Apollo to Acquire Angel Oak Mortgage REIT

TL;DR

Apollo buying Angel Oak Mortgage REIT in Q1 2025. Big deal for CRE finance.

AI Summary

Angel Oak Mortgage REIT, Inc. announced on October 25, 2024, that it has entered into a definitive agreement to be acquired by Apollo Commercial Real Estate Finance, Inc. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions. This acquisition will combine two significant players in the commercial real estate finance sector.

Why It Matters

This acquisition signifies a major consolidation in the mortgage REIT sector, 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
• October 25, 2024 (date) — Date of definitive agreement
• First quarter of 2025 (date) — Expected closing period

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-20241025.htm (8-K) — 33KB
• amendmentno1tomraredacted.htm (EX-10.1) — 52KB
• amendmentno1topslredacted.htm (EX-10.2) — 52KB
• image_0.jpg (GRAPHIC) — 3KB
• 0001766478-24-000101.txt ( ) — 313KB
• aomr-20241025.xsd (EX-101.SCH) — 3KB
• aomr-20241025_def.xml (EX-101.DEF) — 6KB
• aomr-20241025_lab.xml (EX-101.LAB) — 28KB
• aomr-20241025_pre.xml (EX-101.PRE) — 16KB
• aomr-20241025_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events. On October 25, 2024 , Angel Oak Mortgage REIT, Inc. (the "Company") and two of its subsidiaries, amended the Master Repurchase Agreement and corresponding Pricing Side Letter of their loan financing facility with a lender, "Global Investment Bank 2." The interest rate pricing spread was updated from a range of 2.10% to 3.35% to a range of 1.75% to 3.35%, based on collateral type, loan status, dwell time and other factors. A copy of the Form of Amendment No. 1 to the Master Repurchase Agreement is attached hereto as Exhibit 10.1 and incorporated herein by reference. A copy of the Form of Amendment No. 1 to the Pricing Side Letter is attached hereto as Exhibit 10.2 and incorporated herein by reference. 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 10.1 + Form of Amendment No. 1 to the Master Repurchase Agreement by and among Angel Oak Mortgage REIT, Inc and Global Investment Bank 2 dated October 2 5 , 2024 Exhibit 10.2 + Form of Amendment No . 1 to the Pricing Side Letter by and among Angel Oak Mortgage REIT, Inc and Global Investment Bank 2 dated October 2 5 , 2024 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: October 29, 2024 ANGEL OAK MORTGAGE REIT, I

View Full Filing

View this 8-K filing on SEC EDGAR