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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Angel Oak Mortgage REIT Inc | NYSE:AOMR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.61 | 5.03% | 12.73 | 12.77 | 12.12 | 12.26 | 41,699 | 20:48:58 |
Angel Oak Mortgage REIT, Inc. (NYSE: AOMR) (the “Company,” “we,” and “our”), a leading real estate finance company focused on acquiring and investing in first lien non-QM loans and other mortgage-related assets in the U.S. mortgage market, today reported financial results for the year ended December 31, 2023.
Fourth Quarter Highlights
Full Year 2023 Highlights
Throughout 2023, the Company purchased over $220 million of newly-originated loans with a weighted average coupon rate of 8.37%, securitized over $660 million in scheduled unpaid principal balance of loans, and reduced operating costs by $13.4 million, or approximately 40% versus 2022. Additionally, as of December 31, 2023, GAAP book value per share grew by 10.4% and economic book value per share grew by 2.6% versus September 30, 2023.
Sreeni Prabhu, Chief Executive Officer and President of Angel Oak Mortgage REIT, said “In the past year, the Company demonstrated the strength of its operating model, its management team, and the foundation of the Angel Oak ecosystem. Against continued volatility in the macroeconomic environment and across our key asset classes, we gained positive momentum, returning to growth after successfully repositioning our portfolio while improving liquidity, strengthening our balance sheet, and lowering operating expenses. As we’ve stated before, AOMR is a business – not a trade. We believe we have proven this with our results amid this historically challenging backdrop.”
Prabhu continued, “Through the second half of the year, we have steadily expanded net interest margin while maintaining operating expense reductions and growing the balance sheet. To that end, as of December 31, 2023, the weighted average coupon rate of our residential whole loans portfolio was 6.78% compared to 4.84% as of the end of the second quarter of 2023. Not only does this drive operating income growth, we expect it to improve future securitization execution, enabling us to continue to increase shareholder value.”
Fourth Quarter Portfolio and Investment Activity
Full Year Portfolio and Investment Activity
Capital Markets Activity
Balance Sheet
Dividend
On February 7, 2024, the Company declared a dividend of $0.32 per share of common stock, which was paid on February 29, 2024, to common stockholders of record as of February 22, 2024.
Conference Call and Webcast Information
The Company will host a live conference call and webcast today, March 5, 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 Passcode: 10185779 The playback can be accessed through March 19, 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 the United States of America (“GAAP”), excluding (1) unrealized gains and losses on our aggregate portfolio, (2) impairment losses, (3) extinguishment of debt, (4) non-cash equity compensation expense, (5) the incentive fee earned by our Manager, (6) realized gains or losses on swap terminations and (7) certain other nonrecurring gains or losses. We believe that the presentation of Distributable Earnings provides investors with a useful measure to facilitate comparisons of financial performance among our REIT peers, but has important limitations. We believe Distributable Earnings 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 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 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 may not be comparable to similar measures presented by other REITs.
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 U.S. mortgage market. The Company’s objective is to generate attractive risk-adjusted returns for its stockholders through cash distributions and capital appreciation across interest rate and credit cycles. The Company is externally managed and advised by an affiliate of Angel Oak Capital Advisors, LLC, which, collectively with its affiliates, is a leading alternative credit manager with a vertically integrated mortgage origination platform. Additional information about the Company is available at www.angeloakreit.com
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
(in thousands, except for share and per share data)
Three Months Ended
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
INTEREST INCOME, NET
Interest income
$
24,550
$
28,585
$
95,953
$
115,544
Interest expense
16,310
21,175
67,052
63,024
NET INTEREST INCOME
8,240
7,410
28,901
52,520
REALIZED AND UNREALIZED GAINS (LOSSES), NET
Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS
(10,470
)
(65,141
)
(37,526
)
(8,717
)
Net unrealized gain (loss) on mortgage loans, debt at fair value option, and derivative contracts
35,621
53,268
63,489
(201,753
)
TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET
25,151
(11,873
)
25,963
(210,470
)
EXPENSES
Operating expenses
2,293
1,790
9,889
16,651
Stock compensation
494
574
1,689
5,753
Securitization costs
158
3
2,484
3,137
Management fee incurred with affiliate
1,382
1,969
5,842
7,799
Total operating expenses
4,327
4,336
19,904
33,340
INCOME (LOSS) BEFORE INCOME TAXES
29,064
(8,799
)
34,960
(191,290
)
Income tax expense (benefit)
465
—
1,246
(3,457
)
NET INCOME (LOSS)
$
28,599
$
(8,799
)
$
33,714
$
(187,833
)
Preferred dividends
—
(2
)
—
(14
)
NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS
$
28,599
$
(8,801
)
$
33,714
$
(187,847
)
Other comprehensive income (loss)
3,197
(12,148
)
16,152
(24,127
)
TOTAL COMPREHENSIVE INCOME (LOSS)
$
31,796
$
(20,949
)
$
49,866
$
(211,974
)
Basic earnings (loss) per common share
$
1.15
$
(0.36
)
$
1.36
$
(7.65
)
Diluted earnings (loss) per common share
$
1.15
$
(0.36
)
$
1.35
$
(7.65
)
Weighted average number of common shares outstanding:
Basic
24,768,921
24,586,340
24,722,285
24,547,916
Diluted
24,965,271
24,586,340
24,941,758
24,547,916
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except for share and per share data)
As of:
December 31, 2023
December 31, 2022
ASSETS
Residential mortgage loans - at fair value
$
380,040
$
770,982
Residential mortgage loans in securitization trusts - at fair value
1,221,067
1,027,442
RMBS - at fair value
472,058
1,055,338
U.S. Treasury securities - at fair value
149,927
—
Cash and cash equivalents
41,625
29,272
Restricted cash
2,871
10,589
Principal and interest receivable
7,501
17,497
Unrealized appreciation on TBAs and interest rate futures contracts - at fair value
—
14,756
Other assets
32,922
20,336
Total assets
$
2,308,011
$
2,946,212
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Notes payable
$
290,610
$
639,870
Non-recourse securitization obligations, collateralized by residential mortgage loans in securitization trusts
1,169,154
1,003,485
Securities sold under agreements to repurchase
193,656
52,544
Unrealized depreciation on TBAs and interest rate futures contracts - at fair value
1,334
—
Due to broker
391,964
1,006,022
Accrued expenses
985
1,288
Accrued expenses payable to affiliate
748
2,006
Interest payable
820
2,551
Income taxes payable
1,241
—
Management fee payable to affiliate
1,393
1,967
Total liabilities
$
2,051,905
$
2,709,733
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value. As of December 31, 2023: 350,000,000 shares authorized, 24,965,274 shares issued and outstanding. As of December 31, 2022: 350,000,000 shares authorized, 24,925,357 shares issued and outstanding.
249
249
Additional paid-in capital
477,068
475,379
Accumulated other comprehensive income (loss)
(4,975
)
(21,127
)
Retained (deficit) earnings
(216,236
)
(218,022
)
Total stockholders’ equity
$
256,106
$
236,479
Total liabilities and stockholders’ equity
$
2,308,011
$
2,946,212
Angel Oak Mortgage REIT, Inc.
Reconciliation of Net Income (Loss) to Distributable Earnings
and Distributable Earnings Return on Average Equity
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2023
(in thousands)
Net income (loss) allocable to common stockholders
$
28,599
$
(8,801
)
$
33,714
$
(187,847
)
Adjustments:
Net unrealized (gains) losses on trading securities
(7,618
)
—
(484
)
—
Net unrealized (gains) losses on derivatives
9,191
(11,484
)
16,985
(13,054
)
Net unrealized (gains) losses on residential loans in securitization trusts and non-recourse securitization obligation
(21,674
)
(11,896
)
(15,890
)
67,401
Net unrealized (gains) losses on residential loans
(15,511
)
(29,973
)
(64,009
)
146,347
Net unrealized (gains) losses on commercial loans
(8
)
85
(91
)
844
Non-cash equity compensation expense
494
573
1,689
5,753
Distributable Earnings
$
(6,527
)
$
(61,496
)
$
(28,086
)
$
19,444
Three Months Ended
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
($ in thousands)
Annualized Distributable Earnings
$
(26,108)
$
(245,984)
$
(28,086)
$
19,444
Average total stockholders’ equity
$
243,794
$
249,954
$
240,524
$
355,944
Distributable Earnings Return on Average Equity
(10.71%)
(98.41%)
(11.68)%
5.46%
Angel Oak Mortgage REIT, Inc.
Reconciliation of Stockholders’ Equity to Stockholders’ Equity Including Economic Book Value Adjustments
and Economic Book Value per Common Share
(Unaudited)
December 31, 2023
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
(in thousands, except for share and per share data)
GAAP total stockholders’ equity
$
256,106
$
231,802
$
232,676
$
244,378
$
236,479
Adjustments:
Fair value adjustment for securitized debt held at amortized cost
81,942
97,592
95,326
89,284
90,348
Stockholders’ equity including economic book value adjustments
$
338,048
$
329,394
$
328,002
$
333,662
$
326,827
Number of shares of common stock outstanding at period end
24,965,274
24,955,566
24,924,886
24,925,357
24,925,357
Book value per share of common stock
$
10.26
$
9.29
$
9.34
$
9.80
$
9.49
Economic book value per share of common stock
$
13.54
$
13.20
$
13.16
$
13.39
$
13.11
View source version on businesswire.com: https://www.businesswire.com/news/home/20240305782780/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
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