TPG Mortgage Investment Trust to buy Cherry Hill Mortgage in stock-and-cash deal valued at $117.5 million
CHMI•TPG Mortgage Investment Trust to acquire Cherry Hill Mortgage Investment
TPG Mortgage Investment Trust agreed to acquire Cherry Hill Mortgage Investment in a deal valued at about $117.5 million.
Cherry Hill holders will receive 0.3063 MITT shares and $0.93 cash per share, implying $3.1 per share using Aug. 7 prices.
The companies expect closing in Q4 2026, subject to shareholder votes and customary closing conditions.
Post-close ownership is expected to be about 73% for MITT shareholders and about 27% for Cherry Hill shareholders.
Cherry Hill preferred Series A and Series B will convert into newly issued MITT Series D and Series E preferred shares, respectively.
