Angel Oak Mortgage, Inc. Completes $ 316.6 Million Non-QM Residential Loan Securitization
ATLANTA – (COMMERCIAL THREAD) – Angel Oak Mortgage, Inc. (NYSE: AOMR) (the “Company”), a leading real estate finance company focused on acquiring and investing in senior agencyless loans and other mortgage-related assets in the US mortgage market, announces the closing of a $ 316.6 million securitization backed by a pool of residential mortgage loans. The securitization (AOMT 2021-4) was the Company’s sixth securitization and its first single securitization, as well as the twenty-fifth residential securitization in total carried out under the AOMT platform of its subsidiary.
“This securitization has been executed at very high prices as investors continue to appreciate Angel Oak’s non-QM assets and track record of delivering high quality transactions, ”said Brandon Filson, CFO of Angel Oak. “Demand for housing remains strong across the country, and we believe we can continue to implement our loan acquisition and financing strategies in the second half of 2021 and beyond. ”
The Company has placed residential mortgage-backed securities with a face value of $ 306.4 million at a weighted average financing cost of 1.12%. The residual value and the economic return of the collateral will be retained by the Company. The loans underlying the securitization had a weighted average coupon of 5.24%. At the close of the transaction, AWM 2021-4 consisted of 632 loans, almost all of which originated from Angel Oak subsidiaries. The securitization had an average credit score of 739, a loan-to-value ratio of 73.8% and a debt-to-income ratio of 33.3%. The transaction was rated by Fitch and Kroll, with the senior tranche receiving an AAA rating.
This press release contains certain forward-looking statements which are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the Company’s investments and its financing needs and arrangements. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “may”, “will”, “should”, “possible”, “intend”, “expect”, “s ‘strive’, “seek”, “” “,” estimate “,” believe “,” could “,” project “,” predict “and” continue “or by the negative of these words and expressions or other words or similar expressions. Forward-looking statements are based on certain assumptions; discuss future expectations; describe existing or future plans and strategies; contain projections of operating results, liquidity and / or financial position; or state other forward-looking information. The Company’s ability to predict future events or conditions, their impact, or the actual effect of existing or future plans or strategies is inherently uncertain, particularly given the uncertainties created by the COVID-19 pandemic, including the projected impact of COVID-19. pandemic on the business, financial results and performance of the Company. Although the Company believes that these forward-looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those stated or implied by these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the views of the Company only as of the date of this press release. Additional information regarding factors that could cause actual results and performance to differ materially from these forward-looking statements is contained from time to time in documents filed by the Company with the Securities and Exchange Commission. Except as required by applicable law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of forward-looking statements. The Company does not undertake to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
About Angel Oak Mortgage, Inc.
Angel Oak Mortgage, Inc. is a real estate finance company focused on acquiring and investing in senior non-agency loans and other mortgage-related assets in the US mortgage market. The Company’s objective is to generate attractive risk-adjusted returns to its shareholders through cash distributions and capital appreciation throughout the interest rate and credit cycles. The Company is managed and externally advised by a subsidiary of Angel Oak Capital Advisors, LLC, which, together with its subsidiaries, is a leading alternative credit manager with a vertically integrated mortgage origination platform.