Company: AOMN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001766478-25-000042
Chunk: 13

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 13
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2025$75,000 $23 $74,977 $(18)$74,959 3.68 %December 31, 2024$— $— $— $— $— — %

5.    Financing

The Company has the ability to finance residential and commercial whole loans, utilizing lines of credit (notes payable) from various counterparties, as further described below. Outstanding borrowings bear interest at floating rates depending on the lending counterparty, the collateral pledged, and the rate in effect for each interest period, as the same may change from time to time at the end of each interest period. Some agreements include upfront fees, fees on unused balances, covenants and concentration limits on types of collateral pledged which vary based on the counterparty. Occasionally, a lender may require certain margin collateral to be posted on a warehouse line of credit. There was no margin collateral required as of March 31, 2025 or December 31, 2024.

12

Angel Oak Mortgage REIT, Inc.Notes to the Condensed Consolidated Financial Statements(Unaudited)

The following table sets forth the details of all the lines of credit available to the Company for whole loan purchases as of March 31, 2025 and December 31, 2024, and the drawn amounts as 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. In addition, the interest rate pricing spread was reduced to a range from 1.65% to 2.10%; prior to this extension, the interest rate pricing spread was a range from