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

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