Angel Oak Mortgage REIT closes $317M non-QM securitization AOMT 2024-10

Angel Oak Mortgage REIT, Inc.

AOMT 2024-10 includes 661 non-QM loans with scheduled principal balance of $316.8M, weighted avg coupon 7.79%, LTV 70.3%, FICO 754.
Deal lowers weighted avg funding cost for underlying loans by over 110 bps; incremental to 50 bps warehouse cost relief from Fed's September rate cut.
Reduces whole loan warehouse debt by $260M, lowering total recourse debt-to-equity ratio.
CEO states capital from July senior unsecured notes was quickly deployed, covering cost of capital and setting stage for compounded growth in Q4 and beyond.

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