FARMINGDALE, N.J.--(BUSINESS WIRE)--Cherry Hill Mortgage Investment Corporation (NYSE: CHMI), a real estate finance company that acquires, invests in and manages residential mortgage assets in the United States, today provided an operational update on its business.

Cherry Hill’s priority is to ensure the health and well-being of all of its team members. All team members have been working remotely since early March. The transition has been virtually seamless due to the Company’s use of a cloud-based solution for its day-to-day operations.

As of April 13, 2020 the Company has:

• Unrestricted cash of approximately $92 million after giving effect to scheduled settlements today
• Continued to proactively and prudently manage its RMBS portfolio to reduce leverage to approximately 5.1x for its aggregate portfolio as of March 31, 2020, compared to approximately 6.1x at December 31, 2019
• Reduced its position in credit risk transfer bonds to approximately $17 million market value, substantially all of which it owns outright

The recently enacted federal government’s Coronavirus Aid, Relief, and Economic Security Act (CARES) provides for mortgage loan forbearance programs. Although the level of participation in those programs and the potential size of the resulting servicing advance obligations is unknown, the Company believes that it is adequately positioned to utilize its liquidity to manage and meet its advancing obligations over the near-term.

Based on initial information regarding servicing costs, servicing income and third-party MSR valuations available, the Company preliminarily estimates that its GAAP book value as of March 31, 2020 declined between 25% to 30% since December 31, 2019.