The definitive proxy sets a clear vote timeline (December 2, 2026) and confirms no competing bidders have emerged. With both boards unanimous, a large insider block (AG MIT owns 734,800 shares and has agreed to vote for), and a 29% premium, approval appears highly likely. Monitor for any regulatory delays (Fannie Mae/Freddie Mac approvals) that could push closing beyond Q4 2026.
Price Chart
Executive Summary
Cherry Hill Mortgage Investment Corporation (CHMI) is soliciting stockholder approval for its acquisition by TPG Mortgage Investment Trust, Inc. (MITT). Under the definitive merger agreement, each CHMI common share will be exchanged for 0.3063 MITT shares plus $0.93 in cash ($0.41 from MITT and $0.52 from MITT Manager), implying a 29% premium. CHMI preferred shares will convert into equivalent MITT preferred series. The deal is expected to close in Q4 2026, with CHMI stockholders owning ~27% of the combined company. Both boards unanimously recommend approval.
Key Financial Metrics
Key Facts
- Each CHMI common share converts to 0.3063 MITT shares + $0.93 cash ($0.41 from MITT + $0.52 from MITT Manager), implying a 29% premium to CHMI's August 7, 2026 closing price.
- Implied total transaction value of approximately $117.5 million.
- CHMI Series A and Series B preferred stock convert into newly issued MITT Series D and Series E preferred stock with substantially the same terms.
- Former CHMI common stockholders will own approximately 27% of the combined company; MITT stockholders will own ~73%.
- Both the MITT Board and CHMI Board unanimously recommend approval of the merger.
- Special meetings of MITT and CHMI stockholders are scheduled for December 2, 2026.
- CHMI stockholder approval requires affirmative vote of a majority of outstanding shares; MITT stockholder approval requires majority of votes cast.
- No appraisal or dissenters' rights available for CHMI stockholders under Maryland law.
- Expected annual cost synergies of $7-9 million, per prior filings.
- MITT reported Q2 2026 EAD of $0.24/share, book value $10.00, fully covering its $0.24 dividend.
Financial Impact
Transaction valued at ~$117.5 million; CHMI stockholders receive 0.3063 MITT shares + $0.93 cash per share, representing a 29% premium.
Risk Factors
- Failure to obtain required regulatory approvals (Fannie Mae, Freddie Mac, state authorities) could delay or prevent closing.
- CHMI stockholder vote requires majority of outstanding shares — abstentions and broker non-votes count as votes against.
- Market price of MITT stock received by CHMI stockholders will fluctuate post-closing.
- Integration risks and ability to realize $7-9 million in annual cost synergies.
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFM14A Filing (Primary) | 0001104659-26-114707 |
| Document: tm2626009-2_defm14a.htm | 0001104659-26-114707 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | DEFM14A | $2.58 | awaiting T+20 | — | $2.58 (−0.02%) |
Aug 10, 2026 11w ago | 425 | $2.91 $2.92 | ▲ +0.34% | ▲ +1.40% | $2.58 (−11.36%) |
Aug 10, 2026 11w ago | 425 | $2.79 $2.97 | ▲ +6.45% | ▲ +7.37% | $2.58 (−7.54%) |
Aug 10, 2026 11w ago | 425 | $2.79 $2.97 | ▲ +6.45% | ▲ +7.37% | $2.58 (−7.54%) |
Aug 10, 2026 11w ago | 8-K | $2.79 $2.97 | ▲ +6.45% | ▲ +7.37% | $2.58 (−7.54%) |
Aug 10, 2026 11w ago | 8-K / 425 | $2.79 $2.97 | ▲ +6.45% | ▲ +7.37% | $2.58 (−7.54%) |
Apr 10, 2026 28w ago | 8-K | $20.75 $21.11 | ▲ +1.73% | ▼ −5.99% | $2.58 (−87.57%) |
Feb 25, 2026 34w ago | 8-K | $2.53 $2.63 | ▲ +4.18% | ▲ +10.59% | $2.58 (+2.07%) |
US Market Status
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