Angel Oak(AOMR) - 2024 Q4 - Annual Results

Financial Performance - Q4 2024 net interest income was $9.9 million, a 20% increase from Q4 2023's $8.2 million[4] - FY 2024 net interest income reached $36.9 million, reflecting a 28% increase compared to FY 2023's $28.9 million[4] - Q4 2024 GAAP net loss was $(15.1) million, or $(0.65) per diluted share[4] - FY 2024 GAAP net income was $28.8 million, or $1.17 per diluted share[4] - Net income allocable to common stockholders for the three months ended December 31, 2024, was a loss of $15,055,000 compared to a profit of $28,599,000 for the same period in 2023[24] - Distributable Earnings for the three months ended December 31, 2024, were $9,874,000, a significant recovery from a loss of $6,527,000 in the same period of 2023[24] - Annualized Distributable Earnings for the twelve months ended December 31, 2024, were $39,500,000, compared to a loss of $26,107,000 for the previous year[24] - Distributable Earnings Return on Average Equity improved to 15.7% for the three months ended December 31, 2024, compared to a negative 10.7% for the same period in 2023[24] Asset and Liability Management - Total assets decreased to $2,269,769,000 as of December 31, 2024, from $2,308,011,000 as of December 31, 2023, representing a decline of approximately 1.66%[22] - Total liabilities decreased to $2,030,802,000 as of December 31, 2024, from $2,051,905,000 as of December 31, 2023, a reduction of approximately 1.03%[22] - Common stock outstanding decreased from 24,965,274 shares as of December 31, 2023, to 23,500,175 shares as of December 31, 2024[26] - Book value per share of common stock decreased to $10.17 as of December 31, 2024, from $10.26 as of December 31, 2023[26] - Economic book value per share of common stock increased to $13.10 as of December 31, 2024, from $13.54 as of December 31, 2023[26] - Average total stockholders' equity for the twelve months ended December 31, 2024, was $255,860,000, compared to $240,524,000 for the previous year, reflecting an increase of approximately 6.4%[24] Securitization and Loan Activity - The Company participated in five securitization transactions in 2024, contributing a total of $855 million in scheduled unpaid principal balance of loans[5] - The Company purchased $683.7 million of newly-originated, market coupon non-QM residential mortgage loans in 2024[5] Debt Management - As of December 31, 2024, the Company's recourse debt to equity ratio was approximately 1.0x, expected to remain below 2.5x going forward[12] Dividend Declaration - The Company declared a dividend of $0.32 per share of common stock, paid on February 28, 2025[4] Loan Portfolio Metrics - As of December 31, 2024, the weighted average coupon of the residential whole loans portfolio was 7.39%, a 61 basis point increase from December 31, 2023[6]