Angel Oak Mortgage converts $286M debt to non-mark-to-market, provides book value update

Angel Oak Mortgage REIT, Inc.

Converted ~$286M of mark-to-market debt to non-mark-to-market financing for all continually performing loans.
Reduced outstanding warehouse debt by nearly 30%; released ~$35M of additional capital and liquidity.
GAAP book value estimated at $9.35-$9.45 per share as of Nov 30, 2022, down from $10.63 on Sep 30.
Economic book value estimated at $12.70-$12.80 per share, down from $12.93 on Sep 30.
Terminated $75M committed loan financing line with Regional Bank 2 on Dec 15, 2022.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Angel Oak Mortgage REIT, Inc. amended Fifth Amendment to Amended and Restated Master Repurchase Agreement and Second Amendment to Fee Letter with Global Investment Bank 3 (the "Lender") valued at up to $286.0 million (effective 2022-12-19).

Action: amendment
Agreement: credit facility
Counterparty: Global Investment Bank 3 (the "Lender")
Value: up to $286.0 million
Effective: 2022-12-19

Exact text from the filing

On December 19, 2022, Angel Oak Mortgage, Inc. (the “Company”) and one of its subsidiaries amended and restated their loan financing facility with a global investment bank, Global Investment Bank 3 (the “Lender”) pursuant to the Fifth Amendment to Amended and Restated Master Repurchase Agreement and Second Amendment to Fee Letter (the “Amendment”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Angel Oak Mortgage REIT, Inc. amended Fourth Amended and Restated Guaranty Agreement with Global Investment Bank 3 (the "Lender") (effective 2022-12-19).

Action: amendment
Agreement: credit facility
Counterparty: Global Investment Bank 3 (the "Lender")
Effective: 2022-12-19

Exact text from the filing

In connection with the entry into the Amendment, the Company also amended and restated its guaranty in favor of the Lender by entering into a Fourth Amended and Restated Guaranty Agreement (the “Guaranty Agreement”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Angel Oak Mortgage REIT, Inc. terminated a credit facility with Regional Bank 2 valued at up to $75.0 million (effective 2022-12-15).

Action: termination
Agreement: credit facility
Counterparty: Regional Bank 2
Value: up to $75.0 million
Effective: 2022-12-15

Exact text from the filing

On December 15, 2022, the Company voluntarily terminated its committed loan financing line with a regional bank (“Regional Bank 2”) and accordingly, both the Company and Regional Bank 2 executed a Payoff Letter dated December 15, 2022 (the “Payoff Letter”).

View on SEC.gov

281 material agreements filed in the last 30 days. Browse all material agreements →

Angel Oak Mortgage REIT, Inc. filing history →

Source: SEC EDGAR

accession 0001766478-22-000147

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