Cherry Hill Mortgage Closes on IPO
Freedom Mortgage Corporation announced the closing of the initial public offering (IPO) of 6,500,000 shares of common stock of its strategic alliance partner, Cherry Hill Mortgage Investment Corporation, at a public offering price of $20 per share. Cherry Hill Mortgage Investment Corporation is a residential real estate finance company that acquires, invests in and manages residential mortgage assets in the United States. Cherry Hill Mortgage Investment Corporation is externally managed and advised by Cherry Hill Mortgage Management, LLC, which is an affiliate of Freedom Mortgage Corporation. Cherry Hill Mortgage Investment Corporation used a portion of the proceeds of the offering, together with additional proceeds from the sale of an additional 1,000,000 shares of common stock at the public offering price in a concurrent private placement, to acquire interests in mortgage servicing rights (MSRs), from Freedom Mortgage.