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$3.10 per Cherry Hill Mortgage Investment Trust (CHMI) share is the signing-date merger consideration under the August 9, 2026 definitive agreement for CHMI's acquisition by TPG Mortgage Investment Trust (MITT).
That figure implies a 29% premium to CHMI's unaffected $2.41 close and approximately 0.98x its June 30 book value per share of $3.16, with an aggregate transaction value of approximately $117.5 million.
The math reconciles: 0.3063 MITT shares at MITT's August 7 closing price of $7.09 contributes $2.17 of stock value; add $0.93 in cash to reach $3.10, while CHMI holders retain roughly 27% ownership of the combined company.
Deal structure: fixed ratio, split cash, and the merger spread | Component | Per share | |---|---| | MITT stock (0.3063 x $7.09) | $2.17 | | Cash: MITT $0.41 + TPG $0.52 | $0.93 | | Signing-date total | $3.10 | | Unaffaired CHMI close | $2.41 | | Announced premium | 29% | Cash draws from two sources: MITT contributes $0.41 per share and AG REIT Management, MITT's external manager and a TPG affiliate, adds $0.52 per share, approximately $20 million total.
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