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MITT-News
MITT-Events
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
Arc Home Reports Q2 EPS of $0.24, Acquisition of Cherry Hill Expected to Enhance Long-Term Earnings Power
"Despite a challenging interest rate environment, our disciplined leverage profile, consistent capital rotation into highreturning residential credit strategies, and strong momentum at Arc Home produced EAD of $0.24 per share for the second quarter, fully covering our dividend while increasing our book value to $10.00 per share," said T.J. Durkin, Chief Executive Officer and President. "Looking ahead, we believe our definitive agreement to acquire Cherry Hill Mortgage Investment Corporation will significantly enhance our scale and long-term earnings power by expanding our equity capital base, driving meaningful cost synergies, and incorporating complementary, durable cash flows. We are confident in our positioning and the compelling opportunities ahead to deliver for our shareholders."
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.
Arc Home Reports Q1 Book Value of $9.97, CEO Says Earnings Power Will Increase
Reports Q1 $9.97 Book Value per share. "Despite a challenging macroeconomic backdrop that pressured book values across the industry, our disciplined leverage profile, consistent capital rotation into higher-returning residential investments, and continued focus on scaling profitability at Arc Home produced EAD of $0.26 for the first quarter, more than covering our recently increased 24c dividend" said T.J. Durkin, CEO and President. "Notably, we have been able to raise our common dividend in four of the last six quarters and believe we are well-positioned to drive increased earnings power as we progress through 2026."
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