Angel Oak Mortgage, Inc. (NYSE: AOMR), a leading real estate finance company focused on acquiring and investing in first-lien, nonqualified mortgage loans and other mortgage-related assets in the U.S. mortgage market, announces the closing of a $537.6 million securitization (AOMT 2022-1) backed by a pool of residential mortgage loans. As of this closing, the company has securitized over $1.2 billion of non-QM loans since the company’s June initial public offering. This was the company’s eighth securitization and its third sole securitization since its initial public offering, as well as the 30th residential securitization overall completed under its affiliate’s AOMT shelf.
“Given current market conditions, we are very pleased with the execution of this securitization,” said Brandon Filson, Chief Financial Officer of Angel Oak Mortgage, Inc. Angel Oak Mortgage’s affiliated mortgage companies recently announced that they anticipate originating over $7.5 billion in non-QM loans in 2022, compared to $3.9 billion originated in 2021. “Angel Oak’s leadership within the non-QM space will continue to differentiate us in the market, and we are excited for the continued growth possible in 2022,” Filson said.
The company placed residential mortgage-backed securities with a face value of $520.9 million at a 3.06% weighted average cost of funding. The remaining value and economic return of the collateral will be retained by the company. The loans underlying the securitization had a weighted average coupon of 4.48%. At deal closing, AOMT 2022-1 consisted of 1,138 loans. The securitization had an average credit score of 744, a loan-to-value ratio of 70.6% and a debt-to-income ratio of 32.7%. The transaction’s senior tranche received Fitch’s AAA rating.
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About 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. 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 a vertically integrated mortgage-origination platform. Additional information about the company is available at www.angeloakreit.com.
Bernardo Soriano, Gregory FCA for Angel Oak Mortgage Inc.
Randy Chrisman, Chief Marketing and Corporate Investor Relations Officer, Angel Oak Capital Advisors