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TPG Mortgage Investment Trust Q3 book value drops on Cherry Hill merger

By Reuters News


Overview

  • U.S. residential mortgage REIT reported Q3 net loss and book value per share fell 7.3%

  • Book value decline partly due to Cherry Hill merger transaction expenses

  • Company's proposed Cherry Hill merger previously announced, aims to strengthen long-term earnings


Outlook

  • Company expects Cherry Hill merger and asset redeployment to support stronger future earnings

  • Company says resolution of legacy commercial assets is expected to benefit future results

  • Company did not provide specific financial guidance for the upcoming quarter or full year


Result Drivers

  • RESIDENTIAL STRATEGY - Co said it focused on core residential strategies, including sponsoring three home equity securitizations and rotating capital into higher-returning residential credit

  • TRANSACTION EXPENSES - Co said Cherry Hill merger transaction expenses contributed to book value decline


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Loss

$15.74 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the specialized reits peer group is "hold."

  • Wall Street's median 12-month price target for TPG Mortgage Investment Trust Inc is $8.00, about 41.1% above its November 3 closing price of $5.67

  • The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 6 three months ago


Reuters Recommended Reads

  • Nov 3 - Claros Mortgage Trust posts Q3 net loss

  • Nov 3 - Redwood Trust Q3 loss widens

  • Nov 2 - Realty Income's Q3 revenue beats; raises 2026 AFFO per share outlook


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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