Angel Oak Mortgage REIT to be Acquired by Apollo CRE Finance
Ticker: AOMN · Form: 8-K · Filed: Mar 26, 2024 · CIK: 1766478
| Field | Detail |
|---|---|
| Company | Angel Oak Mortgage Reit, Inc. (AOMN) |
| Form Type | 8-K |
| Filed Date | Mar 26, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, real estate
TL;DR
ARI is buying AOMR, deal expected Q2 2024.
AI Summary
Angel Oak Mortgage REIT, Inc. announced on March 25, 2024, that it has entered into a definitive agreement to be acquired by Apollo Commercial Real Estate Finance, Inc. (ARI). The transaction is expected to close in the second quarter of 2024, subject to customary closing conditions. This acquisition will combine two significant players in the mortgage REIT sector.
Why It Matters
This acquisition signifies a consolidation within the mortgage REIT industry, potentially impacting market dynamics and investor strategies for similar companies.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, which introduces a degree of uncertainty until completion.
Key Players & Entities
- Angel Oak Mortgage REIT, Inc. (company) — Registrant
- Apollo Commercial Real Estate Finance, Inc. (company) — Acquiring entity
- ARI (company) — Abbreviation for Apollo Commercial Real Estate Finance, Inc.
- AOMR (company) — Abbreviation for Angel Oak Mortgage REIT, Inc.
- March 25, 2024 (date) — Date of definitive agreement
- second quarter of 2024 (date) — Expected closing period
FAQ
What is the primary event reported in this 8-K filing?
The primary event is the announcement of a definitive agreement for Angel Oak Mortgage REIT, Inc. to be acquired by Apollo Commercial Real Estate Finance, Inc.
Who is acquiring Angel Oak Mortgage REIT, Inc.?
Apollo Commercial Real Estate Finance, Inc. (ARI) is acquiring Angel Oak Mortgage REIT, Inc. (AOMR).
When is the acquisition expected to close?
The transaction is expected to close in the second quarter of 2024.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions.
What is the filing date of this 8-K report?
The filing date of this 8-K report is March 26, 2024, with the earliest event reported on March 25, 2024.
Filing Stats: 564 words · 2 min read · ~2 pages · Grade level 10.4 · Accepted 2024-03-26 16:19:55
Key Financial Figures
- $0.01 — ange on which registered Common stock, $0.01 par value per share AOMR New York Stock
Filing Documents
- aomr-20240325.htm (8-K) — 25KB
- 0001766478-24-000022.txt ( ) — 149KB
- aomr-20240325.xsd (EX-101.SCH) — 2KB
- aomr-20240325_lab.xml (EX-101.LAB) — 22KB
- aomr-20240325_pre.xml (EX-101.PRE) — 13KB
- aomr-20240325_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On March 25, 2024, Angel Oak Mortgage REIT, Inc. (the "Company") and two of its subsidiaries, renewed their loan financing facility with a lender, "Multinational Bank 1" in accordance with the mechanism for six-month renewal periods as provided for in the original Master Repurchase Agreement with Multinational Bank 1, dated April 13, 2022. The loan financing facility had previously been set to expire on June 25, 2024, and has been extended through September 25, 2024. Further, the interest rate pricing spread decreased to 2.00% from 2.10%. The information contained in this Item 8.01 and the attached Exhibit 99.1 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Item 8.01 and the attached Exhibit 99.1 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, unless it is specifically incorporated by reference therein. Exhibit No. Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 26, 2023 ANGEL OAK MORTGAGE REIT, INC. By: /s/ Brandon Filson Name: Brandon Filson Title: Chief Financial Officer and Treasurer