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CHMI-News
CHMI-Events
Citizens Downgrades Cherry Hill Mortgage to Market Perform
Citizens downgraded Cherry Hill Mortgage to Market Perform from Outperform without a price target after after the company entered into a merger agreement with TPG Mortgage Investment Trust in a cash and stock deal valued at $117.5M, or $3.10 per share. Citizens believes Cherry Hill Mortgage shares are now fairly valued.
B. Riley Downgrades Cherry Hill Mortgage to Neutral, Price Target Raised to $3.10
B. Riley analyst Timothy D'Agostino downgraded Cherry Hill Mortgage (CHMI) to Neutral from Buy with a price target of $3.10, up from $3, after the company announced that it has entered into a definitive merger agreement with TPG Mortgage Investment Trust (MITT).
TPG Mortgage Investment and Cherry Hill Mortgage Announce Merger Agreement
TPG Mortgage Investment, Cherry Hill Mortgage announce merger agreement
TPG Mortgage Investment Trust Acquires Cherry Hill Mortgage Investment
TPG Mortgage Investment Trust (MITT) and Cherry Hill Mortgage Investment (CHMI) announced that they have entered into a definitive merger agreement, pursuant to which MITT will acquire CHMI. In connection with the transaction, holders of CHMI common stock will receive 0.3063 shares of MITT common stock and $0.93 in cash per share. Based on the closing price of MITT's common stock on the New York Stock Exchange on August 7, 2026, the transaction implies a value of $3.10 per share of CHMI common stock, representing a 29% premium to CHMI's unaffected closing stock price on the NYSE on August 7, 2026 and a 32% premium to 30-day volume weighted average price. The companies expect the transaction to close in the fourth quarter of 2026, subject to customary closing conditions, including the approval of both MITT and CHMI stockholders. This strategic transaction was unanimously approved by the Board of Directors of MITT and Board of Directors of CHMI. Upon completion of the merger, the combined company will continue to operate as "TPG Mortgage Investment Trust, Inc." and will be led by MITT's existing management team, including T.J. Durkin as its President and Chief Executive Officer. CHMI will designate two independent directors to be added to MITT's Board of Directors, bringing MITT's Board up to eight directors. The combined company will be headquartered in New York, and its common stock will continue to be listed on the NYSE under MITT's current ticker symbol.
Cherry Hill Mortgage Reports Strong Q4 2025 Performance
"We were pleased to close out 2025 with another solid quarter, marked once again by increasing book value and net asset value per share," said Jay Lown, President and CEO of Cherry Hill Mortgage Investment Corporation. "Our diversified portfolio of RMBS and MSRs continued to perform well in a dynamic market environment and we remain committed to growing our portfolio and delivering attractive risk-adjusted returns for our shareholders."
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