Angel Oak Mortgage REIT, Inc. Prices $284.5 million Securitization, Accelerates Execution of Growth Strategy
27 Juni 2023 - 11:18PM
Business Wire
Capital released from deal will enhance
Company’s ability to purchase newly originated, high-coupon loans
and grow earnings power of portfolio while continuing to manage
liquidity
Angel Oak Mortgage REIT, Inc. (NYSE: AOMR), (the
“Company,” “we,” and “our”), a leading real estate finance company
focused on acquiring and investing in first-lien non-QM loans and
other mortgage-related assets in the U.S. mortgage market, today
announced the pricing of AOMT 2023-4, an approximately $284.5
million scheduled principal balance securitization backed by a pool
of residential mortgage loans, all of which were contributed by the
Company. The senior tranche received an AAA rating from Fitch
Ratings.
“We believe that this securitization represents an inflection
point in our business, as the approximately $30 million of capital
that will be released through AOMT 2023-4 allows us to materially
expand the loan acquisition activity that we began earlier this
quarter,” said Sreeni Prabhu, Chief Executive Officer and President
of Angel Oak Mortgage REIT, Inc. “By leveraging our affiliated loan
origination platform to accelerate loan purchase activity, we can
compound the impact of the de-risking actions we’ve taken over the
previous quarters while driving meaningful net interest income
growth.”
Key Highlights and Updates
- AOMT 2023-4 includes a portfolio of 606 non-QM loans with a
scheduled principal balance of $284.5 million with a weighted
average loan coupon of 4.5%, a weighted average original
loan-to-value ratio of 71.3%, and a weighted average original FICO
score 734.
- With the capital released from the securitization, AOMR intends
to accelerate purchases of current market coupon loans.
- Prior to the announced transaction, AOMR had begun actively
purchasing newly originated loans carrying a weighted average loan
coupon of 8.2%, a weighted average original loan-to-value ratio of
72%, and a weighted average original FICO score of 749.
- The securitization will reduce the Company’s whole loan
warehouse debt by approximately 45.6% versus Q1 2023, bringing the
total reduction in the Company’s whole loan warehouse debt since
the end of Q3 2022 to approximately 73.7%.
Forward Looking Statements This press release contains
certain forward-looking statements that are subject to various
risks and uncertainties, including, without limitation, statements
relating to the performance of the Company’s investments.
Forward-looking statements are generally identifiable by use of
forward-looking terminology such as “may,” “will,” “should,”
“potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,”
“estimate,” “believe,” “could,” “project,” “predict,” “continue,”
or by the negative of these words and phrases or other similar
words or expressions. Forward-looking statements are based on
certain assumptions, discuss future expectations, describe existing
or future plans and strategies, contain projections of results of
operations, liquidity and/or financial condition, 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.
Although the Company believes that such forward-looking statements
are based on reasonable assumptions, actual results and performance
in the future could differ materially from those set forth in or
implied by such forward-looking statements. You are cautioned not
to place undue reliance on these forward‐looking statements, which
reflect the Company’s views only as of the date of this press
release. Additional information concerning factors that could cause
actual results and performance to differ materially from these
forward-looking statements is contained from time to time in the
Company’s filings 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 the forward‐looking statements. The Company does
not undertake any obligation 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 REIT, Inc. Angel Oak Mortgage
REIT, Inc. is a real estate finance company focused on acquiring
and investing in first lien non-QM loans and other mortgage-related
assets in the U.S. mortgage market. The Company’s objective is to
generate attractive risk-adjusted returns for its stockholders
through cash distributions and capital appreciation across interest
rate and credit cycles. The Company is externally managed and
advised by an affiliate of Angel Oak Capital Advisors, LLC, which,
collectively with its affiliates, is a leading alternative credit
manager with market leadership in mortgage credit that includes
asset management, lending, and capital markets. Additional
information about the Company is available at
www.angeloakreit.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230627480266/en/
Investors: investorrelations@angeloakreit.com
855-502-3920
IR Agency: Alec Steinberg or Joseph Caminiti Alpha IR Group
AOMR@alpha-ir.com 312-445-2870
Media: Bernardo Soriano, Gregory FCA for Angel Oak
Mortgage, Inc. 914-656-3880 bernardo@gregoryfca.com
Company: KC Kelleher, Angel Oak Mortgage REIT, Inc.
404-528-2684 kc.kelleher@angeloakcapital.com
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