Item 1.01 Entry into a Material Definitive Agreement.

On August 16, 2021, three of the subsidiaries (the "Subsidiaries") of Angel Oak Mortgage, Inc. (the "Company") entered into a non-mark-to-market $50.0 million committed financing facility with Veritex Community Bank ("Veritex") through the execution of a Loan and Security Agreement (the "Loan and Security Agreement") and a Promissory Note (the "Promissory Note" and together with the Loan and Security Agreement, the "Facility Documents") among those Subsidiaries and Veritex. Pursuant to the Facility Documents, Veritex agreed to makes one or more advances to one or more of the Subsidiaries of the Company (together, the "Borrowers") secured by mortgage loans, notes and related collateral (the "Veritex Facility Line"). The Veritex Facility Line expires, and amounts outstanding under the Veritex Facility Line will mature, on August 16, 2023, subject to certain exceptions.

The amount advanced by Veritex for each eligible loan is based on the unpaid principal balance of the loan, the loan-to-value ratio of the loan and the FICO score of the borrower and ranges from 80.00% to 92.50% depending on the type of loan and the aforementioned criteria. The interest rate on any outstanding balance under the Facility Documents is the greater of (1) the sum of (A) one-month LIBOR and (B) 2.30%, and (2) 3.13%. The obligations of the Borrowers under the Facility Documents are guaranteed by the Company pursuant to a Guaranty Agreement (the "Guaranty") executed contemporaneously with the Facility Documents. In addition, the Company is subject to various financial and other covenants, including, as of the last day of any fiscal quarter: (1) the Company's tangible net worth must be at least equal to $150.0 million; (2) the Company's ratio of (A) EBITDA to (B) debt service, shall be at least equal to 1.25 to 1.0 for such quarter; (3) the Company's ratio of total liabilities to total tangible net worth must not exceed 5.5 to 1.0; and (4) the Company's liquidity must at least equal $5.0 million. A copy of the Loan and Security Agreement is attached hereto as Exhibit 10.1 and incorporated herein by reference. A copy of the Promissory Note is attached hereto as Exhibit 10.3 and incorporated herein by reference. A copy of the Guaranty is attached hereto as Exhibit 10.2 and incorporated herein by reference.

In addition, the Facility Documents contain events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include acceleration of the principal amount outstanding under the Facility Documents and Veritex's right to liquidate the collateral then subject to the Facility Documents.

The Borrowers are also required to pay certain customary fees to Veritex and to reimburse Veritex for certain costs and expenses incurred in connection with Veritex's management and ongoing administration of the Veritex Facility Line.

A copy of the Loan and Security Agreement is attached hereto as Exhibit 10.1 and incorporated herein by reference. A copy of the Promissory is attached hereto as Exhibit 10.2 and incorporated herein by reference. A copy of the Guaranty is attached hereto as Exhibit 10.3 and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

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Item 9.01  Financial Statements and Exhibits.
(d)  Exhibits
Exhibit No.  Description
Exhibit 10.1    Loan and Security Agreement among Angel Oak Mortgage Operating
Partnership, LP, Angel Oak Mortgage REIT TRS, LLC, Angel Oak Mortgage Fund TRS
and Veritex Community Bank, dated     August 1    6    , 2021

Exhibit 10.2 Promissory Note by Angel Oak Mortgage Operating Partnership, LP, Angel Oak Mortgage REIT TRS, LLC, Angel Oak Mortgage Fund TRS in favor of Veritex Community Bank, dated August 1 6 , 2021

Exhibit 10.3 Guaranty Agreement by Angel Oak Mortgage , Inc.

in favor of Veritex Community Bank, dated August 1 6 , 2021

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

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