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Angel Oak Mortgage REIT, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net interest income of $9.0 million, up from $7.4 million in the same quarter the previous year. This increase is attributed to higher net interest income from the residential mortgage loans portfolio.
Total realized and unrealized gains for the quarter were $28.8 million, compared to $5.3 million in the previous year, driven by gains on securitization and residential mortgage loans.
Operating expenses for the quarter were $3.8 million, down from $4.4 million in the previous year, due to cost-saving measures.
Net income for the quarter was $31.2 million, up from $8.3 million in the previous year. The increase is primarily due to gains in the mortgage loans and securitization trust portfolios.
The company completed a public offering of $50 million in senior notes due 2029, with net proceeds used for general corporate purposes and repurchasing shares.
Angel Oak Mortgage REIT participated in multiple securitization transactions, including AOMT 2024-10, which issued $316.8 million in bonds backed by residential mortgage loans.
Cash provided by financing activities was $110.6 million, while cash used in operating and investing activities was $196.4 million and $86.0 million, respectively.
The company's total assets as of September 30, 2024, were $2.3 billion, with liabilities of $2.0 billion and stockholders' equity of $265.1 million.
Angel Oak Mortgage REIT continues to focus on acquiring non-QM loans and other mortgage-related assets, leveraging its relationship with Angel Oak's proprietary lending platform.
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 quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.