Angel Oak Mortgage takes part in first securitization since IPO, reduces warehouse debt
“This demonstrates further execution of the steps outlined in our strategic plan to reposition our portfolio, improve liquidity, reduce risk, and protect our capital structure,” said Sreeni Prabhu, CEO and president of AOMR. “By partnering with other Angel Oak entities, we believe we can optimize execution to accelerate our rotation into a higher-yielding portfolio.”
At closing, the securitization consisted of 1,073 loans with an average original credit score of 736 and an original average loan-to-value ratio of 71.1%. The transaction was rated by Fitch Ratings, with the senior tranche receiving a triple-A rating.
Angel Oak Mortgage said it is looking forward to executing additional securitizations in the coming months while reinvesting capital into recently originated, higher coupon loans.
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