FARMINGDALE, N.J.--(BUSINESS WIRE)--
Cherry Hill Mortgage Investment Corporation (the “Company”) (CHMI) announced today that its Board of Directors has authorized the Company to acquire up to $10 million of the Company’s outstanding common stock (the “Shares”). The Shares would be acquired from time to time in open market transactions, in block purchases or otherwise over the next 12 months.
“We believe that the Company’s stock is an attractive investment at its current valuation and the stock repurchase program further underscores our belief in our long-term strategy and prospects,” said Jay Lown, President and Chief Executive Officer of the Company.
The timing and the amount of any common stock repurchases will be determined by the Company based on its evaluation of market conditions, the Company’s liquidity needs, legal and contractual requirements and restrictions, share price, and other factors. The repurchase program does not obligate the Company to purchase any particular number of shares and may be suspended, modified, or discontinued at any time without prior notice.
About Cherry Hill Mortgage Investment Corporation
Cherry Hill Mortgage Investment Corporation is a real estate finance company that acquires, invests in and manages residential mortgage assets in the United States. For additional information, visit www.chmireit.com.
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including, among others, statements relating to the Company’s long-term growth opportunities and strategies, expand its market opportunities and create its own Excess MSRs and its ability to generate sustainable and attractive risk-adjusted returns for stockholders. These forward looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018, and other documents filed by the Company with the Securities and Exchange Commission.