The following is a summary of the Angel Oak Mortgage REIT, Inc. (AOMR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Angel Oak Mortgage REIT reported a GAAP net income of $31.2 million for Q3 2024.

• Net interest income was reported at $9 million, slightly down from the previous quarter but improved by 22% year-over-year.

• Interest income increased by 6% from the previous quarter to $27.4 million, and interest expenses rose to $18.4 million due to new debt issuance and increased leverage.

• The company declared a dividend of $0.32 per share.

Business Progress:

• AOMR completed the issuance of senior unsecured notes in July and deployed the capital in high-quality non-QM loan purchases.

• Completed a securitization in October, recycling capital and targeting asset growth.

• The company's whole loan portfolio had a weighted average coupon of 7.73% at quarter-end, reflecting a nearly 200 basis point increase YoY.

• Engaged in disciplined daily capital management and strategic portfolio risk adjustments to maintain stability and prepare for upcoming securitizations.

Opportunities:

• AOMR is positioned to benefit from easing inflation and lower federal funds rates, which may lead to a more favorable rate environment and margin expansion.

• Planned for future growth through strategic securitizations, capital recycling, and continued loan acquisitions in a constructive macroeconomic cycle.

Risks:

• Despite the positive developments, there's an acknowledgment of potential market impacts from rate volatility and federal fund rate cuts uncertainties.

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