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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Cherry Hill Mortgage (CHMI) common stockholders are scheduled to vote on the proposed merger with TPG Mortgage Investment Trust (MITT) on December 2, 2026, at 9:00 a.m. Eastern Time. Under the agreement, each eligible CHMI common share would convert at closing into 0.3063 MITT common shares plus $0.93 cash. The share ratio is fixed, subject to agreement adjustments, but the dollar value of those MITT shares is not.
What would CHMI common shareholders receive?
At closing, each eligible CHMI common share would be converted into:
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- 0.3063 shares of MITT common stock;
- $0.41 in cash paid by MITT; and
- $0.52 in additional cash paid by the MITT manager on its own behalf.
The two cash payments total $0.93 per CHMI common share. The 0.3063 exchange ratio is fixed, subject to adjustments specified in the merger agreement. It represents a number of MITT shares, not a fixed dollar amount, so the value of that portion changes with MITT’s market price. The SEC joint proxy statement/prospectus describes the legal terms; consult the current filing for the complete agreement and any amendments.
Is the merger consideration worth $3.10 per CHMI share?
Not as a guaranteed or current amount. In their August 10, 2026 announcement, CHMI and MITT reported an implied value of $3.10 per CHMI common share, calculated using MITT’s closing share price on August 7, 2026. The companies also reported that this represented a 29% premium to CHMI’s August 7 closing price and a 32% premium to its 30-day volume-weighted average price. These are company-reported comparisons tied to those specific market prices, not a promise of what shareholders will receive in dollars. The $0.93 cash component is stated in dollars; the stock component’s value moves with MITT’s price.
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When is the CHMI merger vote, and who can vote?
The special meeting is scheduled to be held virtually on December 2, 2026, at 9:00 a.m. Eastern Time. The record date is October 2, 2026: CHMI common stockholders of record on that date are entitled to vote. CHMI preferred stockholders are not entitled to vote at this special meeting.
The meeting date and instructions can change. Before acting, check the latest official proxy materials and SEC filings for any postponement, adjournment, amendment, or updated deadlines. The proxy materials explain virtual attendance and proxy submission. If shares are held through a broker or other nominee, contact that intermediary for its voting process and deadlines.
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What proposals are on the ballot, and how many votes are needed?
Eligible CHMI common stockholders will vote on three proposals:
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- The merger proposal;
- A compensation proposal; and
- An adjournment proposal.
Approval of the merger proposal requires affirmative votes from holders of at least a majority of the issued and outstanding CHMI common shares entitled to vote. The CHMI board unanimously recommends voting “FOR” each of the three proposals. That is the board’s recommendation, not a guarantee that the merger will close.
How are CHMI preferred shares treated?
The agreement provides separate one-for-one replacement treatment for the two CHMI preferred series:
| CHMI security | Proposed MITT replacement |
|---|---|
| 8.20% Series A preferred share | One newly issued MITT Series D preferred share |
| 8.250% Series B preferred share | One newly issued MITT Series E preferred share |
The filing describes the replacement securities’ rights, preferences, privileges, and voting powers as substantially the same as those of the corresponding CHMI preferred shares. Preferred holders do not vote at the CHMI common-stockholder special meeting.
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What should investors weigh before the vote?
The agreement’s consideration is only one part of the decision. Investors evaluating whether to hold CHMI shares while the transaction is pending may want to consider:
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- Cash versus stock value: The $0.93 cash portion is stated in dollars, while the 0.3063 MITT shares have a market value that can rise or fall.
- Completion risk and timing: Closing is conditional on the merger agreement and required approvals. The cited materials do not establish a final closing date or guarantee completion.
- Security class and voting rights: The common-stockholder vote applies to eligible common holders; preferred holders receive separate conversion treatment and are not eligible to vote at this meeting.
- Your view of MITT after closing: The stock portion would leave common holders with MITT shares, so its future value depends on MITT’s market price and prospects.
For the controlling terms and current logistics, review the latest SEC filing and official meeting materials rather than relying on the announcement-date valuation.
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