On August 10, TPG Mortgage Investment Trust, Inc. (NYSE:MITT) and Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) announced a definitive merger agreement in which MITT will acquire CHMI. Under the cash-and-stock deal, CHMI stockholders will receive 0.3063 shares of MITT common stock and $0.93 in cash per share, implying a value of $3.10 per CHMI share based on August 7 closing prices. This represents a 29% premium to CHMI's unaffected price and a 32% premium to its 30-day VWAP. Unanimously approved by both boards and slated to close in Q4 2026, the combined entity will operate as TPG Mortgage Investment Trust under CEO T.J. Durkin, expanding MITT's board to eight with two CHMI independent directors.
Following the announcement, Citizens downgraded Cherry Hill Mortgage from Outperform to Market Perform on August 11, removing its price target and noting that CHMI shares are now fairly valued around the $3.10 implied buyout price.
11 Tips to Get Approved for a Mortgage
In Q2 2026, TPG Mortgage Investment Trust, Inc. (NYSE:MITT) demonstrated stronger underlying financial execution. MITT reported GAAP net income of $0.29 per diluted share and Earnings Available for Distribution (EAD) of $0.24 per share, fully covering its $0.24 dividend. Book value rose to $10.00 per share with an economic return on equity of 2.7%. Its total investment portfolio stood at $7.7 billion with low economic leverage of 1.8x.
Cherry Hill Mortgage Investment Corporation (NYSE:CHMI), by contrast, generated GAAP net income of $0.04 per share and EAD of $0.15 per share, which fell short of covering its $0.10 quarterly dividend without factoring in preferred obligations. CHMI's GAAP book value ended at $3.16 per share, while its portfolio leverage was significantly higher at 5.02x. MITT clearly enters the deal from a position of relative operational stability, better dividend coverage, and lower balance sheet leverage.
#mortgage #mitt #Share #NYSE
Following the announcement, Citizens downgraded Cherry Hill Mortgage from Outperform to Market Perform on August 11, removing its price target and noting that CHMI shares are now fairly valued around the $3.10 implied buyout price.
11 Tips to Get Approved for a Mortgage
In Q2 2026, TPG Mortgage Investment Trust, Inc. (NYSE:MITT) demonstrated stronger underlying financial execution. MITT reported GAAP net income of $0.29 per diluted share and Earnings Available for Distribution (EAD) of $0.24 per share, fully covering its $0.24 dividend. Book value rose to $10.00 per share with an economic return on equity of 2.7%. Its total investment portfolio stood at $7.7 billion with low economic leverage of 1.8x.
Cherry Hill Mortgage Investment Corporation (NYSE:CHMI), by contrast, generated GAAP net income of $0.04 per share and EAD of $0.15 per share, which fell short of covering its $0.10 quarterly dividend without factoring in preferred obligations. CHMI's GAAP book value ended at $3.16 per share, while its portfolio leverage was significantly higher at 5.02x. MITT clearly enters the deal from a position of relative operational stability, better dividend coverage, and lower balance sheet leverage.
#mortgage #mitt #Share #NYSE
2 hours ago
