Angel Oak Mortgage REIT (NYSE: AOMD) signs $200M repo deal with bank

Rhea-AI Filing Summary

Angel Oak Mortgage REIT, Inc. entered into a new $200 million repurchase facility on October 6, 2025 through a Master Repurchase Agreement with a global investment bank. A subsidiary may sell securities backed by whole loan assets to this bank and later repurchase them, providing secured financing capacity through October 6, 2027. The interest rate on balances under the facility equals Term SOFR plus a 1.60% spread, which the company notes is generally in line with its other similar agreements.

The parent company guarantees the obligations of its subsidiary under a separate Guaranty. The agreement includes customary financial covenants tied to tangible net worth, leverage (indebtedness to tangible net worth), and minimum liquidity, along with standard events of default such as payment failures, covenant breaches, cross-defaults, and insolvency. In a default, the bank can accelerate amounts due and liquidate the purchased securities. The subsidiary also pays customary fees and reimburses the bank for costs and expenses related to managing and administering the facility.

Insights

Structured finance and REIT capital markets analyst

$200M repo facility adds secured funding capacity on SOFR terms.

Angel Oak Mortgage REIT, Inc. has arranged a $200.0 million repurchase facility with a global investment bank, using a subsidiary as the selling entity and the parent as guarantor. The structure allows the subsidiary to sell securities backed by whole loan assets and later repurchase them, which is a common way for mortgage REITs to finance their portfolios while retaining economic exposure.

Pricing is set at Term SOFR plus a 1.60% spread, which the company says is generally in line with similar agreements it has used. The facility runs to October 6, 2027 and incorporates covenants around tangible net worth, leverage, and minimum liquidity, as well as customary default triggers and remedies, including acceleration and collateral liquidation. Actual impact on leverage and earnings will depend on how much of the $200.0 million capacity the company chooses to draw and the performance of the financed assets.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

0001766478false00017664782025-10-082025-10-080001766478us-gaap:CommonStockMember2025-10-082025-10-080001766478aomr:A9.500SeniorNotesDue2029Member2025-10-082025-10-080001766478aomr:A9.750SeniorNotesDue2030Member2025-10-082025-10-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): October 6, 2025

Angel Oak Mortgage REIT, Inc.

(Exact name of registrant as specified in its charter)

Maryland			001-40495						37-1892154
(State or other jurisdiction of incorporation or organization)			(Commission File Number)						(I.R.S. Employer Identification No.)

3344 Peachtree Road Northeast, Suite 1725, Atlanta, Georgia 30326

(Address of Principal Executive Offices and Zip Code)

Registrant’s telephone number, including area code: (404) 953-4900

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, $0.01 par value per share			AOMR			New York Stock Exchange
9.500% Senior Notes due 2029			AOMN			New York Stock Exchange
9.750% Senior Notes due 2030			AOMD			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

Item 1.01     Entry into a Material Definitive Agreement.

On October 6, 2025, Angel Oak Mortgage REIT, Inc. (the “Company”) and its subsidiary, AOMR TRS SPE II, LLC (the “subsidiary”), entered into a $200.0 million repurchase facility with a global investment bank (“Global Investment Bank 4”) through the execution of a Master Repurchase Agreement and Securities Contract (the “Master Repurchase Agreement”) among the Subsidiary, as seller, the Company, as guarantor, and Global Investment Bank 4, as buyer. Pursuant to the Master Repurchase Agreement, the Subsidiary may sell certain securities to Global Investment Bank 4 representing whole loan assets and later repurchase such securities from Global Investment Bank 4. The Master Repurchase Agreement expires on October 6, 2027, unless terminated earlier pursuant to the terms of the Master Repurchase Agreement.

The amount expected to be advanced by Global Investment Bank 4 is generally in line with other similar agreements that the Company or one of its subsidiaries has entered into, which is a percentage of the unpaid principal balance, market value or acquisition price of the asset depending on the type of underlying asset. Similarly, the interest rate on any outstanding balance under the Master Repurchase Agreement that the Subsidiary is required to pay Global Investment Bank 4 is generally in line with other similar agreements that the Company or one of its subsidiaries has entered into, where the interest rate is equal to the sum of (1) a spread of 1.60%, and (2) Term SOFR. Additionally, Global Investment Bank 4 is under no obligation to purchase the securities we offer to sell to them.

The obligations of the Subsidiary under the Master Repurchase Agreement are guaranteed by the Company pursuant to a Guaranty (the “Guaranty”) executed contemporaneously with the Master Repurchase Agreement. In addition, and similar to other repurchase agreements that the Company has entered into, the Company is subject to various financial and other covenants, including those relating to (1) declines in tangible net worth; (2) a maximum ratio of indebtedness to tangible net worth; and (3) minimum liquidity.

In addition, the Master Repurchase Agreement and Guaranty contain events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, insolvency and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the amounts outstanding under the Master Repurchase Agreement and Global Investment Bank 4’s right to liquidate the purchased securities then subject to the Master Repurchase Agreement.

The Subsidiary is also required to pay certain customary fees to Global Investment Bank 4 and to reimburse Global Investment Bank 4 for certain costs and expenses incurred in connection with Global Investment Bank 4’s management and ongoing administration of the Master Repurchase Agreement.

A copy of the Master Repurchase Agreement is attached hereto as Exhibit 10.1 and incorporated herein by reference. A copy of the Guaranty is attached hereto as Exhibit 10.2 and incorporated herein by reference.

Item 2.03    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits.    

Exhibit No.						Description
Exhibit 10.1						Master Repurchase Agreement and Securities Contract dated October 6, 2025, by and among Global Investment Bank 4, AOMR TRS SPE II, LLC, and Angel Oak Mortgage REIT, Inc.
Exhibit 10.2						Guaranty dated October 6, 2025, by Angel Oak Mortgage REIT, Inc.
Exhibit 104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

+ Portions of this exhibit are redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K.

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 8, 2025									ANGEL OAK MORTGAGE REIT, INC.
									By: /s/ Brandon Filson
									Name: Brandon Filson
									Title: Chief Financial Officer and Treasurer

FAQ

What new financing did Angel Oak Mortgage REIT (AOMD) enter into in October 2025?

On October 6, 2025, Angel Oak Mortgage REIT, Inc. and its subsidiary AOMR TRS SPE II, LLC entered into a $200.0 million repurchase facility with a global investment bank under a Master Repurchase Agreement.

How does the new $200 million repurchase facility for Angel Oak Mortgage REIT work?

Under the Master Repurchase Agreement, the subsidiary may sell securities representing whole loan assets to the bank and later repurchase them, providing secured funding against those assets through October 6, 2027 unless terminated earlier.

What interest rate applies on Angel Oak Mortgage REITs new repurchase facility?

The interest rate on any outstanding balance under the Master Repurchase Agreement equals the sum of a 1.60% spread and Term SOFR, which the company notes is generally in line with its other similar agreements.

Who guarantees the obligations under Angel Oak Mortgage REITs repurchase facility?

The obligations of the subsidiary under the Master Repurchase Agreement are guaranteed by Angel Oak Mortgage REIT, Inc. pursuant to a Guaranty executed at the same time as the agreement.

What covenants are included in Angel Oak Mortgage REITs new repurchase agreement?

The company is subject to various financial and other covenants, including limits on declines in tangible net worth, a maximum ratio of indebtedness to tangible net worth, and minimum liquidity requirements.

What happens if Angel Oak Mortgage REIT defaults under the new repurchase facility?

Events of default include payment defaults, covenant or representation breaches, cross-defaults, and insolvency, with remedies that allow the bank to accelerate amounts outstanding and liquidate the purchased securities subject to the agreement.