ANGEL OAK MORTGAGE, INC. : Entering a Material Definitive Agreement, Financial Statements and Supporting Documentation (Form 8-K)

Section 1.01 Entering into a Material Definitive Agreement.

At January 27, 2022, a subsidiary (the “Subsidiary”) of Angel Oak Mortgage, Inc.
(the “Company”) and Barclays Bank PLC (“Barclays”) have entered into Addendum No. 1 (“Addendum No. 1”) to the Master Repurchase Agreement by and between the Subsidiary and Barclays (the “Master Repurchase Agreement “). Pursuant to Amendment No. 1, interest will now accrue on any outstanding balance under the Master Repurchase Agreement at a rate based on the forward SOFR (which is defined as the forward-looking forward rate based on the funding rate guaranteed on a day-to-day basis for a corresponding period of one month). Previously, interest accrued at a rate based on one-month LIBOR. In addition, pursuant to the terms of Amendment No. 1, the maximum purchase price permitted under the Master Repurchase Agreement has been increased to $550.0 million from $400.0 million, which is likely to be reduced to $400.0 million upon the first occurrence of (1) the issuance of securities pursuant to a securitization of the assets underlying the master repurchase agreement and (2) March 30, 2022.

A copy of Amendment #1 is attached hereto as Exhibit 10.1 and incorporated herein by reference. Pursuant to Rule SK 601(b)(10), certain private or confidential material has been removed from the filed copy of Amendment #1.

Item 9.01 Financial statements and supporting documents.

(d)    Exhibits

Exhibit No.     Description

  Exhibit         Amendment No. 1 to Annex I.A. to Master Repurchase Agreement
10.1*           and Fee Letter between Peachtree Mortgage SPV, LLC and Barclays
                Bank PLC, dated January 27, 2022

Exhibit 104     Cover Page Interactive Data File (embedded within the Inline XBRL

* Portions of this exhibit are redacted pursuant to Rule SK 601(b)(10)(iv).

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