CHMI Agrees to $117.5M Acquisition by TPG Mortgage Investment Trust at a 29% Premium
CHMI sits 27% above its 52-week low of $2.17.
Summary
CHMI agreed to be acquired by MITT for 0.3063 MITT shares + $0.93 cash per CHMI share, a 29% premium. The deal creates a $9B residential mortgage REIT with expected cost synergies.
Key Events · M&A and Partnerships · CHMI
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Definitive Merger Agreement Signed
On August 9, 2026, CHMI entered into a definitive agreement to be acquired by TPG Mortgage Investment Trust (MITT), in a deal valuing CHMI at approximately $117.5 million.
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Merger Consideration: 29% Premium
CHMI common stockholders will receive 0.3063 MITT shares plus $0.93 cash per share, implying $3.10 per CHMI share — a 29% premium to the unaffected closing price on August 7, 2026.
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Preferred Stock Treatment
CHMI Series A and Series B preferred stock will be converted into new MITT Series D and Series E preferred stock, respectively, with substantially identical rights and preferences.
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Strategic Rationale and Synergies
The combined company will have a $9 billion investment portfolio. Expected annual cost synergies of $7–9 million are anticipated, with the transaction expected to be accretive to earnings within one year.
Analysis · CHMI · Real Estate & Construction
Cherry Hill Mortgage Investment Corp. (CHMI) has entered into a definitive agreement to be acquired by TPG Mortgage Investment Trust (MITT) in a stock-and-cash transaction valuing CHMI at approximately $117.5 million. Under the terms, CHMI common stockholders will receive 0.3063 MITT shares plus $0.93 in cash per share, implying $3.10 per CHMI share — a 29% premium to the unaffected closing price. The deal combines two residential mortgage REITs, creating a $9 billion portfolio with expected annual cost synergies of $7–9 million. CHMI preferred stockholders will receive new MITT preferred shares with substantially identical terms. The transaction, unanimously approved by both boards, is expected to close in Q4 2026, subject to stockholder and regulatory approvals. This is a transformative, thesis-altering event for CHMI shareholders, offering immediate cash consideration and ongoing participation in the combined entity.
At the time of this filing, CHMI was trading at $2.76 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $88.5M. The 52-week trading range was $2.17 to $3.04. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.