
      Time to Breakeven50 days24 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-19.4%-12.2%
      % Gain to Breakeven24.1%13.9%
      Time to Breakeven136 days62 days
    2014-2016 Oil Price Collapse
      % Loss-24.3%-6.8%
      % Gain to Breakeven32.1%7.3%
      Time to Breakeven215 days15 days

    Compare to NLY, AGNC, ARR, PMT, CIM

    In The Past

    Cherry Hill Mortgage Investment's stock fell -29.4% during the 2025 US Tariff Shock. Such a loss loss requires a 41.7% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventCHMIS&P 500
    2025 US Tariff Shock
      % Loss-29.4%-18.8%
      % Gain to Breakeven41.7%23.1%
      Time to Breakeven488 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-33.5%-9.5%
      % Gain to Breakeven50.3%10.5%
      Time to Breakeven50 days24 days
    2014-2016 Oil Price Collapse
      % Loss-24.3%-6.8%
      % Gain to Breakeven32.1%7.3%
      Time to Breakeven215 days15 days

    Compare to NLY, AGNC, ARR, PMT, CIM

    In The Past

    Cherry Hill Mortgage Investment's stock fell -29.4% during the 2025 US Tariff Shock. Such a loss loss requires a 41.7% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Cherry Hill Mortgage Investment (CHMI)

    Cherry Hill Mortgage Investment Corporation (CHMI) is a residential real estate finance company focused on the U.S. mortgage market. Its primary business involves acquiring, investing in, and actively managing a portfolio of assets tied to residential mortgages across the United States.

    The company's investment strategy centers on two main types of assets: Residential Mortgage-Backed Securities (RMBS) and Servicing Related Assets. RMBS are essentially bonds backed by a pool of residential mortgages, while Servicing Related Assets refer to the valuable rights and responsibilities associated with managing mortgage payments and related activities. Through these investments, CHMI aims to generate returns from the performance of the residential housing finance sector.

    Operating as a Real Estate Investment Trust (REIT), CHMI is structured to avoid federal corporate income tax. This is achieved by distributing at least 90% of its taxable income directly to its stockholders, making it an income-oriented investment vehicle. The company's main market is the vast U.S. residential mortgage landscape, where it identifies opportunities to acquire and manage its specialized portfolio of mortgage-related assets.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Cherry Hill Mortgage Investment (CHMI):

    • Like a specialized investment fund, similar to those managed by PIMCO or Vanguard, but entirely dedicated to residential mortgage-backed securities.

    • A large bank (like JPMorgan Chase) that invests in mortgage-backed assets, but without the branches, deposits, or direct lending.

    AI Analysis | Feedback

    • Residential Mortgage-Backed Securities (RMBS): Investments in financial instruments backed by pools of residential mortgages.
    • Servicing Related Assets: Investments in assets connected to the servicing rights and activities for mortgage loans.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Cherry Hill Mortgage Investment (CHMI) identifies the following as its major supplier:

    • Cherry Hill Mortgage Management LLC

    AI Analysis | Feedback

    Jeffrey B. Lown II, President and Chief Executive Officer

    Mr. Lown has over 25 years of combined experience in the financial services industry and the residential mortgage markets. He has served as President and a director of Cherry Hill Mortgage Investment Corporation since its initial public offering in October 2013 and as Chief Executive Officer since March 2017. Prior to joining Freedom Mortgage in April 2012, where he was Executive Vice President in charge of strategic funding projects and capital markets, Mr. Lown served as a Portfolio Manager at Avenue Capital Group. He also held roles at the Office of Thrift Supervision (OTS), UBS Securities LLC in mortgage trading, where he managed an internal mortgage origination platform, and began his career at Salomon Brothers (now Citigroup) in 1991.

    Apeksha Patel, Chief Financial Officer, Treasurer and Secretary

    Ms. Patel was appointed Interim Chief Financial Officer, Treasurer, and Secretary effective June 22, 2025. She previously served as the Company's Controller since June 2019, following her role as Assistant Controller from August 2017 to June 2019. Before joining Cherry Hill Mortgage Investment Corporation, Ms. Patel held multiple positions within the public accounting sector at Mazars USA LLP and SB Partners LLP. She holds a Bachelor of Commerce degree from Ryerson University and is a licensed Certified Public Accountant (CPA) in New Jersey.

    Julian Evans, Chief Investment Officer

    Mr. Evans serves as Chief Investment Officer for Cherry Hill Mortgage Investment Corporation, a position he has held since March 2016. He brings over 20 years of experience in the financial services industry. Before the company's IPO, Mr. Evans was Senior Vice President at Freedom Mortgage since April 2013. Prior to that, from April 2004 to September 2012, he was the Head of the MBS Sector Team and Senior Portfolio Manager for Deutsche Asset Management, where he led a team managing residential mortgage-backed securities (RMBS) assets and was responsible for establishing the mortgage strategy for the investment platform.

    AI Analysis | Feedback

    The key risks to Cherry Hill Mortgage Investment Corporation (CHMI), a residential real estate finance company operating as a mortgage real estate investment trust (mREIT), are primarily centered around interest rate fluctuations, high leverage, and the sustainability of its dividend distributions.

    1. Interest Rate Risk and Net Interest Margin Compression: As an mREIT, Cherry Hill Mortgage Investment Corporation's business model relies on borrowing money at short-term rates and investing in longer-term residential mortgage-backed securities (RMBS) and mortgage servicing rights (MSRs) to earn a net interest spread. Therefore, the company is highly sensitive to changes in interest rates. A rise in short-term interest rates can increase its borrowing costs, potentially compressing or even turning its net interest income negative if the yield on its assets does not increase commensurately. While CHMI employs hedging strategies, its hedge ratio has been historically low, which may heighten its vulnerability to sudden increases in interest rates. Unfavorable movements in interest rates can also impact the valuation of its MSRs and the prepayment rates on its RMBS portfolio.

    2. High Leverage and Debt Financing Risk: Cherry Hill Mortgage Investment Corporation utilizes significant leverage to enhance its returns, with its leverage ratio climbing from approximately 3x to over 5x in recent years. A substantial portion of its debt is short-term, often maturing in under 60 days, which exposes the company to considerable refinancing risk and makes it highly susceptible to rapid interest rate increases. Elevated leverage can also restrict the company's capacity to expand its investments and magnify the negative effects of adverse interest rate movements on its financial performance.

    3. Dividend Sustainability and Earnings Volatility: As a real estate investment trust (REIT), CHMI is legally required to distribute at least 90% of its taxable income to shareholders, making its dividend a critical component for many investors. However, there are significant concerns regarding the sustainability of its high dividend yield, with reports indicating weak coverage by earnings and operating cash flow. The company's dividend payout ratio has been notably high (e.g., 2,000% in Q3 2025), which is a clear red flag for income-focused investors. Moreover, Cherry Hill's net income has exhibited substantial volatility, fluctuating between losses and gains, which can deter large institutional investors and contribute to stock price instability.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Cherry Hill Mortgage Investment Corporation's addressable markets in the United States for its main products and services, residential mortgage-backed securities (RMBS) and servicing related assets (Mortgage Servicing Rights or MSRs), are substantial.

    Residential Mortgage-Backed Securities (RMBS)

    The U.S. RMBS market is one of the largest fixed-income markets globally. As of mid-2023, the Federal Reserve reported over USD 11 trillion in outstanding mortgage-backed securities in the United States. More recently, the Mortgage Backed Securities Market size was estimated at USD 14.37 trillion in 2024 and is projected to reach USD 15.55 trillion in 2025. This market includes both agency-backed and private-label RMBS.

    Servicing Related Assets (Mortgage Servicing Rights - MSRs)

    The market for Mortgage Servicing Rights (MSRs) in the U.S. has seen significant activity. In 2024, trading volumes for MSRs approached the $1 trillion mark, a trend expected to persist into 2025. The fair value of mortgage servicing rights held by banks for other portfolios reached $42.62 billion at the end of 2025, with these banks servicing $2.82 trillion of mortgages for others. This indicates the scale of the underlying mortgage balances that generate MSRs and the substantial value of the servicing rights themselves.

    AI Analysis | Feedback

    Cherry Hill Mortgage Investment (CHMI) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

    1. Continued Growth of the Strategic Partnership with Real Genius LLC: Cherry Hill's strategic partnership with Real Genius LLC, a digital mortgage technology company, is consistently highlighted as a source of ongoing growth. This collaboration is anticipated to contribute steadily to the company's financial performance.
    2. Favorable Market Conditions Stemming from Potential Federal Reserve Rate Cuts: The company anticipates benefiting from favorable market conditions, particularly following potential Federal Reserve rate cuts. Lower interest rates are expected to stimulate mortgage activity and enhance overall performance metrics for the company's residential mortgage assets.
    3. Strategic Management and Repositioning of RMBS and MSR Portfolios: Cherry Hill Mortgage Investment actively manages and repositions its residential mortgage-backed securities (RMBS) and Mortgage Servicing Rights (MSR) portfolios. This includes adjusting the RMBS portfolio towards the middle of the coupon stack and making hedge portfolio adjustments to capitalize on market dynamics such as spread tightening and declining interest rates, thereby optimizing revenue generation from these core assets.
    4. Disciplined Growth and Maintenance of Balance Sheet Strength: Management has indicated a constructive outlook for 2026, emphasizing disciplined growth strategies while maintaining a strong balance sheet. This approach involves prudent leverage management and strategic capital allocation, which are foundational for sustainable revenue expansion.

    AI Analysis | Feedback

    Share Repurchases

    • Cherry Hill Mortgage Investment Corporation's Board of Directors authorized the repurchase of up to $50 million of the Company's preferred stock (8.20% Series A and 8.250% Series B) on December 19, 2023.
    • This preferred stock repurchase authorization does not have an expiration date.

    Share Issuance

    • In August 2025, Cherry Hill accessed its at-the-market equity program, generating approximately $8.9 million in additional proceeds.
    • Shareholders have experienced dilution in the past year.

    Inbound Investments

    • In May 2025, CHMI Solutions, Inc., a subsidiary of CHMI, entered into a strategic partnership and financing agreement with Real Genius LLC, a Florida-based digital mortgage technology company.

    Peer Outperformance in Mortgage REITs

    CHMI has trailed 59% of its 32 Mortgage REITs peers over 5Y. Mortgage REITs ranks 16th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Mortgage REITs constituents that CHMI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    97%
    of 36 industry peers · 30.9% return
    3Y
    60%
    of 35 industry peers · 16.3% return
    5Y
    41%
    of 32 industry peers · -31.0% return
    No Mortgage REITs peer with a comparable growth profile has beaten CHMI by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Mortgage REITs is CHMI's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 24.2%70.6%133.7% SPNT 170% · RGA 154% · RNR 140%
    Investment Banking & Brokerage 13 -1.7%105.1%116.5% IBKR 527% · SNEX 257% · HOOD 183%
    Diversified Banks 12 27.5%129.8%116.3% CM 161% · JPM 159% · RY 149%
    Life & Health Insurance 20 8.6%57.6%105.8% JXN 534% · UNM 373% · FG 207%
    Multi-Sector Holdings 4 6.8%50.2%87.3% JONE 361% · VOYA 88% · BRK-B 87%
    Property & Casualty Insurance 42 9.6%67.5%67.8% ASIC 2760900% · HRTG 445% · UVE 331%
    Regional Banks 265 23.9%91.7%67.1% ESQ 391% · GCBC 340% · VBNK 335%
    Multi-line Insurance 9 8.8%71.2%64.1% GNW 201% · L 112% · SLF 104%
    Financial Exchanges & Data 15 -0.1%17.4%32.7% VIRT 184% · CBOE 135% · CME 83%
    Diversified Financial Services 4 -7.3%22.1%32.6% FRHC 168% · EQH 119% · TMS -54%
    Consumer Finance 30 1.7%89.6%26.9% ENVA 447% · EZPW 319% · FCFS 168%
    Insurance Brokers 16 -15.1%-6.3%20.3% LIFE 200% · ARX 87% · AJG 70%
    Commercial & Residential Mortgage Finance 14 -50.2%32.8%13.9% FNMA 454% · FMCC 436% · ACT 204%
    Asset Management & Custody Banks 84 -11.7%17.6%12.0% WT 348% · SII 279% · VCTR 274%
    Specialized Finance 3 14.0%42.2%-2.8% EFC 27% · CACC -3% · HASI -16%
    Mortgage REITs ← 33 -13.0%7.4%-16.5% NREF 53% · RITM 42% · DX 34%
    Transaction & Payment Processing Services 15 -1.0%-5.9%-42.9% V 74% · MA 73% · CPAY 58%
    Diversified Capital Markets 20 -36.3%20.7%-48.1% OPY 196% · LPLA 136% · GOLD 90%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    PURRHyperliquid Strategies1.750.1%295.8%
    GEMIGemini Space Station0.747.8%-41.4%
    MSTRStrategy54.347.6%1.3%
    SMTCSemtech17.247.6%151.1%
    CVICVR Energy5.446.3%112.4%
    SDGRSchrodinger2.246.2%62.3%
    EMATEvolution Metals & Technologies2.541.1%-81.1%
    ACVAACV Auctions1.840.3%30.7%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    ALMSAlumis1.0-67.6%-20.4%
    IESCIES12.8-47.5%-17.2%
    SWMRSwarmer0.4-46.9%-22.6%
    RAREUltragenyx Pharmaceutical1.5-44.7%-36.9%
    TTANServiceTitan5.2-42.1%-48.3%
    FLNCFluence Energy1.0-39.4%-63.0%
    KRMNKarman4.7-38.6%-51.1%
    XENEXenon Pharmaceuticals4.0-36.2%-11.3%
    DYNDyne Therapeutics2.8-36.1%-12.5%
    DKSDick's Sporting Goods10.7-36.1%-37.5%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    CHMINLYAGNCARRPMTCIMMedian
    NameCherry H.Annaly C.AGNC Inv.ARMOUR R.PennyMac.Chimera . 
    Mkt Price2.8221.059.8714.688.8010.8710.37
    Mkt Cap0.115.611.41.90.80.91.4
    Rev LTM363,1722,401442204215329
    Op Inc LTM-------
    FCF LTM23-314886319-10,072-386-146
    FCF 3Y Avg221,265420265-4,939-21144
    CFO LTM23886886319-10,072-386171
    CFO 3Y Avg222,157420265-4,929-21144

    Growth & Margins

    CHMINLYAGNCARRPMTCIMMedian
    NameCherry H.Annaly C.AGNC Inv.ARMOUR R.PennyMac.Chimera . 
    Rev Chg LTM143.7%238.3%384.1%2,170.3%41.0%-27.2%191.0%
    Rev Chg 3Y Avg121.1%231.2%252.2%745.9%6.6%57.0%176.1%
    Rev Chg Q77.1%705.6%710.7%265.2%19.8%18.0%171.1%
    QoQ Delta Rev Chg LTM15.0%32.7%49.6%76.5%3.2%5.3%23.9%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM65.1%27.9%36.9%72.2%-4,940.3%-179.6%32.4%
    CFO/Rev 3Y Avg130.3%-37.7%--2,783.5%-22.7%7.5%
    FCF/Rev LTM65.1%-9.9%36.9%72.2%-4,940.3%-179.6%13.5%
    FCF/Rev 3Y Avg130.3%-37.7%--2,787.6%-22.7%7.5%

    Valuation

    CHMINLYAGNCARRPMTCIMMedian
    NameCherry H.Annaly C.AGNC Inv.ARMOUR R.PennyMac.Chimera . 
    Mkt Cap0.115.611.41.90.80.91.4
    P/S2.94.94.84.33.84.24.3
    P/Op Inc-------
    P/EBIT-------
    P/E6.35.35.04.44.6752.35.2
    P/CFO4.417.512.95.9-0.1-2.45.2
    Total Yield41.2%32.5%35.2%40.5%39.8%14.6%37.5%
    Dividend Yield25.4%13.5%15.3%17.7%18.2%14.5%16.5%
    FCF Yield 3Y Avg24.1%13.4%3.6%18.4%-483.6%-1.5%8.5%
    D/E1.42.40.00.018.914.81.9
    Net D/E0.92.4-0.0-0.017.114.31.6

    Returns

    CHMINLYAGNCARRPMTCIMMedian
    NameCherry H.Annaly C.AGNC Inv.ARMOUR R.PennyMac.Chimera . 
    1M Rtn-4.1%-9.1%-8.4%-8.7%-5.9%-5.6%-7.1%
    3M Rtn26.3%-2.0%-1.7%-8.5%-10.7%-15.4%-5.3%
    6M Rtn12.6%8.2%8.3%3.3%-15.6%-7.7%5.8%
    12M Rtn30.9%12.4%13.4%19.3%-16.6%-11.8%12.9%
    3Y Rtn16.3%59.6%56.7%6.5%4.1%-10.8%11.4%
    1M Excs Rtn-2.7%-10.6%-9.2%-8.8%-7.0%-6.8%-7.9%
    3M Excs Rtn24.3%-4.0%-3.7%-10.5%-12.7%-17.4%-7.3%
    6M Excs Rtn-2.4%-13.2%-13.2%-19.3%-34.4%-27.2%-16.2%
    12M Excs Rtn11.0%-6.3%-5.2%0.6%-33.4%-27.7%-5.8%
    3Y Excs Rtn-51.7%-16.4%-16.9%-69.4%-71.0%-85.9%-60.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/10/20265/7/20263/5/202611/6/20258/7/20255/6/20253/6/202511/12/20248/8/20245/6/20243/7/202411/2/2023
    Key Financials Quarterly            
    Total Revenue1151296-319-7716-3121
    Net Income40842-712-12112-3316
    EPS0.04-0.050.140.05-0.03-0.290.29-0.49-0.060.32-1.350.49
    Key Financials TTM            
    Total Revenue TTM36312330151535-151312-21-21
    Net Income TTM1614711-6-712-33-5-4-35-34
    Growth Rates Quarterly            
    Total Revenue Growth77.1%252.1%-37.2%221.1%-8.2%-118.7%160.6%-134.5%11.5%197.7%0.8%-55.5%
    Net Income Growth144.9%106.2%-33.3%136.3%99.6%-158.0%135.1%-178.3%-51.9%162.4%-3.0%-61.8%
    Margins Quarterly            
    Net Income Margin35.0%9.1%65.7%51.7%25.3%-61.9%-11.6%72.3%-75.9%
    Cash & Debt            
    Total Cash524755555847465052485345
    Total Debt141143145147149149151151159166169172
    Net Debt / (Cash)8997909291102105101107119116127
    Cash Flows Quarterly            
    FCF from Operations5138-2121644-191917
    Cash Flows TTM            
    FCF from Operations TTM233119172315-5821184137
    Returns to Shareholders Quarterly            
    Dividends666877777777
    Share Repurchases-0-0-0-0-0-0-0-027-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC2.6%0.3%5.3%3.0%1.1%-4.6%8.1%-8.2%0.5%8.1%-22.2%11.1%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM2.8%2.4%1.2%1.8%-0.3%-0.6%2.1%-5.5%-0.5%-0.4%-5.8%-6.0%

    Segment Financials

    Revenue by Segment
    $ Mil2013
    Excess MSRs19
    RMBS3
    Total23


    Net Income by Segment
    $ Mil20252024202320222021
    Residential Mortgage-backed Securities (RMBS)172-62825
    Servicing Related Assets91984-1
    All Other-8-13-10-10-11
    Total187-92213


    Assets by Segment
    $ Mil20252024202320222021
    Residential Mortgage-backed Securities (RMBS)1,2411,1821,0521,038975
    Servicing Related Assets244263287313263
    All Other5647545865
    Total1,5411,4911,3931,4091,303


    Price Behavior

    Price Behavior
    Market Price$2.82 
    Market Cap ($ Bil)0.1 
    First Trading Date10/04/2013 
    Distance from 52W High-5.1% 
       50 Days200 Days
    DMA Price$2.66$2.46
    DMA Trendupup
    Distance from DMA6.2%14.6%
     3M1YR
    Volatility40.0%32.0%
    Downside Capture-107.3738.25
    Upside Capture28.0963.17
    Correlation (SPY)-3.6%23.0%
    CHMI Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta-0.410.210.050.350.590.81
    Up Beta0.400.38-0.23-0.08-0.140.48
    Down Beta9.573.361.401.451.301.13
    Up Capture45%38%26%32%54%58%
    Bmk +ve Days10213268138427
    Stock +ve Days11213057110347
    Down Capture-720%-220%-122%-5%62%98%
    Bmk -ve Days11213259113324
    Stock -ve Days6142452108339

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CHMI
    CHMI27.0%32.0%0.77-
    Sector ETF (XLF)4.5%14.6%0.0831.6%
    Equity (SPY)16.9%12.9%0.9422.9%
    Gold (GLD)19.1%29.3%0.6011.0%
    Commodities (DBC)46.3%20.6%1.739.4%
    Real Estate (VNQ)4.9%13.6%0.1028.2%
    Bitcoin (BTCUSD)-30.6%44.3%-0.7020.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CHMI
    CHMI-6.7%33.3%-0.16-
    Sector ETF (XLF)10.1%18.4%0.4140.1%
    Equity (SPY)12.9%17.2%0.5740.0%
    Gold (GLD)19.1%18.8%0.837.5%
    Commodities (DBC)11.2%19.5%0.4512.5%
    Real Estate (VNQ)1.1%18.8%-0.0540.5%
    Bitcoin (BTCUSD)12.5%52.5%0.4216.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CHMI
    CHMI-3.8%43.3%0.06-
    Sector ETF (XLF)12.9%22.1%0.5345.0%
    Equity (SPY)15.1%18.0%0.7241.9%
    Gold (GLD)12.1%16.4%0.615.9%
    Commodities (DBC)8.3%18.1%0.3715.1%
    Real Estate (VNQ)4.4%20.7%0.1846.4%
    Bitcoin (BTCUSD)62.6%66.2%1.0213.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity0.3 Mil
    Short Interest: % Change Since 81520262.9%
    Average Daily Volume0.3 Mil
    Days-to-Cover Short Interest1
    Basic Shares Quantity36.6 Mil
    Short % of Basic Shares0.7%

    Returns Analyses

    Earnings Returns History

    Updated 9/11/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/10/202615.8%21.2%23.2%
    5/7/20260.0%-3.5%-10.0%
    2/25/20261.5%4.6%5.8%
    11/6/20252.6%1.3%7.4%
    8/7/20252.2%5.4%5.4%
    5/6/20250.3%6.5%1.0%
    3/6/20256.9%4.5%-10.1%
    11/12/2024-10.1%-16.4%-17.9%
    ...
    SUMMARY STATS   
    # Positive111010
    # Negative131414
    Median Positive2.6%5.2%6.7%
    Median Negative-4.2%-3.8%-4.7%
    Max Positive15.8%21.2%24.2%
    Max Negative-12.6%-16.8%-17.9%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/10/202615.8%21.2%23.2%
    5/7/20260.0%-3.5%-10.0%
    2/25/20261.5%4.6%5.8%
    11/6/20252.6%1.3%7.4%
    8/7/20252.2%5.4%5.4%
    5/6/20250.3%6.5%1.0%
    3/6/20256.9%4.5%-10.1%
    11/12/2024-10.1%-16.4%-17.9%
    8/8/2024-2.7%-1.6%-4.4%
    5/6/2024-2.3%-0.6%5.6%
    3/7/2024-10.9%-9.5%-2.2%
    11/2/202311.3%9.8%24.2%
    8/3/20230.2%-2.2%-3.1%
    5/8/2023-5.8%-4.9%-4.9%
    3/7/2023-12.6%-16.8%-12.5%
    11/2/20223.1%3.8%8.2%
    8/3/2022-4.2%-4.2%-12.1%
    5/9/20225.1%4.9%7.6%
    3/15/2022-0.3%5.7%-3.2%
    11/9/2021-1.8%-1.4%-4.5%
    8/9/2021-1.2%-1.0%-1.7%
    5/10/2021-5.3%-2.3%6.0%
    3/9/2021-4.1%-5.6%-7.1%
    11/9/2020-12.6%-6.8%-2.8%
    SUMMARY STATS   
    # Positive111010
    # Negative131414
    Median Positive2.6%5.2%6.7%
    Median Negative-4.2%-3.8%-4.7%
    Max Positive15.8%21.2%24.2%
    Max Negative-12.6%-16.8%-17.9%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/07/202610-Q
    12/31/202503/05/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/06/202510-Q
    12/31/202403/06/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/06/202410-Q
    12/31/202303/07/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/07/202310-Q
    03/31/202305/08/202310-Q
    12/31/202203/07/202310-K
    09/30/202211/02/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/07/202610-Q
    12/31/202503/05/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/06/202510-Q
    12/31/202403/06/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/06/202410-Q
    12/31/202303/07/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/07/202310-Q
    03/31/202305/08/202310-Q
    12/31/202203/07/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/03/202210-Q
    03/31/202205/09/202210-Q
    12/31/202103/15/202210-K
    09/30/202111/09/202110-Q
    06/30/202108/09/202110-Q
    03/31/202105/10/202110-Q
    12/31/202003/12/202110-K
    09/30/202011/09/202010-Q
    06/30/202008/10/202010-Q
    03/31/202005/11/202010-Q
    12/31/201902/27/202010-K
    09/30/201911/12/201910-Q

    Insider Activity

    Updated 6/15/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Cook, Sharon L DirectSell121120252.497,42718,487121,264Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Cook, Sharon L DirectSell121120252.497,42718,487121,264Form

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 9/20/2026