Company: AOMN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001766478-25-000042
Chunk: 107

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 107
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 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 a range from 1.90%. to 4.75% and the index spread adjustment of 0.20% was eliminated.

The following table sets forth the total unused borrowing capacity of each financing line as of March 31, 2025:

Note PayableBorrowing CapacityBalance OutstandingAvailable Financing(in thousands)Multinational Bank 1$600,000 $232,431