Freedom Mortgage Corp. recently closed its initial public offering (IPO) of 6.5 million shares of common stock of its strategic alliance partner, Cherry Hill Mortgage Investment Corp.
The initial stock price was $20.00 per share.
The company plans to use the proceeds from the offering – along with the proceeds of another $1 million in common stock that it recently sold privately – to expand its mortgage servicing rights portfolio.
Cherry Hill is a residential real estate finance company that acquires, invests in and manages residential mortgage assets. The company is externally managed and advised by Cherry Hill Mortgage Management, an affiliate of Freedom Mortgage Corp.
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