In a statement, the company said that the securitization had an average credit score of 738, a loan-to-value ratio of 72.2%, and a debt-to-income ratio of 31.9%. Additionally, the transaction was rated by ratings agency Fitch, with the senior tranche receiving a AAA rating.
“This securitization represents further evidence that we are executing our securitization strategy on a consistent basis,” said Brandon Filson, chief financial officer of AOMR. “We are happy with the execution, as investors continue to value non-QM assets and Angel Oak’s track record of delivering high-quality deals. We believe our loan purchase volume and the securitization market will allow us to continue executing our core financing strategies into 2022 and beyond.”
The Atlanta-based firm, which focuses on acquiring and investing in first-lien non-QM loans and other mortgage-related assets in the US mortgage market, began trading on the New York Stock Exchange in June under the ticker “AOMR.” The firm had originally anticipated selling 8.05 million shares of its common stock to raise $150 million but scaled back to offering 7.2 million shares at $19 for an IPO of $137 million.