Angel Oak(US:AOMR)2024-11-06 12:43Financial Performance - Q3 2024 net interest income was $9.0 million, a 22% increase from $7.4 million in Q3 2023[2] - Year-to-date net interest income for the first nine months of 2024 reached $27.1 million, up 31% from $20.7 million in the same period of 2023[3] - Q3 2024 GAAP net income was $31.2 million, or $1.29 per diluted share[3] - Net income allocable to common stockholders for the three months ended September 30, 2024, was $31,204,000, up from $8,273,000 in the same period of 2023[22] - The company reported a distributable earnings return on average equity of (5.2)% for the three months ended September 30, 2024, compared to (14.8)% in the same period of 2023[23] Assets and Liabilities - The Company held total assets of $2.2 billion as of September 30, 2024[8] - Total assets as of September 30, 2024, were $2,303,866,000, slightly down from $2,308,011,000 as of December 31, 2023[20] - The total liabilities as of September 30, 2024, were $2,038,768,000, a decrease from $2,051,905,000 as of December 31, 2023[19] Shareholder Value - As of September 30, 2024, GAAP book value per share increased to $11.28, a 10.3% rise from $10.23 as of June 30, 2024[3] - The book value per share of common stock as of September 30, 2024, was $11.28, an increase from $9.29 as of September 30, 2023[24] - A dividend of $0.32 per share was declared on November 6, 2024, to be paid on November 27, 2024[10] Operational Highlights - The Company executed a securitization in October 2024, contributing loans with a scheduled unpaid principal balance of approximately $316.8 million[5] - During Q3 2024, the Company purchased $264.8 million of newly-originated non-QM residential mortgage loans with a weighted average coupon of 7.74%[5] - The company incurred total operating expenses of $3,821,000 for the three months ended September 30, 2024, down from $4,392,000 in the same period of 2023[18] Market Performance - Total realized and unrealized gains for the three months ended September 30, 2024, were $28,837,000, compared to $5,255,000 in the same period of 2023, reflecting a significant increase[18] - The fair value adjustment for securitized debt held at amortized cost was $64,522,000 as of September 30, 2024[24] Debt and Equity - As of September 30, 2024, the recourse debt to equity ratio was 1.8x, expected to remain below 2.5x[9] - The Company issued $50 million of senior unsecured notes with a 9.50% coupon on July 25, 2024, primarily for acquiring non-QM loans[7] - The weighted average number of common shares outstanding for the three months ended September 30, 2024, was 23,757,039, compared to 24,768,921 in the same period of 2023[18]