10-Q 1 ef20034552_10q.htm 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to ________
Commission file number 001-36099

CHERRY HILL MORTGAGE INVESTMENT CORPORATION
(Exact name of registrant as specified in its charter)

Maryland
 
46-1315605
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)

4000 Route 66, Suite 310
 
 
Tinton Falls, New Jersey
 
07753
(Address of Principal Executive Offices)
 
(Zip Code)

(877) 870 – 7005
(Registrant’s Telephone Number, Including Area Code)

1451 Route 34, Suite 303
Farmingdale, NJ 07727
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value per share
CHMI
New York Stock Exchange
8.20% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
CHMI-PRA
New York Stock Exchange
8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share
CHMI-PRB
New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes    No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
Accelerated filer
 
 
 
 
Non-accelerated filer
Smaller reporting company
 
 
 
 
Emerging growth company
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.         

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

As of November 12, 2024, there were 31,625,073 outstanding shares of common stock, $0.01 par value per share, of Cherry Hill Mortgage Investment Corporation.



CHERRY HILL MORTGAGE INVESTMENT CORPORATION
 
TABLE OF CONTENTS
 
   
Page
   
3
     
PART I.
5
     
Item 1.
5
     
  5
     
  6
     
  7
     
  8
     
  9
     
  10
     
Item 2.
48
     
Item 3.
71
     
Item 4.
75
   
PART II.
75
   
Item 1.
75
   
Item 1A.
75
     
Item 2.
76
     
Item 3.
76
     
Item 4.
76
     
Item 5.
76
     
Item 6.
77
 
GLOSSARY

This glossary defines some, but not all, of the terms that we use elsewhere in this Quarterly Report on Form 10-Q. In this Quarterly Report on Form 10-Q, unless specifically stated otherwise or the context otherwise indicates, references to “we”, “us”, “our”, the “Company” or “CHMI” refer to Cherry Hill Mortgage Investment Corporation, a Maryland corporation, together with its consolidated subsidiaries; references to the “Manager” refer to Cherry Hill Mortgage Management, LLC, a Delaware limited liability company; and references to the “Operating Partnership” refer to Cherry Hill Operating Partnership, LP, a Delaware limited partnership.
 
 “Agency” means a U.S. Government agency, such as Ginnie Mae, or a GSE.
 
 “Agency RMBS” means RMBS issued by an Agency or for which an Agency guarantees payments of principal and interest on the securities.
 
 “ASC” means an Accounting Standards Codification.
 
 “ASU” means the Accounting Standards Update issued by the FASB.
 
 “ARM” means an adjustable-rate residential mortgage loan.
 
 “CMO” means a collateralized mortgage obligation. CMOs are either loss share securities issued by a GSE or structured debt instruments representing interests in specified pools of mortgage loans subdivided into multiple classes, or tranches, of securities, with each tranche having different maturities or risk profiles.
 
 “Code” means the Internal Revenue Code of 1986, as amended.
 
 “credit enhancement” means techniques to improve the credit ratings of securities, including overcollateralization, creating retained spread, creating subordinated tranches and insurance.
 
 “Excess MSR” means an interest in an MSR, representing a portion of the interest payment collected from a pool of mortgage loans, net of a basic servicing fee paid to the mortgage servicer.
 
 “FASB” means the Financial Accounting Standards Board.
 
 “Fannie Mae” means the Federal National Mortgage Association.
 
 “Freddie Mac” means the Federal Home Loan Mortgage Corporation.
 
 “GAAP” means U.S. generally accepted accounting principles.
 
 “Ginnie Mae” means the Government National Mortgage Association, a wholly-owned corporate instrumentality of the United States of America within the U.S. Department of Housing and Urban Development.
 
 “GSE” means a government-sponsored enterprise. When we refer to GSEs, we mean Fannie Mae or Freddie Mac.
 
 “hybrid ARM” means a residential mortgage loan that has an interest rate that is fixed for a specified period of time (typically three, five, seven or ten years) and thereafter adjusts to an increment over a specified interest rate index.
 
 “MBS” means mortgage-backed securities.
 
 “MSR” means a mortgage servicing right. An MSR provides a mortgage servicer with the right to service a mortgage loan or a pool of mortgages in exchange for a portion of the interest payments made on the mortgage or the underlying mortgages. An MSR is made up of two components: a basic servicing fee and an Excess MSR. The basic servicing fee is the amount of compensation for the performance of servicing duties.
 
 “mortgage loan” means a loan secured by real estate together with the right to receive the payment of principal and interest on the loan (including the servicing fee).

 “non-Agency RMBS” means CMOs that either are loss share securities issued by a GSE or are not issued or guaranteed by an Agency, including investment grade (AAA through BBB rated) and non-investment grade (BB rated through unrated) classes.
 
 “REIT” means a real estate investment trust under the Code.
 
 “residential mortgage pass-through certificate” is a MBS that represents an interest in a “pool” of mortgage loans secured by residential real property where payments of both interest and principal (including principal prepayments) on the underlying residential mortgage loans are made monthly to holders of the security, in effect “passing through” monthly payments made by the individual borrowers on the mortgage loans that underlie the security, net of fees paid to the issuer/guarantor and servicer.
 
 “RMBS” means a residential Agency RMBS or a non-Agency RMBS.
 
 “Servicing Related Assets” means Excess MSRs and MSRs.
 
 “SIFMA” means the Securities Industry and Financial Markets Association.
 
 “TBA” means a forward-settling Agency RMBS where the pool is “to-be-announced.” In a TBA, a buyer will agree to purchase, for future delivery, Agency RMBS with certain principal and interest terms and certain types of underlying collateral, but the particular Agency RMBS to be delivered is not identified until shortly before the TBA settlement date.
 
 “TRS” means a taxable REIT subsidiary.
 
 “UPB” means unpaid principal balance.
 
 “U.S. Treasury” means the U.S. Department of Treasury.
 
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION
 
          Cherry Hill Mortgage Investment Corporation (together with its consolidated subsidiaries, the “Company”, “we”, “our” or “us”) makes forward-looking statements in this Quarterly Report on Form 10-Q within the meaning of the Private Securities Litigation Reform Act of 1995 (as set forth in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). For these statements, the Company claims the protections of the safe harbor for forward-looking statements contained in such Sections. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When the Company uses the words “believe”, “expect”, “anticipate”, “estimate”, “plan”, “continue”, “intend”, “should”, “could”, “would”, “may”, “potential” or the negative of these terms or other comparable terminology, the Company intends to identify forward-looking statements. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ materially from our beliefs, expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Statements regarding the following subjects, among others, may be forward-looking:
 
the Company’s investment objectives and business strategy;
 
the Company’s ability to internally manage itself after completing its plan to internalize management and terminate the management agreement with its external manager, Cherry Hill Mortgage Management, LLC (the “Manager” and such agreement, the “Management Agreement”);

the Company’s ability to raise capital through the sale of its equity and debt securities and to invest the net proceeds of any such offering in the target assets, if any, identified at the time of the offering;
 
the Company’s ability to obtain future financing arrangements and refinance existing financing arrangements as they mature;
 
the Company’s expected leverage;
 
the Company’s expected investments and the timing thereof;
 
the Company’s ability to acquire Servicing Related Assets and mortgage and real estate-related securities;
 
the Company’s ability to make distributions to holders of the Company’s common and preferred stock;
 
the Company’s ability to compete in the marketplace;
 
the Company’s ability to hedge interest rate risk and prepayment risk associated with its assets;
 
market, industry and economic trends;
 
recent market developments and actions taken and to be taken by the U.S. Government, the U.S. Treasury, the Board of Governors of the Federal Reserve System, Fannie Mae, Freddie Mac, Ginnie Mae and the U.S. Securities and Exchange Commission (“SEC”);

mortgage loan modification programs and future legislative actions;
 
the Federal Reserve’s potential changes in interest rates;
 
the Company’s ability to qualify and maintain qualification as a REIT under the Code and limitations on the Company’s business due to compliance with requirements for maintaining its qualification as a REIT under the Code;
 
the Company’s ability to maintain an exception from the definitions of “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”), or otherwise not fall within those definitions;

projected capital and operating expenditures;
 
availability of qualified personnel; and
 
projected prepayment and/or default rates.
 
The Company’s beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to it or are within its control. If any such change occurs, the Company’s business, financial condition, liquidity and results of operations may vary materially from those expressed in, or implied by, the Company’s forward-looking statements. Important factors, among others, that may cause the Company’s actual results, performance, liquidity or achievements to differ materially from those expressed or implied by the Company’s forward-looking statements include:
 
the factors discussed under “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q and “Part I, Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023;
 
general volatility of the capital markets;
 
inflationary trends could result in further interest rate increases or sustained higher interest rates for longer than expected periods of time, which could lead to increased market volatility;
 
changes in the Company’s investment objectives and business strategy;
 
availability, terms and deployment of capital;
 
availability of suitable investment opportunities;
 
the Company’s ability to operate its licensed mortgage servicing subsidiary and oversee the activities of such subsidiary;
 
the Company’s ability to manage various operational and regulatory risks associated with its business;
 
disputes, if any, between the Company and the Manager over the express terms of the Management Agreement could impact the timing of the Company’s plan to internalize management and terminate the Management Agreement and could increase the cost to the Company to complete such actions;
 
changes in the Company’s assets, interest rates or the general economy;
 
increased rates of default and/or decreased recovery rates on the Company’s investments, including as a result of the effects of more severe weather and changes in traditional weather patterns;
 
changes in interest rates, interest rate spreads, the yield curve, prepayment rates or recapture rates;
 
limitations on the Company’s business due to compliance with requirements for maintaining its qualification as a REIT under the Code and the Company’s exception from the definitions of “investment company” under the Investment Company Act (or of otherwise not falling within those definitions);
 
the degree and nature of the Company’s competition, including competition for the residential mortgage assets in which the Company invests; and
 
other risks associated with acquiring, investing in and managing residential mortgage assets.
 
Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. These forward-looking statements apply only as of the date of this Quarterly Report on Form 10-Q. Except as otherwise may be required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
 
PART I. FINANCIAL INFORMATION
 
Item 1.
Consolidated Financial Statements

Cherry Hill Mortgage Investment Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands — except share and par value data)

   
(unaudited)
       
 
September 30, 2024
   
December 31, 2023
 
Assets
           
RMBS, at fair value (including pledged assets of $1,153,213 and $973,221, respectively)
 
$
1,214,123
   
$
1,012,130
 
Investments in Servicing Related Assets, at fair value (including pledged assets of $226,782 and $253,629, respectively)
   
226,782
     
253,629
 
Cash and cash equivalents
   
50,152
     
52,886
 
Restricted cash
   
4,502
     
16,441
 
Derivative assets
   
23,263
     
19,504
 
Receivables and other assets
   
32,567
     
38,402
 
Total Assets
 
$
1,551,389
   
$
1,392,992
 
Liabilities and Stockholders’ Equity
               
Liabilities
               
Repurchase agreements
 
$
1,108,496
   
$
903,489
 
Derivative liabilities
   
4,749
     
16,617
 
Notes payable
   
150,848
     
169,314
 
Dividends payable
   
7,065
     
6,650
 
Due to manager
   
1,623
     
1,789
 
Payables for unsettled trades
    28,337       -  
Accrued expenses and other liabilities
   
10,575
     
36,758
 
Total Liabilities
 
$
1,311,693
   
$
1,134,617
 
Stockholders’ Equity
               
Preferred stock, par value $0.01 per share, 100,000,000 shares authorized:
               
8.20% Series A Cumulative Redeemable Preferred stock, 2,781,635 shares issued and outstanding as of September 30, 2024 and December 31, 2023, $69,541 liquidation preference as of September 30, 2024 and December 31, 2023
 
$
67,311
   
$
67,311
 
8.25% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred stock, 1,604,103 shares issued and outstanding as of September 30, 2024 and 2,000,000 shares issued and outstanding as of December 31, 2023, $40,103 liquidation preference as of September 30, 2024 and $50,000 liquidation preference as of December 31, 2023
   
38,553
     
48,068
 
Common stock, $0.01 par value per share, 500,000,000 shares authorized and 31,611,073 shares issued and outstanding as of September 30, 2024 and 500,000,000 shares authorized and 30,019,969 shares issued and outstanding as of December 31, 2023
   
322
     
305
 
Additional paid-in capital
   
380,914
     
375,498
 
Accumulated Deficit
   
(253,944
)
   
(233,161
)
Accumulated other comprehensive income (loss)
   
3,525
   
(2,545
)
Total Cherry Hill Mortgage Investment Corporation Stockholders’ Equity
 
$
236,681
   
$
255,476
 
Non-controlling interests in Operating Partnership
   
3,015
     
2,899
 
Total Stockholders’ Equity
 
$
239,696
   
$
258,375
 
Total Liabilities and Stockholders’ Equity
 
$
1,551,389
   
$
1,392,992
 

See accompanying notes to consolidated financial statements.

Cherry Hill Mortgage Investment Corporation and Subsidiaries
Consolidated Statements of Income (Loss)
(Unaudited)
(in thousands — except share and per share data)

 
 
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
 
 
2024
   
2023
   
2024
   
2023
 
Income
                       
Interest income
 
$
14,327
   
$
12,864
   
$
40,745
   
$
37,193
 
Interest expense
   
14,218
     
13,337
     
41,376
     
38,460
 
Net interest income (expense)
   
109
     
(473
)
   
(631
)
   
(1,267
)
Servicing fee income
   
11,681
     
13,225
     
36,921
     
40,535
 
Servicing costs
   
3,206
     
2,869
     
9,295
     
8,098
 
Net servicing income
   
8,475
     
10,356
     
27,626
     
32,437
 
Other income (loss)
                               
Realized loss on RMBS, net
   
(3,651
)
   
(10,209
)
   
(5,510
)
   
(21,464
)
Realized gain (loss) on investments in MSRs, net
    (237 )     -       504       -  
Realized gain (loss) on derivatives, net
   
(7,987
)
   
20,675
     
7,695
     
26,715
 
Realized gain on acquired assets, net     2       12       2       12  
Unrealized gain (loss) on RMBS, measured at fair value through earnings, net
    24,990       (19,755 )     12,229       (26,566 )
Unrealized gain (loss) on derivatives, net
   
(21,311
)
   
18,343
     
(12,029
)
   
12,924
 
Unrealized gain (loss) on investments in Servicing Related Assets
   
(7,467
)
   
1,578
     
(14,036
)
   
(13,100
)
Total Income (Loss)
   
(7,077
)
   
20,527
     
15,850
     
9,691
 
Expenses
                               
General and administrative expense
   
3,411
     
1,626
     
8,623
     
5,144
 
Management fee to affiliate
   
1,671
     
1,740
     
5,179
     
5,114
 
Total Expenses
   
5,082
     
3,366
     
13,802
     
10,258
 
Income (Loss) Before Income Taxes
   
(12,159
)
   
17,161
     
2,048
     
(567
)
Provision for corporate business taxes
   
285
     
1,276
     
1,652
     
1,244
 
Net Income (Loss)
   
(12,444
)
   
15,885
     
396
     
(1,811
)
Net (income) loss allocated to noncontrolling interests in Operating Partnership
   
246
     
(306
)
   
(8
)
   
34
 
Dividends on preferred stock
   
(2,594
)
   
(2,462
)
   
(7,456
)
   
(7,390
)
Gain on repurchase and retirement of preferred stock
    -       -       78       -  
Net Income (Loss) Applicable to Common Stockholders
 
$
(14,792
)
 
$
13,117
   
$
(6,990
)
 
$
(9,167
)
Net Income (Loss) Per Share of Common Stock
                               
Basic
 
$
(0.49
)
 
$
0.49
   
$
(0.23
)
 
$
(0.35
)
Diluted
 
$
(0.49
)
 
$
0.49
   
$
(0.23
)
 
$
(0.35
)
Weighted Average Number of Shares of Common Stock Outstanding
                               
Basic
   
30,216,341
     
26,936,242
     
30,058,334
     
25,879,626
 
Diluted
   
30,216,341
     
26,978,077
     
30,058,334
     
25,907,638
 

See accompanying notes to consolidated financial statements.

Cherry Hill Mortgage Investment Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(in thousands)

 
 
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
 
 
2024
   
2023
   
2024
   
2023
 
Net income (loss)
 
$
(12,444
)
 
$
15,885
   
$
396
   
$
(1,811
)
Other comprehensive income (loss):
                               
Unrealized gain (loss) on RMBS, available-for-sale, net
   
16,400
     
(14,485
)
   
6,070
     
(2,968
)
Net other comprehensive income (loss)
   
16,400
     
(14,485
)
   
6,070
     
(2,968
)
Comprehensive income (loss)
 
$
3,956
   
$
1,400
   
$
6,466
   
$
(4,779
)
Comprehensive (income) loss attributable to noncontrolling interests in Operating Partnership
   
(79
)
   
(29
)
   
(128
)
   
90
 
Dividends on preferred stock
   
(2,594
)
   
(2,462
)
   
(7,456
)
   
(7,390
)
Gain on repurchase and retirement of preferred stock
    -       -       78       -  
Comprehensive income (loss) attributable to common stockholders
 
$
1,283
   
$
(1,091
)
 
$
(1,040
)
 
$
(12,079
)

See accompanying notes to consolidated financial statements.

Cherry Hill Mortgage Investment Corporation and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited)
(in thousands — except share and per share data)

 
 
Common
Stock
Shares
   
Common
Stock
Amount
   
Preferred
Stock
Shares
   
Preferred
Stock
Amount
   
Additional
Paid-in
Capital
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Retained
Earnings
(Deficit)
   
Non-
Controlling
Interest in
Operating
Partnership
   
Total
Stockholders’
Equity
 
Balance, December 31, 2022
   
23,508,130
   
$
239
     
4,781,635
   
$
115,379
   
$
344,510
   
$
(29,104
)
 
$
(168,989
)
 
$
3,481
   
$
265,516
 
Issuance of common stock
   
2,140,000
     
22
     
-
     
-
     
12,672
     
-
     
-
     
-
     
12,694
 
Net Loss
   
-
     
-
     
-
     
-
     
-
     
-
     
(18,945
)
   
(377
)
   
(19,322
)
Net Other Comprehensive Income
   
-
     
-
     
-
     
-
     
-
     
14,639
     
-
     
-
     
14,639
 
LTIP-OP Unit awards
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
117
     
117
 
Distribution paid on LTIP-OP Units
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(109
)
   
(109
)
Common dividends declared, $0.27 per share
   
-
     
-
     
-
     
-
     
-
     
-
     
(6,927
)
   
-
     
(6,927
)
Preferred Series A dividends declared, $0.5125 per share
   
-
     
-
     
-
     
-
     
-
     
-
     
(1,432
)
   
-
     
(1,432
)
Preferred Series B dividends declared, $0.5156 per share
   
-
     
-
     
-
     
-
     
-
     
-
     
(1,031
)
   
-
     
(1,031
)
Balance, March 31, 2023
   
25,648,130
   
$
261
     
4,781,635
   
$
115,379
   
$
357,182
   
$
(14,465
)
 
$
(197,324
)
 
$
3,112
   
$
264,145
 
Issuance of common stock
   
1,329,947
     
13
     
-
     
-
     
6,430
     
-
     
-
     
-
     
6,443
 
Net Income
   
-
     
-
     
-
     
-
     
-
     
-
     
1,589
     
37
     
1,626
 
Net Other Comprehensive Loss
   
-
     
-
     
-
     
-
     
-
     
(3,122
)
   
-
     
-
     
(3,122
)
LTIP-OP Unit awards
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
117
     
117
 
Distribution paid on LTIP-OP Units
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(132
)
   
(132
)
Common dividends declared, $0.15 per share
   
-
     
-
     
-
     
-
     
-
     
-
     
(4,045
)
   
-
     
(4,045
)
Preferred Series A dividends declared, $0.5125 per share
   
-
     
-
     
-
     
-
     
-
     
-
     
(1,432
)
   
-
     
(1,432
)
Preferred Series B dividends declared, $0.5156 per share
   
-
     
-
     
-
     
-
     
-
     
-
     
(1,031
)
   
-
     
(1,031
)
Balance, June 30, 2023
   
26,978,077
   
$
274
     
4,781,635
   
$
115,379
   
$
363,612
   
$
(17,587
)
 
$
(202,243
)
 
$
3,134
   
$
262,569
 
Issuance of common stock
   
-
     
-
      -
      -
      52
      -
      -
      -
      52
 
Net Income
   
-
     
-
     
-
     
-
     
-
     
-
     
15,579
     
306
     
15,885
 
Net Other Comprehensive Loss
   
-
     
-
     
-
     
-
     
-
     
(14,485
)
   
-
     
-
     
(14,485
)
LTIP-OP Unit awards
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
117
     
117
 
Distribution paid on LTIP-OP Units
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(72
)
   
(72
)
Common dividends declared, $0.27 per share
   
-
     
-
     
-
     
-
     
-
     
-
     
(4,048
)
   
-
     
(4,048
)
Preferred Series A dividends declared, $0.5125 per share
   
-
     
-
     
-
     
-
     
-
     
-
     
(1,432
)
   
-
     
(1,432
)
Preferred Series B dividends declared, $0.5156 per share
   
-
     
-
     
-
     
-
     
-
     
-
     
(1,030
)
   
-
     
(1,030
)
Balance, September 30, 2023
   
26,978,077
   
$
274
     
4,781,635
   
$
115,379
    $ 363,664     $ (32,072 )  
$
(193,174
)
 
$
3,485
   
$
257,556
 
                                                                         
Balance, December 31, 2023
    30,019,969     $ 305       4,781,635     $ 115,379     $ 375,498     $ (2,545 )   $ (233,161 )   $ 2,899     $ 258,375  
Issuance of common stock
    -       -       -       -       48       -       -       -       48  
Repurchase and retirement of preferred stock
    -       -       (296,972 )     (7,137 )     -       -       152       -       (6,985 )
Net Income
    -       -       -       -       -       -       11,821       235       12,056  
Net Other Comprehensive Loss
    -       -       -       -       -       (6,596 )     -       -       (6,596 )
LTIP-OP Unit awards
    -       -       -       -       -       -       -       124       124  
Distribution paid on LTIP-OP Units
    -       -       -       -       -       -       -       (74 )     (74 )
Common dividends declared, $0.15 per share
    -       -       -       -       -       -       (4,502 )