Q4 interest income tops expectations as distributable earnings dip just below consensus
Tagged: Angel Oak Mortgage REIT
Company sees sharp EPS miss but points to improved delinquency rates, high-yield Non-QM loan purchases
Earnings backed by increased investment in Non-QM residential mortgage loans
But, net interest income is up ‘consistently throughout the year,’ company’s CEO says
The Non-QM originator, aggregator, and investment trust purchased nearly $265 million of newly-originated Non-QM residential loans in the third quarter.
Latest earnings represent a 47% increase YOY
Despite missing non-GAAP EPS forecasts, Angel Oak grows loan portfolio, enhances liquidity, and optimizes operations.
Despite a divergence in net income and distributable earnings, Angel Oak REIT declares a stable dividend and touts a solid increase in net interest margin.
Calls securitization an 'inflection point' for the company.