Business Context and Reporting Period
Company: Cherry Hill Mortgage Investment Corporation (CHMI)
Filing Type: Form 8-K (Current Report)
Date of Report: December 2, 2020
Reporting Period Affected: Quarter ended March 31, 2020
This filing serves to correct immaterial errors previously identified in the Company's historical financial statements. The errors relate to the calculation of deferred tax assets and deferred tax liabilities. While these errors were corrected in the Form 10-Q for the quarter ended September 30, 2020, this 8-K specifically addresses the correction of the same errors in the Form 10-Q filed for the quarter ended March 31, 2020.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the procedural correction of accounting errors regarding deferred tax calculations. The corrected consolidated financial statements and notes are filed as Exhibit 99.1 and replace the original Part I, Item 1 of the March 31, 2020 Form 10-Q.
Material Changes Versus Prior Period
Accounting Correction: The primary change is the revision of historical financial statements to correct immaterial errors in deferred tax asset/liability calculations.
Scope of Change: Except for the specific revisions described above, the Company has not modified or updated other disclosures contained in the consolidated financial statements for the quarter ended March 31, 2020.
Subsequent Events: This report does not reflect events occurring after the date of the original March 31, 2020 Form 10-Q filing, nor does it update disclosures for previously disclosed subsequent events.
Guidance, Outlook, and Risks
Management Commentary: Management states that the corrected financial statements have been updated in compliance with generally accepted accounting principles (GAAP) solely to make the foregoing revisions.
Risks and Contingencies: The filing notes that all other information not affected by the revisions remains unchanged and reflects the disclosures made at the time of the original March 31, 2020 filing. Investors are advised to read this report in conjunction with the Company's subsequent filings with the SEC.
Unusual Items: The filing identifies the correction of the deferred tax calculation error as the sole unusual item requiring this specific report.
Important Facts for Investor Verification
- Verify the corrected figures for deferred tax assets and liabilities in Exhibit 99.1 of this filing.
- Confirm that the corrected financial statements replace and supersede Part I, Item 1 of the Form 10-Q filed on May 11, 2020.
- Note that this filing does not contain updated operational data or financial results for periods after March 31, 2020.
- Review subsequent SEC filings for any further updates to disclosures or financial performance.