Three High Yield Mortgage REITs Run Divergent Playbooks

M&A · PartnershipCorporate Action

โดย Yahoo Finance·

Summary · why it matters

Two Harbors Investment, Cherry Hill Mortgage Investment, and Invesco Mortgage Capital are pursuing sharply different strategies despite being grouped as high-yield mortgage REITs. Two Harbors is pinned near its $12 per share cash buyout price after a 26.74% year-to-date gain, with the deal expected to close on Aug. 3. Cherry Hill surged 21.16% in the week ending Aug. 14 after TPG Mortgage Investment Trust agreed to acquire it for 0.3063 MITT shares plus 93 cents cash per CHMI share, an implied $3.10 value and 29% premium. Invesco Mortgage Capital remains the only standalone operator, paying a 19% annualized monthly dividend from an $8.2 billion Agency portfolio that grew 12.4% quarter-over-quarter.