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

• Imagine a specialized investment firm focused on mortgages, much like a large bank's mortgage division (e.g., Wells Fargo Home Lending), but instead of directly originating new loans, it buys and manages bundles of existing home loans to generate income.
• It's an investment fund, similar to a Vanguard fixed-income fund, but exclusively designed to generate high dividends by investing in residential mortgage-backed securities.
• It operates like a highly specialized bond fund, similar to those offered by PIMCO, but its 'bonds' are specifically residential mortgage-backed securities.

• Agency Residential Mortgage-Backed Securities (RMBS): The company invests in debt instruments backed by pools of residential mortgages, where principal and interest payments are guaranteed by government-sponsored enterprises.
• Mortgage Servicing Rights (MSRs): CHMI acquires the contractual rights to receive fees for managing mortgage payments and related administrative tasks for residential loans.
• Residential Mortgage Loans: The company directly purchases and holds whole residential mortgage loans, earning interest from borrowers.

Cherry Hill Mortgage Investment (CHMI) is a real estate investment trust (REIT) that primarily invests in residential mortgage assets, specifically Agency residential mortgage-backed securities (RMBS) and mortgage servicing rights (MSRs).

As a mortgage REIT, CHMI generates its revenue primarily from the net interest margin between the interest income earned on its investment portfolio and the cost of funding those assets. Therefore, CHMI does not have traditional "customers" in the sense of entities that purchase goods or services directly from it.

However, CHMI's business operations involve significant transactions and relationships with other financial companies. If we interpret "customers" as critical business counterparties or entities that are integral to its revenue-generating activities through various financial transactions, these would be other financial institutions:

• Major Financial Institutions (Repurchase Agreement Counterparties): CHMI finances a substantial portion of its investment portfolio through repurchase agreements (repos). In these transactions, CHMI temporarily "sells" securities to other financial institutions (primarily large commercial banks, investment banks, and broker-dealers) to obtain cash, with an agreement to repurchase them later. These financial institutions act as crucial "buyers" of the securities in these temporary sales, providing essential funding to CHMI. While they provide funding *to* CHMI, the temporary sale of securities to them is a core aspect of CHMI's capital structure. CHMI does not publicly disclose the specific names of all its repurchase agreement counterparties in its filings, typically referring to them generally as a "diversified group of financial institutions." Therefore, specific names and symbols cannot be provided.
• Mortgage Originators and Aggregators (Sellers of MBS and MSRs): CHMI acquires its investment assets (Agency RMBS and MSRs) from various financial institutions, including large banks, investment banks, and non-bank mortgage originators. While CHMI is the buyer in these transactions, these entities are crucial partners in the secondary mortgage market, supplying the assets that form CHMI's investment portfolio. Specific names of these sellers are also not typically disclosed.

In summary, CHMI's business model is not based on selling a product or service to a defined customer base, but rather on managing an investment portfolio and leveraging funding relationships with major financial institutions within the mortgage finance ecosystem.

• Cherry Hill Mortgage Management, LLC
• Barclays PLC (BCS)
• JPMorgan Chase & Co. (JPM)
• Nomura Holdings, Inc. (NMR)
• Royal Bank of Canada (RY)
• UBS Group AG (UBS)
• Wells Fargo & Company (WFC)

Jay Lown, President and Chief Executive Officer

Jay Lown has over 20 years of combined experience in the financial services industry and the residential mortgage markets. Before joining Cherry Hill Mortgage Investment Corporation, he served as Executive Vice President in charge of strategic funding projects and capital markets at Freedom Mortgage, which he joined in April 2012. Prior to Freedom Mortgage, Mr. Lown was a Portfolio Manager at Avenue Capital Group from April 2011 to January 2012. He also served as a fellow at the Office of Thrift Supervision (OTS), advising on residential mortgage loan origination and residential asset valuation. Earlier in his career, Mr. Lown worked in mortgage trading at UBS Securities LLC and spent 11 years on the mortgage trading desk at Salomon Brothers (now Citigroup), starting in 1991.

Apeksha Patel, Chief Financial Officer

Apeksha Patel serves as the Chief Financial Officer of Cherry Hill Mortgage Investment Corporation. She previously held the role of Controller for the company since 2019, having been Assistant Controller from 2017. Before her tenure at Cherry Hill Mortgage Investment Corporation, Ms. Patel gained experience in the public accounting sector, holding positions 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

Julian Evans brings over 20 years of experience in the financial services industry. Prior to Cherry Hill's IPO, he served as Senior Vice President at Freedom Mortgage since April 2013. From April 2004 to September 2012, Mr. Evans was the Head of the MBS Sector Team and Senior Portfolio Manager for Deutsche Asset Management, where he managed RMBS assets for various clients and developed the mortgage strategy for the investment platform. His experience also includes serving as Vice President and head trader for mortgage and asset-backed securities at Times Square Capital Management from 1999 to 2004, and a senior analyst role at Bear, Stearns & Co. He began his career at Chemical Bank (now JP Morgan Chase) in 1992. Mr. Evans earned an MBA from the Stephen M. Ross School of Business at the University of Michigan and a Bachelor of Arts degree from Trinity College. Additionally, he is an Angel Investor and has made an investment in Motion Traxx.

• Strategic Adaptation to Lower Interest Rate Environment: CHMI's management has highlighted its readiness to tactically respond to a lower interest rate environment, aiming to enhance its portfolio and deliver attractive risk-adjusted returns to shareholders. This involves shifting its RMBS portfolio to benefit from lower rates, which can lead to improved portfolio performance and lower funding costs.
• Growth in Residential Mortgage-Backed Securities (RMBS) and Mortgage Servicing Rights (MSR) Portfolios: The company's expanding portfolio, including gains in residential mortgage-backed securities and the continued performance of its MSR portfolio, is a significant driver. For instance, the MSR portfolio had a weighted average note rate of 3.5% and continued to perform well in the third quarter of 2025. Strategic reinvestment in mortgage portfolios with 4.98% weighted average coupons is also a focus.
• Digital Innovation and Strategic Partnerships: Cherry Hill entered a strategic partnership and investment with Real Genius LLC, a digital mortgage technology company, in May 2025. This collaboration aims to streamline lending operations, improve customer engagement, reduce processing times, and lower operational costs, positioning CHMI to capture a larger share of the refinancing market as rates decline. The CEO's openness to future partnerships also suggests a flexible, innovation-driven mindset.

Share Repurchases

• In December 2023, Cherry Hill Mortgage Investment Corporation's Board of Directors authorized the repurchase of up to $50 million of the Company's preferred stock, including its 8.20% Series A Cumulative Redeemable Preferred Stock and its 8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
• For the year ended December 31, 2024, the Company repurchased 395,897 shares of its Series B Preferred Stock at a weighted average purchase price of $23.77 per share.
• These repurchases resulted in a gain attributable to common stockholders of $78,000 for the year ended December 31, 2024.

Share Issuance

• In the second quarter of 2025, Cherry Hill Mortgage Investment Corporation accessed its at-the-market equity program, generating approximately $8.9 million in additional proceeds.
• The number of outstanding common shares increased from 30,080,156 as of August 8, 2024, to 36,739,538 as of November 6, 2025, indicating significant common stock issuance during this period.
• No unregistered sales of equity securities occurred during the three months ended September 30, 2025.

Inbound Investments

• In May 2025, CHMI Solutions, Inc., a subsidiary of Cherry Hill Mortgage Investment Corporation, entered into a strategic partnership and financing with Real Genius LLC, a Florida-based digital mortgage technology company.
• This partnership is considered a long-term strategic decision aimed at enhancing efficiency and customer engagement within the company's mortgage operations.

Outbound Investments

• In May 2025, Cherry Hill Mortgage Investment Corporation's subsidiary, CHMI Solutions, Inc., engaged in a strategic partnership and financing with Real Genius LLC, a digital mortgage technology company.
• The Company's core business involves acquiring, investing in, and managing residential mortgage assets, including residential mortgage-backed securities (RMBS) and mortgage servicing rights (MSRs), which form the majority of its investable assets.

Capital Expenditures

• No significant capital expenditures on property, plant, or equipment were explicitly reported in the provided information for Cherry Hill Mortgage Investment Corporation over the last 3-5 years.
• As a mortgage REIT, the company primarily invests in financial instruments, and traditional capital expenditures are typically minimal.