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Mortgage REIT Angel Oak Mortgage files for a $150 million IPO

May 19, 2021

Angel Oak Mortgage, a mortgage REIT primarily containing non-qualified loans, filed on Wednesday with the SEC to raise up to $150 million in an initial public offering.

Angel Oak Mortgage invests primarily in newly-originated first lien loans made to higher-quality non-QM borrowers. The company's loans are primarily sourced from Angel Oak's proprietary mortgage lending platform, Angel Oak Mortgage Lending, and had total assets of $535 million and a non-QM loan portfolio of $481 million as of March 31, 2021. Angel Oak Mortgage's loan portfolio had a FICO score of 715 and a weighted average down payment of $100,000 as of the date of origination and deal date of each underlying loan. 

The Atlanta, GA-based company was founded in 2018 and booked $36 million in revenue for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol AOMR. Angel Oak Mortgage filed confidentially on August 12, 2019. Wells Fargo Securities, BofA Securities, Morgan Stanley, UBS Investment Bank, and B. Riley Securities are the joint bookrunners on the deal. No pricing terms were disclosed.