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Angel Oak Mortgage REIT Inc. 9.500% Senior Notes due 2029 (AOMN+1.17%) has filed its Form 10-K annual report for the fiscal year ended December 31, 2024 filing.
The company reported total assets of approximately $2.3 billion as of December 31, 2024, with residential mortgage loans and residential mortgage loans in securitization trusts accounting for the majority of the assets.
Net interest income for the year was $36.9 million, an increase from $28.9 million in the previous year, primarily due to higher interest income from residential mortgage loans in securitization trusts.
Angel Oak Mortgage REIT Inc. participated in five securitization transactions in 2024, contributing a total of $855 million of scheduled unpaid principal balance of residential mortgage loans.
The company issued $50 million in aggregate principal amount of senior unsecured notes in July 2024, which bear interest at a rate of 9.500% per annum and mature on July 30, 2029.
Operating expenses for the year were $19.4 million, slightly down from $19.9 million in 2023, with securitization costs increasing due to higher securitization activity.
The company maintained three uncommitted loan financing lines with a total borrowing capacity of $1.1 billion as of December 31, 2024.
Angel Oak Mortgage REIT Inc. continues to focus on acquiring and investing in first lien non-QM loans and other mortgage-related assets in the U.S. mortgage market.
The filing also details various financial agreements and the company's intention to utilize derivative instruments to mitigate interest rate risk, credit risk, and other risks.
The company reported net income allocable to common stockholders of $28.8 million for the year ended December 31, 2024, compared to $33.7 million in the previous year.
Angel Oak Mortgage REIT Inc. has elected to be taxed as a REIT for U.S. federal income tax purposes and intends to maintain its qualification as a REIT.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Angel Oak Mortgage REIT Inc. 9.500% Senior Notes due 2029 annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.