Angel Oak completes its first year as a public company with $1.1 billion in loans in portfolio – NMP

Non-QM lending has been pretty good for Angel Oak Mortgage Inc. (NYSE: AOMR).

The real estate finance company went public last June focusing on acquiring and investing in senior non-QM loans as well as other mortgage-related assets. On Tuesday, the company reported results for the fourth quarter and full year of 2021 that included a loan portfolio of more than $1.1 billion at year-end.

For the three months ended December 31, 2021, Angel Oak reported GAAP net income of $3.1 million, or 12 cents per diluted share, compared to GAAP net income of $6.3 million, or 25 cents per diluted share in the third trimester.

For the year, Angel Oak reported total GAAP net income of $21.1 million, or $1.01 per diluted share. It also posted a GAAP return on average equity of 5.7% for the full year.

“The fourth quarter of 2021 capped off a truly transformative year for the business, as we continued to capitalize on strong demand for non-QM loans and the power of the Angel Oak franchise,” said Robert Williams, President and CEO of Angel Oak.

Williams noted that Angel Oak completed two non-QM residential securitizations during the year, totaling a total of $703.5 million. The company also purchased $773 million of non-QM residential mortgages during the quarter.

“With these accomplishments, we generated distributable earnings of 89 cents per share in the fourth quarter,” he said. “We are pleased with our achievements in the first year as a public company, … and remain committed to delivering attractive risk-adjusted returns for our shareholders as we execute our long-term strategic growth plans.”

Angel Oak said its balance sheet included $40.8 million in cash and cash equivalents as of December 31, 2021 and that it had repurchased approximately 272,600 common shares at an average price of $17.14 per share, for a total of $4.7 million, during 2021.

The company declared a common stock dividend of 45 cents per share for the fourth quarter of 2021, payable to common shareholders of record on March 31, 2022.

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