
But, net interest income is up ‘consistently throughout the year,’ company’s CEO says
Angel Oak Mortgage REIT, Inc. reported a net loss of $15.1 million, or $0.65 per diluted share of common stock, for the fourth quarter of 2024. For the full year, the Non-QM originator and investment trust had net income of $28.8 million, or $1.17 per diluted share of common stock.
The fourth quarter of 2024 brought a 20% year-over-year increase in net interest income for Angel Oak. The company reported net interest income of $9.9 million for the most recent quarter, up from $8.2 million for Q4 2023. Full-year 2024 net interest income for the company was $36.9 million, an increase of 28% versus full-year 2023 net interest income of $28.9 million.
Angel Oak held residential mortgage whole loans with fair value of $183.1 million as of Dec. 31, 2024, down from $380.0 million a year earlier. The company held residential mortgage loans in securitization trusts with fair value of $1.69 billion at the end of 2024, compared to $1.22 billion at the end of 2023.
All told, the company’s assets as of the end of last year totaled $2.27 billion, down slightly from $2.31 billion at the end of 2023.
“Net interest income increased consistently throughout the year, driven by efficient capital deployment into high-quality mortgage loans and methodical securitization activity, the latter of which exceeded our guidance of one securitization per quarter,” stated Angel Oak’s President and CEO, Sreeni Prabhu, in a release.
"Looking to 2025, we expect continued growth in net interest margin and maintenance of reduced operating expense, supported by opportunistic capital markets participation,” Prabhu continued. “As always, we will remain committed to creating long-term shareholder value through disciplined risk management, securitization execution, and strategic capital deployment.”
Angel Oak on Feb. 6 declared a dividend of $0.32 per share of common stock, which was paid on Feb 28.