Company: AOMN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001766478-25-000042
Chunk: 8

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 8
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 31, 2025December 31, 2024($ in thousands)Aggregate unpaid principal balance of residential whole loans sold, at deal date$2,326,980 $2,326,980 Face amount of Non-recourse securitization obligation issued by the VIE and purchased by third-party investors, at deal date2,194,774 2,194,774 Face amount of Senior Support Certificates received by the Company, at deal date132,206 132,206 Aggregate cash received, at deal date273,266 273,266 During the three months ended March 31, 2025, the Company had no securitization transactions. As of March 31, 2025 and December 31, 2024, as a result of the transactions described above, securitized loans with outstanding principal balance of approximately $1.7 billion and $1.8 billion are included in “Residential mortgage loans in securitization trusts” on the Company’s condensed consolidated balance sheets, respectively. As of March 31, 2025 and December 31, 2024, the aggregate carrying value of bonds issued by consolidated VIEs was $1.6 billion and $1.6 billion, respectively. These bonds issued are disclosed as “Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts” on the Company’s condensed consolidated balance sheets. The holders of the securitized debt have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets from the VIE upon the breach of certain representations and warranties with respect to the residential whole loans sold to the VIE. In the absence of such a breach, the Company has no obligation to provide any other explicit or implicit support to any VIE. The Company concluded that the entities created to facilitate the loan securitization transactions are VIEs. The Company completed an analysis of whether each VIE created to facilitate the securitization transactions should be consolidated by the Company, based on consideration of its involvement in each VIE and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of each VIE. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed: •     whether the Company has both the power to direct the activities that most significantly impact