NEW YORK--(BUSINESS WIRE)--November 04, 2026--
TPG Mortgage Investment Trust, Inc. ("MITT," "we," the "Company," or "our") (NYSE: MITT) today reported financial results for the quarter ended September 30, 2026.
MANAGEMENT REMARKS
"Despite a challenging September, we remained focused on executing our core residential strategies, sponsoring three home equity securitizations and rotating capital into higher-returning residential credit," said T.J. Durkin, Chief Executive Officer and President. "Looking ahead, we believe continued capital redeployment, the resolution of our legacy commercial assets and the Cherry Hill merger will position MITT for stronger earnings and long-term shareholder value creation."
THIRD QUARTER FINANCIAL HIGHLIGHTS
-- $9.27 Book Value per share as of September 30, 2026 compared to $10.00
as of June 30, 2026(1)
-- Decrease of (7.3)% from June 30, 2026
-- Transaction related expenses included $2.0 million
related to the proposed acquisition of Cherry Hill Mortgage
Investment Corporation representing (0.6)% of the decrease
in Book Value
-- Quarterly economic return on equity of (4.9)%(2)
-- $(0.49) of Net Income/(Loss) Available to Common Stockholders per
diluted common share(3)
-- $0.21 of Earnings Available for Distribution ("EAD") per diluted common
share(3),(4)
-- $0.24 dividend per common share declared in the third quarter of 2026
INVESTING AND FINANCING HIGHLIGHTS
-- $7.6 billion Investment Portfolio as of September 30, 2026(5)
-- 0.8% Net Interest Margin, which includes a 0.01% benefit from
the net interest component of our interest rate swaps(6)
-- $45.7 million investment in Arc Home as of September 30, 2026
determined using a valuation multiple of 1.025x book value(7)
-- $7.2 billion of financing as of September 30, 2026(5)
-- $6.1 billion of non-recourse and $1.1 billion of recourse
financing
-- 13.7x GAAP Leverage Ratio and 2.0x Economic Leverage Ratio(8)
-- $84.7 million of total liquidity as of September 30, 2026(9)
PROPOSED CHERRY HILL MORTGAGE INVESTMENT CORPORATION MERGER
-- As previously announced, the Company entered into an Agreement and Plan
of Merger, dated as of August 9, 2026, to acquire Cherry Hill Mortgage
Investment Corporation (NYSE: CHMI) (the "Merger")
-- At the effective time of the Merger, each outstanding share of CHMI
common stock will be converted into the right to receive the following:
(A) 0.3063 shares of MITT Common Stock pursuant to a fixed exchange ratio
plus (B) (i) $0.41 per share in cash from MITT and (ii) $0.52 per share
in cash from AG REIT Management, LLC ("MITT Manager")
-- Each share of CHMI Series A and B Preferred Stock will convert 1-for-1
into newly issued MITT Series D and E Preferred Stock, respectively,
having the rights preferences, privileges and voting powers substantially
the same as those of the CHMI Series A Preferred Stock and CHMI Series B
Preferred Stock, respectively
DIVIDENDS
-- On September 15, 2026, declared a third quarter dividend of $0.24 per
common share
-- On November 2, 2026, declared quarterly cash dividends of $0.51563,
$0.50, and $0.677518 per share on our Series A, Series B, and Series C
Preferred Stock, respectively, payable on December 17, 2026 to preferred
shareholders of record on November 30, 2026
STOCKHOLDER CALL
The Company invites stockholders, prospective stockholders, and analysts to participate in MITT's third quarter earnings conference call on Wednesday, November 4, 2026 at 8:30 a.m. Eastern Time.
To participate in the call by telephone, please dial (888) 660-6196 at least five minutes prior to the start time. International callers should dial (929) 203-1911. The Conference ID is MITTQ326. To listen to the live webcast of the conference call, please go to https://app.webinar.net/lNj7eomJznv and register using the same Conference ID.
The Company issued an earnings presentation detailing its third quarter 2026 financial results, which is available on the Company's website, www.mitt.tpg.com, under "Presentations" in the "News & Presentations" section.
For those unable to listen to the live call, an audio replay will be available on November 4, 2026 through 9:00 a.m. Eastern Time on December 4, 2026. To access the replay, please go to the Company's website at www.mitt.tpg.com.
ABOUT TPG MORTGAGE INVESTMENT TRUST, INC.
TPG Mortgage Investment Trust, Inc. is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. The Company is externally managed and advised by AG REIT Management, LLC, an affiliate of TPG Inc. (NASDAQ: TPG).
Additional information can be found on the Company's website at www.mitt.tpg.com.
Participants in the Solicitation Relating to the Merger
MITT and certain of its directors and executive officers and certain other affiliates of MITT may be deemed to be participants in the solicitation of proxies from the common stockholders of MITT in respect of the proposed Merger. Information regarding MITT and its directors and executive officers and their ownership of common stock of MITT can be found in MITT's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 25, 2026, and in its definitive proxy statement relating to its 2026 annual meeting of stockholders, filed with the SEC on March 16, 2026. Additional information regarding the interests of such participants in the Merger is included in the joint proxy statement/prospectus dated October 8, 2026 and other relevant documents relating to the proposed Merger filed with the SEC. These documents are available free of charge on the SEC's website and from MITT using the sources indicated above.
No Offer or Solicitation
This communication and the information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the "Securities Act"). This communication may be deemed to be solicitation material in respect of the proposed Merger.
FORWARD LOOKING STATEMENTS
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Words such as "expects," "endeavor," "anticipates," "intends," "plans," "believes," "seeks," "will," "should," "may," "projects," "could," "estimates," "continue" or variations of such words and other similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature, but not all forward-looking statements include such identifying words. Forward-looking statements are based on our beliefs, assumptions and expectations of our future operations, business strategies, performance, financial condition, liquidity and prospects, taking into account information currently available to us, and are not guarantees of future performance. Forward-looking statements regarding the Company include, but are not limited to, the Company's leverage profile, the Company's ability to continue rotating capital into higher-returning residential credit investments, whether the Company is well positioned to grow earnings and create long-term value for stockholders, statements related to the proposed Merger, including the anticipated timing, benefits and financial and operational impact thereof, other statements of management's belief, intentions or goals, and other statements that are not historical facts. These forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, without limitation, changes in general economic or market conditions, including changes in inflation, tariffs, interest rates and the fair value of our assets; changes in government regulations affecting our business; the Company's ability to grow its residential loan portfolio; changes in prepayment rates and mortgage default rates on the Company's assets; financing needs and arrangements; MITT's and CHMI's ability to complete the proposed Merger on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary stockholder approval from CHMI's and MITT's respective stockholders and satisfaction of other closing conditions to consummate the proposed Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; risks related to diverting the attention of MITT and CHMI management from ongoing business operations; failure to realize the expected benefits of the proposed Merger; significant transaction costs and/or unknown or inestimable liabilities; the risk of stockholder litigation in connection with the proposed Merger, including resulting expense or delay; the risk that MITT's and CHMI's respective
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