M&A · Financials · Real Estate Investment Trusts
TPG Mortgage Investment Trust, Inc. to acquire Cherry Hill Mortgage Investment Corp
Announced Aug 10, 2026 · Pending Oct 8, 2026
Deal value$118M
Premium29.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$3.10 per share
Transaction
- Acquirer
- TPG Mortgage Investment Trust, Inc. (MITT)
- Target
- Cherry Hill Mortgage Investment Corp (CHMI)
- Buyer type
- Strategic
- Offer price per share
- $3.10
- Enterprise value
- —
- Status
- Pending Oct 8, 2026
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Piper Sandler
- To the target
- BTIG
- Piper Sandler fee
- $1.3M
Sector context · Financials
- Comparable deals
- 79 in the prior 24 months
- Premium
- 29.0% vs. 33.5% sector median
- EV / Adj. EBITDA
- Sector median 13.7x
- Break fee
- Sector median 3.8%
Timeline
- AnnouncedAug 10, 2026
- Proxy filedOct 8, 2026
- Definitive proxyOct 8, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Discounted cash flowPiper Sandler$2.09$2.88
Discounted cash flowPiper Sandler$2.24$3.31
Discounted cash flowPiper Sandler$6.74$9.62
Discounted cash flowPiper Sandler$5.99$8.24
Trading comparablesPiper Sandler$6.25$9.25
Trading comparablesBTIG$2.78$3.08
Trading comparablesBTIG$2.15$2.40
Precedent transactionsBTIG$2.62$2.93
Trading comparablesBTIG$2.55$3.20
Trading comparablesBTIG$2.31$2.90
Offer $3.10
Implied value per Cherry Hill Mortgage Investment Corp share by analysis, from Piper Sandler and BTIG.