Angel Oak Mortgage Q3 net loss widens, book value falls
AOMR•Angel Oak Mortgage reported a third-quarter net loss of $16.70 million, or $0.72 per share, as book value per share declined from the prior quarter. Net interest income was $10.24 million, and the company declared a $0.32-per-share dividend.
1. Quarterly results
Angel Oak Mortgage’s third-quarter net loss widened to $16.70 million, or $0.72 per share. Net interest income rose slightly year over year to $10.24 million, while book value per share declined from the prior quarter.
2. Rates and portfolio
The company said higher interest rates pressured portfolio valuations and returns on new investments, and expects the higher-rate environment to continue doing so. It said it is deploying capital selectively and maintaining disciplined underwriting standards, with a focus on long-term credit performance over short-term returns. The company also said two securitizations completed early in the quarter were a key part of its financing and risk management strategy.
3. Dividend
Angel Oak Mortgage declared a third-quarter dividend of $0.32 per share.
