Angel Oak REIT to be Acquired by Apollo CRE Finance

TL;DR

Angel Oak REIT is getting bought by Apollo CRE Finance, deal expected Q4 2024.

AI Summary

Angel Oak Mortgage REIT, Inc. announced on June 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 fourth 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 closing conditions, and there is always a risk of deals falling through or terms changing.

Key Players & Entities

• Angel Oak Mortgage REIT, Inc. (company) — Company filing the report and being acquired
• Apollo Commercial Real Estate Finance, Inc. (company) — Acquiring company
• ARI (company) — Ticker symbol for Apollo Commercial Real Estate Finance, Inc.
• June 25, 2024 (date) — Date of the definitive agreement
• fourth quarter of 2024 (date) — Expected closing period for the acquisition

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share AOMR New York Stock

Filing Documents

• aomr-20240625.htm (8-K) — 26KB
• 0001766478-24-000068.txt ( ) — 149KB
• aomr-20240625.xsd (EX-101.SCH) — 2KB
• aomr-20240625_lab.xml (EX-101.LAB) — 22KB
• aomr-20240625_pre.xml (EX-101.PRE) — 13KB
• aomr-20240625_htm.xml (XML) — 3KB

01 Other Events

Item 8.01 Other Events. On June 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 September 25, 2024, and has been extended through December 26, 2024. Further, the interest rate pricing spread decreased to 1.75% from 2.00%. 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: June 26, 2024 ANGEL OAK MORTGAGE REIT, INC. By: /s/ Brandon Filson Name: Brandon Filson Title: Chief Financial Officer and Treasurer

View Full Filing

View this 8-K filing on SEC EDGAR