The following is a summary of the Angel Oak Mortgage REIT, Inc. (AOMR) Q2 2024 Earnings Call Transcript:
Financial Performance:
AOMR reported a GAAP net loss of $0.3 million, or a loss of $0.01 per common share, with distributable earnings results showing a loss of $2.3 million or $0.09 per common share.
The company recorded an increase in interest income to $25.9 million, with net interest income rising to $9.5 million, a nearly 50% improvement over Q2 2023.
Operating expenses decreased by $400,000 compared to the previous quarter and by $900,000 compared to Q2 2023.GAAP book value per share decreased by 3% to $10.23, while economic book value per share decreased by 4.5% to $13.16.
Business Progress:
AOMR led a securitization labeled AOMT2024-4, a $300 million deal, and participated in another deal alongside other Angel Oak strategies.
The company successfully maintained an average of one securitization per quarter, aligning with its strategic plan.
Angel Oak leveraged its ecosystem to support its market-leading origination and securitization platforms, enhancing its competitive positioning in the market.
The company issued $50 million in senior unsecured notes, with the proceeds intended to fund further growth and acquisitions of high-quality loans.
Opportunities:
AOMR plans to leverage the proceeds from recent senior unsecured notes issuance to continue purchasing high-quality, newly originated loans, anticipating accretive loan purchases contributing to sustained net interest income growth.
Risks:
The company acknowledges potential economic downturns and increased credit risk, although it believes its strong credit risk management through its association with Angel Oak ecosystem provides a competitive edge.
More details: Angel Oak Mortgage REIT IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
