Angel Oak(US:AOMR)2025-11-06 12:17Financial Performance - Q3 2025 GAAP net income was $11.4 million, or $0.46 per diluted share, showing a significant recovery from previous quarters[5]. - Net income allocable to common stockholders for the three months ended September 30, 2025, was $11,410, compared to $31,204 for the same period in 2024, indicating a decline of 63.5%[22]. - Distributable Earnings for Q3 2025 were $0.5 million, or $0.02 per diluted share[5]. - Distributable earnings for the nine months ended September 30, 2025, were $7,310, compared to a loss of $2,844 for the same period in 2024[22]. - Annualized distributable earnings for the three months ended September 30, 2025, were $2,116, compared to a loss of $13,460 for the same period in 2024[22]. Assets and Liabilities - Total assets were valued at $2.5 billion as of September 30, 2025[12]. - Total assets increased to $2,638,110, up from $2,269,769 as of December 31, 2024, representing a growth of approximately 16.2%[20]. - Total liabilities rose to $2,373,945, an increase from $2,030,802 as of December 31, 2024, reflecting a growth of approximately 16.9%[20]. - Cash and cash equivalents increased to $51,598 from $40,762 as of December 31, 2024, representing a growth of 26.5%[20]. Equity and Book Value - The GAAP book value per share was $10.60, reflecting a 2.2% increase from the previous quarter[5]. - Book value per share of common stock was $10.60 as of September 30, 2025, compared to $10.17 as of December 31, 2024, showing an increase of 4.23%[25]. - Economic book value per share of common stock decreased to $12.72 as of September 30, 2025, from $14.02 as of September 30, 2024, a decline of 9.2%[25]. - Retained earnings improved to a deficit of $209,242 as of September 30, 2025, compared to a deficit of $218,849 as of December 31, 2024, indicating a reduction in the deficit of approximately 4.4%[20]. Interest and Loans - Net interest income for Q3 2025 reached $10.2 million, an increase of 12.9% compared to Q3 2024 and a 2.4% increase from Q2 2025[5]. - As of September 30, 2025, the weighted average interest rate of the residential whole loans portfolio was 7.98%[7]. - The company purchased $237.6 million of newly-originated non-QM residential mortgage loans during Q3 2025, with a weighted average coupon of 7.74%[6]. Securitization and Debt - The company executed the AOMT 2025-10 securitization post-quarter, with an approximate $274.3 million scheduled unpaid principal balance[6]. - As of September 30, 2025, the company had a recourse debt to equity ratio of approximately 1.9x[12]. Dividends and Stock - The company declared a dividend of $0.32 per share, payable on November 26, 2025, to stockholders of record as of November 18, 2025[5][9]. - Common stock outstanding increased to 24,914,035 shares as of September 30, 2025, from 23,500,175 shares as of December 31, 2024[20].