Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-15

Cherry Hill Mortgage Investment Corp. (CHMI)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,235,000
Jeffrey Lown total, FY2025
CEO pay percentile vs peers
5:1
CEO-to-median pay ratio
76.72%
Say-on-pay support, latest vote
Companies that benchmark against CHMI
2 companies name CHMI as a compensation peer

Each company listed discloses CHMI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CHMI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jeffrey Lown$1,235,000$0$0$0$0$0$0$1,235,000
President and Chief Executive Officer (Principal Executive Officer)
Julian Evans550,000275,00000000825,000
Chief Investment Officer
Susan Healey213,699187,50000000401,199
General Counsel and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Jeffrey Lown$1,235,000$348,864$115,746+886,136
Julian Evans825,000240,33074,538+584,670
Susan Healey401,199

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Jeffrey B. LownDirector2026-04-21A170,455$0$0Derivative, Class A CommonForm 4 ↗
Julian EvansChief Investment Officer2026-04-21A104,16700Derivative, Class A CommonForm 4 ↗
Apeksha PatelChief Financial Officer2026-04-21A75,75800Derivative, Class A CommonForm 4 ↗
Apeksha PatelChief Financial Officer2026-06-01A11,000CommonForm 4 ↗
Apeksha PatelChief Financial Officer2026-06-01D3,44928,347CommonForm 4 ↗
Apeksha PatelChief Financial Officer2026-06-01D11,00000Derivative, Class A CommonForm 4 ↗
Joseph MurinDirector2026-06-15A42,01700CommonForm 4 ↗
Dale S. HoffmanDirector2026-06-15A42,01700CommonForm 4 ↗
Robert C. Mercer, JrDirector2026-06-15A42,01700CommonForm 4 ↗
Sharon L. CookDirector2026-06-15A42,01700CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Susan HealeyRSU2026-02-1024,414$62,500
Julian EvansRSU2024-01-1614,62557,330
Jeffrey LownRSU2024-01-1611,70045,864
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Susan Healey$62,500$0$00.0%
Julian Evans57,330000.0%
Jeffrey Lown45,864000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jeffrey LownRSU14,166$36,123
Julian EvansRSU13,85035,318
05

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee believes that the Company's compensation program for executive officers should attract and retain highly-qualified executives, motivate these executives to achieve corporate and individual performance objectives and increase stockholder value on an annual and long-term basis, achieve an appropriate balance between risk and reward that does not incentivize excessive risk taking, and promote teamwork and cooperation throughout the Company and within the management group.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantFerguson Partners Consulting
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-117,958,0452,415,169863,97276.72%Passed
20252025-06-125,470,1693,460,516350,60861.25%Passed
20242024-06-136,598,4913,529,767698,56265.15%Passed
20232023-06-153,933,3472,552,293345,14860.65%Passed
20222022-06-163,905,982656,421277,62685.61%Passed
20212021-06-165,895,855706,059257,00489.31%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1176.72%a
20252025-06-1261.25%b
20242024-06-1365.15%c

a. Approved under the standard stated in the filing — “For purposes of this vote, abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote for this proposal.”.

b. Approved under the standard stated in the filing — “For purposes of this vote, abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote for this proposal.”.

c. Approved under the standard stated in the filing — “For purposes of this vote, abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote for this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)5 : 1
CEO total compensation$1,235,000
Median employee compensation$228,671
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Joseph MurinIndependent · Lead Independent Director · Audit · Compensation · Nominating and Corporate Governance (Chair)$104,973$100,000$0$0$-1$204,972
Robert C. Mercer, JrIndependent · Audit (Chair) · Nominating and Corporate Governance97,473100,00000-1197,472
Sharon L. CookIndependent · Audit · Compensation (Chair)94,973100,00000-1194,972
Dale S. HoffmanIndependent · Compensation · Nominating and Corporate Governance · Newly elected74,056100,000000174,056
Jeffrey B. Lown IIEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$87,473
Annual equity retainer$100,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)10,000 / 5,000 / 5,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$371,475
Equity awards (grant-date value)$400,000
All other compensation$-3
Total cost of the board$771,472

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Cherry Hill Mortgage Investment Corp.2025Jeffrey Lown$1,235,000$0$0$0$1,235,000

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

FAQ

Frequently asked questions

Who was the highest-paid executive at Cherry Hill Mortgage Investment Corp. in fiscal 2025?
The highest-paid executive at Cherry Hill Mortgage Investment Corp. in fiscal 2025 was Jeffrey Lown, President and Chief Executive Officer (Principal Executive Officer), with total compensation of $1,235,000.
How does Cherry Hill Mortgage Investment Corp.'s chief executive pay compare to its disclosed peer group?
The CEO pay percentile of disclosed peers is not disclosed in this extract.
What is Cherry Hill Mortgage Investment Corp.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was 5:1.
How did shareholders vote on Cherry Hill Mortgage Investment Corp.'s executive compensation?
Shareholders voted 76.72% in support of the executive compensation plan.
How much does Cherry Hill Mortgage Investment Corp. spend in total on board compensation for fiscal 2025?
Total board compensation for fiscal 2025 was $771,472.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jeffrey LownDEF 14A2026-04-210001140361-26-015895Section “Summary Compensation Table” · page 35. As printed: 1,235,000. Filing ↗machine: t97 · r2 · c6 · span 479823–479832
2Section 01, Julian EvansDEF 14A2026-04-210001140361-26-015895Section “Summary Compensation Table” · page 31. As printed: 825,000. Filing ↗machine: t97 · r5 · c15 · span 490285–490292
3Section 01, Susan HealeyDEF 14A2026-04-210001140361-26-015895Section “Summary Compensation Table” · page 31. As printed: 401,199. Filing ↗machine: t97 · r8 · c15 · span 498340–498347
4Section 03, Susan Healey RSUDEF 14A2026-04-210001140361-26-015895Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t102 · r0 · c1 · span 504059–504065
5Section 03, Julian Evans RSUDEF 14A2026-04-210001140361-26-015895Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t97 · r6 · c10 · span 492163–492169
6Section 03, Jeffrey Lown RSUDEF 14A2026-04-210001140361-26-015895Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
7Section 07, pay ratioDEF 14A2026-04-21000114036126015895Section “CEO Pay Ratio”. As printed: 5 : 1. Filing ↗machine: span 615803–615809
8Section 08, Joseph MurinDEF 14A2026-04-210001140361-26-015895Section “Director Compensation”. As printed: 204,972. Filing ↗machine: t63 · r4 · c9 · span 262872–262879
9Section 08, Robert C. Mercer, JrDEF 14A2026-04-210001140361-26-015895Section “Director Compensation”. As printed: 197,472. Filing ↗machine: t63 · r3 · c9 · span 260896–260903
10Section 08, Sharon L. CookDEF 14A2026-04-210001140361-26-015895Section “Director Compensation”. As printed: 194,972. Filing ↗machine: t63 · r2 · c9 · span 259142–259149
11Section 08, Dale S. HoffmanDEF 14A2026-04-210001140361-26-015895Section “Director Compensation”. As printed: 174,056. Filing ↗machine: t63 · r5 · c9 · span 264524–264531
12Section 08, Jeffrey B. Lown IIDEF 14A2026-04-210001140361-26-015895Section “Director Compensation”. As printed: 0. Filing ↗
13Section 02, Jeffrey B. Lown 2026-04-21Form 42026-04-230001140361-26-016363Insider equity transaction reported since the proxy statement. Filing ↗
14Section 02, Julian Evans 2026-04-21Form 42026-04-230001140361-26-016362Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Apeksha Patel 2026-04-21Form 42026-04-230001140361-26-016361Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Apeksha Patel 2026-06-01Form 42026-06-030001140361-26-023885Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Apeksha Patel 2026-06-01Form 42026-06-030001140361-26-023885Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Apeksha Patel 2026-06-01Form 42026-06-030001140361-26-023885Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Joseph Murin 2026-06-15Form 42026-06-150001140361-26-025246Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Dale S. Hoffman 2026-06-15Form 42026-06-150001140361-26-025243Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Robert C. Mercer, Jr 2026-06-15Form 42026-06-150001140361-26-025245Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Sharon L. Cook 2026-06-15Form 42026-06-150001140361-26-025244Insider equity transaction reported since the proxy statement. Filing ↗
23Section 06, 2026 voteForm 8-K2026-06-120001140361-26-025024Item 5.07 · say-on-pay result. As reported: 76.72% (votes for as printed: 7,958,045). Filing ↗
24Section 06, 2025 voteForm 8-K2025-06-130001140361-25-022434Item 5.07 · say-on-pay result. As reported: 61.25% (votes for as printed: 5,470,169). Filing ↗
25Section 06, 2024 voteForm 8-K2024-06-140001140361-24-030193Item 5.07 · say-on-pay result. As reported: 65.15% (votes for as printed: 6,598,491). Filing ↗
26Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
27Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
28Section 09b board cost (computed)ComputedcomputedCash 371,475 + equity 400,000 + all other -3 = 771,472, summed across the director compensation table rows.machine: formula: Σ = 771,472
29Cherry Hill Mortgage Investment Corp. (subject), Section 10b CEO totalDEF 14A2026-04-210001140361-26-015895CEO total compensation as printed in Cherry Hill Mortgage Investment Corp.'s own proxy. As printed: 1,235,000. Filing ↗machine: t97 · r2 · c6 · span 479823–479832