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 first quarter of 2024.
First Quarter Highlights
- Q1 2024 GAAP net income of $12.9 million, or $0.51 per diluted
share of common stock.
- Q1 2024 Distributable Earnings of $2.8 million, or $0.11 per
diluted share of common stock.
- GAAP book value increased to $10.55 per share of common stock
as of March 31, 2024, up from $10.26 per share of common stock as
of December 31, 2023.
- Economic book value increased to $13.78 per share of common
stock as of March 31, 2024, up from $13.54 per share of common
stock as of December 31, 2023.
- Declared dividend of $0.32 per share of common stock, to be
paid on May 31, 2024 to common stockholders of record as of May 22,
2024.
Sreeni Prabhu, Chief Executive Officer and President of Angel
Oak Mortgage REIT, Inc., shared "In the first quarter of 2024 we
continued with the positive momentum from 2023, as we achieved
increased net interest margin for the third consecutive quarter
through consistent loan purchases, securitization execution and
continued expense management. Further, our commitment to
disciplined and thoughtful management of our cost structure helps
to reinforce our efforts to drive sustained growth, that translates
into consistently improved shareholder value. Specifically, the
recent execution of AOMT 2024-4 post quarter end released
additional capital to feed earnings growth and current coupon
securitizations in the coming quarters. These strong results and
outlook are reflective of our execution, which combines with our
unique business model to maximize value and strengthen the embedded
earnings power of our portfolio. We remain focused on our
disciplined approach to acquiring high quality loans at attractive
coupons while maintaining adequate liquidity and capital to further
strengthen our position in the market."
Portfolio and Investment Activity
- Following quarter end, on April 11, 2024, the Company priced
the AOMT 2024-4 securitization as the sole contributor of loans.
The Company contributed loans with a scheduled unpaid principal
balance of approximately $300 million and a 7.4% weighted average
coupon. This securitization reduced the Company’s whole loan
warehouse debt by $236 million and reduced financing costs by
approximately 100 basis points compared to the financing cost prior
to securitization.
- As of March 31, 2024, the weighted average coupon of our
residential whole loans portfolio increased to 7.11%, 33 basis
points higher than at the end of the fourth quarter 2023.
Capital Markets Activity
- As of March 31, 2024, the Company was party to three loan
financing lines which permit borrowings in an aggregate amount of
up to $1.1 billion.
- The Company’s total financing capacity as of March 31, 2024,
stands at $1.1 billion of which approximately $284 million is
drawn, leaving capacity of approximately $766 million for new loan
purchases. AOMT 2024-4, executed after March 31, 2024, paid down
$236 million of this balance and increased available capital to
approximately $1.0 billion.
Balance Sheet
- The Company pragmatically grew the balance sheet amid an
uncertain market while protecting liquidity and managing risk,
increasing GAAP book value per share by 2.8% and economic book
value per share by 1.8% versus the prior quarter.
- The Company held residential mortgage whole loans with fair
value of $368.4 million as of March 31, 2024.
- The recourse debt to equity ratio was 1.8x as of March 31,
2024.
- As of today’s date, our recourse debt to equity Ratio is
approximately 0.5x. This reflects the maturity of short-term US
Treasuries and their corresponding repurchase agreements held at
the end of the first quarter, as well as the subsequent execution
of the AOMT 2024-4 securitization.
- 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.
Dividend
On May 7, 2024, the Company declared a dividend of $0.32 per
share of common stock, which will be paid on May 31, 2024, to
common stockholders of record as of May, 22, 2024.
Conference Call and Webcast Information
The Company will host a live conference call and webcast today,
May 7, 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:
1-877-407-9716 International: 1-201-493-6779
Conference Call Playback:
Domestic: 1-844-512-2921 International: 1-412-317-6671 Passcode:
13745525 The playback can be accessed through May 21, 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 Falcons I, LLC, our external
manager (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 real estate investment trust
(“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
March 31, 2024
March 31, 2023
INTEREST INCOME, NET
Interest income
$
25,212
$
23,740
Interest expense
16,633
16,941
NET INTEREST INCOME
8,579
6,799
REALIZED AND UNREALIZED GAINS (LOSSES),
NET
Net realized gain (loss) on mortgage
loans, derivative contracts, RMBS, and CMBS
(1,422)
(10,843)
Net unrealized gain (loss) on trading
securities, mortgage loans, portion of debt at fair value option,
and derivative contracts
10,684
10,190
TOTAL REALIZED AND UNREALIZED GAINS
(LOSSES), NET
9,262
(653)
EXPENSES
Operating expenses
1,999
2,204
Operating expenses incurred with
affiliate
515
466
Due Diligence and transaction costs
49
—
Stock compensation
630
541
Securitization costs
174
833
Management fee incurred with affiliate
1,313
1,522
Total operating expenses
4,680
5,616
INCOME (LOSS) BEFORE INCOME
TAXES
13,161
530
Income tax expense
287
—
NET INCOME (LOSS) ALLOCABLE TO COMMON
STOCKHOLDERS
$
12,874
$
530
Other comprehensive income (loss)
1,703
14,804
TOTAL COMPREHENSIVE INCOME
(LOSS)
$
14,577
$
15,334
Basic earnings (loss) per common share
$
0.52
$
0.02
Diluted earnings (loss) per common
share
$
0.51
$
0.02
Weighted average number of common
shares outstanding:
Basic
24,775,815
24,662,737
Diluted
24,965,274
24,925,357
Angel Oak Mortgage REIT,
Inc.
Condensed Consolidated Balance
Sheets
(Unaudited)
(in thousands, except for share
and per share data)
As of:
March 31, 2024
December 31, 2023
ASSETS
Residential mortgage loans - at fair
value
$
368,446
$
380,040
Residential mortgage loans in
securitization trusts - at fair value
1,201,210
1,221,067
RMBS - at fair value
445,136
472,058
U.S. Treasury securities - at fair
value
149,805
149,927
Cash and cash equivalents
39,421
41,625
Restricted cash
2,799
2,871
Principal and interest receivable
10,591
7,501
Other assets
34,547
32,922
Total assets
$
2,251,955
$
2,308,011
LIABILITIES AND STOCKHOLDERS’
EQUITY
LIABILITIES
Notes payable
$
284,002
$
290,610
Non-recourse securitization obligations,
collateralized by residential mortgage loans in securitization
trusts
1,146,641
1,169,154
Securities sold under agreements to
repurchase
193,493
193,656
Unrealized depreciation on TBAs and
interest rate futures contracts - at fair value
889
1,334
Due to broker
359,892
391,964
Accrued expenses
1,119
985
Accrued expenses payable to affiliate
257
748
Interest payable
800
820
Income taxes payable
1,528
1,241
Management fee payable to affiliate
10
1,393
Total liabilities
$
1,988,631
$
2,051,905
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value. As of March
31, 2024: 350,000,000 shares authorized, 24,965,274 shares issued
and outstanding. As of December 31, 2023: 350,000,000 shares
authorized, 24,965,274 shares issued and outstanding.
249
249
Additional paid-in capital
477,698
477,068
Accumulated other comprehensive income
(loss)
(3,272)
(4,975)
Retained (deficit) earnings
(211,351)
(216,236)
Total stockholders’ equity
$
263,324
$
256,106
Total liabilities and stockholders’
equity
$
2,251,955
$
2,308,011
Angel Oak Mortgage REIT,
Inc.
Reconciliation of Net Income
(Loss) to Distributable Earnings
and Distributable Earnings
Return on Average Equity
(Unaudited)
Three Months Ended
March 31, 2024
March 31, 2023
(in thousands)
Net income (loss) allocable to common
stockholders
$
12,874
$
530
Adjustments:
Net unrealized (gains) losses on trading
securities
1
(1,605)
Net unrealized (gains) losses on
derivatives
(445)
24,536
Net unrealized (gains) losses on
residential loans in securitization trusts and non-recourse
securitization obligation
(5,147)
6,327
Net unrealized (gains) losses on
residential loans
(5,071)
(39,437)
Net unrealized (gains) losses on
commercial loans
(22)
(11)
Non-cash equity compensation expense
630
541
Distributable Earnings
$
2,820
$
(9,119)
Three Months Ended
March 31, 2024
March 31, 2023
($ in thousands)
Annualized Distributable Earnings
$
11,280
$
(36,476)
Average total stockholders’ equity
$
259,715
$
240,684
Distributable Earnings Return on Average
Equity
4.3%
(15.2%)
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)
March 31, 2024
December 31,
2023
September 30,
2023
June 30, 2023
March 31, 2023
(in thousands, except for share
and per share data)
GAAP total stockholders’ equity
$
263,324
$
256,106
$
231,802
$
232,676
$
244,379
Adjustments:
Fair value adjustment for securitized debt
held at amortized cost
80,599
81,942
97,592
95,326
89,284
Stockholders’ equity including economic
book value adjustments
$
343,923
$
338,048
$
329,394
$
328,002
$
333,663
Number of shares of common stock
outstanding at period end
24,965,274
24,965,274
24,955,566
24,924,886
24,925,357
Book value per share of common stock
$
10.55
$
10.26
$
9.29
$
9.34
$
9.80
Economic book value per share of common
stock
$
13.78
$
13.54
$
13.20
$
13.16
$
13.39
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240507855259/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
Angel Oak Mortgage REIT (NYSE:AOMR)
過去 株価チャート
から 4 2024 まで 5 2024
Angel Oak Mortgage REIT (NYSE:AOMR)
過去 株価チャート
から 5 2023 まで 5 2024