AG Mortgage Investment Trust (now TPG MITT) book value falls 7.3% to $9.27 as Cherry Hill deal nears

The mortgage REIT that most headlines still call AG Mortgage Investment Trust reported third-quarter results on Wednesday, and the main number is a drop in book value. Book value per share fell to $9.27 on Sept. 30 from $10.00 on June 30, a decline of 7.3%, according to the company's earnings release filed with the SEC. The company now trades as TPG Mortgage Investment Trust, Inc. (NYSE: MITT); SEC records show the name change took effect on Nov. 7, 2025.

The release also restates the terms of its pending purchase of Cherry Hill Mortgage Investment Corporation (NYSE: CHMI). Those terms are not new: the merger agreement is dated Aug. 9, 2026.

The quarter in numbers

Measure	Q3 2026
Book value per share (Sept. 30)	$9.27 (June 30: $10.00)
Net loss to common, per diluted share	$(0.49)
Earnings available for distribution (EAD) per share	$0.21
Common dividend declared	$0.24
Quarterly economic return on equity	(4.9)%
Investment portfolio	$7.6 billion
Total liquidity	$84.7 million

CEO T.J. Durkin called September "challenging" in the release. The company's presentation attributes the GAAP loss mainly to net unrealized losses on the investment portfolio: $19.9 million, or $0.62 a share, against EAD of $6.6 million.

The number behind the number: the dividend was not fully earned

EAD is the company's own non-GAAP measure of recurring earnings, and it came in at $0.21 a share. The dividend declared for the quarter was $0.24. On those two figures, recurring earnings covered about 88% of the common payout (0.21 divided by 0.24, our arithmetic). The company did not say in the release that it plans to change the dividend.

The gap matters because a mortgage REIT's pitch is the payout. When the dividend runs ahead of EAD and book value is also falling, holders are being paid partly out of capital. Management says it expects redeployment of capital and the Cherry Hill merger to lift earnings; that is a forward-looking statement, not a result.

Leverage is the other lever. The release lists $7.2 billion of financing, of which $6.1 billion is non-recourse and $1.1 billion is recourse, and a 13.7x GAAP leverage ratio (2.0x on the company's economic measure). Liquidity of $84.7 million is small next to the $1.1 billion of recourse financing, which is why a month like September shows up directly in book value.

What Cherry Hill holders get

Under the agreement, each CHMI common share converts into 0.3063 MITT shares, plus $0.41 in cash from MITT and $0.52 in cash from AG REIT Management, LLC, MITT's external manager. CHMI's Series A and B preferred convert one-for-one into new MITT Series D and E preferred with substantially the same terms.

Because the stock portion is a fixed ratio, its value moves with MITT's price. Using Nasdaq's quotes at 9:31 AM ET on Nov. 4 ($5.61 for MITT, $2.60 for CHMI), the package works out to roughly $2.65 per CHMI share: about $1.72 in stock plus $0.93 in cash, with the cash about 35% of the total. That is about 2% above CHMI's quoted price. This is our own calculation from intraday quotes and will change with every tick.

The release says the joint proxy statement/prospectus is dated Oct. 8, 2026, and that closing depends on approval by both companies' common stockholders. It does not give the vote dates or an expected closing date, and we have not confirmed them from another document.

Who this touches

This is a story about a small financial company, but its inputs are the ones that matter to anyone who borrows against property. Mortgage REITs hold the securities and loans that lenders sell to fund new mortgages, so when their book values fall and leverage is high, their appetite for new purchases is one of the things that sets how much capital reaches home loans. MITT's own filings point to home equity loans as its focus: it sponsored three home equity securitizations in the quarter.

For holders of the two stocks, the figures above are the facts to weigh: a share price well below stated book value, a dividend that was not fully covered by EAD, and a deal whose stock component floats. The company also says it is selling legacy commercial loans, with some hotel sales targeted for the fourth quarter and a retail property for the first quarter, and that the proceeds would first repay financing.

For more on how rates feed into housing finance, see our real estate coverage and the 10-year Treasury chart.

Sources: TPG Mortgage Investment Trust Q3 2026 results (Exhibit 99.1) and earnings presentation, filed with the SEC on Nov. 4, 2026; Nasdaq quotes for MITT and CHMI at 9:31 AM ET on Nov. 4; SEC EDGAR filings. Some data may be delayed. This is market information, not investment advice.