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Cherry Hill - Another New Preferred With An 8% Yield

Published Sat, 09 Feb 2019 04:33:57 -0500 on Seeking Alpha

I put out a note the other day on a new preferred stock issue by Chimera Investment (NYSE: CIM) where I noted that it was the first mREIT preferred since September of last year. No sooner did the market digest that issue that another mREIT tapped the preferred market. The newest issue was done by Cherry Hill Mortgage Investment Corp. (NYSE: CHMI)
Details of the new issue are:

Source: author compiled
Issuer Information
Cherry Hill Mortgage Investment Corp. (CHMI) is a mortgage REIT focused on acquiring, investing in and managing residential mortgage assets in the United States.
CHMI invests in residential mortgage backed securities ("RMBS"), primarily those backed by 30-, 20- and 15-year fixed rate mortgages that offer favorable prepayment and duration characteristics. Their RMBS portfolio consists primarily of Agency RMBS on which the payments of principal and interest are guaranteed. They have also invested in Agency CMOs consisting of interest only securities (a built in hedge) and risk-sharing securities issued by Fannie Mae and Freddie Mac, as well as non-Agency CMOs which are private label securities that are issued by a non-government related entity.
CHMI is externally managed by Cherry Hill Mortgage Management, LLC, an SEC-registered investment adviser established by Stanley Middleman. The manager is a party to a services agreement with Freedom Mortgage Corporation, which is also owned and controlled by Mr. Middleman. The company pays the manager... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
NEW YORK MORTGAGE TRUST 6.24   12.2 0.51 0.80 12.99
TWO HARBORS INVESTMENT 13.28   0.0 -2.81 1.60 12.25