Angel Oak Mortgage, Inc. ( (AOMR) ) has released its Q3 earnings. Here is a breakdown of the information Angel Oak Mortgage, Inc. presented to its investors.
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Angel Oak Mortgage REIT, Inc. is a prominent real estate finance company specializing in acquiring and investing in first lien non-QM loans and other mortgage-related assets within the U.S. mortgage market.
Angel Oak Mortgage REIT, Inc. has announced its financial results for the third quarter of 2024, revealing significant growth in net interest income and net income, despite a loss in distributable earnings.
For the third quarter of 2024, the company reported a net interest income of $9.0 million, marking a 22% increase compared to the same period last year. Additionally, the GAAP net income reached $31.2 million, translating to $1.29 per diluted share. The book value per share also saw an increase, standing at $11.28, up 10.3% from the previous quarter. A substantial step in the quarter was the issuance of $50 million in senior unsecured notes, which facilitated further acquisitions and a share repurchase.
The company has actively pursued strategic investments, including the purchase of $264.8 million in non-QM residential mortgage loans and executing a $316.8 million securitization in October. These moves are expected to lower funding costs and contribute to ongoing income growth. The economic book value per share improved to $14.02, reflecting the company’s robust financial health.
Looking ahead, Angel Oak Mortgage REIT, Inc. is optimistic about continued portfolio and earnings growth, supported by its strategic investments and a favorable macroeconomic environment. The company’s management remains committed to capitalizing on emerging opportunities and driving value for stakeholders through a focused and efficient strategy.
