EX-10.4



 Exhibit 10.4 
 MANAGEMENT AGREEMENT 
 This MANAGEMENT AGREEMENT is entered into as of
April 22, 2013 (this “Agreement”) by and among Cherry Hill Mortgage Investment Corporation, a Maryland corporation (the “Company”), each of the Company’s current Subsidiaries (as defined below), and Cherry
Hill Mortgage Management, LLC, a Delaware limited liability company (the “Manager”). 
 WHEREAS, the Company is
a Maryland corporation organized to qualify as a real estate investment trust under the Code and to acquire, invest in and manage a portfolio of Excess MSRs, Agency RMBS, prime jumbo mortgage loans and other residential mortgage assets; and

 WHEREAS, the Company holds its assets and conducts its operations through the Subsidiaries; and 

WHEREAS, the Company wishes to engage the Manager to manage the assets, operations and affairs of the Company and the Subsidiaries, and
the Manager desires to accept such engagement on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in
consideration of the mutual agreements herein set forth and of other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. Definitions. 
 (a) “Affiliate” means, with respect to any Person, any Person controlling, controlled by, or under common Control with, such Person. For the avoidance of doubt, for the purpose of this
Agreement, Freedom Mortgage is an Affiliate of the Manager and each of the Manager and Freedom Mortgage is an Affiliate of Stanley C. Middleman. 
 (b) “Agency RMBS” means residential mortgage-backed securities the payment of principal and interest on which has been guaranteed by a U.S. Government agency or a U.S.
Government-sponsored enterprise. 
 (c) “Agreement” has the meaning assigned in the first paragraph.

 (d) “Board of Directors” means the Board of Directors of the Company. 

(e) “Business Day” means any day except a Saturday, Sunday or day on which banking institutions in New Jersey or New
York are not required to be open. 
 (f) “Business Opportunity” has the meaning assigned in
Section 3(c). 
 (g) “Change of Control” means the occurrence of any of the following: 

(i) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Manager,
taken as a whole, to any Person other than Freedom Mortgage or any of its Affiliates; or 







 (ii) the direct or indirect acquisition by any Person or group (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange
Act), other than Freedom Mortgage and any of its Affiliates in a single transaction or in a series of related transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule
13d-3 under the Exchange Act, or any successor provision) of 50% or more of the total voting power of the voting capital interests of or pecuniary interests in the Manager. 
 (h) “Charter” means the charter of the Company, as amended, restated or supplemented from time to time. 
 (i) “Claim” has the meaning assigned in Section 11(d). 
 (j) “Code” means the Internal Revenue Code of 1986, as amended. 

(k) “Code of Conduct” has the meaning assigned in Section 7(g). 

(l) “Common Stock” means the shares of common stock, par value $0.01 per share, of the Company. 

(m) “Company” has the meaning assigned in the first paragraph; provided that all references herein to the Company
shall, except as otherwise expressly provided herein, be deemed to include the Subsidiaries. 
 (n) “Company
Account” means any bank account in the name of the Company or any Subsidiary established and maintained by the Manager at the direction of the Board of Directors. 
 (o) “Company Indemnified Party” has the meaning assigned in Section 11(c). 
 (p) “Confidential Information” means all non-public information, written or oral, obtained by the Manager in connection with the services rendered hereunder. 

(q) “Compliance Policies” means the compliance policies and procedures of the Manager, as in effect from time to time.

 (r) “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of another Person, whether by contract, voting equity, legal right or otherwise. 
 (s)
“Dedicated Officers” has the meaning assigned in Section 3(b). 
 (t) “Excess
MSRs” means excess mortgage servicing rights. 
 (u) “Exchange Act” means the Securities Exchange Act
of 1934, as amended, and the rules and regulations promulgated thereunder. 

  
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 (v) “Freedom Mortgage” means Freedom Mortgage Corporation, a New Jersey
corporation. 
 (w) “GAAP” means generally accepted accounting principles in effect in the U.S. from time to
time applied on a consistent basis. 
 (x) “Governing Instruments” means, with respect to any Person, the
charter and bylaws in the case of a corporation, the declaration of trust and bylaws in the case of Maryland real estate investment trust or other business trust, the certificate of limited partnership (if applicable) and partnership agreement in
the case of a general or limited partnership or the articles of organization or certificate of formation, as the case may be, and operating agreement in the case of a limited liability company, in each case, as amended, restated or supplemented from
time to time. 
 (y) “Identified Person” means any of Freedom Mortgage or its employees, officers, directors or
Affiliates. 
 (z) “Identified Persons” means collectively, each Identified Person. 

(aa) “Indemnification Obligations” has the meaning assigned in Section 11(b). 

(bb) “Indemnified Party” has the meaning assigned in Section 11(c). 

(cc) “Independent Directors” means the members of the Board of Directors who are not officers or employees of the
Company, the Manager or Freedom Mortgage and who are otherwise determined by the Board of Directors to be “independent” in accordance with the rules of the New York Stock Exchange or such other National Securities Exchange, as applicable,
in either case, as may be in effect from time to time. 
 (dd) “Initial Public Offering” means the registered
initial public offering of the Common Stock and the listing of the Common Stock on the New York Stock Exchange. 
 (ee)
“Internalization Event” means a transaction or series of transactions the result of which is that (i) this Agreement is terminated, (ii) the management of the Company is no longer subject to or reliant upon an external
manager or advisor and (iii) the Company employs a senior management team. 
 (ff) “Investment and Risk Management
Committee” has the meaning set forth in Section 7(d). 
 (gg) “Investments” means the
investments of the Company, including, but not limited to, investments in Excess MSRs, Agency RMBS and prime jumbo mortgage loans. 
 (hh) “Investment Company Act” means the Investment Company Act of 1940, as amended. 
 (ii) “Investment Guidelines” means the general criteria, parameters and policies relating to Investments as established by the Board of Directors, as the same may be modified from
time-to-time by the Board of Directors. The Company’s initial Investment Guidelines are attached hereto as Exhibit A. 

  
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 (jj) “Judicially Determined” has the meaning assigned in
Section 11(a). 
 (kk) “Management Fee Annual Rate” means 1.50%. 

(ll) “Manager” has the meaning assigned in the first paragraph. 

(mm) “Manager Indemnified Party” has the meaning assigned in Section 11(a). 

(nn) “National Securities Exchange” means a national securities exchange or national quotation system upon which the
Company’s Common Stock is listed or quoted. 
 (oo) “Operating Partnership” means Cherry Hill Operating
Partnership, LP, a Delaware limited partnership. 
 (pp) “Person” means any individual, corporation,
partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of
any of the foregoing. 
 (qq) “Post-Termination Transition Assistance” has the meaning assigned in
Section 14(b). 
 (rr) “Principal Transaction” has the meaning assigned in
Section 3(d). 
 (ss) “Quarterly Management Fee Amount” means, with respect to any fiscal quarter,
the product of: (i) the Stockholders’ Equity as of the end of such fiscal quarter, and (ii) one-fourth of the Management Fee Annual Rate. The Quarterly Management Fee Amount shall be pro rated for partial quarterly periods based on
the number of days in such partial period compared to a 90 day quarter. 
 (tt) “Records” has the meaning
assigned in Section 6(a). 
 (uu) “REIT” means a “real estate investment trust” as
defined under the Code. 
 (vv) “Representatives” means collectively the members, officers, employees, agents,
representatives and Affiliates of the Manager. 
 (ww) “Sarbanes Oxley Act of 2002” means the federal statute
known as the Sarbanes-Oxley Act of 2002, and the rules and regulations promulgated thereunder. 
 (xx) “SEC”
means the United States Securities and Exchange Commission. 
 (yy) “Securities Act” means the Securities Act
of 1933, as amended, and the rules and regulations promulgated thereunder. 
 (zz) “Services Agreement” has the
meaning assigned in Section 2(c). 

  
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 (aaa) “Stockholders’ Equity” means, as of the end of any fiscal
quarter, (a) the sum of (1) the net proceeds from any issuances of the Company’s Common Stock or other equity securities and the Operating Partnership’s Units or other equity securities (without double counting) since inception,
plus (2) the Company’s and the Operating Partnership’s (without double counting) retained earnings calculated in accordance with GAAP at the end of the most recently completed fiscal quarter (without taking into account any non-cash
equity compensation expense incurred in current or prior periods), less (b) any amount that the Company or the Operating Partnership has paid to repurchase Common Stock, Units or other equity securities since inception. Stockholders’
Equity excludes (1) any unrealized gains, losses or other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP, regardless of whether such items are
included in other comprehensive income or loss, or in net income, and (2) one-time events pursuant to changes in GAAP, and certain non-cash items not otherwise described above in each case, after discussions between the Manager and the
Independent Directors and approval by a majority of the Independent Directors. 
 (bbb) “Split Price
Executions” has the meaning assigned in Section 3(d). 
 (ccc) “Subsidiaries” means
(i) Cherry Hill Operating Partnership, LP, a Delaware limited partnership, (ii) Cherry Hill QRS I, LLC, a Delaware limited liability company, (iii) Cherry Hill QRS II, LLC, a Delaware limited liability company, (iv) Cherry Hill
TRS, LLC, a Delaware limited liability company, (v) any partnership, the general partner of which is the Company or any Subsidiary of the Company, (vi) any limited liability company, the managing member of which is the Company or any
subsidiary of the Company, and (vii) any other entity, including any direct or indirect subsidiary of the Company, on the date hereof or in the future, of which the Company or any Subsidiary has the power to elect, directly or indirectly, a
majority of the board of directors or Directors or equivalent managing body. 
 (ddd) “Successor Manager” has
the meaning assigned in Section 14(b). 
 (eee) “Tax Preparer” means the firm designated by the
Company to prepare tax returns on behalf of the Company and its Subsidiaries. 
 (fff) “Termination Fee” means,
with respect to any termination or non-renewal of this Agreement with respect to which payment of the Termination Fee is required under Section 13 of this Agreement, a termination fee equal to three times the average annual Management
Fee earned by the Manager during the two four-quarter periods ending as of the end of the most recently completed fiscal quarter prior to the effective date of the termination or, in the case of non-renewal, the expiration of the term, as
applicable. 
 (ggg) “Treasury Regulations” means the Procedures and Administration Regulations promulgated by
the U.S. Department of Treasury under the Code, as amended. 
 (hhh) “Units” shall mean units of limited partnership
interest in the Operating Partnership. 

  
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 2. Appointment and Duties of the Manager. 

(a) Appointment. The Company hereby appoints the Manager to manage, operate and administer the assets, operations and affairs
of the Company and the Subsidiaries, subject to the further terms and conditions set forth in this Agreement and to the supervision of, and such further limitations or parameters as may be imposed from time to time by, the Board of Directors, and
the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein in accordance with the provisions of this Agreement. 
 (b) Duties. The Manager shall manage, operate and administer day-to-day operations, business and affairs of the Company and the Subsidiaries, subject at all times to the supervision and
direction of the Board of Directors, and shall have only such functions and authority as the Board of Directors may delegate to it, including, without limitation, the authority identified and delegated to the Manager herein. Without limiting the
foregoing, the Manager shall oversee and use commercially reasonable efforts to conduct the Company’s investment activities in accordance with the Investment Guidelines, any risk parameters adopted by the Board of Directors and other policies
adopted and implemented by the Board of Directors. Subject to the foregoing, the Manager will perform (or cause to be performed) such services and activities relating to the management, operation and administration of the assets, liabilities and
business of the Company and the Subsidiaries as is appropriate, including without limitation: 
 (i) serving as the
Company’s consultant with respect to the periodic review of the Investment Guidelines and other policies and criteria for the other borrowings and the operations of the Company for the approval by the Board of Directors; 

(ii) investigating, analyzing and selecting possible Investment opportunities and originating, acquiring, structuring, financing,
retaining, selling, negotiating for prepayment, restructuring or disposing of Investments consistent with the Investment Guidelines; 
 (iii) with respect to any prospective Investment by the Company and any sale, exchange or other disposition of any Investment by the Company conducting negotiations on the Company’s behalf with
sellers and purchasers and their respective agents, representatives and investment bankers, and owners of privately and publicly held real estate companies; 
 (iv) with respect to any prospective investment in Excess MSRs, negotiating agreements, including, and not limited to, acknowledgement agreements, flow acquisition agreements and bulk acquisition
agreements; 
 (v) engaging and supervising, on the Company’s behalf and at the Company’s sole cost and expense,
third-party service providers who provide legal, accounting, due diligence, transfer agent, registrar, leasing services, master servicing, special servicing, banking, investment banking, mortgage brokerage, real estate brokerage, securities
brokerage and other financial services and such other services as may be required relating to the Investments or potential Investments and to the Company’s other business and operations; 

(vi) coordinating and supervising, on behalf of the Company and at the Company’s sole cost and expense, other third-party service
providers to the Company; 

  
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 (vii) serving as the Company’s consultant with respect to arranging for any issuance of
mortgage-backed securities from pools of mortgage loans or mortgage-backed securities owned by the Company; 
 (viii)
coordinating and managing operations of any joint venture or co-investment interests held by the Company and conducting all matters with any joint venture or co-investment partners; 

(ix) providing executive and administrative personnel, office space and office services required in rendering services to the Company;

 (x) administering the Company’s day-to-day operations and performing and supervising the performance of such other
administrative functions necessary to the Company’s management as may be agreed upon by the Manager and the Board of Directors, including, without limitation, the collection of revenues and the payment of the Company’s debts and
obligations and maintenance of appropriate computer services to perform such administrative functions; 
 (xi) engaging and
supervising, on the Company’s behalf and at the Company’s sole cost and expense, third-party consultants and other service providers to assist the Company in complying with the requirements of the Sarbanes Oxley Act of 2002, the Exchange
Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act and other applicable law; 
 (xii) communicating on the
Company’s behalf with the holders of any of the Company’s equity or debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations
with such holders; 
 (xiii) counseling the Company in connection with policy decisions to be made by the Board of Directors;

 (xiv) counseling the Company, and when appropriate, evaluating and making recommendations to the Board of Directors regarding
hedging, financing and securitization strategies and engaging in hedging, financing, borrowing and securitization activities on the Company’s behalf, consistent with the Investment Guidelines; 

(xv) counseling the Company regarding the qualification and maintenance of its status as a REIT and monitoring compliance with the
various REIT qualification tests and other rules set out in the Code and the Treasury Regulations; 
 (xvi) counseling the
Company regarding the maintenance of the Company’s exclusion from status as an investment company under the Investment Company Act and monitoring compliance with the requirements for maintaining such exclusion and using commercially reasonable
efforts to cause the Company to maintain such exclusion from status as an investment company under the Investment Company Act; 

(xvii) assisting the Company in developing criteria for asset purchase commitments that are specifically tailored to the Company’s
investment objectives and making available to the Company its knowledge and experience with respect to Excess MSRs, Agency RMBS, prime jumbo mortgage loans and other target asset classes; 

  
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 (xviii) furnishing reports to the Company or the Board of Directors regarding the
Company’s activities and services performed for the Company or any of its Subsidiaries by the Manager as reasonably requested by the Board of Directors from time to time to carry out its duty of oversight; 

(xix) monitoring the operating performance of the Investments and providing such periodic reports with respect thereto as the Board of
Directors shall reasonably determine from time to time to be necessary or appropriate for the Board of Directors to carry out its duty of oversight, including comparative information with respect to such operating performance and budgeted or
projected operating results; 
 (xx) investing or reinvesting any money or securities of the Company (including investing in
short-term investments pending investment in other Investments, payment of fees, costs and expenses, or distributions to the Company’s shareholders), and advising the Company as to the Company’s capital structure and capital raising;

 (xxi) causing the Company to retain, at the sole cost and expense of the Company, qualified independent accountants and legal
counsel, as applicable, to assist in developing appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the provisions of the Code and the Treasury Regulations
applicable to REITs, and to conduct quarterly compliance reviews with respect thereto; 
 (xxii) causing the Company and each
Subsidiary to qualify to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses; 

(xxiii) assisting the Company in complying with all regulatory requirements applicable to the Company in respect of the Company’s
business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Exchange Act, the Securities Act
or by a National Securities Exchange; 
 (xxiv) taking all necessary actions to enable the Company to make required tax filings
and reports and compliance with the provisions of the Code, and Treasury Regulations applicable to the Company, including, without limitation, the provisions applicable to the Company’s qualification as a REIT for U.S. federal income tax
purposes; 
 (xxv) handling and resolving all claims, disputes or controversies (including all litigation, arbitration,
settlement or other proceedings or negotiations) in which the Company may be involved or to which the Company may be subject arising out of the Company’s day-to-day operations (other than with the Manager or its Affiliates), subject to such
limitations, parameters or directions as may be imposed from time to time by the Board of Directors; 

  
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 (xxvi) using commercially reasonable efforts to cause expenses incurred by or on behalf of
the Company to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time; 
 (xxvii) advising on, and obtaining on behalf of the Company, credit facilities or other financings for the Investments consistent with the Investment Guidelines; 

(xxviii) advising the Company with respect to and structuring long-term financing vehicles for the Company’s portfolio of assets,
and offering and selling securities publicly or privately in connection with any such structured financing; 
 (xxix) performing
such other services as may be required from time to time for management and other activities relating to the Company’s assets as the Board of Directors shall reasonably request; 

(xxx) using commercially reasonable efforts to cause the Company to comply with all applicable laws; 

(xxxi) negotiating and entering into and executing, on the Company’s behalf, repurchase agreements, interest rate agreements, swap
agreements, brokerage agreements, resecuritizations, securitization warehouse facilities and other agreements and instruments required for the Company to conduct the Company’s business; 

(xxxii) serving as the Company’s consultant with respect to decisions regarding any of the Company’s financings, hedging
activities or borrowings undertaken by the Company, including (1) assisting the Company in developing criteria for debt and equity financing that is specifically tailored to the Company’s investment objectives, and (2) advising the
Company with respect to obtaining appropriate financing for the Company’s and any Subsidiaries’ investments; 

(xxxiii) providing the Company with portfolio management; 
 (xxxiv) arranging marketing materials, advertising, industry group activities (such as conference participations and industry organization memberships) and other promotional efforts designed to promote
the Company’s business; and 
 (xxxv) maintaining the Company’s website. 

(c) Services Agreement. The Manager will maintain the services agreement, dated of even date herewith by and between the Manager
and Freedom Mortgage (the “Services Agreement”) pursuant to which Freedom Mortgage will continue to provide the Manager the personnel, services and resources as needed by the Manager to enable the Manager to carry out its
obligations and responsibilities under this Agreement. The Company shall be a named third-party beneficiary of the Services Agreement. 
 (d) Service Providers. The Manager may engage Persons who are non-Affiliates, for and on behalf, and at the sole cost and expense, of the Company to provide to the Company acquisition, disposition,
valuation and financing of Investments and/or similar services customarily provided in connection with the management, operation and administration of a 

  
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business similar to the business of the Company, pursuant to agreement(s) that provide for market rates and contain standard market terms; provided, that the terms of any such agreement
that requires the payment by the Company of fees or expenses that would cause the Company to materially exceed the Company’s most recent annual budget approved by the Board of Directors shall require the prior approval of a majority of the
Independent Directors and, provided further, that without the prior approval of the Board of Directors, the Manager shall not be permitted to outsource to a non-Affiliate its responsibility for the ultimate investment acquisition and
disposition decisions of the Company and compliance with the Investment Guidelines, any risk parameters and the other policies applicable to the provision of services to the Company by the Manager adopted by the Board of Directors from time to
time. For the avoidance of doubt, nothing contained in this Section 2(d) shall prohibit or restrict the Manager’s ability to enter into, amend or terminate trading arrangements (including, without limitation, financing
arrangements), and agreements and documents ancillary thereto, on behalf of the Company on such terms and conditions as the Manager shall determine in its sole discretion. 
 (e) Reporting Requirements. 
 (i) As frequently as the Manager may deem
necessary or advisable, or at the reasonable request of the Board of Directors, the Manager shall prepare, or cause to be prepared, with respect to any Investment (A) reports and other information on the Company’s operations, asset
performance and proposed or consummated investments and (B) other information reasonably requested by the Company or the Board of Directors. 
 (ii) The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the Company, all reports, financial or otherwise, with respect to the Company reasonably required by the Board of
Directors in order for the Company to comply with its Governing Instruments or any other materials required to be filed with any governmental entity or agency, and shall prepare, or cause to be prepared, at the sole cost and expense of the Company,
all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of the Company’s books of account by a nationally recognized independent accounting firm. 

(iii) The Manager shall prepare regular reports for the Board of Directors to enable the Board of Directors to review the Company’s
acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the Investment Guidelines and policies approved by the Board of Directors. 

(f) Reliance by Manager. In performing its duties under this Section 2, the Manager shall be entitled to rely on
experts and professionals (including, without limitation, accountants, legal counsel and other professional service providers) selected, engaged or retained by the Manager with commercially reasonable care, at the Company’s sole cost and
expense. 
 (g) Use of the Manager’s Funds. The Manager shall not be required to expend money in connection
with any expenses that are required to be paid for or reimbursed by the Company pursuant to Section 9 of this Agreement in excess of that contained in any applicable Company Account or otherwise made available by the Company to be
expended by the Manager hereunder. 

  
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 (h) Payment and Reimbursement of Expenses. The Company shall pay all expenses,
and reimburse the Manager for the Manager’s expenses incurred on its behalf, in connection with any such services to the extent such expenses are payable or reimbursable by the Company to the Manager pursuant to Section 9.

 3. Dedication; Other Activities. 
 (a) Devotion of Time. The Manager, through Freedom Mortgage and its Affiliates, will provide a management team (which, at the time of the Initial Public Offering shall include, without
limitation, a president, a chief investment officer and a chief financial officer, a controller and a secretary) along with appropriate support personnel, to deliver the management services to the Company hereunder. The members of such management
team may serve more than one role for the Company (i.e. the chief financial officer may also serve as the secretary) and may have other duties and responsibilities for the Manager and its Affiliates, including, but not limited to, with respect to
other clients, but such management team members shall devote such of their working time and efforts to the management of the Company as shall be necessary and appropriate for the proper performance of all of the Manager’s duties hereunder,
commensurate with the level of activity of the Company from time to time. The Company shall have the benefit of the Manager’s reasonable judgment and effort in rendering services and, in furtherance of the foregoing, the Manager shall not
undertake activities which, in its reasonable judgment, will materially adversely affect the performance of its obligations under this Agreement. 
 (b) The Manager shall have the right, but not the obligation, to provide a dedicated or partially dedicated chief financial officer (or comparable professional), controller (or comparable professional),
internal legal counsel and/or investor relations professional to the Company (such personnel are referred to herein as “Dedicated Officers”). Each Dedicated Officer shall be an employee of the Manager or one of its Affiliates.

 (c) Other Activities. To the fullest extent permitted by law and subject to any other agreements entered into by
Freedom Mortgage, and subject to subsection (g) of this Section 3, none of the Identified Persons shall have any duty to refrain from directly or indirectly (i) engaging in or possessing any interest in other investments or
business opportunities, including but not limited to business opportunities in dissimilar or the same or similar investments, business activities or lines of business of the Company and its Affiliates or in which the Company or any of its Affiliates
may, from time to time, be engaged or propose to engage, including by means of providing advice or other assistance to any such investment, business activity or Person (a “Business Opportunity”), (ii) competing with the Company
or its Affiliates, (iii) pursuing any such Business Opportunity, even if competitive with the investments or business activities of the Company or (iv) buying, selling or trading any securities or commodities for their own accounts
(including, without limitation taking positions contrary to those of the Company), and, to the fullest extent permitted by law, no Identified Person shall be liable to the Company or its securityholders for a conflict of interest or a breach of any
fiduciary or other duty in respect of the Company or its securityholders by reason of the fact that such Identified Person engages in any such activities. To the fullest extent permitted by law, other than as may be provided in any other agreement
between the Company and any Identified Person, the Company hereby renounces any interest or expectancy in, or in being offered an 

  
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opportunity to participate in, any Business Opportunity presented to an Identified Person. Subject to any other agreements entered into by the Company, the Manager and any Identified Person, in
the event that any Identified Person acquires knowledge of a Business Opportunity, such Identified Person shall have no duty to communicate or offer such Business Opportunity to the Company and, to the fullest extent permitted by law, shall not be
liable to the Company or its stockholders for breach of any duty as an investment adviser, stockholder, director or officer of the Company by reason of the fact that such Identified Person pursues or acquires such Business Opportunity. A Business
Opportunity shall not be deemed to be a potential Business Opportunity for the Company if it is a Business Opportunity that the Company is not financially able or contractually permitted or legally able to undertake, or that is, from its nature, not
in the line of the Company’s business or is of no practical advantage to it or that is one in which the Company has no reasonable expectancy. Notwithstanding the foregoing, the Company shall have the benefit of the Manager’s obligations to
it as a client of the Manager pursuant to the Investment Advisers Act of 1940, as amended. 
 (d) Principal Transactions.
Principal transactions are transactions between the Company or one of its Subsidiaries, on the one hand, and the Manager, Freedom Mortgage or any of their Affiliates (or any of the related parties of the foregoing, which includes employees of
Freedom Mortgage and the Manager and their families), on the other hand (each a “Principal Transaction”). The Manager is only authorized to execute Principal Transactions with the prior approval of a majority of the Company’s
Independent Directors and in accordance with applicable law. Such prior approval shall include approval of the pricing methodology to be used, including with respect to assets for which there are no readily available market prices. 

(e) Split Price Executions. The Manager is authorized to combine purchase or sale orders on the Company’s behalf together
with orders for Freedom Mortgage or any of its Affiliates and allocate the securities or other assets so purchased or sold, on an average price basis or other fair and consistent basis, among such accounts (collectively, “Split Price
Executions”). The Company acknowledges that the Manager, as a consequence of its affiliation with Freedom Mortgage, has a potentially conflicting division of loyalties and responsibilities regarding each party to a Split Price Execution.

 (f) Officers, Employees, Etc. Freedom Mortgage’s or the Manager’s members, stockholders, partners,
officers, employees and agents may serve as directors, officers, employees, agents, nominees or signatories for the Company or any Subsidiary, to the extent permitted by their Governing Instruments, as may be amended from time to time, or by any
resolutions duly adopted by the Board of Directors pursuant to the Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company or such other Subsidiary, such Persons shall use their
respective titles with respect to the Company or such Subsidiary. 
 (g) The Manager agrees to offer the Company the right to
participate in all investment opportunities that the Manager becomes aware of and determines, in its reasonable and good faith judgment based on the Company’s investment objectives, policies and strategies, and other relevant factors, are
appropriate for the Company, subject to the Company’s Investment Guidelines. 

  
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 (h) The Manager is authorized, for and on behalf, and at the sole cost and expense of the
Company, to employ such securities dealers for the purchase and sale of investment assets of the Company as may, in the good faith judgment of the Manager, be reasonably necessary for the best execution of such transactions taking into account all
relevant factors, including but not limited to such factors as the policies of the Company, price, dealer spread, the size, type and difficulty of the transaction involved, the firm’s general execution and operational facilities and the
firm’s risk in positioning the securities involved. Consistent with this policy, the Manager is authorized to direct the execution of the Company’s portfolio transactions to dealers and brokers furnishing statistical information, research
and other services deemed by the Manager to be useful or valuable to the performance of its investment advisory functions. Such services may be used by the Manager in connection with its advisory services for clients other than the Company, and such
arrangements may be outside the parameters of the “safe harbor” provided by Section 28(e) of the Exchange Act. 

(i) The Manager has no duty or obligation to seek in advance competitive bidding for the most favorable commission rate applicable to any
particular purchase, sale or other transaction, or to select any broker-dealer on the basis of its purported or “posted” commission rate, but will endeavor to be aware of the current level of charges of eligible broker-dealers and to
minimize the expense incurred for effecting purchases, sales and other transactions to the extent consistent with the interests and policies of the Company. Although the Manager will generally seek competitive commission rates, it is not required to
pay the lowest commission or commission equivalent, provided that such decision is made in good faith to promote the best interests of the Company. 
 (j) The Company agrees to take all actions reasonably required to permit and enable the Manager to carry out its duties under this Agreement, including, without limitation, all steps reasonably necessary
to allow the Manager to file in a timely manner any registration statement required to be filed by the Company or to deliver any financial statements or other reports required to be delivered by the Company. The Company further agrees to use
commercially reasonable efforts to make available to the Manager all resources, information and materials reasonably requested by the Manager to enable the Manager to satisfy its obligations hereunder, including its obligations to deliver financial
statements and any other information or reports with respect to the Company. If the Manager is not able to provide a service, or in the reasonable judgment of the Manager it is not prudent to provide a service, without the approval of the Board of
Directors or the Independent Directors, as applicable, then the Manager shall be excused from providing such service (and shall not be in breach of this Agreement) until the applicable approval has been obtained; provided that the Manager
shall use commercially reasonable efforts to promptly advise the Board of Directors in writing a reasonable period of time before any requisite approval of the Board of Directors is required that the Manager is awaiting such approval. 

4. Agency; Authority. 
 (a) Directors, officers, employees and agents of the Manager and its Affiliates may serve as directors, officers, agents, nominees or signatories for the Company or any of its Subsidiaries, to the extent
permitted by their Governing Instruments and by this Agreement or any resolutions duly adopted by the Board of Directors. 

  
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 (b) In performing the services set forth in this Agreement, and subject to any limitations
set forth herein and the supervision and direction of the Board of Directors generally, the Manager may act as the agent of the Company in originating, acquiring, structuring, financing and disposing of Investments, disbursing and collecting the
Company’s funds, paying the debts and fulfilling the obligations of the Company, supervising the performance of professionals engaged by or on behalf of the Company and handling, prosecuting and settling any claims of or against the Company,
the Board of Directors, holders of the Company’s securities or the Company’s representatives or assets. 
 (c) In
performing the services set forth in this Agreement, as an agent of the Company, the Manager shall have the right to exercise all powers and authority which are reasonably necessary and customary to perform its obligations under this Agreement,
including the following powers, subject in each case to any limitations set forth herein including, without limitation, the Investment Guidelines, and the supervision of the Board of Directors generally: to purchase, exchange or otherwise acquire
and to sell, exchange or otherwise dispose of, any Investment in a public or private sale; to cause the Company and the Subsidiaries to open trading, clearing and brokerage accounts and other accounts and enter into agreements as shall be necessary
or advisable in connection with the Company’s business, operations and investment and trading activities; to execute Principal Transactions; to execute Split Price Executions; to borrow and, for the purpose of securing the repayment thereof, to
pledge, mortgage or otherwise encumber Investments; to purchase, take and hold Investments subject to mortgages, liens or other encumbrances; to extend the time of payment of any liens or encumbrances which may at any time be encumbrances upon any
Investment, irrespective of by whom the same were made; to foreclose, to reduce the rate of interest on, and to consent to the modification and extension of the maturity of any Investments, or to accept a deed in lieu of foreclosure; to join in a
voluntary partition of any Investment; to cause to be demolished any structures on any real estate Investment; to cause renovations and capital improvements to be made to any real estate Investment; to abandon any Investment deemed to be worthless;
to enter into joint ventures or otherwise participate in investment vehicles investing in Investments; to cause any real estate Investment to be leased, operated, developed, constructed or exploited; to cause the Company to indemnify third parties
in connection with contractual arrangements between the Company and such third parties; to obtain and maintain insurance in such amounts and against such risks as are prudent in accordance with customary and sound business practices in the
appropriate geographic area; to cause any property to be maintained in good state of repair and upkeep; and to pay the taxes, upkeep, repairs, carrying charges, maintenance and premiums for insurance; to use the personnel and resources of its
Affiliates in performing the services specified in this Agreement; to hire third-party service providers subject to and in accordance with Section 2(d); to designate and engage all third-party professionals and consultants to perform
services (directly or indirectly) on behalf of the Company or its Subsidiaries, including, without limitation, accountants, legal counsel and engineers; and to take any and all other actions as are necessary or appropriate in connection with the
Company’s Investments. 
 (d) The Manager shall be authorized to represent to third parties that it has the power to
perform the actions which it is authorized to perform under this Agreement. 

  
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 5. Bank Accounts. 

The Manager may establish and maintain one or more Company Accounts, collect and deposit funds into any such Company Account and disburse
funds from any such Company Account, under such terms and conditions as the Board of Directors may approve. The Manager shall from time-to-time render appropriate accountings of such collections and payments to the Board of Directors and, upon
request, to the auditors of Company or any Subsidiary. 
 6. Books and Records; Confidentiality. 

(a) Books and Records. The Manager shall maintain appropriate books of account, records data and files (including without
limitation, computerized material) (collectively, “Records”) relating to the Company and the Investments generated or obtained by the Manager in performing its obligations under this Agreement, and such Records shall be accessible
for inspection by representatives of the Company or any Subsidiary at any time during normal business hours upon one Business Day’s advance written notice. The Manager shall have full responsibility for the maintenance, care and safekeeping of
all Records. The Manager agrees that the Records are the property of the Company and the Manager agrees to deliver the Records to the Company upon the written request of the Company. 

(b) Confidentiality. The Manager shall keep confidential any and all non-public information, written or oral, obtained by it
in connection with the services rendered hereunder and shall not disclose Confidential Information, in whole or in part, to any Person other than to its Representatives who need to know such Confidential Information for the purpose of rendering
services hereunder, except that the Manager may disclose Confidential Information: (i) to Freedom Mortgage and its Affiliates; (ii) in accordance with the Services Agreement or any advisory agreement contemplated by Section 2
hereunder; (iii) with the prior written consent of the Board of Directors; (iv) to legal counsel, accountants and other professional advisors; (v) to appraisers, creditors, financing sources, trading counterparties, other
counterparties, third-party service providers to the Company, and others (in each case, both those actually doing business with the Company and those with whom the Company seeks to do business) in the ordinary course of the Company’s business;
(vi) to governmental officials having jurisdiction over the Company; (vii) in connection with any governmental or regulatory filings of the Company or disclosure or presentations to Company investors; or (viii) as required by law or
legal process to which the Manager or any Person to whom disclosure is permitted hereunder is a party. If, failing the entry of a protective order or the receipt of a waiver hereunder, the Manager is, in the opinion of counsel, required to disclose
Confidential Information, the Manager may disclose without liability hereunder only that portion of such information that its counsel advises is legally required; provided, that the Manager agrees to exercise its commercially reasonable
efforts to obtain reliable assurance that confidential treatment will be accorded such information. Notwithstanding anything herein to the contrary, each of the following shall be deemed to be excluded from provisions hereof any Confidential
Information that (A) is available to the public from a source other than the Manager not resulting from the Manager’s violation of this Section 6(b), (B) is released in writing by the Company to the public or to persons
who are not under similar obligation of confidentiality to the Company or (C) is obtained by the Manager from a third-party without breach by such third-party of an obligation of confidence with respect to the Confidential Information
disclosed. The Manager agrees to inform each of its 

  
 15 









 
Representatives of the non-public nature of the Confidential Information and to direct such Persons to treat such Confidential Information in accordance with the terms hereof. The provisions of
this Section 6(b) shall survive the expiration or earlier termination of this Agreement for a period of one year. 

7. Obligations of Manager; Restrictions. 
 (a) Internal Control. The Manager shall (i) establish and maintain a system of internal accounting and financial controls designed to provide reasonable assurance of the reliability of
financial reporting, the effectiveness and efficiency of operations and compliance with applicable laws, (ii) maintain records for each Company Investment on a GAAP basis, (iii) develop accounting entries and reports required by the
Company to meet its reporting requirements under applicable laws, (iv) consult with the Company with respect to proposed or new accounting/reporting rules identified by the Manager or the Company and (v) upon the Company becoming subject
to annual and quarterly financial reporting obligations under the Exchange Act or in order to comply with the information requirements under Rule 144A under the Securities Act, as applicable, prepare quarterly and annual financial statements as
soon as practicable after the end of each such period as may be reasonably requested and general ledger journal entries and other information necessary for the Company’s compliance with applicable laws and in accordance with GAAP and cooperate
with the Company’s independent accounting firm in connection with the auditing or review of such financial statements, the cost of any such audit or review to be paid by the Company. 

(b) Restrictions. 
 (i) The Manager acknowledges that the Company intends to conduct its operations so as not to become regulated as an investment company under the Investment Company Act, and agrees to use commercially
reasonable efforts to cooperate with the Company’s efforts to conduct its operations so as not to become regulated as an investment company under the Investment Company Act. The Manager shall refrain from any action that, in its reasonable
judgment made in good faith, (a) is not in compliance with the Investment Guidelines, (b) would cause the Company to fail to maintain its exclusion from status as an investment company under the Investment Company Act, (c) would cause
the Company to fail to qualify as a REIT or (d) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or that would otherwise not be permitted by the Company’s Governing
Instruments. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors of the Manager’s judgment that such action would adversely affect such status or violate any such
law, rule or regulation or the Governing Instruments. 
 (ii) The Manager shall require each seller or transferor of investment
assets to the Company to make such representations and warranties regarding such assets as may, in the reasonable judgment of the Manager, be necessary and appropriate or as may be advised by the Board of Directors and consistent with standard
industry practice. In addition, the Manager shall take such other action as it deems necessary or appropriate or as may be advised by the Board of Directors and consistent with standard industry practice with regard to the protection of the
Investments. 

  
 16 









 (iii) The Company shall not invest in joint ventures with the Manager or any Affiliate
thereof, unless (a) such investment is made in accordance with the Investment Guidelines and (b) such investment is approved in advance by a majority of the Independent Directors. For the avoidance of doubt, allocating or splitting of
Investments among the Company and other funds, accounts or entities managed by Affiliates of the Manager will not be deemed to be joint ventures. 
 (c) Board of Directors Review and Approval. The Board of Directors will periodically review the Investment Guidelines and the Company’s portfolio of Investments but will not be required
to review each proposed Investment; provided that the Company may not, and the Manager may not cause the Company to, acquire any Investment, sell any Investment, or engage in any co-investment that, pursuant to the terms of this Agreement,
the Compliance Policies or the Company’s conflicts of interest policy, requires the approval of a majority of the Board of Directors or Independent Directors unless such transaction has been so approved. If a majority of the Board of Directors
determine that a particular transaction does not comply with the Investment Guidelines, then a majority of the Board of Directors will consider what corrective action, if any, is appropriate. The Manager shall have the authority to take, or cause
the Company to take, any such corrective action specified by a majority of the Board of Directors. The Manager shall be permitted to rely upon the direction of the Secretary of the Company to evidence approval of the Board of Directors with respect
to a proposed Investment. 
 (d) Investment and Risk Management Committee. The Manager shall maintain an investment
and risk management committee (the “Investment and Risk Management Committee”). The Investment and Risk Management Committee shall advise and consult with the Manager with respect to the Company’s investment policies,
investment portfolio holdings, financing and leveraging strategies and the Investment Guidelines. Members of the Investment and Risk Management Committee may meet from time to time with the Board of Directors to review and discuss the Company’s
investment policies, investment portfolio holdings, hedging positions and strategies, financing and leveraging strategies and any risk parameters. 
 (e) Insurance. The Manager shall obtain, as soon as reasonably practicable, and shall thereafter maintain “errors and omissions” insurance coverage and such other insurance coverage
which is customarily carried by managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company, in an amount which is comparable to that customarily maintained by other
managers or servicers of similar assets. 
 (f) Tax Filings. The Manager shall (i) assemble, maintain and provide to
the Tax Preparer information and data required for the preparation of federal, state, local and foreign tax returns, any audits, examinations or administrative or legal proceedings related thereto or obligations of the Company and its Subsidiaries,
(ii) supervise the preparation and filing of such tax returns, the conduct of such audits, examinations or proceedings and the prosecution or defense of such rights, (iii) provide factual data reasonably requested by the Tax
Preparer or the Company with respect to tax matters, (iv) assemble, record, organize and report to the Company data and information with respect to the Investments relative to taxes and tax returns in such form as may be reasonably requested by
the Company, (v) supervise the Tax Preparer in connection with the preparation, filing or delivery to appropriate persons, of applicable tax 

  
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information reporting forms with respect to the Investments and the Common Stock (including, without limitation, information reporting forms, whether on Form 1099 or otherwise with respect to
sales, interest received, interest paid, dividends paid and other relevant transactions); it being understood that, in the context of the foregoing, the Company shall rely on its own tax advisers in the preparation of its tax returns and the conduct
of any audits, examinations or administrative or legal proceedings related thereto and that, without limiting the Manager’s obligation to provide the information, data, reports and other supervision and assistance provided herein, the Manager
will not be responsible for the preparation of such returns or the conduct of such audits, examinations or other proceedings. 

(g) The Manager agrees to be bound by the Company’s business code of conduct and ethics, insider trading policy and other compliance
and governance policies and procedures applicable to the Manager and its officers, directors, members and employees that are adopted from time-to-time by the Board of Directors (if any), including those required under the Exchange Act, the
Securities Act or by a National Securities Exchange (collectively, the “Code of Conduct”). The Manager shall use commercially reasonable efforts to cause any Persons who provide services to the Company (including employees of
Freedom Mortgage) or are involved in the business and affairs of the Company, to comply with the provisions of such Code of Conduct to the extent that the Manager reasonably deems it to be applicable to such person’s activities. 

8. Compensation. 
 (a) Management Fee. With respect to each fiscal quarter commencing with the quarter in which this Agreement is executed, the Manager shall receive a management fee equal to the Quarterly Management
Fee Amount. Within 45 days following the last day of each fiscal quarter, the Manager shall make available the quarterly calculation of the management fee to the Company with respect to such quarter, and the Company shall pay the Manager the
management fee for such quarter in cash within ten Business Days thereafter; provided, however, that such management fee may be offset by the Company against amounts due to the Company by the Manager. 

(b) Notwithstanding the provisions of Section 8(a), in the event that the Company acquires or invests in an equity interest
in a securitization trust or a participating interest at issuance in the debt securities of an issuer of debt for which the Manager or any of its Affiliates has received a management fee, an origination fee or a structuring fee, then in each such
case the Quarterly Management Fee Amount payable by the Company to the Manager will in the aggregate be reduced by (or the Manager will otherwise rebate to the Company) an amount equal to the portion of any management fees, origination fees or
structuring fees payable to the Manager or its Affiliates that is allocable to the Company’s equity investment or participating interest, as the case may be, in such securitization trust or debt securities for the same periods. 

(c) For the avoidance of doubt, the fee paid by the Manager under the Services Agreement or any other sub-advisory agreement (if any)
shall not constitute an expense reimbursable by the Company under this Agreement or otherwise. 

  
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 9. Expenses. 

(a) The Company shall bear all of its operating expenses and shall reimburse the Manager for expenses of the Manager incurred on behalf of
the Company, except those specifically required to be borne by the Manager under this Agreement; provided, however, that any such costs and expenses borne by the Manager in respect of compensation payable to Affiliates of the Manager to be
reimbursed by the Company are no greater than those that would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arms-length basis. The Manager may only be reimbursed by the
Company for expenses incurred by Freedom Mortgage pursuant to the Services Agreement to the extent that such expenses would be reimbursable expenses in accordance with this Section 9 if incurred by the Manager. The expenses required to
be borne by the Company include, but are not limited to: 
 (i) issuance and transaction costs incident to the acquisition,
ownership, disposition and financing of Investments including but not limited to brokerage commissions, expenses relating to short sales, clearing and settlement charges, custodial fees, bank service fees, interest expense, withholding and transfer
fees, taxes, research related expenses, third-party valuation and pricing services, professional and consulting fees (including, without limitation, expenses of consultants and experts) relating to Investments and other expenses related to the
purchase or sale of the Investments); 
 (ii) legal, regulatory, compliance, tax, accounting, consulting, auditing,
administrative fees and expenses and fees and expenses for other similar services rendered to the Company by third-party service providers retained by the Manager; 
 (iii) the compensation and expenses of the Company’s directors and the cost of liability insurance to indemnify the Company’s directors and officers; 

(iv) the costs associated with the establishment and maintenance of any credit facilities and other indebtedness of the Company
(including commitment fees, accounting fees, legal fees, closing costs, etc.); 
 (v) expenses associated with securities
offerings of the Company, including an Initial Public Offering; 
 (vi) expenses relating to the payment of distributions;

 (vii) expenses connected with communications to holders of the Company’s securities in maintaining relations with
holders of such securities and in complying with the continuous reporting and other requirements of the Exchange Act, the SEC and other governmental bodies; 
 (viii) transfer agent, registrar and exchange listing fees; 
 (ix) the costs of
printing and mailing proxies, reports and other materials to the Company’s stockholders; 

  
 19 









 (x) costs associated with any research, data, data services, computer software or hardware,
electronic equipment, or purchased information technology services from third-party vendors; 
 (xi) reasonable costs and out of
pocket expenses incurred on the Company’s behalf by directors, managers, trustees, officers, employees or other agents of the Manager for travel in connection with the services provided hereunder; 

(xii) the Company’s allocable share of any costs and expenses incurred by the Manager or its Affiliates with respect to market
information systems and publications, research publications and materials; 
 (xiii) settlement, clearing, trade confirmation
and reconciliation, and custodial fees and expenses; 
 (xiv) all taxes and license fees; 

(xv) all insurance costs incurred with respect to insurance policies obtained in connection with the operation of the Company’s
business, including but not limited to insurance covering activities of the Manager and its employees relating to the performance of the Manager’s duties and obligations under this Agreement; 

(xvi) costs and expenses incurred in contracting with third parties for the servicing and special servicing of assets of the Company;

 (xvii) all other actual out of pocket costs and expenses relating to the Company’s business and investment operations,
including, without limitation, the costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of Investments, including appraisal, reporting, audit and legal fees; 

(xviii) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company or any
Subsidiary, or against any director or officer of the Company or of any Subsidiary in his capacity as such for which the Company or any Subsidiary is required to indemnify such director or officer by any court or governmental agency, or settlement
of pending or threatened proceedings; 
 (xix) the costs of maintaining compliance with all federal, state and local rules and
regulations, including securities regulations, or any other regulatory agency, all taxes and license fees and all insurance costs incurred on the Company’s behalf relating to the Company’s activities; 

(xx) expenses relating to any office or office facilities, including disaster backup recovery sites and facilities, maintained expressly
for the Company and separate from offices of the Manager and reasonably required for the Company’s operation; 
 (xxi) the
costs of the wages, salaries and benefits incurred by the Manager with respect to any Dedicated Officers that the Manager elects to provide to the Company pursuant to Section 3(b) above; provided that (A) if the Manager
elects to provide a partially Dedicated 

  
 20 









 
Officer rather than a fully Dedicated Officer, the Company shall be required to bear only a pro rata portion of the costs of the wages, salaries and benefits incurred by the Manager with
respect to such personnel based on the percentage of their working time and efforts spent on matters related to the Company and (B) the amount of such wages, salaries and benefits paid or reimbursed with respect to the Dedicated Officers or the
partially Dedicated Officers shall be subject to the approval of the Compensation Committee of the Board of Directors; 
 (xxii)
costs associated with the Company’s marketing materials, advertising, industry group activities (such as conference participations and industry organization memberships) and other promotional efforts designed to promote the Company’s
business; 
 (xxiii) costs of maintaining the Company’s website; and 

(xxiv) all other costs and expenses approved by the Board of Directors. 

(b) Other than as expressly provided above, the Company will not be required to pay any portion of the rent, telephone, utilities, office
furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its Affiliates. In particular, the Manager is not entitled to be reimbursed for wages, salaries and benefits of its officers and employees, other
than as described in Section 9(a)(xxi) above. 
 (c) To the extent the Manager (or Freedom Mortgage pursuant to the
Services Agreement) incurs any expense in connection with the performance of its duties hereunder (or under the Services Agreement) which (x) benefits the Company and any other funds, entities or accounts that are managed by an Affiliate of the
Manager or Freedom Mortgage and (y) is reimbursable by the Company under this Agreement, such expense shall be allocated among the Company and such other funds, entities or accounts in a manner determined in good faith by the Manager to reflect
the relative benefits to the Company and such funds, entities or accounts resulting from such expense, including, for example, in the case of an expense related to a particular asset, in proportion to the amount of each entity’s investment in
such asset and, in the case of most other expenses, in proportion to the relative net asset values of the entities that are benefited. 
 (d) Subject to any required Board of Directors approval, the Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of non-Affiliate third-party
accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers, investment banks, financial advisors, banks and other lenders and others as the Manager deems necessary or advisable in connection with the
management and operations of the Company in accordance with the authorities granted to the Manager pursuant to this Agreement. The provisions of this Section 9 shall survive the expiration or earlier termination of this Agreement to the
extent such expenses have previously been incurred or are incurred in connection with such expiration or termination. 
 10.
Expense Reports and Reimbursements. 
 (a) The Manager shall prepare a written statement in reasonable detail
documenting the costs and expenses of the Company incurred during each fiscal quarter, including the costs and expenses to be reimbursed by the Company, and deliver the same to the Company within 30 days following the end of the applicable fiscal
quarter. Such expenses incurred by the Manager on behalf of the Company shall be reimbursed by the Company within 60 days following delivery of the expense statement by the Manager. 

  
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 (b) Any costs and expense reimbursements by the Company in accordance with
Section 10(a) shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company. In connection therewith, the Manager shall prepare and deliver to the Company within 30 days after the
conclusion of each such annual audit, a list of adjustments made as a result of, or in preparation for, the audit. The Board of Directors shall determine, within 30 days after receipt of such list, whether funds should be refunded by the Manager to
the Company or paid by the Company to the Manager, or if any accruals for the next fiscal year should be adjusted, provided, however, that if the Manager owes a refund to the Company, such amount may be offset by the Company against the next
installment of the Quarterly Management Fee Amount due hereunder. 
 (c) The provisions of this Section 10 shall
survive the expiration or earlier termination of this Agreement to the extent such expenses have previously been incurred or are incurred in connection with such expiration or termination. 

11. Limits of Manager Responsibility; Indemnification. 

(a) Pursuant to this Agreement, the Manager will not assume any responsibility other than to render the services called for hereunder in
good faith and will not be responsible for any action of the Board of Directors in following or declining to follow the Manager’s advice or recommendations. The Manager, Freedom Mortgage, each of their respective Affiliates and the officers,
directors, managers, members, shareholders, partners, Investment and Risk Management Committee members, employees, agents, successors and assigns of any of them (each, a “Manager Indemnified Party”) shall not be liable to the
Company for any acts or omissions by any such Manager Indemnified Party arising out of or in connection with the Company or pursuant to the performance of the Manager’s duties and obligations under this Agreement, except by reason of acts or
omissions found by a court of competent jurisdiction (“Judicially Determined”) to be due to the bad faith, gross negligence, willful misconduct, fraud or reckless disregard of duties by the Manager Indemnified Party. Notwithstanding
any of the foregoing to the contrary, the provisions of this Section 11(a) shall not be construed so as to provide for the exculpation of any Manager Indemnified Party for any liability (including liability under Federal securities laws
which, under certain circumstances, impose liability even on Persons that act in good faith), to the extent (but only to the extent) that such liability may not be waived, modified or limited under applicable law, but shall be construed so as to
effectuate the provisions of this Section 11(a) to the fullest extent permitted by law. For the avoidance of doubt, none of the Manager Indemnified Parties will be liable to the Company for: (i) trade errors that may result from
ordinary negligence that are otherwise taken in good faith and in accordance with or pursuant to this Agreement, including, but not limited to, errors in the investment-decision process (e.g., a transaction was effected in violation of the
Company’s Investment Guidelines) or in the trade process (e.g., a buy order was entered instead of a sell order or the wrong security was purchased or sold or the security was purchased or sold at the wrong price); or (ii) acts or
omissions of any Manager Indemnified Party made or taken in good faith, in accordance with or pursuant to this Agreement and in reliance on written advice 

  
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provided to such Manager Indemnified Party by professional consultants selected, engaged or retained by the Manager with commercially reasonable care, including, without limitation, counsel,
accountants, investment bankers, financial advisers and appraisers, provided that such written advice relates to matters which are not customarily the expertise of an investment manager providing services substantially similar to those to be
provided by the Manager to the Company pursuant to this Agreement, or such written advice relates to matters about which an investment manager would customarily seek such advice in the ordinary course of business. Notwithstanding the foregoing, no
provision of this Agreement will constitute a waiver or limitation of the Company’s rights under federal or state securities laws. 
 (b) To the fullest extent permitted by law, the Company shall indemnify, defend and hold harmless each Manager Indemnified Party from and against any and all costs, losses, claims, damages, liabilities,
expenses (including reasonable legal and other professional fees and disbursements), judgments, fines and settlements (collectively, “Indemnification Obligations”) suffered or sustained by such Manager Indemnified Party by reason of
(i) any acts or omissions or alleged acts or omissions arising out of or in connection with the Company or performed by a Manager Indemnified Party in good faith and in accordance with or pursuant to the Manager’s duties under this
Agreement (including, for the avoidance of doubt, the Post-Termination Transition Assistance) and (ii) any and all claims, demands, actions, suits or proceedings (civil, criminal, administrative or investigative), actual or threatened, in which
such Manager Indemnified Party may be involved, as a party or otherwise, arising out of or in connection with such Manager Indemnified Party’s acts or omissions performed in good faith and in accordance with or pursuant to this Agreement
(including, for the avoidance of doubt, the Post-Termination Transition Assistance), except to the extent such Indemnification Obligations constitute such Manager Indemnified Party’s bad faith, gross negligence, willful misconduct, fraud or
reckless disregard of the Manager’s duties under this Agreement. The termination of a proceeding by settlement or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that such Manager Indemnified
Party’s conduct constituted bad faith, gross negligence, willful misconduct, fraud or reckless disregard of the Manager’s duties hereunder. 
 (c) To the fullest extent permitted by law, the Manager hereby agrees to indemnify, defend and hold harmless the Company and its Subsidiaries and each of their respective directors, officers, employees,
managers and agents (each a “Company Indemnified Party”; a Manager Indemnified Party and a Company Indemnified Party are each sometimes hereinafter referred to as an “Indemnified Party”) with respect to all
Indemnification Obligations suffered or sustained by such Company Indemnified Party by reason of (i) acts or omissions or alleged acts or omissions of the Manager constituting bad faith, willful misconduct or gross negligence of the Manager,
Freedom Mortgage or their respective officers, employees, managers or agents or the reckless disregard of the Manager’s duties under this Agreement or (ii) claims by Freedom Mortgage’s or the Manager’s employees relating to the
terms and conditions of their employment with Freedom Mortgage or the Manager. 
 (d) In case any claim, suit, action or
proceeding is brought against any Indemnified Party in respect of which indemnification may be sought by such Indemnified Party pursuant hereto (such claim, suit, action or proceeding, a “Claim”), the Indemnified Party shall give
prompt written notice thereof to the indemnifying party, which notice shall specifically state that indemnification for such Claim is being sought under this Section; provided, however, that the


  
 23 









 
failure of the Indemnified Party to so notify the indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have hereunder, except to the
extent such failure actually and materially prejudices the indemnifying party. Upon receipt of such notice of Claim, the indemnifying party shall, at its sole cost and expense, in good faith defend any such Claim with counsel reasonably satisfactory
to such Indemnified Party, which counsel may, without limiting the rights of such Indemnified Party pursuant to the next succeeding sentence of this Section, also represent the indemnifying party in such investigation, action or proceeding. In the
alternative, such Indemnified Party may elect to conduct the defense of the Claim, if (i) such Indemnified Party reasonably determines that the conduct of its defense by the indemnifying party could be materially prejudicial to the Indemnified
Party’s interests, (ii) the indemnifying party refuses to assume the defense (or fails to give written notice to the Indemnified Party within ten days of receipt of a notice of Claim that the indemnifying party assumes such defense), or
(iii) the indemnifying party shall have failed, in such Indemnified Party’s reasonable judgment, to defend the Claim in good faith; provided that the Indemnified Party notifies the indemnifying party of its election to conduct the
defense of the Claim. The indemnifying party may settle any Claim against such Indemnified Party without such Indemnified Party’s consent, provided (i) such settlement is without any expenses, losses, damages, liabilities, demands, charges
and claims of any nature whatsoever to the Indemnified Party, (ii) the settlement does not include or require any admission of liability or culpability by such Indemnified Party and (iii) the indemnifying party obtains an effective written
release of liability for such Indemnified Party from the party to the Claim with whom such settlement is being made, which release must be reasonably acceptable to such Indemnified Party, and a dismissal with prejudice with respect to all claims
made by the party against such Indemnified Party in connection with such Claim. The Indemnified Party shall reasonably cooperate with the indemnifying party, at the indemnifying party’s sole cost and expense, in connection with the defense or
settlement of any Claim in accordance with the terms hereof. If such Indemnified Party is entitled pursuant to this Section to elect to defend such Claim by counsel of its own choosing and so elects, then the indemnifying party shall be responsible
for any good faith settlement of such Claim entered into by such Indemnified Party. Except as provided in the immediately preceding sentence, no Indemnified Party may pay or settle any Claim and seek reimbursement therefor under this Section without
the indemnifying party’s prior written consent. 
 (e) Reasonable expenses (including attorney’s fees) incurred by an
Indemnified Party in defense or settlement of a Claim shall be advanced by the indemnifying party as such expenses are incurred prior to the final disposition of such Claim; provided that, such Indemnified Party undertakes to repay such
amounts if it shall be Judicially Determined that the Indemnified Party was not entitled to be indemnified hereunder. 
 (f) The
Indemnified Party shall use commercially reasonable efforts to seek recovery under any insurance policies by which such Indemnified Party is covered and if such Indemnified Party recovers any amounts under any insurance policies, it shall be offset
against the amount owed by the indemnifying party; provided such efforts to seek such recovery shall not be deemed a condition precedent to indemnification hereunder. If the Indemnified Party fails to seek such recovery, the indemnifying
party shall be subrogated to the rights of the Indemnified Party under any applicable insurance policy of the Indemnified Party, and shall be entitled to recover under such policy up to the amount owed or paid by the indemnifying party to the
Indemnified Party. 

  
 24 










	(g)	The provisions of this Section 11 shall survive the expiration or earlier termination of this Agreement. 


12. No Joint Venture. 
 The Company and the Manager are not partners or joint venturers with each other and nothing in this Agreement shall be construed to make the Company and the Manager partners or joint venturers or impose
any liability as such on either of them. 
 13. Term; Termination. 

(a) Term. This Agreement shall remain in full force until the third anniversary of the closing of the Initial Public Offering,
unless terminated by the Company or Manager as set forth below, and shall be renewed automatically for successive one year periods thereafter, until this Agreement is terminated in accordance with the terms hereof. 

(b) Non-Renewal. Either party may elect not to renew this Agreement at the expiration of the initial term or any renewal term
for any or no reason by notice to the other party at least 180 days, but not more than 270 days, prior to the end of the term. Upon a non-renewal of this Agreement by the Company pursuant to this section, the Company will pay the Manager the
Termination Fee. 
 (c) Termination by the Company for Cause. At the option of the Company and at any time during the
term of this Agreement, this Agreement shall be and become terminated upon 30 days’ written notice of termination from the Company to the Manager, without payment of the Termination Fee, if any of the following events shall occur: 

(i) the Manager, its Affiliates or Freedom Mortgage shall commit a material breach of any provision of this Agreement (including the
failure of the Manager to use commercially reasonable efforts to comply with the Company’s Investment Guidelines), which such material breach continues uncured for a period of 30 days after written notice of such breach; 

(ii) the Manager engages in any act of fraud, misappropriation of funds, or embezzlement against the Company or any Subsidiary or acts,
or fails to act, in a manner constituting willful misconduct, gross negligence or reckless disregard in the performance of its duties under this Agreement; provided, however, that if any such act or omission is committed by one or more
employees of the Manager taken without the complicity of the Manager, Freedom Mortgage, any of their Affiliates or their respective directors or principals, the Company shall not have the right to terminate this Agreement if (A) such employees
have been terminated within 30 days after the Manager’s actual knowledge of such act or omission, and (B) such employees or Freedom Mortgage has, within 30 days after the Manager’s actual knowledge of such act or omission, made the
Company whole for any loss arising from such act or omission and has otherwise cured the damage caused by such act or omission; 

  
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 (iii) the Manager, Freedom Mortgage or any Affiliate of Freedom Mortgage involved in
providing services to the Company is convicted of, or pleads nolo contendere to, a felony violation of any U.S. securities laws; 
 (iv) (A) the Manager or Freedom Mortgage shall commence any case, proceeding or other action (1) under any existing or future law of any jurisdiction, domestic or foreign, relating to
bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
liquidation, dissolution, composition or other relief with respect to it or its debts, or (2) seeking appointment of a receiver, director, custodian, conservator or other similar official for it or for all or any substantial part of its assets,
or the Manager or Freedom Mortgage shall make a general assignment for the benefit of its creditors; or (B) there shall be commenced against the Manager or Freedom Mortgage any case, proceeding or other action of a nature referred to in clause
(A) above which (1) results in the entry of an order for relief or any such adjudication or appointment or (2) remains undismissed, undischarged or unbonded for a period of 90 days; or (C) the Manager or Freedom Mortgage shall
take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (A) or (B) above; or (D) the Manager or Freedom Mortgage shall generally not, or shall be unable to,
or shall admit in writing its inability to, pay its debts as they become due; 
 (v) upon a Change of Control of the Manager; or

 (vi) the Manager shall fail to provide or procure adequate or appropriate personnel necessary for the Manager to source
investment opportunities for the Company and to manage and develop the Company’s portfolio; provided, that such default has continued uncured for a period of 60 days after written notice thereof, which notice shall contain a request that
the same be remedied; and provided further, that if the Manager, Freedom Mortgage and their Affiliates collectively employ at least 50 employees, then the Manager will be deemed to have adequate and appropriate personnel. 

(d) Termination by the Company Based on Performance. The Board of Directors will review the Manager’s performance
annually at the Board’s regularly scheduled meeting during the Company’s third fiscal quarter, and, within 30 days after such Board meeting, this Agreement may be terminated, pursuant to the delivery of notice as specified in this
Section 13(d) below, upon either the affirmative vote of at least two-thirds of the members of the Board of Directors or the affirmative vote of the holders of at least a majority of the outstanding Common Stock, based upon
unsatisfactory performance by the Manager that is materially detrimental to the Company or a determination by the Independent Directors that the management fees payable to the Manager hereunder are not fair, subject to the Manager’s right to
prevent such a termination by accepting a mutually acceptable reduction of such management fees. The Company must provide at least 60 days’, but not more than 120 days’, prior notice to the Manager of any termination under this
Section 13(d). Upon a termination of this Agreement pursuant to this Section 13(d), the Company will pay the Manager the Termination Fee. 

  
 26 









 (e) Termination by Manager. 

(i) The Manager may terminate this Agreement effective upon 60 days prior written notice of termination to the Company in the event
that the Company shall default in the performance or observance of any material term, condition or covenant in this Agreement and such default shall continue for a period of 30 days after written notice thereof specifying such default and
requesting that the same be remedied in such 30 day period. The Company is required to pay to the Manager the Termination Fee if the termination of this Agreement is made pursuant to this Section 13(e)(i). 

(ii) The Manager may terminate this Agreement in the event that the Company becomes regulated as an investment company under the
Investment Company Act, with such termination deemed to occur immediately prior to such event. The Company is not required to pay to the Manager the Termination Fee if the termination of this Agreement is made pursuant to this
Section 13(e)(ii). 
 (f) Termination Related to Internalization Event. The Company and the Manager shall
terminate this Agreement without payment of any Termination Fee pursuant to the consummation of an Internalization Event. 

14. Action Upon Termination or Expiration of Term. 
 (a) From and after the effective date of termination or assignment of this Agreement pursuant to Sections 13 and 15 herein, the Manager shall not, subject to Section 14(b)
below, be entitled to compensation for further services under this Agreement but shall be paid all compensation and reimbursable expenses accruing to the date of termination, and the Termination Fee, if applicable. For the avoidance of doubt, if the
date of termination occurs other than at the end of a fiscal quarter, compensation to the Manager accruing to the date of termination shall also include: management fees equal to the Quarterly Management Fee Amount for such final fiscal quarter,
taking into account only the portion of such final fiscal quarter that this Agreement was in effect, and with appropriate adjustments to all relevant definitions. Upon such termination or expiration, the Manager shall promptly: 

(i) after deducting any accrued compensation and reimbursement for expenses to which the Manager is then entitled, pay over to the Company
all money collected and held for the account of the Company or any Subsidiary pursuant to this Agreement; 
 (ii) deliver to the
Board of Directors a full accounting, including a statement showing all payments collected and all money held by the Manager, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the
Company and through the termination date; and 
 (iii) deliver to the Board of Directors all property and documents of the
Company and any Subsidiary then in the Manager’s possession or custody or under its control; provided, however, that the Manager shall have the right to retain copies of any documents and records solely to the extent necessary to comply
with the Manager’s bona fide record retention policy or any regulations applicable to the Manager. 

  
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 (b) In connection with any termination of this Agreement pursuant to Section 13,
the Manager shall use reasonable efforts to cooperate with the Company or any persons or entity designated by the Board of Directors to succeed the Manager as the manager of the Company (a “Successor Manager”) to accomplish an
orderly transfer of the operation and management of the Company and its investment activities to such Successor Manager. For a period of thirty (30) days after the effective date of any termination of this Agreement pursuant to
Section 13, the Manager shall be available, through its officers, during normal business hours and not to exceed a total of 15 hours during any week within such 30 day period, to answer questions from and consult with the Company or
designated representatives of any Successor Manager with respect to the Company’s business, operations and investment activities during the period prior to the termination (“Post-Termination Transition Assistance”). The Manager
shall receive payment of a cash fee for any time spent providing Post-Termination Transition Assistance in an amount equal to $500 per hour. Notwithstanding anything in this Section 14(b) to the contrary, the definition of
Post-Termination Transition Assistance shall not include any of the Manager’s responsibilities pursuant to Section 14(a), and the Manager shall not be compensated for any time spent by the Manager’s officers to comply with
Section 14(a). 
 15. Assignment. 

The Manager may not assign its duties under this Agreement unless such assignment is consented to in writing by a majority of the
Company’s Independent Directors. However, the Manager may assign to one or more of its Affiliates performance of any of its responsibilities hereunder without the approval of the Company’s Independent Directors so long as the Manager
remains liable for any such Affiliate’s performance hereunder and such assignment does not require the Company’s approval under the Investment Advisers Act of 1940. Any permitted assignment shall bind the assignee under this Agreement in
the same manner as the Manager is bound. In addition, the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as the manager. 

16. Release of Money or other Property Upon Written Request. 

The Manager agrees that any money or other property of the Company or any Subsidiary held by the Manager under this Agreement shall be
held by the Manager as custodian for the Company or any Subsidiary, and the Manager’s records shall be clearly and appropriately marked to reflect the ownership of such money or other property by the Company. Upon the receipt by the Manager of
a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company any money or other property then held by the Manager for the account of the Company under this Agreement, the Manager shall release
such money or other property to the Company within a reasonable period of time, but in no event later than 30 days following such request. Upon delivery of such money or other property to the Company, the Manager, Freedom Mortgage, and their
Affiliates, directors, officers, managers, members and employees will not be liable to the Company or its stockholders for any acts or omissions by the Company in connection with the money or other property released to the Company in accordance with
the terms hereof. The Company shall indemnify the Manager, Freedom Mortgage, and their Affiliates, officers, directors, Investment and Risk Management Committee members, partners, members, employees, agents and successors and assigns against any and
all expenses, losses, damages, liabilities, demands, charges and claims of any nature 

  
 28 









 
whatsoever which arise in connection with the Manager’s release of such money or other property to the Company in accordance with the terms of this Section 16. Indemnification
pursuant to this Section 16 shall be in addition to any right of the Manager to indemnification under Section 11 and shall survive the termination of this Agreement. 

17. Notices. 
 (a) Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to
have been duly given, made and received when delivered against receipt or upon actual receipt of personal delivery, delivery by a reputable overnight courier, delivery by facsimile transmission but only if such transmission is confirmed, or delivery
by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below: 
  

	 	(i)	if to the Company and any of the Subsidiaries, to: 

 Cherry Hill Mortgage Investment Corporation 
 301 Harper Drive, Suite 110

 Moorestown, New Jersey 08057 
 Attn: Chief Financial Officer 
 Facsimile: (877) 870-7005 

with a copy to: 
 Daniel M. LeBey Hunton & Williams LLP 
 Riverfront Plaza, East Tower

 951 East Byrd Street 
 Richmond, Virginia 23219-4074 
 Facsimile: (804) 343-4543); 

and 
  

	 	(ii)	if to the Manager, to: 

 Cherry
Hill Mortgage Management, LLC 
 301 Harper Drive, Suite 110 

Moorestown, New Jersey 08057 
 Attn: Stanley C. Middleman 
 Facsimile: (877) 870-7005. 

(b) Any party may change the address to which communications or copies are to be sent by giving notice of such change of address in
conformity with the provisions of this Section 17 for the giving of notice. 

  
 29 









 18. Binding Nature of Agreement; Successors and Assigns. 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives,
successors and permitted assigns as provided in this Agreement. 
 19. Entire Agreement; Amendments. 

This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and
supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement. The express terms of this Agreement
control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified, supplemented or amended other than by an agreement in writing signed by the parties
hereto. 
 20. Governing Law; Jurisdiction. 

This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed,
interpreted and enforced in accordance with the laws of the State of New York without giving effect to such state’s laws and principles regarding the conflict of interest laws (other than Section 5-1401 of the general obligations Law of
the State of New York). Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the borough of Manhattan or the United States District Court
located in the Southern District of New York, and the appellate courts to which orders and judgments thereof may be appealed, for the purpose of any action or judgment relating to or arising out of this Agreement or any of the transactions
contemplated hereby and to the laying of venue in such court. 
 21. Waiver of Jury Trial. 

EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY
ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

22. Indulgences, Not Waivers. 
 Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise
of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of 

  
 30 









 
any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 23. Titles Not to
Affect Interpretation. 
 The titles of sections, paragraphs and subparagraphs contained in this Agreement are for
convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation of this Agreement. 
 24. Execution in Counterparts. 
 This Agreement may be executed in
any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or
more counterparts of this Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 25. Severability. 
 The provisions of this Agreement are independent
of and separable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

26. Principles of Construction. 
 Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter,
as the context requires. All references to recitals, sections, paragraphs and schedules are to the recitals, sections, paragraphs and schedules in or to this Agreement unless otherwise specified. 

[SIGNATURE PAGE FOLLOWS] 

  
 31 









 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	 THE COMPANY:
  

CHERRY HILL MORTGAGE INVESTMENT CORPORATION

		
	By:	 	/s/ Martine J. Levine
	Name:	 	Martine J. Levine
	Title:	 	Chief Financial Officer


  

			
	 THE SUBSIDIARIES:
  

CHERRY HILL OPERATING PARTNERSHIP, LP

		
	By:	 	Cherry Hill Mortgage Investment Corporation, its general partner
		 	


  

			
	By:	 	/s/ Martine J. Levine
	Name:	 	Martine J. Levine
	Title:	 	Chief Financial Officer


  

			
	 CHERRY HILL QRS I, LLC
 CHERRY HILL TRS, LLC

		
	By:	 	Cherry Hill Operating Partnership, LP, its member
		
	By:	 	Cherry Hill Mortgage Investment Corporation, its general partner
		 	


  

			
		
	By:	 	/s/ Martine J. Levine
	Name:	 	Martine J. Levine
	Title:	 	Chief Financial Officer


 [Signature Page to Management Agreement] 







 
			
	CHERRY HILL QRS II, LLC
		
	By:	 	Cherry Hill QRS I, LLC, its member
	By:	 	Cherry Hill Operating Partnership, LP, its member
	By:	 	Cherry Hill Mortgage Investment Corporation, its general partner


  

			
	By:	 	/s/ Martine J. Levine
	Name:	 	Martine J. Levine
	Title:	 	Chief Financial Officer


  

			
	 THE MANAGER:
  

CHERRY HILL MORTGAGE MANAGEMENT LLC

		
	By:	 	/s/ Stanley C. Middleman
	Name:	 	Stanley C. Middleman
	Title:	 	Chief Executive Officer


 [Signature Page to Management Agreement] 







 Exhibit A 

INVESTMENT GUIDELINES OF 
 CHERRY HILL MORTGAGE INVESTMENT CORPORATION 
 Capitalized terms used but
not defined herein shall have the meanings ascribed thereto in that Management Agreement, dated as of April 22, 2013, as may be amended from time to time (the “Management Agreement”), by and among Cherry Hill Mortgage
Investment Corporation (the “Company”), the Company’s Subsidiaries and Cherry Hill Mortgage Management, LLC (the “Manager”). 
  

	 	(a)	No investment shall be made that would cause the Company to fail to qualify as a REIT under the Internal Revenue Code of 1986, as amended; 


 

	 	(b)	No investment shall be made that would cause the Company or any of the Subsidiaries to be regulated as an investment company under the Investment Company Act;


  

	 	(c)	The Company shall not enter into Principal Transactions or Split Price Executions with Freedom Mortgage or any of its Affiliates unless (i) such transaction is
otherwise in accordance with these guidelines and the Management Agreement and (ii) the terms of such transaction are at least as favorable to the Company as to Freedom Mortgage or such Affiliate (as applicable); 


 

	 	(d)	Any proposed material investment that is outside those targeted or other asset classes or targeted platforms or opportunities mentioned or otherwise described in or
contemplated by any prospectus used in an Initial Public Offering or other disclosure package used in connection with any securities offering by the Company must be approved by at least a majority of the Independent Directors.


 These investment guidelines may be changed by the Company’s Board of Directors without the approval of its
stockholders. 

  

Exhibit A-1