Apeksha Patel
About Apeksha Patel
Apeksha Patel, age 39, is Cherry Hill Mortgage Investment Corporation’s Chief Financial Officer and Treasurer as of August 22, 2025, after serving as Interim CFO from June 22, 2025; she joined CHMI in 2017, progressing from Assistant Controller to Controller (2019–2025). Patel holds a Bachelor of Commerce from Ryerson University and is a licensed CPA in New Jersey, with prior roles at Mazars USA LLP and SB Partners LLP . During her initial tenure as CFO, CHMI reported Q3 2025 GAAP net income applicable to common shareholders of $2.0 million, EAD of $3.3 million, and book value per share of $3.36; the Board declared a $0.10 common dividend for the quarter .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cherry Hill Mortgage Investment Corporation | Assistant Controller | Aug 2017 – Jun 2019 | Built foundational finance processes supporting public disclosures and operations . |
| Cherry Hill Mortgage Investment Corporation | Controller | Jun 2019 – Jun 22, 2025 | Led controllership through internalization and system modernization; contributed to transparency in public reporting . |
| Cherry Hill Mortgage Investment Corporation | Interim CFO, Treasurer & Secretary | Jun 22, 2025 – Aug 22, 2025 | Ensured seamless transition; leveraged established finance team during leadership change . |
| Cherry Hill Mortgage Investment Corporation | CFO & Treasurer | Aug 22, 2025 – present | Oversight of finance in a lower-rate tactical posture; maintained alignment with investor communications . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Mazars USA LLP | Profession unspecified | Not disclosed | Prior professional experience before joining CHMI . |
| SB Partners LLP | Profession unspecified | Not disclosed | Prior professional experience before joining CHMI . |
Fixed Compensation
| Period | Base Salary ($) | Bonus ($) | Notes |
|---|---|---|---|
| Through Jun 21, 2025 (Controller) | 240,000 | — | Paid bi-weekly equivalent; prior to Effective Date . |
| Jun 22 – Dec 31, 2025 (Interim CFO) | 300,000 | — | Paid bi-weekly equivalent; title change effective Jun 22 . |
| Q1 2026 | — | 100,000 | Guaranteed cash bonus payable in Q1 2026 . |
| From Jan 2026 | To be determined by Dec 31, 2025 | Eligible (discretionary) | Base set by year-end; eligible for non-equity incentive plan & annual discretionary cash bonus, not guaranteed . |
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Non-Equity Incentive Plan (from Jan 2026) | Company/role-specific metrics per Compensation Committee plan | Not disclosed | Not disclosed | Not applicable for 2025 | Discretionary; not guaranteed | Cash; plan participation begins in 2026 . |
| Equity Incentive Eligibility | LTIP Units/stock under 2023 Equity Incentive Plan | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Company historically uses 3-year ratable vesting for LTIPs; 2025 NEO grants paused during compensation redesign . |
Notes:
- Company historically imposes minimum 3-year ratable vesting on LTIP Units for NEOs; Committee paused NEO equity grants in 2025 amid internalization and program redesign. Patel is eligible under the 2023 Plan, but no Patel-specific 2025 grant disclosure was found .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (shares) | Not disclosed for Patel in 2025 proxy; ownership table lists directors/NEOs only . |
| Ownership % of outstanding | Not disclosed for Patel . |
| Vested vs. unvested equity | Not disclosed for Patel; Company LTIPs vest ratably over 3 years for NEOs . |
| Options (exercisable/unexercisable) | Not disclosed for Patel . |
| Shares pledged | Company prohibits hedging and pledging of securities for all officers/directors/employees . |
| Stock ownership guidelines | Not specifically disclosed for executives; governance documents referenced without explicit multiples . |
| Compliance status | Hedging/pledging prohibited; trades require pre-clearance under insider trading policy . |
| Change-of-control | LTIP Units vest immediately upon change-of-control if still performing services; no separate CoC payouts required beyond severance plan scope . |
Employment Terms
| Term | Detail |
|---|---|
| Employment start & tenure | Assistant Controller (Aug 2017–2019); Controller (2019–Jun 22, 2025); Interim CFO (Jun 22–Aug 22, 2025); CFO (Aug 22, 2025–present) . |
| Offer letter date | May 27, 2025; supersedes Nov 1, 2024 offer letter . |
| Employment type | At-will; Company may alter terms; compensation subject to continued employment . |
| Severance plan | Executive Severance Plan effective Mar 12, 2025; covered positions include CFO . |
| Severance multiple | Lump-sum equals 1.5× annual compensation (salary + target bonus) plus 12 months health/dental premiums; CEO multiple 2.5× . |
| Qualifying termination | Without cause or for good reason, subject to release and plan conditions . |
| Non-compete | One-year non-compete from separation date; includes solicitation/hiring restrictions . |
| Change-of-control economics | No mandated CoC severance payments; LTIP Units accelerate if still serving; plan may govern only on qualifying termination . |
| Clawback | NYSE Rule 10D-1 compliant clawback adopted in 2023 for erroneously awarded incentive compensation . |
| Perquisites & tax gross-ups | Company states no perquisites and no excise/tax gross-ups for NEOs . |
| Insider trading policy | Pre-clearance required; prohibits trading with MNPI; prohibits short-term speculative trading . |
Performance & Track Record
| Period | Key Metrics | Notes |
|---|---|---|
| Q3 2025 | GAAP net income applicable to common shareholders: $2.0m; EAD: $3.3m; Book value/share: $3.36; Dividend: $0.10/share; Unrestricted cash: $55.4m | Reported during Patel’s early CFO tenure; leverage 5.3x; net servicing fee income $8.5m; net interest income $3.3m . |
| Governance signals | 2024 Say-on-Pay support ~65% (up from ~61% prior year); Committee engaged investors; retained compensation consultant for 2026 design | Reflects moderate but improving shareholder support; program redesign ongoing . |
Compensation Committee Analysis
- Committee members: Sharon L. Cook (Chair), Joseph Murin, Dale S. Hoffman; independent under NYSE rules .
- Practices: Minimum vesting requirements on equity; comprehensive clawback; independent consultant engaged; no perquisites; no hedging/pledging permitted .
Risk Indicators & Red Flags
- Hedging/pledging prohibited (alignment-positive) .
- No tax gross-ups or guaranteed CoC parachutes for NEOs (shareholder-friendly) .
- Executive Severance Plan includes 1-year non-compete; severance multiples could be criticized if applied broadly but CFO multiple is 1.5× (mid-market) .
- 2024 say-on-pay at ~65% indicates investor scrutiny of pay design; redesign planned for 2026 .
- No related-party transactions involving Patel disclosed; no legal proceedings disclosed regarding her appointment .
Investment Implications
- Retention risk low near term: guaranteed $100,000 cash bonus in Q1 2026 and severance protection under a 1.5× multiple provide stability; one-year non-compete reduces departure risk .
- Alignment: prohibition on hedging/pledging and clawback policy strengthen pay-for-performance integrity; however, Patel-specific equity ownership and grant history in 2025 are not disclosed, limiting “skin-in-the-game” visibility .
- Trading signals: absence of disclosed equity grants or Form 4 activity for Patel in 2025 minimizes near-term insider selling pressure indicators; accelerated vesting on change-of-control applies company-wide and could influence event-driven dynamics .
- Program redesign: Compensation Committee paused NEO equity awards in 2025 and plans to redesign incentives for 2026; watch for introduction of explicit CFO performance metrics (EAD stability, BVPS growth, MSR ROIC/TSR) and ownership guidelines to enhance alignment .