As of September 30, 2024, Angel Oak Mortgage REIT, Inc. reported total assets of $2.30 billion, a slight decrease from $2.31 billion at the end of 2023. The company experienced growth in its residential mortgage loans, with fair value increasing to $428.9 million from $380.0 million, and loans in securitization trusts rising to $1.45 billion from $1.22 billion. Notably, notes payable increased to $333.0 million, and non-recourse securitization obligations rose to $1.35 billion.
For the third quarter of 2024, Angel Oak reported interest income of $27.4 million, up from $23.9 million in the same period of 2023. Net interest income also improved to $9.0 million from $7.4 million, primarily due to higher income from residential mortgage loans. The net unrealized gain on trading securities and mortgage loans surged to $35.2 million, compared to $17.3 million a year earlier. Overall, the company reported a significant increase in net income allocable to common stockholders, reaching $31.2 million, up from $8.3 million in Q3 2023.
For the nine months ended September 30, 2024, total interest income was $78.6 million, compared to $71.4 million in the prior year. Net income allocable to common stockholders for this period was $43.8 million, a substantial increase from $5.1 million in 2023. The company’s total comprehensive income for the nine months also rose to $48.3 million from $18.1 million.
Angel Oak's strategic activities included the issuance of $50 million in 9.500% Senior Notes due 2029, with proceeds aimed at general corporate purposes, including the acquisition of non-QM loans and share repurchases. The company repurchased approximately 1.7 million shares for about $20 million during the quarter. Additionally, the company participated in several securitization transactions, including the issuance of AOMT 2024-10, which involved approximately $316.8 million in residential mortgage loans.
The company’s management fees decreased due to a reduction in average equity, influenced by the share repurchase. Operating expenses for the nine months ended September 30, 2024, totaled $14.0 million, down from $15.6 million in the previous year. The company maintained a strong liquidity position, with cash and cash equivalents sufficient to meet its financing covenants.
About Angel Oak Mortgage REIT, Inc.
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