Angel Oak Mortgage REIT Inc (FRA:57V)

Q2 2024 Angel Oak Mortgage REIT Inc Earnings Call Transcript

Aug 06, 2024 / 12:30PM GMT

Release Date Price: €10.1 (-9.82%)

Transcript 10-Q8-K

Key Points

Positve

Fourth consecutive quarter of net interest income growth.
Successful $300 million securitization deal reducing funding costs.
Issued $50 million in senior unsecured notes to fund future growth.
Maintained low operating costs through diligent management.
Strong credit performance with a low 90-day delinquency rate of 1.7%.

Negative

GAAP book value decreased by 3% in the second quarter.
Economic book value decreased by 4.5% versus the first quarter.
Reported a GAAP net loss of $0.3 million for the quarter.
Distributable earnings showed a loss of $2.3 million.
Potential economic downturn could heighten credit risk.

Operator

Good day and welcome to the Angel Oak Mortgage Second Quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Casey Kelliher, Head of Corporate Finance, and Investor Relations. Please go ahead.

Casey Kelliher

Angel Oak Mortgage REIT Inc - Head of Corporate Finance and Investor Relations

Good morning. Thank you for joining us today for Angela Mortgage rates Second Quarter 2024 earnings conference call. This morning, we filed our press release detailing these results, which is available in the Investors section on our website at 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-looking statements in light of new information or future events. For a more detailed discussion of the factors that may affect the

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