Company: AOMN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001766478-25-000042
Chunk: 61

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 61
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 amount outstanding under the agreement and Global Investment Bank 3’s right to liquidate the mortgage loans then subject to the agreement.

We and our subsidiaries are also required to pay certain customary fees to Global Investment Bank 3 and to reimburse Global Investment Bank 3 for certain costs and expenses incurred in connection with its structuring, management, and ongoing administration of the agreement.

The following table sets forth the details of our financing lines as of each of March 31, 2025 and December 31, 2024:

Interest Rate Pricing SpreadDrawn AmountNote PayableBase Interest RateMarch 31, 2025December 31, 2024($ in thousands)Multinational Bank 1 (1)Average Daily SOFR1.65% - 2.10%$232,431 $100,711 Global Investment Bank 2 (2)1 month Term SOFR1.75% - 3.35%38,654 15,111 Global Investment Bank 3 (3)Compound SOFR1.90% - 4.75%89,385 13,637 Total$360,470 $129,459 

(1)     On March 25, 2025, this financing facility was extended through September 25, 2025 in accordance with the terms of the agreement, which contemplates six-month renewals, with an interest rate pricing spread of 1.65%. Prior to this extension the interest rate pricing spread was up to 1.75%. 

(2)     On March 28, 2024, the Company and two of its subsidiaries terminated the existing facility with Global Investment Bank 2 and the Company and two different subsidiaries entered into a new facility with Global Investment Bank 2 wherein the Company is guarantor, one of the subsidiaries is seller and Global Investment Bank 2 is buyer. This updated facility is extended through March 27, 2026. In connection with the execution of the new facility the interest rate pricing spread was reduced to a range between 2.10% and 3.35%. On October 25, 2024, the facility was amended to, among other changes, reduce the pricing spread to a range between 1.75% and 3.35%.

(3)     On November 1, 2024, the facility’s termination date was extended to November 1, 2025. In addition, the base interest rate spread was reduced to