Cherry Hill Mortgage Investment Corp. has entered into a definitive agreement to be acquired by TPG Mortgage Investment Trust in a transaction valued at approximately $117.5 million. Under the terms, each CHMI common share will receive 0.3063 MITT common shares plus $0.93 in cash, implying a value of $3.10 per CHMI share based on MITT's August 7 closing price, a 29% premium to CHMI's unaffected price. The combined investment portfolio is expected to total approximately $9.0 billion, with management projecting $7 million to $9 million of annual operating efficiencies and 2027 earnings accretion. CHMI also reported second-quarter earnings available for distribution of $0.15 per share, exceeding estimates and marking its strongest quarterly core earnings performance since the first quarter of 2025. The transaction is expected to close in the fourth quarter of 2026, subject to stockholder approvals and customary conditions.
Cherry Hill Mortgage Investment CorpAcquired at 29% premium; deal implies $3.10/share and expected accretion.
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