Cherry Hill Mortgage Investment Corporation Financial Ratios — CHMI

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	20.78	327	323	191.56	81.3	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	9.87	0.49	2.26	3.47	3.33	1.61	-1.96	-2.3	0.85	1.6	-2.48	0.83	0.45
Return on Capital (%)	- -	242.13	- -	- -	36.72	56.82	15.35	- -	- -	12.49	17.79	- -	35.66	-248.07
Return on Invested Capital (%)	- -	5.14	- -	- -	12.47	17.07	10.19	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	- -	100	100	95.97	91.98	89.81	7.31	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	19.35	273.95	141.01	105.3	91.82	109.85	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	18.39	247.64	120.82	92.41	91.82	109.85	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	18.39	-103.53	31.06	51.34	91.06	-16.6	55.73	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	- -	94.09	28.57	68.93	80.49	85.62	79.69	128.19	127.47	47.31	67.82	164.76	47.18	39.19
Profit Margin (%)	- -	93.61	30.08	70	77.77	83.41	69.48	105.46	92.51	43.65	54.09	164.11	34.62	29.28
Net Income to Common Margin (%)	- -	93.61	30.08	70	77.77	80.18	58.6	125.24	109.93	8.64	29.57	210.58	5.79	-12.87
Effective Tax Rate (%)	- -	- -	- -	- -	1.78	1.24	11.67	- -	- -	5.87	18.6	- -	25.15	24.04
Dvd Payout Ratio (%)	- -	- -	616.98	111.35	61.87	47.79	110.74	-54.16	-35.12	636.18	163.97	-46.46	733.53	-679.01
Sustainable Growth Rate (%)	- -	- -	-107.44	-37.12	123.16	100.02	-8.73	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	111	46	78	158	167	111	145	184	169	151	145
ST Debt	- -	- -	- -	24	23	39	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	87	23	39	158	167	111	145	184	169	151	145
Total Debt/EBITDA	- -	- -	- -	4.17	1.36	1.5	2.95	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	-2.38	-0.58	3.77	0.89	0.97	2.35	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	4.86	1.55	1.5	2.95	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	-2.5	-0.64	4.4	1.01	0.97	2.35	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	5.03	4.98	4.45	4.31	2.62	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	5.03	4.98	2.13	2.33	-1.48	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	4.78	4.5	3.81	3.78	2.62	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	1	4	6	8	20	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-2,499	4.16	0.92	0.5	1.53	1.72	1.62	-2.01	-8.9	-12.15	-11.98	-16.72	-16.72	-17.53
Long-Term Debt/Equity (%)	- -	- -	- -	56.82	14.67	12.1	43.29	41.81	35.63	52.1	69.26	65.53	64.73	60.87
Long-Term Debt/Capital (%)	- -	- -	- -	75.22	38.32	22.45	60.3	73.96	127.5	137.95	137.23	309.33	1,368.68	-881.98
Long-Term Debt/Total Assets (%)	- -	- -	- -	13.6	2.89	1.9	7.32	5.67	6.99	11.15	13.05	12.15	10.14	9.42
Total Debt/Equity (%)	- -	- -	- -	72.78	29.34	24.2	43.29	41.81	35.63	52.1	69.26	65.53	64.73	60.87
Total Debt/Capital (%)	- -	- -	- -	96.35	76.65	44.91	60.3	73.96	127.5	137.95	137.23	309.33	1,368.68	-881.98
Total Debt/Total Assets (%)	- -	- -	- -	17.42	5.77	3.81	7.32	5.67	6.99	11.15	13.05	12.15	10.14	9.42
Net Debt to Equity	4.17	-6.44	-7.76	65.82	19.2	15.73	34.54	35.64	8.79	29.18	47.67	45.06	44.91	37.83
Net Debt/Capital (%)	3.85	-134.71	177.11	95.98	68.23	34.63	54.79	70.77	793.96	196.57	165.06	6,293.41	-297.51	-126.38
EBITDA	- -	4	21	27	34	52	53	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	4	21	13	18	-29	-122	-103	-53	-55	-38	- -	- -	- -
Operating Income (Loss)	- -	4	19	23	30	52	53	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.04	59.78	45.19	14.34	16.28	30.28	61.3	- -	- -	- -	- -	- -	- -	- -
Current Ratio	0.04	6.05	2.59	0.84	1.41	1.41	2.18	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	0.04	61.24	45.22	14.59	16.57	30.55	62.12	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	-2.13	3.67	1.02	0.88	0.84	1.36	4.89	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-2,499	4.16	0.92	0.5	1.53	1.72	1.62	-2.01	-8.9	-12.15	-11.98	-16.72	-16.72	-17.53
Long-Term Debt/Equity (%)	- -	- -	- -	56.82	14.67	12.1	43.29	41.81	35.63	52.1	69.26	65.53	64.73	60.87
Long-Term Debt/Capital (%)	- -	- -	- -	75.22	38.32	22.45	60.3	73.96	127.5	137.95	137.23	309.33	1,368.68	-881.98
Long-Term Debt/Total Assets (%)	- -	- -	- -	13.6	2.89	1.9	7.32	5.67	6.99	11.15	13.05	12.15	10.14	9.42
Total Debt/Equity (%)	- -	- -	- -	72.78	29.34	24.2	43.29	41.81	35.63	52.1	69.26	65.53	64.73	60.87
Total Debt/Capital (%)	- -	- -	- -	96.35	76.65	44.91	60.3	73.96	127.5	137.95	137.23	309.33	1,368.68	-881.98
Total Debt/Total Assets (%)	- -	- -	- -	17.42	5.77	3.81	7.32	5.67	6.99	11.15	13.05	12.15	10.14	9.42
CFO/Total Liabilities	- -	-2	7.13	4.83	5.41	2.54	3.46	2.82	4.87	4.69	5.24	3.58	-0.37	1.47
CFO/CapEx	- -	- -	- -	1.69	2.24	0.54	0.35	0.7	1.18	0.87	1.58	- -	- -	- -
Altman's Z-Score	-63.8	0.28	0.41	0.26	0.34	0.22	0.23	0.01	-0.09	-0.06	-0.08	-0.19	-0.17	-0.19

Working Capital (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	6.23	2.07	3.92	3.86	11.35	35.06	-11.5	-9.96	10.21	11.87	-4.29	6.13	3.93
Days Sales Outstanding	- -	58.63	176.08	93.17	94.61	32.15	10.41	-31.74	-36.65	35.75	30.76	-85.08	59.58	92.87
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	0.2	0.35	0.63	5.89	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	1,801.98	1,047.27	577.23	62	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	-1,708.8	-952.66	-545.08	-51.59	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	93.17	94.61	32.15	10.41	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	30	139	98	137	206	257	245	154	143	115	106	80	88
- Cash & Cash Equivalents	- -	10	12	11	16	27	32	25	84	64	57	53	46	55
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	58	66	115	115	115	115	115	106	106
+ Minority/Non Controlling Interest	- -	- -	1	1	2	2	3	3	2	3	3	3	3	2
+ Total Debt	- -	- -	- -	111	46	78	158	167	111	145	184	169	151	145
Enterprise Value	- -	-267	-289	-309	-504	-1,524	-1,319	-2,003	-929	282	244	341	294	286
Total Capital	- -	18	5	115	60	174	261	226	87	105	134	55	11	-16
Total Debt/Capital (%)	- -	- -	- -	96.35	76.65	44.91	60.3	73.96	127.5	137.95	137.23	309.33	1,368.68	-881.98
Total Debt / EV	- -	- -	- -	-0.36	-0.09	-0.05	-0.12	-0.08	-0.12	0.51	0.75	0.5	0.51	0.51
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	10.03	6.07	- -	8.52	12.28
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.88	4.07	8.38	- -	15
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.73	2.49	8.38	- -	15
Diluted Market Cap	- -	30	139	98	137	206	257	245	155	143	115	106	80	88
Diluted Enterprise Value	- -	20	127	199	169	317	452	505	300	343	360	341	294	286
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	16.3	12.33	12.98	9.67	8.32
TTM Sales	- -	23	8	19	32	57	49	-47	-56	28	40	-21	35	23
TTM EBITDA	- -	4	21	27	34	52	53	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	4	19	23	30	52	53	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	- -	-4	31	30	42	63	62	72	62	48	60	41	-5	19
TTM Free Cash Flow to Firm	- -	-4	31	43	58	145	238	175	115	103	98	41	-5	19

Multiples (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	-5.64	5.24	2.62	2.74	1.64	1.08	1.4	1.34	1.39	1.17	2.61	-17.13	4.6
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	-267	-289	-309	-504	-1,524	-1,319	-2,003	-929	282	244	341	294	286
Low Price	- -	17.13	17.25	12.82	12.6	16.4	16.01	11.81	2.76	7.83	4.58	2.77	2.5	2.17
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	10.03	6.07	- -	8.52	12.28
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	1.42	58.98	7.39	5.5	4.52	9.01	- -	- -	58.96	9.65	- -	40.16	- -
Price/Earnings Average	- -	1.42	60.63	9.36	4.69	4.59	9.22	-4.49	-2.68	66.85	11.2	-2.82	52.81	-32.72
Price/Earnings High	- -	1.54	65.58	10.51	5.73	4.88	9.94	-5.37	-4.45	76.14	14.2	-4.26	62.52	-42.21
Price/Earnings Low	- -	1.37	55.02	7.29	3.81	4.12	8.22	-3.35	-0.75	55.82	7.62	-1.63	38.03	-24.89
Price/Book Value	- -	1.69	28.47	30.43	11.23	5.82	7.38	-4.13	-1.09	-0.91	-0.68	-0.46	-0.32	-0.33
Price/Book Value Average	- -	1.69	29.27	38.54	9.58	5.91	7.55	-4.48	-1.17	-1.03	-0.79	-0.54	-0.42	-0.36
Price/Book Value High	- -	1.82	31.66	43.28	11.7	6.29	8.14	-5.36	-1.95	-1.17	-1	-0.82	-0.5	-0.47
Price/Book Value Low	- -	1.63	26.56	30.01	7.78	5.31	6.74	-3.34	-0.33	-0.86	-0.54	-0.31	-0.31	-0.28
Price/Tangible Book Value	- -	0.19	0.87	0.64	0.88	0.78	0.86	0.86	0.78	0.88	0.76	0.74	0.63	0.66
Price/Tangible Book Value Average	- -	0.19	0.89	0.81	0.75	0.79	0.88	0.93	0.84	0.99	0.89	0.88	0.83	0.74
Price/Tangible Book Value High	- -	0.2	0.96	0.91	0.91	0.84	0.95	1.12	1.4	1.13	1.12	1.33	0.98	0.95
Price/Tangible Book Value Low	- -	0.18	0.81	0.63	0.61	0.71	0.79	0.7	0.24	0.83	0.6	0.51	0.6	0.56
Price/Sales	- -	1.33	17.74	5.17	4.28	3.63	5.28	-5.18	-2.74	5.09	2.85	-5	2.32	3.76
Price/Sales Average	- -	1.33	18.24	6.55	3.65	3.68	5.4	-5.62	-2.95	5.77	3.31	-5.94	3.06	4.21
Price/Sales High	- -	1.44	19.73	7.36	4.46	3.92	5.82	-6.72	-4.89	6.58	4.2	-8.97	3.62	5.43
Price/Sales Low	- -	1.28	16.55	5.1	2.96	3.31	4.82	-4.19	-0.83	4.82	2.25	-3.43	2.2	3.2
Price/Cash Flow	- -	-5.64	5.24	4.18	3.96	4.7	4.15	3.41	2.48	2.98	1.91	2.61	-17.13	4.6
Price/Cash Flow Average	- -	-5.64	5.38	5.29	3.38	4.77	4.25	3.7	2.67	3.38	2.22	3.1	-22.53	5.14
Price/Cash Flow High	- -	-6.09	5.82	5.94	4.13	5.07	4.58	4.42	4.43	3.85	2.82	4.68	-26.67	6.63
Price/Cash Flow Low	- -	-5.43	4.88	4.12	2.75	4.28	3.79	2.76	0.75	2.83	1.51	1.79	-16.22	3.91
Price/Free Cash Flow Average	- -	-5.64	5.38	3.32	2.34	1.67	1.11	1.52	1.45	1.57	1.36	3.1	-22.53	5.14
Price/Free Cash Flow High	- -	-6.09	5.82	3.73	2.86	1.77	1.19	1.82	2.4	1.79	1.73	4.68	-26.67	6.63
Price/Free Cash Flow Low	- -	-5.43	4.89	2.59	1.9	1.5	0.99	1.13	0.4	1.31	0.93	1.79	-16.22	3.91
EV/Sales Average	- -	0.89	16.71	11.91	4.64	5.64	9.4	- -	- -	12.87	9.42	- -	9.25	12.73
EV/Sales High	- -	0.99	18.2	12.72	5.45	5.87	9.82	- -	- -	13.67	10.31	- -	9.81	13.95
EV/Sales Low	- -	0.84	15.03	10.47	3.96	5.26	8.81	- -	- -	11.92	8.36	- -	8.39	11.72
EV/EBITDA Average	- -	4.58	6.1	8.45	4.41	6.14	8.56	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	5.13	6.65	9.02	5.18	6.4	8.94	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	4.32	5.49	7.42	3.76	5.73	8.02	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	4.82	6.75	9.86	5.02	6.14	8.56	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	5.39	7.35	10.53	5.9	6.4	8.94	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	4.55	6.07	8.66	4.28	5.73	8.02	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	17.8	18.49	13	18.19	17.99	17.54	14.59	9.14	8.27	5.8	4.04	2.64	2.55
High Price	- -	19.2	20.56	18.49	18.95	19.43	19.35	18.95	16.34	10.68	8.54	7.24	4.11	3.68
Enterprise Value Average	- -	20	131	225	148	320	458	526	312	362	379	361	320	297
Enterprise Value High	- -	22	142	240	174	333	478	578	421	385	414	425	339	325
Enterprise Value Low	- -	19	118	198	126	299	429	458	192	335	336	307	290	273

Shares Outstanding	8	8	8	8	8	13	17	17	17	18	24	30	32	37
Diluted Weighted Avg Shares	- -	2	8	8	8	11	15	17	17	17	20	26	30	34
Basic Weighted Avg Shares	- -	2	8	8	8	11	15	17	17	17	20	26	30	34
Revenue per Share	- -	13.35	1.04	2.51	4.25	4.96	3.32	-2.82	-3.34	1.62	2.03	-0.81	1.14	0.68
EBITDA per Share	- -	2.58	2.86	3.54	4.48	4.56	3.65	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	2.45	2.58	3.04	3.93	4.56	3.65	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	12.5	0.31	1.76	3.31	3.98	1.95	-3.53	-3.67	0.14	0.6	-1.7	0.07	-0.09
Basic EPS from Cont Ops	- -	12.56	0.32	1.78	3.36	4.2	2.34	-3.02	-3.15	0.72	1.12	-1.35	0.4	0.2
Diluted EPS, GAAP	- -	12.5	0.31	1.76	3.3	3.98	1.95	-3.53	-3.67	0.14	0.6	-1.7	0.07	-0.09
Diluted EPS from Cont Ops	- -	12.56	0.32	1.78	3.36	4.19	2.34	-3.02	-3.15	0.72	1.12	-1.35	0.4	0.2
Dividend per Share	- -	- -	1.97	2	2.11	2.12	2.59	2.52	1.91	1.64	1.56	1.19	0.93	0.83
Cash Flow per Share	- -	-3.16	3.53	3.11	4.59	3.83	4.23	4.28	3.69	2.77	3.03	1.55	-0.15	0.55
Free Cash Flow per Basic Share	- -	-3.16	3.53	1.27	2.54	-3.3	-7.76	-1.85	0.56	-0.43	1.11	1.55	-0.15	0.55
Cash & Equivalents per Share	- -	176.13	57.08	69.09	91.55	163.26	123.01	151	77.63	7.19	8.78	2.01	1.52	1.6
Book Value per Share	- -	10.53	0.65	0.43	1.62	3.09	2.38	-3.53	-8.39	-9.14	-8.54	-8.87	-8.19	-7.84
Tangible Book Value per Share	- -	95.44	21.36	20.29	20.77	23.12	20.36	16.94	11.67	9.43	7.59	5.44	4.2	3.85

Cherry Hill Mortgage Investment Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)