TPG Mortgage Investment Trust, Inc. (NYSE: MITT) has announced a definitive merger agreement to acquire Cherry Hill Mortgage Investment Corporation (NYSE: CHMI).
Under the terms of the agreement, CHMI shareholders will receive 0.3063 shares of MITT common stock and $0.93 in cash for each share they hold.
The merger, which has received unanimous approval from the boards of both companies, is expected to be finalized in the fourth quarter of 2026.
MITT, managed by AG REIT Management, LLC, an affiliate of TPG Inc., is a publicly traded residential mortgage REIT.
TPG Inc. is a leading global alternative asset management firm with $327 billion in assets under management.
Cherry Hill Mortgage Investment Corporation is also a residential mortgage REIT.
“This combination represents a transformational, value-creating opportunity for both MITT and CHMI stockholders,” said T.J. Durkin, President, Chief Executive Officer, and board member of MITT. “We are excited to bring together two highly complementary portfolios to significantly enhance the scale of MITT’s residential mortgage platform, which we believe will generate meaningful operational efficiencies and deliver accretive earnings growth for the benefit of all stockholders."