Angel Oak Mortgage REIT, Inc. Reports Third Quarter 2024 Financial Results
Angel Oak Mortgage REIT (NYSE: AOMR) reported Q3 2024 financial results with net interest income of $9.0 million, up 22% year-over-year. The company posted GAAP net income of $31.2 million ($1.29 per diluted share) but recorded a Distributable Earnings loss of $3.4 million. GAAP book value increased 10.3% to $11.28 per share, while Economic book value rose 6.5% to $14.02 per share. The company issued $50 million in senior unsecured notes and deployed funds for non-QM loan acquisitions and share repurchases. Post-quarter, AOMR executed a securitization of $316.8 million in loans with a 7.79% weighted average coupon, reducing warehouse debt by $260 million.
Angel Oak Mortgage REIT (NYSE: AOMR) ha riportato i risultati finanziari del terzo trimestre 2024, con un reddito netto da interessi di 9,0 milioni di dollari, in aumento del 22% rispetto all'anno precedente. L'azienda ha registrato un utile netto GAAP di 31,2 milioni di dollari (1,29 dollari per azione diluita), ma ha registrato una perdita di utili distribuibili di 3,4 milioni di dollari. Il valore contabile GAAP è aumentato del 10,3% a 11,28 dollari per azione, mentre il valore contabile economico è salito del 6,5% a 14,02 dollari per azione. L'azienda ha emesso 50 milioni di dollari in note senior non garantite e ha investito fondi per acquisizioni di prestiti non QM e riacquisti di azioni. Dopo il trimestre, AOMR ha eseguito una cartolarizzazione di 316,8 milioni di dollari in prestiti con un rendimento medio ponderato del 7,79%, riducendo il debito di magazzino di 260 milioni di dollari.
Angel Oak Mortgage REIT (NYSE: AOMR) informó sobre los resultados financieros del tercer trimestre de 2024 con ingresos por intereses netos de 9,0 millones de dólares, un aumento del 22% en comparación con el año anterior. La compañía reportó un ingreso neto GAAP de 31,2 millones de dólares (1,29 dólares por acción diluida), pero registró una pérdida de ganancias distribuibles de 3,4 millones de dólares. El valor contable GAAP aumentó un 10,3% a 11,28 dólares por acción, mientras que el valor contable económico creció un 6,5% a 14,02 dólares por acción. La compañía emitió 50 millones de dólares en notas senior no garantizadas y utilizó fondos para adquisiciones de prestamos no QM y recompra de acciones. Después del trimestre, AOMR ejecutó una titularización de 316,8 millones de dólares en préstamos con un cupón promedio ponderado del 7,79%, reduciendo la deuda de almacenamiento en 260 millones de dólares.
Angel Oak Mortgage REIT (NYSE: AOMR)는 2024년 3분기 재무 결과를 발표하며 순이자 수익이 900만 달러로 전년 대비 22% 증가했다고 보고했습니다. 이 회사는 GAAP 기준 순이익이 3,120만 달러(희석주당 1.29달러)에 달했으나, 분배 가능한 수익에서 340만 달러의 손실을 기록했습니다. GAAP 기준 장부 가치는 주당 11.28달러로 10.3% 증가했으며, 경제적 장부 가치는 주당 14.02달러로 6.5% 상승했습니다. 회사는 5,000만 달러의 비담보 장기채를 발행하고 비-QM 대출 인수 및 자사주 매입을 위해 자금을 배정했습니다. 분기 후 AOMR은 3억 1,680만 달러의 대출을 대상으로 하는 자산 유동화 작업을 진행하여 평균 가중 쿠폰이 7.79%인 채권을 발행했고, 2억 6천만 달러의 창고 부채를 줄였습니다.
Angel Oak Mortgage REIT (NYSE: AOMR) a annoncé les résultats financiers du troisième trimestre 2024, avec un revenu net d'intérêts de 9,0 millions de dollars, en hausse de 22 % par rapport à l'année précédente. L'entreprise a affiché un résultat net GAAP de 31,2 millions de dollars (1,29 dollar par action diluée), mais a enregistré une perte de bénéfices distribuables de 3,4 millions de dollars. La valeur comptable GAAP a augmenté de 10,3 % pour atteindre 11,28 dollars par action, tandis que la valeur comptable économique a augmenté de 6,5 % pour atteindre 14,02 dollars par action. L'entreprise a émis 50 millions de dollars en obligations senior non garanties et a déployé des fonds pour des acquisitions de prêts non-QM et des rachats d'actions. Après le trimestre, AOMR a réalisé une titrisation de 316,8 millions de dollars en prêts avec un coupon moyen pondéré de 7,79 %, réduisant la dette d'entrepôt de 260 millions de dollars.
Angel Oak Mortgage REIT (NYSE: AOMR) hat die finanziellen Ergebnisse des dritten Quartals 2024 veröffentlicht, mit Nettozinsgewinnen von 9,0 Millionen Dollar, was einem Anstieg von 22% im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete ein GAAP-Nettoergebnis von 31,2 Millionen Dollar (1,29 Dollar pro verwässerter Aktie), erlitt jedoch einen Verlust aus ausschüttbaren Erträgen von 3,4 Millionen Dollar. Der GAAP-Buchwert stieg um 10,3% auf 11,28 Dollar pro Aktie, während der wirtschaftliche Buchwert um 6,5% auf 14,02 Dollar pro Aktie zunahm. Das Unternehmen gab 50 Millionen Dollar in unbesicherten Senior-Anleihen aus und setzte Mittel für den Erwerb von Nicht-QM-Darlehen sowie für Aktienrückkäufe ein. Nach dem Quartal führte AOMR eine Verbriefung von 316,8 Millionen Dollar an Darlehen mit einem gewichteten Durchschnittszins von 7,79% durch, wodurch die Lagerverbindlichkeiten um 260 Millionen Dollar reduziert wurden.
- Net interest income increased 22% YoY to $9.0 million in Q3 2024
- GAAP net income of $31.2 million ($1.29 per diluted share)
- GAAP book value per share increased 10.3% QoQ to $11.28
- Economic book value per share rose 6.5% QoQ to $14.02
- Securitization reduced funding costs by over 110 basis points
- Distributable Earnings loss of $3.4 million (-$0.14 per diluted share)
- Increased debt through $50 million senior unsecured notes at 9.50% interest
Insights
The Q3 2024 results show mixed performance for Angel Oak Mortgage REIT. While net interest income increased
The strategic issuance of
Third Quarter and Year-to-Date Highlights
-
Q3 2024 net interest income of
, an increase of$9.0 million 22% versus in Q3 2023.$7.4 million -
Net interest income of
in the first nine months of 2024, an increase of$27.1 million 31% versus net interest income of in the first nine months of 2023.$20.7 million -
Q3 2024 GAAP net income of
, or$31.2 million per diluted share of common stock.$1.29 -
Q3 2024 Distributable Earnings loss of
( , or ($3.4) million ) per diluted share of common stock.$0.14 -
GAAP book value of
per share of common stock as of September 30, 2024, up$11.28 10.3% from per share of common stock as of June 30, 2024.$10.23 -
Economic book value of
per share of common stock as of September 30, 2024, up$14.02 6.5% from per share of common stock as of June 30, 2024.$13.16 -
Issued
of$50 million 9.50% senior unsecured notes due 2029 on July 25, 2024. Deployed majority of the net proceeds for general corporate purposes, including the acquisition of non-QM loans; used the remainder of the net proceeds to repurchase approximately 1.7 million shares of our common stock.
Sreeni Prabhu, Chief Executive Officer and President of Angel Oak Mortgage REIT, Inc., said "Our positive third quarter results reflect the strength of our portfolio's position in what has become a more positive macroeconomic landscape in the second half of the year. Throughout the quarter, we quickly deployed the majority of the net proceeds from our July senior unsecured notes issuance into accretive purchases of newly originated, high-quality non-QM loans. As of today's date, the earnings from these investments have exceeded the incremental interest expense associated with the notes issuance and are now driving meaningful net interest income expansion, which underscores the efficiency and reliability of AOMR's distinctive operational strategy and approach. This, in combination with October's securitization and the September rate cut, are expected to drive continued portfolio and earnings growth in the fourth quarter and beyond. We believe a constructive macroeconomic landscape is developing and remain dedicated to capitalizing on emerging strategic opportunities while executing on our repeatable, streamlined, and focused strategy to drive enhanced value for our stakeholders.”
Portfolio and Investment Activity
-
Following quarter end in October 2024, the Company executed the AOMT 2024-10 securitization as the sole contributor of loans. The Company contributed loans with a scheduled unpaid principal balance of approximately
and a$316.8 million 7.79% weighted average coupon. This securitization reduced the Company’s whole loan warehouse debt by approximately and reduced weighted average funding costs for the loans underlying the securitization by over 110 basis points, which is incremental to the 50 basis points of warehouse funding cost relief from the Federal Reserve Bank’s September rate cut.$260 million -
During the quarter, we purchased
of newly-originated, current market coupon non-QM residential mortgage loans, with a weighted average coupon of$264.8 million 7.74% , weighted average LTV of70.0% and weighted average credit score of 754. -
As of September 30, 2024, the weighted average coupon of our residential whole loans portfolio increased to
7.73% , relatively flat compared to the second quarter 2024 and 189 basis points higher than at the end of the third quarter of 2023.
Capital Markets Activity
-
On July 25, 2024, the Company issued
of senior unsecured notes due 2029 with a coupon of$50 million 9.50% . This issuance is expected to be accretive, driving incremental asset expansion and earnings growth. During the third quarter, the Company used the majority of the net proceeds from the offering for general corporate purposes, which included the acquisition of non-QM loans. Additionally, the Company used the net proceeds from the offering to repurchase 1,707,922 shares of the Company's common stock owned by Xylem Finance, LLC, an affiliate of Davidson Kempner Capital Management LP, for an aggregate repurchase price of approximately .$20.0 million -
As of September 30, 2024, the Company was a party to three loan financing lines which permit borrowings in an aggregate amount of up to
, of which approximately$1.1 billion is drawn, leaving capacity of approximately$333.0 million for new loan purchases.$720 million
Balance Sheet
-
Target assets totaled
as of September 30, 2024.$2.2 billion -
The Company held residential mortgage whole loans with fair value of
as of September 30, 2024.$428.9 million -
The recourse debt to equity ratio was 1.8x as of September 30, 2024.
-
As of today’s date, our recourse debt to equity ratio is approximately 0.7x. This reflects the impact of the AOMT 2024-10 securitization subsequent to quarter end, as well as the maturity of short-term
U.S. Treasuries held at the end of the third quarter. - Our recourse debt to equity ratio is expected to increase as current-market coupon loans are purchased, but is expected to remain below 2.5x.
-
As of today’s date, our recourse debt to equity ratio is approximately 0.7x. This reflects the impact of the AOMT 2024-10 securitization subsequent to quarter end, as well as the maturity of short-term
Dividend
On November 6, 2024, the Company declared a dividend of
Conference Call and Webcast Information
The Company will host a live conference call and webcast today, November 6, 2024 at 8:30 a.m. Eastern time. To listen to the live webcast, go to the Investors section of the Company’s website at www.angeloakreit.com at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software.
To Participate in the Telephone Conference Call:
Dial in at least 15 minutes prior to start time.
Domestic: 1-844-826-3033
International: 1-412-317-5185
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Pass code: 10192449
The playback can be accessed through November 20, 2024.
Non-GAAP Metrics
Distributable Earnings is a non‑GAAP measure and is defined as net income (loss) allocable to common stockholders as calculated in accordance with generally accepted accounting principles in
Distributable Earnings Return on Average Equity is a non-GAAP measure and is defined as annual or annualized Distributable Earnings divided by average total stockholders’ equity. We believe that the presentation of Distributable Earnings Return on Average Equity provides investors with a useful measure to facilitate comparisons of financial performance among our REIT peers, but has important limitations. Additionally, we believe Distributable Earnings Return on Average Equity provides investors with additional detail on the Distributable Earnings generated by our invested equity capital. We believe Distributable Earnings Return on Average Equity as described above helps evaluate our financial performance without the impact of certain transactions but is of limited usefulness as an analytical tool. Therefore, Distributable Earnings Return on Average Equity should not be viewed in isolation and is not a substitute for net income computed in accordance with GAAP. Our methodology for calculating Distributable Earnings Return on Average Equity may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our Distributable Earnings Return on Average Equity may not be comparable to similar measures presented by other REITs.
Economic book value is a non-GAAP financial measure of our financial position. To calculate our economic book value, the portions of our non-recourse financing obligation held at amortized cost are adjusted to fair value. These adjustments are also reflected in our end of period total stockholders’ equity. Management considers economic book value to provide investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for our legally held retained bonds, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for book value per share of common stock or stockholders’ equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.
Forward-Looking Statements
This press release contains certain forward-looking statements that are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the Company’s investments. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “continue,” or by the negative of these words and phrases or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition, or state other forward-looking information. The Company’s ability to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward-looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward‐looking statements, which reflect the Company’s views only as of the date of this press release. Additional information concerning factors that could cause actual results and performance to differ materially from these forward-looking statements is contained from time to time in the Company’s filings with the Securities and Exchange Commission. Except as required by applicable law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward‐looking statements. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
About Angel Oak Mortgage REIT, Inc.
Angel Oak Mortgage REIT, Inc. is a real estate finance company focused on acquiring and investing in first lien non-QM loans and other mortgage-related assets in the
Angel Oak Mortgage REIT, Inc.
|
|||||||||||||||
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||
INTEREST INCOME, NET |
|
|
|
|
|
|
|
||||||||
Interest income |
$ |
27,444 |
|
|
$ |
23,900 |
|
|
$ |
78,558 |
|
|
$ |
71,403 |
|
Interest expense |
|
18,424 |
|
|
|
16,490 |
|
|
|
51,495 |
|
|
|
50,742 |
|
NET INTEREST INCOME |
$ |
9,020 |
|
|
$ |
7,410 |
|
|
$ |
27,063 |
|
|
$ |
20,661 |
|
|
|
|
|
|
|
|
|
||||||||
REALIZED AND UNREALIZED GAINS (LOSSES), NET |
|
|
|
|
|
|
|
||||||||
Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS |
$ |
(6,335 |
) |
|
$ |
(12,044 |
) |
|
$ |
(14,527 |
) |
|
$ |
(27,056 |
) |
Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts |
|
35,172 |
|
|
|
17,299 |
|
|
|
48,514 |
|
|
|
27,868 |
|
TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET |
$ |
28,837 |
|
|
$ |
5,255 |
|
|
$ |
33,987 |
|
|
$ |
812 |
|
|
|
|
|
|
|
|
|
||||||||
EXPENSES |
|
|
|
|
|
|
|
||||||||
Operating expenses |
$ |
1,287 |
|
|
$ |
1,370 |
|
|
$ |
4,619 |
|
|
$ |
5,788 |
|
Operating expenses incurred with affiliate |
|
472 |
|
|
|
599 |
|
|
|
1,444 |
|
|
|
1,672 |
|
Due diligence and transaction costs |
|
254 |
|
|
|
115 |
|
|
|
663 |
|
|
|
136 |
|
Stock compensation |
|
604 |
|
|
|
447 |
|
|
|
1,864 |
|
|
|
1,195 |
|
Securitization costs |
|
— |
|
|
|
416 |
|
|
|
1,583 |
|
|
|
2,326 |
|
Management fee incurred with affiliate |
|
1,204 |
|
|
|
1,445 |
|
|
|
3,810 |
|
|
|
4,460 |
|
Total operating expenses |
$ |
3,821 |
|
|
$ |
4,392 |
|
|
$ |
13,983 |
|
|
$ |
15,577 |
|
|
|
|
|
|
|
|
|
||||||||
INCOME (LOSS) BEFORE INCOME TAXES |
$ |
34,036 |
|
|
$ |
8,273 |
|
|
$ |
47,067 |
|
|
$ |
5,896 |
|
Income tax expense |
|
2,832 |
|
|
|
— |
|
|
|
3,261 |
|
|
|
781 |
|
NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS |
$ |
31,204 |
|
|
$ |
8,273 |
|
|
$ |
43,806 |
|
|
$ |
5,115 |
|
Other comprehensive income (loss) |
|
2,706 |
|
|
|
(1,607 |
) |
|
|
4,534 |
|
|
|
12,955 |
|
TOTAL COMPREHENSIVE INCOME (LOSS) |
$ |
33,910 |
|
|
$ |
6,666 |
|
|
$ |
48,340 |
|
|
$ |
18,070 |
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per common share |
$ |
1.31 |
|
|
$ |
0.33 |
|
|
$ |
1.79 |
|
|
$ |
0.20 |
|
Diluted earnings (loss) per common share |
$ |
1.29 |
|
|
$ |
0.33 |
|
|
$ |
1.76 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
23,757,039 |
|
|
|
24,768,921 |
|
|
|
24,445,105 |
|
|
|
24,706,568 |
|
Diluted |
|
24,079,247 |
|
|
|
24,957,668 |
|
|
|
24,778,465 |
|
|
|
24,933,833 |
|
Angel Oak Mortgage REIT, Inc.
|
|||||||
|
As of: |
||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
||||
Residential mortgage loans - at fair value |
$ |
428,909 |
|
|
$ |
380,040 |
|
Residential mortgage loans in securitization trusts - at fair value |
|
1,452,907 |
|
|
|
1,221,067 |
|
RMBS - at fair value |
|
283,105 |
|
|
|
472,058 |
|
|
|
49,971 |
|
|
|
149,927 |
|
Cash and cash equivalents |
|
42,052 |
|
|
|
41,625 |
|
Restricted cash |
|
2,679 |
|
|
|
2,871 |
|
Principal and interest receivable |
|
6,630 |
|
|
|
7,501 |
|
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value |
|
1,651 |
|
|
|
— |
|
Other assets |
|
35,962 |
|
|
|
32,922 |
|
Total assets |
$ |
2,303,866 |
|
|
$ |
2,308,011 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
LIABILITIES |
|
|
|
||||
Notes payable |
$ |
333,042 |
|
|
$ |
290,610 |
|
Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts |
|
1,353,758 |
|
|
|
1,169,154 |
|
Securities sold under agreements to repurchase |
|
102,876 |
|
|
|
193,656 |
|
Senior unsecured notes |
|
47,616 |
|
|
|
— |
|
Unrealized depreciation on TBAs and interest rate futures contracts - at fair value |
|
— |
|
|
|
1,334 |
|
Due to broker |
|
194,697 |
|
|
|
391,964 |
|
Accrued expenses |
|
2,000 |
|
|
|
985 |
|
Accrued expenses payable to affiliate |
|
657 |
|
|
|
748 |
|
Interest payable |
|
1,312 |
|
|
|
820 |
|
Income taxes payable |
|
2,785 |
|
|
|
1,241 |
|
Management fee payable to affiliate |
|
25 |
|
|
|
1,393 |
|
Total liabilities |
$ |
2,038,768 |
|
|
$ |
2,051,905 |
|
|
|
|
|||||
|
|
|
|||||
STOCKHOLDERS’ EQUITY |
|
|
|
||||
Common stock, |
$ |
234 |
|
|
$ |
249 |
|
Additional paid-in capital |
|
461,249 |
|
|
|
477,068 |
|
Accumulated other comprehensive income (loss) |
|
(441 |
) |
|
|
(4,975 |
) |
Retained earnings (deficit) |
|
(195,944 |
) |
|
|
(216,236 |
) |
Total stockholders’ equity |
$ |
265,098 |
|
|
$ |
256,106 |
|
Total liabilities and stockholders’ equity |
$ |
2,303,866 |
|
|
$ |
2,308,011 |
|
Angel Oak Mortgage REIT, Inc.
|
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||
|
(in thousands) |
|
|
|
|
||||||||||
Net income (loss) allocable to common stockholders |
$ |
31,204 |
|
|
$ |
8,273 |
|
|
$ |
43,806 |
|
|
$ |
5,115 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Net unrealized (gains) losses on trading securities |
|
(984 |
) |
|
|
4,857 |
|
|
|
829 |
|
|
|
7,134 |
|
Net unrealized (gains) losses on derivatives |
|
51 |
|
|
|
(4,563 |
) |
|
|
(2,985 |
) |
|
|
7,794 |
|
Net unrealized (gains) losses on residential loans in securitization trusts and non-recourse securitization obligation |
|
(26,305 |
) |
|
|
(5,319 |
) |
|
|
(28,872 |
) |
|
|
5,784 |
|
Net unrealized (gains) losses on residential loans |
|
(7,935 |
) |
|
|
(12,338 |
) |
|
|
(17,438 |
) |
|
|
(48,497 |
) |
Net unrealized (gains) losses on commercial loans |
|
— |
|
|
|
64 |
|
|
|
(49 |
) |
|
|
(83 |
) |
Non-cash equity compensation expense |
|
604 |
|
|
|
447 |
|
|
|
1,864 |
|
|
|
1,195 |
|
Distributable Earnings |
$ |
(3,365 |
) |
|
$ |
(8,579 |
) |
|
$ |
(2,845 |
) |
|
$ |
(21,558 |
) |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||
|
($ in thousands) |
|
|
|
|
||||||||||
Annualized Distributable Earnings |
$ |
(13,460 |
) |
|
$ |
(34,315 |
) |
|
$ |
(3,793 |
) |
|
$ |
(28,747 |
) |
Average total stockholders’ equity |
$ |
260,452 |
|
|
$ |
232,575 |
|
|
$ |
260,083 |
|
|
$ |
236,629 |
|
Distributable Earnings Return on Average Equity |
|
(5.2 |
)% |
|
|
(14.8 |
)% |
|
|
(1.5 |
)% |
|
|
(12.1 |
)% |
Angel Oak Mortgage REIT, Inc.
|
||||||||||
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||
|
(in thousands, except for share and per share data) |
|||||||||
GAAP total stockholders’ equity |
$ |
265,098 |
$ |
255,806 |
$ |
263,324 |
$ |
256,106 |
$ |
231,802 |
Adjustments: |
|
|
|
|
|
|||||
Fair value adjustment for securitized debt held at amortized cost |
|
64,522 |
|
73,053 |
|
80,599 |
|
81,942 |
|
97,592 |
Stockholders’ equity including economic book value adjustments |
$ |
329,620 |
$ |
328,859 |
$ |
343,923 |
$ |
338,048 |
$ |
329,394 |
|
|
|
|
|
|
|||||
Number of shares of common stock outstanding at period end |
|
23,511,272 |
|
24,998,549 |
|
24,965,274 |
|
24,965,274 |
|
24,955,566 |
Book value per share of common stock |
$ |
11.28 |
$ |
10.23 |
$ |
10.55 |
$ |
10.26 |
$ |
9.29 |
Economic book value per share of common stock |
$ |
14.02 |
$ |
13.16 |
$ |
13.78 |
$ |
13.54 |
$ |
13.20 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106319474/en/
Investors:
investorrelations@angeloakreit.com
855-502-3920
IR Agency Contact:
Nick Teves or Joseph Caminiti, Alpha IR Group
312-445-2870
AOMR@alpha-ir.com
Company Contact:
KC Kelleher, Head of Corporate Finance & Investor Relations
404-528-2684
kc.kelleher@angeloakcapital.com
Source: Angel Oak Mortgage REIT, Inc.
FAQ
What was Angel Oak Mortgage REIT's (AOMR) net interest income in Q3 2024?
What was AOMR's GAAP book value per share as of September 30, 2024?
How much did AOMR's securitization in October 2024 reduce warehouse debt?