Q1 2024 Angel Oak Mortgage REIT Inc Earnings Call Transcript
Key Points
- Net interest income increased for the third consecutive quarter, signaling sustained growth and profitability.
- GAAP net income was $12.9 million, with distributable earnings of $2.8 million, reflecting strong financial performance.
- Successful execution of AOMT 2024-4 securitization, a $300 million deal, which is expected to drive further net interest income expansion.
- Credit performance improved with a decrease in the 90-plus day delinquency rate from 2.2% to 1.8%.
- GAAP and economic book values per share increased, indicating a positive trend in asset valuation.
- Despite net interest income growth, the company's operating expenses increased modestly due to year-end legal and audit fees.
- Interest rates on warehouse financing lines remained high, impacting the cost of capital.
- The company's net interest income minus expenses is currently below the dividend payout, indicating potential pressure on dividend sustainability.
- Reliance on securitization and loan purchases to drive growth could be risky if market conditions change unfavorably.
- The company is considering engaging with capital markets, which could introduce new risks or dilute current shareholders.
Ladies and gentlemen, good morning and welcome to the Angel Oak Mortgage first quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
And it is now my pleasure to introduce your host, KC Kelleher, Head of Corporate Finance and Investor Relations. Please go ahead, sir.
Good morning. Thank you for joining us today for Angel Oak Mortgage REIT's first quarter 2024 earnings conference call. This morning, we filed our press release detailing these results, which is available in the Investors section of our website at www.angeloakreit.com.
As a reminder, remarks made on today's conference call may include forward looking statements. Forward- looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. We do not undertake any obligation to update our forward
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