TPG Mortgage Investment Trust (MITT) announced it has entered into a merger agreement with Cherry Hill Mortgage Investment Corporation (CHMI). Under the terms, each outstanding share of CHMI common stock would convert into 0.3063 shares of MITT common stock plus $0.41 per share in cash from MITT, along with an additional $0.52 per share in cash from MITT's manager. CHMI's two preferred stock series would convert into newly issued corresponding MITT preferred series. The deal is subject to shareholder approvals from both companies, an effective SEC registration statement, NYSE listing of the new shares, and several other conditions.
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