NEW YORK (AP) — Shares of Cherry Hill Mortgage Investment Corp. are falling in their trading debut Friday after the company raised $130 million in its initial public offering.
The mortgage investment company priced its IPO at $20 per share. In morning trading, its shares fell $1.20, or 6 percent, to $18.80.
Proceeds will be used to buy mortgage serving rights and mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae, the Moorestown, N.J.-based company said.
Its shares are trading on the New York Stock Exchange under the ticker symbol "CHMI."