TPG Mortgage Investment Trust (MITT) entered a definitive agreement to acquire Cherry Hill Mortgage Investment Corporation (CHMI). CHMI stockholders will receive 0.3063 MITT common shares for each share held. The deal also includes a cash payment of $0.93 per share.
The transaction implies a value of $3.10 per CHMI share. This price represents a 29% premium over the closing price on August 7, 2026. Both boards of directors unanimously approved the strategic combination.
The merger aims to create a leading residential mortgage REIT with enhanced operational efficiencies. Management expects the transaction to drive earnings accretion through increased scale. The deal is anticipated to close in the fourth quarter of 2026, pending stockholder approvals and customary conditions.