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Angel Oak Mortgage, Inc. (AOMR) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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Angel Oak Mortgage, Inc.

CIK: 1766478 Ticker: AOMR


EXHIBIT 99.1

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Angel Oak Mortgage, Inc. Reports First Quarter 2022 Financial Results

ATLANTA – May 12, 2022 -- Angel Oak Mortgage, Inc. (NYSE: AOMR) (the “Company,” “we,” and “our”),
a leading real estate finance company focused on acquiring and investing in first lien non-QM loans and other mortgage- related assets in the U.S. mortgage market, today reported financial results for the quarter ended March 31, 2022.

First Quarter Highlights
Q1 2022 GAAP net loss of $43.5 million, or $(1.77) per diluted share of common stock.
Q1 2022 Distributable Earnings of $37.3 million, or $1.49 per diluted share of common stock.
Declared dividend of $0.45 per share of common stock for the first quarter of 2022, payable on May 31, 2022, to common stockholders of record as of May 23, 2022.
GAAP book value of $16.80 per share as of March 31, 2022, down from $19.47 per share as of December 31, 2021.

Robert Williams, President and Chief Executive Officer of the Company, commented, “The first quarter of 2022 was challenging with historic volatility both in nominal interest rates and in the widening of interest rate spreads. This affected unrealized mark-to-market valuations of our whole loan portfolio, securitized loans, and retained RMBS, driving a negative impact to our book value. Despite these challenges, AOMR generated Distributable Earnings of $1.39 per fully diluted share of common stock, demonstrating an effective interest rate hedging strategy and the income-generating power of the portfolio. In the coming quarters, we expect our loan portfolio to begin to reflect higher coupon loan purchases and we will methodically and judiciously use the securitization market to reduce liquidity risk and interest rate risk, enabling us to continue to deliver on our core business model.”

Portfolio and Investment Activity
Purchased $676.0 million of non-QM residential mortgage loans in the first quarter 2022.
Completed $537.6 million residential non-QM securitization at a 3.06% weighted average cost of funding.
Portfolio total $2.7 billion of residential mortgage loans and other target assets as of March 31, 2022.

Capital Markets Activity
As of March 31, 2022, the Company was party to six financing lines which permit borrowings in an aggregate amount of up to $1.3 billion. During the quarter ended March 31, 2022, we extended the maturity date with respect to multiple facilities. Subsequent to the quarter ended March 31, 2022, we added $340.0 million of additional financing capacity. We intend to continue financing with warehouse facilities of varied maturities, sizes, and counterparty types to manage our exposure to any individual counterparty.

Balance Sheet
$90.4 million of cash and cash equivalents as of March 31, 2022.
Recourse debt to equity ratio of 3.2x as of March 31, 2022.
Held residential mortgage loans with a fair value of $1.1 billion as of March 31, 2022.

Dividend
On May 12, 2022, the Company declared a dividend of $0.45 per share of common stock for the first quarter of 2022. The dividend is payable on May 31, 2022 to common stockholders of record as of May 23, 2022.



The following information was filed by Angel Oak Mortgage, Inc. (AOMR) on Thursday, May 12, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Angel Oak Mortgage, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Angel Oak Mortgage, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows (Parenthetical)
Condensed Consolidated Statements Of Changes In Stockholders' Equity
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss)
Commercial Mortgage Loans
Commercial Mortgage Loans (Tables)
Commercial Mortgage Loans - Narrative (Details)
Commercial Mortgage Loans - Summary (Details)
Commitments And Contingencies
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Derivative Instruments Presented On The Balance Sheet And Notional Amounts (Details)
Derivative Financial Instruments - Gains And Losses Arising From Derivative Instruments (Details)
Equity And Earnings Per Share ("Eps")
Equity And Earnings Per Share ("Eps") (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Financial Assets And Liabilities Measured At Fair Value (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Significant Level 3 Inputs (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Securities At Cost (Details)
Investment Securities - Summary (Details)
Investment Securities - U.S. Treasury Securities (Details)
Notes Payable
Notes Payable (Tables)
Notes Payable - Summary (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Organization And Basis Of Presentation (Policies)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Financial Information On Whole Loans Purchased From Affiliates (Details)
Related Party Transactions - Narrative (Details)
Residential Mortgage Loans
Residential Mortgage Loans (Tables)
Residential Mortgage Loans - Summary (Details)
Securities Sold Under Agreements To Repurchase
Securities Sold Under Agreements To Repurchase (Tables)
Securities Sold Under Agreements To Repurchase - Summary (Details)
Subsequent Events
Subsequent Events (Details)
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Consolidated Balance Sheet Related To This Consolidated Vie (Details)
Variable Interest Entities - Income And Expense Amounts Related To The Consolidated Vie (Details)
Variable Interest Entities - Narrative (Details)

Material Contracts, Statements, Certifications & more

Angel Oak Mortgage, Inc. provided additional information to their SEC Filing as exhibits

Ticker: AOMR
CIK: 1766478
Form Type: 10-Q Quarterly Report
Accession Number: 0001766478-22-000057
Submitted to the SEC: Mon May 16 2022 4:51:53 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Real Estate

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