Business Context and Reporting Period
This Form 8-K filing by Cherry Hill Mortgage Investment Corp (CHMI) reports on events occurring between May 21, 2025, and May 27, 2025. The filing addresses significant changes in executive leadership, specifically the resignation of the Chief Financial Officer and the appointment of an interim replacement.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and compensation arrangements rather than financial performance data.
Material Changes
- Resignation of CFO: Michael A. Hutchby resigned as Chief Financial Officer, Treasurer, and Secretary, effective June 22, 2025. The resignation is voluntary to pursue another opportunity and is not related to any disagreement with the Company.
- Appointment of Interim CFO: Apeksha Patel was appointed as Interim Chief Financial Officer, Treasurer, and Secretary, effective June 22, 2025. Ms. Patel has served as the Company's Controller since June 2019.
Guidance, Outlook, and Compensation Details
The filing details the compensatory arrangements for the new Interim CFO, Apeksha Patel:
- Base Salary: $240,000 annually until June 22, 2025; increasing to $300,000 annually from June 22, 2025, through December 31, 2025.
- Guaranteed Bonus: A guaranteed cash bonus of $100,000 payable in the first quarter of 2026.
- Future Incentives: Eligibility for non-equity incentive plans and discretionary year-end cash bonuses beginning in January 2026, subject to Board approval and continued employment.
- Severance: Ms. Patel participates in the Executive Severance Plan adopted on March 12, 2025.
The filing contains no specific guidance, outlook, or discussion of risks and contingencies beyond the standard disclosure regarding the voluntary nature of the departure.
Investor Verification Checklist
- Verify the transition timeline for the CFO role, noting the effective date of June 22, 2025.
- Review the attached Offer Letter (Exhibit 10.1) for full terms of the interim appointment.
- Confirm the Company's internal controls and financial reporting continuity during the interim period.
- Monitor future filings for the appointment of a permanent Chief Financial Officer.