Angel Oak Mortgage Files For An IPO

Angel Oak Mortgage, Inc. filed for an initial public offering, with a placeholder value of $150 million.

“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,“ according to Renaissance Capital. “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 company stated that its objective is to generate attractive risk-adjusted returns for its stockholders through cash distributions and capital appreciation across interest rate and credit cycles, according to its filing with the U.S. Securities and Exchange Commission.

“Subject to certain exceptions, our charter provides that no person may beneficially or constructively own shares of common stock in excess of 9.8% in value or in number of shares, whichever is more restrictive,” according to the filing. “In addition, our charter contains various other restrictions on the ownership and transfer of shares of our stock.”