TPG Mortgage Investment Trust Q3 book value drops on Cherry Hill merger
MITT•TPG Mortgage Investment Trust reported a third-quarter net loss of $15.74 million, and book value per share fell 7.3%, partly due to Cherry Hill merger expenses.
1. Quarterly results
TPG Mortgage Investment Trust reported a third-quarter net loss of $15.74 million, while book value per share declined 7.3%. The company said expenses related to its Cherry Hill merger contributed to the decline.
2. Business and outlook
The company said it sponsored three home equity securitizations and rotated capital into higher-returning residential credit. It expects the Cherry Hill merger, asset redeployment and resolution of legacy commercial assets to support future earnings, but provided no specific financial guidance for the coming quarter or full year.
