Angel Oak Mortgage, Inc. (AOMR) plans to raise $166 million in an initial public offering (IPO) on Thursday, June 17th, IPO Scoop reports. The company plans to issue 8,100,000 shares at a price of $20.00-$21.00 per share.
The company has a market cap of $537.3 million.
Wells Fargo Securities, BofA Securities, Morgan Stanley, UBS Investment Bank and B. Riley Securities served as the underwriters for the IPO and Nomura and Oppenheimer & Co. were co-managers.
Angel Oak Mortgage, Inc. provided the following description of their company for its IPO: “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. Further, we also may identify and acquire our target assets through the secondary market when market conditions and asset prices are conducive to making attractive purchases. Our objective is to generate attractive risk-adjusted returns for our stockholders, through cash distributions and capital appreciation, across interest rate and credit cycles. 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, which were financed with several term securitizations as well as with in-place loan financing lines and repurchase facilities with a combination of global money center and large regional banks. 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. “.
Angel Oak Mortgage, Inc. was founded in 2018 and has employees. The company is located at 3344 Peachtree Road NE, Suite 1725 Atlanta, Georgia 30326 and can be reached via phone at (404) 953-4900 or on the web at http://www.angeloakreit.com/.
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