Cherry Hill Mortgage Investment Corporation (CHMI) investor relations material

Executive summary

• Entered a definitive merger agreement with TPG Mortgage Investment Trust (MITT), offering CHMI shareholders a mix of MITT stock and $0.93 in cash per share, representing a 29% premium to the unaffected price, with closing targeted for Q4 2026.

• The transaction is expected to create a larger, more diversified mortgage REIT with enhanced liquidity, scale, and operating efficiencies, supported by TPG.

• CHMI shareholders will receive $3.10 per share ($2.17 in MITT stock, $0.93 in cash); preferred shares exchanged for equivalent terms in the combined company.

• The merger was unanimously approved by both companies' boards and is subject to shareholder and regulatory approvals.

• The company is a REIT focused on residential mortgage assets, primarily Agency RMBS and MSRs.

Financial highlights

• Book value per common share was $3.16 as of June 30, 2026, down 2.2% from the prior quarter after a $0.10 dividend.

• GAAP net income for Q2 2026 was $1.3 million ($0.04 per share); Earnings Available for Distribution (EAD) was $5.5 million ($0.15 per share).

• Net income for Q2 2026 was $3.8 million, up from $1.6 million in Q2 2025.

• Total assets as of June 30, 2026, were $1.40 billion.

• Aggregate portfolio leverage ratio was 5.02x at quarter-end.

Outlook and guidance

• The merger with MITT is expected to close in Q4 2026, subject to customary closing conditions and stockholder approvals.

• Transaction expected to be accretive to MITT’s earnings in 2027, with anticipated annual operating expense synergies of $7–$9 million.

• Management expects sufficient liquidity for the next twelve months, with cash on hand and operating cash flow covering anticipated needs.

• Dividend policy remains at $0.10 per share per quarter during the merger process.