MITT (MITT) Q2 2026 Earnings Call Transcript

TPG Mortgage Investment Trust (MITT) posted Q2 2026 book value of $10.00 per share and EAD of $0.24 per share, fully covering its quarterly dividend. The company announced a definitive agreement to acquire Cherry Hill Mortgage Investment Corporation in a deal that will expand market capitalization by 36% and create a combined $750 million equity capital base.

Management expects $7-9 million in annual cost synergies from the merger. The acquisition also projects approximately $0.20 in incremental annual EAD per share through resolving legacy commercial loans inherited from Cherry Hill's portfolio.

MITT is maintaining its strategy centered on home equity investments and non-agency residential mortgage securities. The company plans to execute more than $1.25 billion in securitizations during Q3 2026, underscoring aggressive deployment of capital in its core residential focus areas.

The Cherry Hill acquisition marks a significant scale play in the mortgage REIT space, combining two platforms with complementary strategies and creating immediate accretion through cost cuts and balance sheet cleanup.