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Cherry Hill Mortgage Investment prices preferred stock offering

Cherry Hill Mortgage Investment Corp. priced an underwritten public offering of 2,200,000 of its 8.20% series A cumulative redeemable preferred shares, with a liquidation preference of $25.00 per share.

Set to close Aug. 17, the offering is expected to yield gross proceeds of about $55 million, before deducting underwriting discounts and estimated offering expenses. The company granted the underwriters an option for 30 days to purchase up to an additional 330,000 of series A preferred shares to cover overallotments, if any.

The company intends to use the net proceeds of the offering for general corporate purposes, which may include the acquisition of additional residential mortgage-related assets.

Morgan Stanley & Co. LLC and RBC Capital Markets LLC are acting as joint book-running managers. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are serving as lead managers.