Angel Oak Mortgage (AOMR) Opens Fractionally Lower

Today's IPO for Angel Oak Mortgage (NYSE: AOMR) opened for trading at $18.75 after pricing 7,200,000 shares of its common stock at $19.00 per share.

The Company intends to use the net proceeds from the offering and the private placement to acquire non-qualified (“non-QM”) mortgage loans and other target assets primarily sourced from affiliates of Angel Oak Capital Advisors, LLC, or other target assets through the secondary market in a manner consistent with the Company’s strategy and investment guidelines described in its prospectus, and for general corporate purposes.

Wells Fargo Securities, BofA Securities, Morgan Stanley and UBS Investment Bank are acting as the joint book-running managers for the offering. B. Riley Securities is acting as a book-runner for the offering, and Nomura and Oppenheimer & Co. are acting as the co-managers for the offering.

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. The Company’s objective is to generate attractive risk-adjusted returns for its stockholders through cash distributions and capital appreciation across interest rate and credit cycles. The Company is externally managed and advised by an affiliate of Angel Oak Capital Advisors, LLC, which, collectively with its affiliates, is a leading alternative credit manager with a vertically integrated mortgage origination platform.

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