The following is a summary of the Angel Oak Mortgage REIT, Inc. (AOMR) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Angel Oak Mortgage REIT secured over $660 million in high-quality loans in 2023 through securitizations and purchased a total of $223 million of current-market coupon loans in 2023, leading to a 28% expansion in net interest income.

• Its GAAP book value of shares stood at $10.26 by the end of 2023, a 10.4% increase from the previous quarter. The full year net income was $33.7 million, or $1.35 per fully diluted common share.

• However, they reported a loss with negative distributable earnings of $6.5 million or $0.26 per share.

• The 90-day delinquency rate slightly increased to 2.2% at the end of the year from 1.9% at the end of the third quarter.

Business Progress:

• Angel Oak Mortgage REIT participated in four securitizations amid a volatile market and plans to continue this trend through programmatic loan purchases. It is also anticipated to benefit from an expected easing of monetary policy by the Federal Reserve in the second half of 2024.

• The company increased the average coupon of its residential whole loan portfolio to 6.78%, an increase of 95 basis points from the third quarter.

• It aims to continue deploying capital into higher yielding loans in the year ahead with an undrawn loan financing capacity of approximately $760 million.

More details: Angel Oak Mortgage REIT IR

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