Angel Oak Mortgage, Inc.
Angel Oak Mortgage, 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. Our strategy is to make credit-sensitive investments primarily in newly originated first lien non-QM loans that are primarily made to higher-quality non-QM loan borrowers and primarily sourced from Angel Oak’s proprietary mortgage lending platform, Angel Oak Mortgage Lending, which operates through wholesale and retail channels and has a national origination footprint. We also may invest in other residential mortgage loans, RMBS and other mortgage-related assets, which, together with non-QM loans, we refer to in this prospectus as our target assets.
We commenced operations in September 2018 and have received $303 million in equity capital commitments since then. On Feb. 5, 2020, we formed our operating partnership through which substantially all of our assets are held and substantially all of our operations are conducted, either directly or through subsidiaries. As of March 31, 2021, we had total assets of approximately $534.9 million, including an approximate $481.0 million portfolio of non-QM loans and other target assets. Our portfolio consists primarily of mortgage loans and mortgage-related assets that have been underwritten in-house by Angel Oak Mortgage Lending, and are subject to Angel Oak Mortgage Lending’s rigorous underwriting guidelines and procedures. As of the date of origination and deal date of each of the loans underlying our portfolio of RMBS issued in AOMT securitizations that we participated in, such loans had a weighted average FICO score of 715, a weighted average LTV of 76.4% and a weighted average down payment of over $100,000.
We have elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended Dec. 31, 2019.
Note: Angel Oak Mortgage reported net income of $736,000 for the year ended Dec. 31, 2020, according to the prospectus.
(Note: Angel Oak Mortgage priced its IPO on June 16, 2021, at $19 – below its $20-$21 range – on 7.2 million shares, less than the 8.1 million shares in its prospectus, to raise $136.8 million.)
|Address||3344 Peachtree Road NE, Suite 1725 Atlanta, Georgia 30326|
|Phone Number||(404) 953-4900|
|View Prospectus:||Angel Oak Mortgage, Inc.|
|Revenues||$35.9 mil (last 12 months)|
|Net Income||$46.9 mil (last 12 months)|
|Price range||$19.00 - $19.00|
|Est. $ Volume||$136.8 mil|
|Manager / Joint Managers||Wells Fargo Securities/ BofA Securities/ Morgan Stanley/ UBS Investment Bank/ B. Riley, Inc.|
|CO-Managers||Nomura/ Oppenheimer & Co.|
|Expected To Trade:||6/17/2021|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|