Key facts
- TPG Mortgage Investment Trust (MITT) agreed to acquire Cherry Hill Mortgage Investment Corp. (CHMI).
- The acquisition is valued at approximately $117.5 million.
- The deal involves a cash-and-stock transaction.
- The acquisition will create a combined residential mortgage REIT platform.
- The combined entity will have an investment portfolio of $9 billion.
TPG Mortgage Investment Trust (MITT) has announced an agreement to acquire Cherry Hill Mortgage Investment Corp. (CHMI) in a transaction valued at approximately $117.5 million. The deal will be executed through a combination of cash and stock. Upon completion, the acquisition is expected to create a significantly larger residential mortgage real estate investment trust (REIT) platform. The combined entity will boast an investment portfolio totaling $9 billion. This strategic move is anticipated to generate substantial operational efficiencies and enhance the scale of the combined business. The integration of Cherry Hill Mortgage into TPG Mortgage Investment Trust is a key step in expanding TPG's presence in the residential mortgage market. Further details regarding the integration process and expected synergies are anticipated as the transaction progresses through regulatory approvals and closing procedures.