TPG Mortgage Investment Trust Acquires Cherry Hill for $117.5 Million

TPG Mortgage Investment Trust Inc. agreed on Monday to acquire Cherry Hill Mortgage Investment Corp. in a cash-and-stock transaction valuing Cherry Hill at approximately $117.5 million. The acquisition creates a residential mortgage real estate investment trust platform with a $9 billion investment portfolio composed primarily of nonagency residential credit.

Under the terms of the deal, Cherry Hill stockholders will receive $0.93 in cash and 0.3063 shares of TPG Mortgage Investment Trust common stock per share. This pricing represents a 29% premium over recent closing prices. The combined entity expects to realize annual operating efficiencies ranging from $7 million to $9 million.

TPG Mortgage Investment Trust will maintain its current name and its headquarters in New York. The transaction is expected to close in the fourth quarter of 2026, subject to customary regulatory and shareholder approvals.