Angel Oak Mortgage REIT Q4 Earnings Call Highlights

Filson explained that distributable earnings differed from GAAP results primarily due to the removal of unrealized gains and losses. In the fourth quarter, the difference was driven by removing $8.4 million of net unrealized gains from the securitized loan portfolio, partially offset by $4.0 million of unrealized losses from the residential loans and hedge portfolios. For the full year, the primary driver was removing $28.6 million of unrealized net gains on the securitized loan portfolio.Full-year GAAP net ...