0000000000-21-006871.txt : 20210715 0000000000-21-006871.hdr.sgml : 20210715 20210603093005 ACCESSION NUMBER: 0000000000-21-006871 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20210603 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Angel Oak Mortgage, Inc. CENTRAL INDEX KEY: 0001766478 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 371892154 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 3344 PEACHTREE ROAD NE STREET 2: SUITE 1725 CITY: ATLANTA STATE: GA ZIP: 30326 BUSINESS PHONE: (678)222-7867 MAIL ADDRESS: STREET 1: 3344 PEACHTREE ROAD NE STREET 2: SUITE 1725 CITY: ATLANTA STATE: GA ZIP: 30326 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4*)>+CS],*,2 P(&]B:@H\/"]#;VQO7!E+UA/8FIE8W0O5VED=&@@,30R."],96YG=&@@,S8U+T)I='-097)# M;VUP;VYE;G0@.#X^7M0Q1$1$1$1$1&3"Q\<'QA6_?__&K *98K_? 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filename2.txt United States securities and exchange commission logo June 3, 2021 Robert Williams Chief Executive Officer and President Angel Oak Mortgage, Inc. 3344 Peachtree Road NE, Suite 1725 Atlanta, Georgia 30326 Re: Angel Oak Mortgage, Inc. Registration Statement on Form S-11 Filed May 19, 2021 File No. 333-256301 Dear Mr. Williams: We have reviewed your registration statement and have the following comment. In our comment, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comment applies to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing any amendment to your registration statement and the information you provide in response to this comment, we may have additional comments. Form S-11 filed on May 19, 2021 SUMMARY SELECTED FINANCIAL AND OTHER DATA, page 47 1. We note your disclosure of core earnings which includes an adjustment for Net unrealized (gains) losses on both residential loans and commercial real estate loans which are each recorded at fair value in your financial statements. In light of those adjustments, please tell us how you determined it was appropriate to title the measure core earnings. In your consideration of this comment, you should also give consideration to the related measure core return on average equity which is disclosed on page 45 as well as other sections of your filing. Further, our understanding is that such measures are commonly used by mortgage REITs as an indicator of dividend paying ability. Please tell us if these measures are used by the registrant's management as an indicator of the registrant's dividend paying ability. If so, please revise your filing to disclose that purpose. Robert Williams Angel Oak Mortgage, Inc. June 3, 2021 Page 2 We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement. You may contact Howard Efron at 202-551-3439 or Wilson Lee at 202-551-3468 if you have questions regarding comments on the financial statements and related matters. Please contact Ronald (Ron) E. Alper at 202-551-3329 or Pam Long at 202-551-3765 with any other questions. Sincerely, FirstName LastNameRobert Williams Division of Corporation Finance Comapany NameAngel Oak Mortgage, Inc. Office of Real Estate & Construction June 3, 2021 Page 2 cc: J. Gerard Cummins FirstName LastName