Angel Oak Mortgage REIT Inc Reports Q2 2024 Financial Results
Intellectia.AI2024-08-06
Angel Oak Mortgage REIT, Inc. Reports Q2 2024 Financial Results
Angel Oak Mortgage REIT, Inc. (NYSE: AOMR), a leading real estate finance company, announced its financial results for the second quarter of 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Q1 2024 |
|---|---|---|---|
| Net Interest Income | $9.5 million | Not provided | Not provided |
| GAAP Net Loss | ($0.3 million) | Not provided | Not provided |
| Earnings Per Share (GAAP) | ($0.01) | Not provided | Not provided |
| Distributable Earnings Loss | ($2.3 million) | Not provided | Not provided |
| Earnings Per Share (Distributable) | ($0.09) | Not provided | Not provided |
| GAAP Book Value per Share | $10.23 | Not provided | $10.55 |
| Economic Book Value per Share | $13.16 | Not provided | $13.78 |
Interpretation : The company's net interest income increased significantly by 47% year-over-year for Q2 2024 and 36% in the first six months of 2024 compared to the same period in 2023, indicating strong operational performance. However, the company reported a GAAP net loss and a loss in distributable earnings per share. Both GAAP and Economic book values per share decreased from Q1 2024.
Operational Data
| Operational Metric | Q2 2024 | Q1 2024 | Q2 2023 |
|---|---|---|---|
| Weighted Average Coupon | 7.71% | 7.11% | 4.84% |
| Target Assets | $1.9 billion | Not provided | Not provided |
| Residential Mortgage Whole Loans | $158.9 million | Not provided | Not provided |
| Recourse Debt to Equity Ratio | 1.2x | Not provided | Not provided |
Interpretation : The weighted average coupon of the residential whole loans portfolio increased significantly year-over-year and quarter-over-quarter, indicating potentially higher income from these investments. Total target assets and residential mortgage whole loans were substantial.
Comments from Company Officers
Sreeni Prabhu, CEO and President, highlighted the fourth consecutive quarter of net interest income expansion, emphasizing its 47% growth from Q2 2023 to Q2 2024. Prabhu discussed the strategic use of the recent $50 million issuance to drive further growth and reiterated the company's objective to continue delivering consistent value through careful capital allocation and liquidity management.
Dividends
The company declared a dividend of $0.32 per share of common stock, which will be paid on August 30, 2024, to common stockholders of record as of August 22, 2024.
Forward Guidance
The earnings release did not explicitly mention forward guidance.
Stock Price Movement
Following the earnings release, the company's stock price experienced a slight decline, with a change of -0.04%.
Summary : While Angel Oak Mortgage REIT, Inc. showcased significant growth in net interest income, it faced challenges with a reported net loss and a reduction in book values per share. The company's strategic initiatives and recent capital actions reflect a focus on driving future growth and operational efficiency.
For further details, access the original release here .
Genasys Inc Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results
Toll Brothers Reports Fourth Quarter and Full Year 2024 Financial Results
OilDri Corporation of America Reports Record First Quarter Fiscal 2025 Results
Share