Q2 2025 Angel Oak Mortgage REIT Inc Earnings Call Transcript
Key Points
- Angel Oak Mortgage REIT Inc (AOMR) completed two securitizations and issued $42.5 million of unsecured debt, which is expected to drive incremental earnings.
- The company reported a 5% growth in net interest income compared to Q2 2024, with a year-to-date increase of 11% compared to the first half of 2024.
- Operating expenses, excluding securitization costs and stock compensation, were 15% lower than in Q2 2024 and 22% lower year-to-date compared to 2024.
- The 90-plus day delinquency rates decreased at the portfolio-wide level, reflecting strong credit management.
- Angel Oak Mortgage REIT Inc (AOMR) declared a $0.32 per share common dividend, maintaining stable cash flow and dividend coverage.
- Book value per share decreased by 3.1% to $10.37 as of June 30, 2025, from $10.70 as of March 31, 2025.
- The company experienced a slight contraction in net interest income compared to the first quarter of 2025 due to increased interest expenses from new senior unsecured notes.
- There was a $1.6 million unrealized loss on securitized and residential loan portfolios during the second quarter.
- Economic book value per share decreased by 3.3% from $13.41 as of March 31, 2025, to $12.97 as of June 30, 2025.
- The weighted average coupon of the residential whole loan portfolio increased, indicating potential higher costs for borrowers.
Good day, and welcome to the Angel Oak Mortgage REIT second quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Mr. KC Kelleher. Please go ahead.
Good morning, and thank you for joining us today for Angel Oak Mortgage REIT's second quarter 2025 earnings conference call. This morning, we filed our press release detailing these results, which is available in the Investors section on 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-looking statements in light of new information or future events.
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