Cherry Hill Mortgage Investment, a mortgage REIT investing in Excess MSRs, Agency RMBS, and prime jumbo mortgage loans, announced terms for its IPO on Thursday. The Moorestown, NJ-based company plans to raise $130 million by offering 6.5 million shares $20 per share. At the proposed price, Cherry Hill Mortgage Investment would command a fully diluted market value of $151 million.
Cherry Hill Mortgage Investment, which was founded in 2012, plans to list on the NYSE under the symbol CHMI. Cherry Hill Mortgage Investment initially filed confidentially on March 13, 2013. Barclays, Morgan Stanley, Citi and UBS Investment Bank are the joint bookrunners on the deal.
