MITT offers $9.88/sh for WMC, 18.2% premium, in stock/cash bid

TPG Mortgage Investment Trust, Inc.

Implied price $9.88/share ($8.90 stock + $0.98 cash); 18.2% premium to WMC's July 12 close.
Fixed exchange ratio of 1.468 MITT shares per WMC share; Angelo Gordon contributes up to $7M cash.
Proposal follows WMC's June 28 merger with non-traded REIT Terra Property Trust; MITT claims superior value.
No financing condition, no acceleration of WMC convertible debt, and MITT stock is NYSE-listed with observable value.
Angelo Gordon ($73B AUM) supports deal with $7M cash; MITT manager to waive $2.4M management fees post-close.

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