2024-06-25 05:32:55 ET
Summary
- Cherry Hill Mortgage Investment is a cheap mREIT with a focus on residential mortgages, strong balance sheet, and high dividend yield.
- The company protects book value through intelligent hedging strategies, interest rate swaps, and stable net interest spreads on RMBS.
- Mortgage servicing rights are attractive and can help balance risk for shareholders by providing steady cash flow.
- Shares are a buy with price target of $4.50.
Investment Thesis
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Cherry Hill Mortgage Investment: Risk Is Well Managed