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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 001-40495
Angel Oak Mortgage REIT, Inc.
(Exact name of registrant as specified in its charter)
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| Maryland | | 37-1892154 |
| (State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
3344 Peachtree Road Northeast, Suite 1725, Atlanta, Georgia 30326
(Address of Principal Executive Offices and Zip Code)
404-953-4900
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, $0.01 par value | AOMR | New York Stock Exchange |
9.500% Senior Notes due 2029 | AOMN | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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| Large accelerated filer | ☐ | | Accelerated filer | ☒ | | Non-accelerated filer | ☐ |
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| Smaller reporting company | ☒ | | Emerging growth company | ☐ | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The registrant had 23,511,272 shares of common stock, $0.01 par value per share, outstanding as of November 7, 2024.
ANGEL OAK MORTGAGE REIT, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
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| Part I - FINANCIAL INFORMATION | |
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| Part II. Other Information | |
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except for share data)
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| As of: |
| September 30, 2024 | | December 31, 2023 |
| ASSETS | | | |
| Residential mortgage loans - at fair value | $ | 428,909 | | | $ | 380,040 | |
| Residential mortgage loans in securitization trusts - at fair value | 1,452,907 | | | 1,221,067 | |
| RMBS - at fair value | 283,105 | | | 472,058 | |
| U.S. Treasury securities - at fair value | 49,971 | | | 149,927 | |
| Cash and cash equivalents | 42,052 | | | 41,625 | |
| Restricted cash | 2,679 | | | 2,871 | |
| Principal and interest receivable | 6,630 | | | 7,501 | |
| Unrealized appreciation on TBAs and interest rate futures contracts - at fair value | 1,651 | | | — | |
| Other assets | 35,962 | | | 32,922 | |
| Total assets | 2,303,866 | | | 2,308,011 | |
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
| Notes payable | $ | 333,042 | | | $ | 290,610 | |
| Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts (see Note 2) | 1,353,758 | | | 1,169,154 | |
| Securities sold under agreements to repurchase | 102,876 | | | 193,656 | |
| Senior unsecured notes | 47,616 | | | — | |
| Unrealized depreciation on TBAs and interest rate futures contracts - at fair value | — | | | 1,334 | |
| Due to broker | 194,697 | | | 391,964 | |
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| Accrued expenses | 2,000 | | | 985 | |
| Accrued expenses payable to affiliate | 657 | | | 748 | |
| Interest payable | 1,312 | | | 820 | |
| Income taxes payable | 2,785 | | | 1,241 | |
| Management fee payable to affiliate | 25 | | | 1,393 | |
| Total liabilities | 2,038,768 | | | 2,051,905 | |
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| STOCKHOLDERS’ EQUITY | | | |
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Common stock, $0.01 par value. As of September 30, 2024: 350,000,000 shares authorized, 23,511,272 shares issued and outstanding. As of December 31, 2023: 350,000,000 shares authorized, 24,965,274 shares issued and outstanding. | $ | 234 | | | $ | 249 | |
| Additional paid-in capital | 461,249 | | | 477,068 | |
| Accumulated other comprehensive income (loss) | (441) | | | (4,975) | |
| Retained earnings (deficit) | (195,944) | | | (216,236) | |
| Total stockholders' equity | 265,098 | | | 256,106 | |
| Total liabilities and stockholders' equity | $ | 2,303,866 | | | $ | 2,308,011 | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.
2
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
(in thousands, except for share and per share data)
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| Three Months Ended | | Nine Months Ended | | | | |
| September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | | | | | | | |
| INTEREST INCOME, NET | | | | | | | | | | | | | | | |
| Interest income | $ | 27,444 | | | $ | 23,900 | | | $ | 78,558 | | | $ | 71,403 | | | | | | | | | |
| Interest expense | 18,424 | | | 16,490 | | | 51,495 | | | 50,742 | | | | | | | | | |
| NET INTEREST INCOME | $ | 9,020 | | | $ | 7,410 | | | $ | 27,063 | | | $ | 20,661 | | | | | | | | | |
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| REALIZED AND UNREALIZED GAINS (LOSSES), NET | | | | | | | | | | | | | | | |
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS | $ | (6,335) | | | $ | (12,044) | | | $ | (14,527) | | | $ | (27,056) | | | | | | | | | |
| Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts | 35,172 | | | 17,299 | | | 48,514 | | | 27,868 | | | | | | | | | |
| TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET | $ | 28,837 | | | $ | 5,255 | | | $ | 33,987 | | | $ | 812 | | | | | | | | | |
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| EXPENSES | | | | | | | | | | | | | | | |
| Operating expenses | $ | 1,287 | | | $ | 1,370 | | | $ | 4,619 | | | $ | 5,788 | | | | | | | | | |
| Operating expenses incurred with affiliate | 472 | | | 599 | | | 1,444 | | | 1,672 | | | | | | | | | |
| Due diligence and transaction costs | 254 | | | 115 | | | 663 | | | 136 | | | | | | | | | |
| Stock compensation | 604 | | | 447 | | | 1,864 | | | 1,195 | | | | | | | | | |
| Securitization costs | — | | | 416 | | | 1,583 | | | 2,326 | | | | | | | | | |
| Management fee incurred with affiliate | 1,204 | | | 1,445 | | | 3,810 | | | 4,460 | | | | | | | | | |
| Total operating expenses | $ | 3,821 | | | $ | 4,392 | | | $ | 13,983 | | | $ | 15,577 | | | | | | | | | |
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| INCOME (LOSS) BEFORE INCOME TAXES | $ | 34,036 | | | $ | 8,273 | | | $ | 47,067 | | | $ | 5,896 | | | | | | | | | |
| Income tax expense | 2,832 | | | — | | | 3,261 | | | 781 | | | | | | | | | |
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| NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS | $ | 31,204 | | | $ | 8,273 | | | $ | 43,806 | | | $ | 5,115 | | | | | | | | | |
| Other comprehensive income (loss) | 2,706 | | | (1,607) | | | 4,534 | | | 12,955 | | | | | | | | | |
| TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 33,910 | | | $ | 6,666 | | | $ | 48,340 | | | $ | 18,070 | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Basic earnings (loss) per common share | $ | 1.31 | | | $ | 0.33 | | | $ | 1.79 | | | $ | 0.20 | | | | | | | | | |
| Diluted earnings (loss) per common share | $ | 1.29 | | | $ | 0.33 | | | $ | 1.76 | | | $ | 0.20 | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Weighted average number of common shares outstanding: | | | | | | | | | | | | | | | |
| Basic | 23,757,039 | | 24,768,921 | | 24,445,105 | | | 24,706,568 | | | | | | | | | |
| Diluted | 24,079,247 | | 24,957,668 | | 24,778,465 | | | 24,933,833 | | | | | | | | | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.
3
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2024 |
| Common Stock at Par | | Additional Paid-in Capital | | Accumulated Other Comprehensive (Loss) Income | | Retained Earnings (Deficit) | | Total Stockholders’ Equity |
| Stockholder's equity as of June 30, 2024 | $ | 249 | | | $ | 478,328 | | | $ | (3,147) | | | $ | (219,624) | | | $ | 255,806 | |
| Issuance of common stock, net of expenses | $ | 2 | | | $ | 2,250 | | | $ | — | | | $ | — | | | 2,252 | |
| Repurchase of shares of common stock | $ | (17) | | | $ | (19,933) | | | $ | — | | | $ | — | | | (19,950) | |
Dividends paid on common stock | $ | — | | | $ | — | | | $ | — | | | $ | (7,524) | | | (7,524) | |
| Stock compensation | $ | — | | | $ | 604 | | | $ | — | | | $ | — | | | 604 | |
| Unrealized gain (loss) on RMBS and CMBS | $ | — | | | $ | — | | | $ | 2,706 | | | $ | — | | | 2,706 | |
| Net income (loss) | $ | — | | | $ | — | | | $ | — | | | $ | 31,204 | | | 31,204 | |
| Stockholders' equity as of September 30, 2024 | $ | 234 | | | $ | 461,249 | | | $ | (441) | | | $ | (195,944) | | | $ | 265,098 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| Common Stock at Par | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings (Deficit) | | Total Stockholders’ Equity |
| Stockholders’ equity as of June 30, 2023 | $ | 249 | | | $ | 476,127 | | | $ | (6,565) | | | $ | (237,135) | | | $ | 232,676 | |
Dividends paid on common stock | $ | — | | | $ | — | | | $ | — | | | $ | (7,987) | | | $ | (7,987) | |
| Stock compensation | $ | — | | | $ | 447 | | | $ | — | | | $ | — | | | $ | 447 | |
| Unrealized gain (loss) on RMBS and CMBS | $ | — | | | $ | — | | | $ | (1,607) | | | $ | — | | | $ | (1,607) | |
| Net income (loss) | $ | — | | | $ | — | | | $ | — | | | $ | 8,273 | | | $ | 8,273 | |
| Stockholders’ equity as of September 30, 2023 | $ | 249 | | | $ | 476,574 | | | $ | (8,172) | | | $ | (236,849) | | | $ | 231,802 | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.
4
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2024 |
| Common Stock at Par | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings (Deficit) | | Total Stockholders’ Equity |
| Stockholders’ equity as of December 31, 2023 | $ | 249 | | | $ | 477,068 | | | $ | (4,975) | | | $ | (216,236) | | | $ | 256,106 | |
| Issuance of common stock, net of expenses | $ | 2 | | | $ | 2,250 | | | $ | — | | | $ | — | | | $ | 2,252 | |
| Repurchase of shares of common stock | $ | (17) | | | $ | (19,933) | | | $ | — | | | $ | — | | | $ | (19,950) | |
Dividends paid on common stock | $ | — | | | $ | — | | | $ | — | | | $ | (23,514) | | | $ | (23,514) | |
| Non-cash equity compensation | $ | — | | | $ | 1,864 | | | $ | — | | | $ | — | | | $ | 1,864 | |
| Unrealized gain (loss) on RMBS and CMBS | $ | — | | | $ | — | | | $ | 4,534 | | | $ | — | | | $ | 4,534 | |
| Net income (loss) | $ | — | | | $ | — | | | $ | — | | | $ | 43,806 | | | $ | 43,806 | |
Stockholders’ equity as of September 30, 2024 | $ | 234 | | | $ | 461,249 | | | $ | (441) | | | $ | (195,944) | | | $ | 265,098 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| Common Stock at Par | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings (Deficit) | | Total Stockholders’ Equity |
| Stockholders’ equity as of December 31, 2022 | $ | 249 | | | $ | 475,379 | | | $ | (21,127) | | | $ | (218,022) | | | 236,479 | |
Dividends paid on common stock | — | | | — | | | — | | | (23,942) | | | (23,942) | |
| Non-cash equity compensation | — | | | 1,195 | | | — | | | — | | | $ | 1,195 | |
| Unrealized gain (loss) on RMBS and CMBS | — | | | — | | | 12,955 | | | — | | | 12,955 | |
| Net income (loss) | — | | | — | | | — | | | $ | 5,115 | | | 5,115 | |
| Stockholders’ equity as of September 30, 2023 | $ | 249 | | | $ | 476,574 | | | $ | (8,172) | | | $ | (236,849) | | | $ | 231,802 | |
| | | | | | | | | |
| | | | | | | | | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.
5
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
| | | | | | | | | | | |
| Nine Months Ended |
| September 30, 2024 | | September 30, 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | |
| Net income (loss) | $ | 43,806 | | | $ | 5,115 | |
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | | | |
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS | 14,527 | | | 27,056 | |
| Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts | (48,514) | | | (27,868) | |
| Amortization of debt issuance costs | 246 | | | 1,040 | |
| Net amortization of premiums and discounts on mortgage loans | 1,989 | | | 2,199 | |
| Accretion of non-recourse securitized obligation discount | 3,455 | | | 1,251 | |
| Accretion of discount on U.S. Treasury securities | (548) | | | (1,201) | |
| Non-cash equity compensation | 1,864 | | | 1,195 | |
| Net change in: | | | |
| Purchases of residential mortgage loans from affiliates | (182,200) | | | (89,673) | |
| Purchases of residential mortgage loans from non-affiliates | (243,634) | | | (5,469) | |
| Sale of residential mortgage loans | 3,118 | | | — | |
| Sale of residential mortgage loans into affiliate's securitization trust | 66,107 | | | 313,438 | |
| Principal payments on residential mortgage loans | 15,475 | | | 30,950 | |
| Principal payments on residential mortgage loans in securitization trusts | 122,311 | | | 74,179 | |
| | | |
| Margin received from interest rate futures contracts and TBAs | 4,618 | | | 12,602 | |
| Principal and interest receivable on residential mortgage loans | 868 | | | 12,806 | |
| Other assets | (1,461) | | | (716) | |
| Management fee payable to affiliate | (1,367) | | | (512) | |
| Accrued expenses | 1,015 | | | (528) | |
| Accrued expenses payable to affiliate | (91) | | | (1,021) | |
| Income tax payable | 1,544 | | | 781 | |
| Interest payable | 492 | | | (1,880) | |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (196,380) | | | 353,744 | |
| | | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.
6
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
| | | | | | | | | | | |
| Nine Months Ended |
| September 30, 2024 | | September 30, 2023 |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | |
| Purchases of investments in RMBS, available for sale | (5,733) | | | (1,006,023) | |
| Purchases of investments in RMBS, trading | (935,573) | | | (853,934) | |
| Sale of investments in RMBS, available for sale | — | | | 1,006,196 | |
| Sale of investments in RMBS, trading | 927,047 | | | 832,542 | |
| Purchase of investments in U.S. Treasury securities | (349,595) | | | (848,617) | |
| Investments in majority-owned affiliates | (2,253) | | | (14,657) | |
| | | |
| Principal payments on RMBS and CMBS securities | 2,122 | | | 816 | |
| Maturity of U.S. Treasury securities | 450,000 | | | 700,000 | |
| | | |
| | | |
| Sale of commercial mortgage loans to third parties | — | | | 4,326 | |
| Principal payments on commercial mortgage loans | 25 | | | 26 | |
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 86,040 | | | (179,325) | |
| | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | |
| Dividends paid to common stockholders | (23,514) | | | (23,942) | |
| | | |
| Repurchase of common stock | (19,950) | | | — | |
| Proceeds from issuances of common stock, net of expenses | 2,252 | | | — | |
| Proceeds from securitization | 274,793 | | | — | |
| | | |
| Principal payments on non-recourse securitization obligation | (122,070) | | | (74,179) | |
| Cash paid for debt issuance costs | (1,013) | | | — | |
| Proceeds from non-recourse securitization obligations | — | | | 233,319 | |
Net proceeds from (repurchases of) securities sold under agreements to repurchase | (90,780) | | | 135,557 | |
| Net proceeds from issuance of senior notes | 48,425 | | | — | |
| Net proceeds from (payments on) notes payable | 42,432 | | | (442,073) | |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 110,575 | | | (171,318) | |
| | | |
| CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 235 | | | 3,101 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period | 44,496 | | | 39,861 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period | $ | 44,731 | | | $ | 42,962 | |
| | | |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | |
| Cash paid during the period for interest | $ | 46,386 | | | $ | 48,862 | |
| | | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.
7
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
1. Organization and Basis of Presentation
Angel Oak Mortgage REIT, Inc. (together with its subsidiaries the “Company”, “we” or “our”) is a real estate finance company focused on acquiring and investing in first lien non-qualified residential mortgage (“non-QM”) loans and other mortgage‑related assets in the U.S. mortgage market. The Company’s strategy is to make credit-sensitive investments primarily in newly-originated first lien non‑QM loans that are primarily made to higher‑quality non‑QM loan borrowers and primarily sourced from the proprietary mortgage lending platform of its affiliate, Angel Oak Mortgage Solutions LLC (together with other non-operational affiliated originators, “Angel Oak Mortgage Lending”), which currently operates primarily through a wholesale channel and has a national origination footprint. The Company may also invest in other residential mortgage loans, residential mortgage‑backed securities (“RMBS”), and other mortgage‑related assets. The Company’s objective is to generate attractive risk‑adjusted returns for its stockholders, through cash distributions and capital appreciation, across interest rate and credit cycles.
The Company is a Maryland corporation incorporated on March 20, 2018. The Company achieves certain of its investment objectives by investing a portion of its assets in its wholly‑owned taxable REIT subsidiary, Angel Oak Mortgage REIT TRS, LLC, a Delaware limited liability company formed on March 21, 2018, which invests its assets in Angel Oak Mortgage Fund TRS, a Delaware statutory trust formed on June 15, 2018.
The Operating Partnership
On February 5, 2020, the Company formed Angel Oak Mortgage Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), through which substantially all of its assets are held and substantially all of its operations are conducted, either directly or through subsidiaries. The Company holds all of the limited partnership interests in the Operating Partnership and indirectly holds the sole general partnership interest in the Operating Partnership through the general partner, which is the Company’s wholly-owned subsidiary.
The Company’s Manager and REIT status
The Company is externally managed and advised by Falcons I, LLC (the “Manager”), a Securities and Exchange Commission-registered investment adviser and an affiliate of Angel Oak Capital Advisors, LLC (“Angel Oak Capital”). The Company has elected to be taxed as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2019.
Interim Financial Statements
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report on Form 10-K”).
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. The condensed consolidated financial statements include the accounts of the Company and its wholly‑owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., fair value changes due to inputs and underlying assumptions as described in Note 9 — Fair Value Measurements, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from the Company’s estimates and the differences could be material.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Reclassifications
Certain comparative period amounts in the condensed consolidated financial statements have been reclassified for consistency with current period presentation. These reclassifications had no effect on the reported results of operations. Specifically, certain cash flows previously presented as cash flows from operating activities on the condensed consolidated statements of cash flows for the nine months-ended September 30, 2023, have been reclassified to cash flows from investing activities as Purchases of investments in majority-owned affiliates.
Recent Accounting Pronouncements
The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). There were no recent ASUs that are expected to have a significant impact on the Company's condensed consolidated financial statements when adopted or had a significant impact on the Company's condensed consolidated financial statements upon adoption.
Summary of Significant Accounting Policies
The Company’s summary of significant accounting policies as set forth in its Annual Report on Form 10-K remain unchanged.
2. Variable Interest Entities
Since its inception, the Company has utilized variable interest entities (“VIEs”) for the purpose of securitizing whole mortgage loans to obtain long-term non-recourse financing. The Company evaluates its interest in each VIE to determine if it is the primary beneficiary.
VIEs for Which the Company is the Primary Beneficiary
The Company entered into securitization transactions where it was determined that the Company has the power to direct the activities that most significantly impact the VIE’s economic performance. The Company was the sole entity to contribute residential whole mortgage loans to these securitization vehicles.
The retained beneficial interest in VIEs for which the Company is the primary beneficiary is the subordinated tranches of the securitization and further interests in additional interest‑only tranches. The following table summarizes the key details of the loan securitization transactions for which the Company is the primary beneficiary currently outstanding as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | |
| As of: | | September 30, 2024 | | December 31, 2023 |
| | ($ in thousands) |
| Aggregate unpaid principal balance of residential whole loans sold | | $ | 1,512,722 | | | $ | 1,334,963 | |
Fair value adjustment for residential mortgage loans in securitization trusts | | (59,815) | | | (113,896) | |
Residential mortgage loans in securitization trusts, at fair value | | $ | 1,452,907 | | | $ | 1,221,067 | |
| | | | |
| Outstanding amount of Non-recourse securitization obligation, at amortized cost | | $ | 1,376,244 | | | $ | 1,220,067 | |
| Fair value adjustment for the portion of Non-recourse securitization obligation, at fair value option | | (22,486) | | | (50,912) | |
| Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts | | $ | 1,353,758 | | | $ | 1,169,155 | |
| Weighted average fixed rate for Non-recourse securitization obligation issued | | 3.51 | % | | 2.91 | % |
| | | | |
| | | | |
For the period ended: | | September 30, 2024 | | December 31, 2023 |
| | ($ in thousands) |
Aggregate unpaid principal balance of residential whole loans sold, at deal date | | $ | 2,010,214 | | | $ | 1,710,381 | |
Face amount of Non-recourse securitization obligation issued by the VIE and purchased by third-party investors, at deal date | | 1,893,847 | | | 1,619,051 | |
| Face amount of Senior Support Certificates received by the Company, at deal date | | 116,367 | | | 91,330 | |
| Aggregate cash received, at deal date | | 233,835 | | | 194,746 | |
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
During the three months ended September 30, 2024, the Company did not issue and retain bonds on our consolidated balance sheets for any securitization transaction for which the Company was the primary beneficiary. For the nine months ended September 30, 2024 the Company and its affiliates issued and sold bonds with a current face value of $274.8 million to third-party investors for proceeds of $274.8 million, before offering costs and accrued interest. The sold bonds are included in “Non-recourse securitization obligations, collateralized by residential mortgage loans in securitization trusts” on the Company’s condensed consolidated balance sheets.
As of September 30, 2024 and December 31, 2023, as a result of the transactions described above, securitized loans with outstanding principal balance of approximately $1.5 billion and $1.3 billion are included in “Residential mortgage loans in securitization trusts” on the Company’s condensed consolidated balance sheets, respectively. As of September 30, 2024 and December 31, 2023, the aggregate carrying value of sold bonds issued by consolidated VIEs was $1.4 billion and $1.2 billion, respectively. These sold bonds are disclosed as “Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts” on the Company’s condensed consolidated balance sheets. The holders of the securitized debt have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets from the VIE upon the breach of certain representations and warranties with respect to the residential whole loans sold to the VIE. In the absence of such a breach, the Company has no obligation to provide any other explicit or implicit support to any VIE.
The Company concluded that the entities created to facilitate the loan securitization transactions are VIEs. The Company completed an analysis of whether each VIE created to facilitate the securitization transactions should be consolidated by the Company, based on consideration of its involvement in each VIE and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of each VIE. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed:
• whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and
• whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE.
Based on its evaluation of the factors discussed above, including its involvement in the purpose and design of the entity, the Company determined that it was required to consolidate each VIE created to facilitate the loan securitization transactions.
VIEs for Which the Company is Not the Primary Beneficiary
The Company sponsored or participated along with other affiliates and entities managed by Angel Oak Capital in the formation of various entities that were considered to be VIEs. These VIEs were formed to facilitate securitization issuances that were comprised of secured residential whole loans and/or small balance commercial loans contributed to securitization trusts.
These securities were issued as a result of the unconsolidated securitizations where the Company retained bonds from the issuances of securitizations issued by a depositor that the Company does not control. The Company determined that it was not then and is not now the primary beneficiary of any of these securitization entities, and thus has not consolidated the operating results or statements of financial position of any of these entities. The Company performs ongoing reassessments of all VIEs in which the Company has participated since its inception as to whether changes in the facts and circumstances regarding the Company’s involvement with a VIE would cause the Company’s consolidation conclusion to change, and the Company’s assessment of these VIEs remains unchanged.
The securities received in the securitization transactions for which we are not the primary beneficiary were classified as “available for sale” upon receipt and are included in “RMBS - at fair value” and “Other Assets” on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, and details on the accounting treatment and fair value methodology of the securities can be found in Note 9 — Fair Value Measurements. See also Note 4 — Investment Securities, for the fair value of AOMT securities held by the Company, and Note 13 - Other Assets, for investments in majority-owned affiliates (“MOAs”), as of September 30, 2024 and December 31, 2023 that were retained by the Company as a result of these securitization transactions.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
3. Residential Mortgage Loans
Residential mortgage loans are measured at fair value. The following table sets forth the cost, unpaid principal balance, net premium on mortgage loans purchased, fair value, weighted average interest rate, and weighted average remaining contractual maturity of the Company’s residential mortgage loan portfolio as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| | ($ in thousands) |
| Cost | | $ | 421,944 | | | $ | 393,443 | |
| | | | |
| Unpaid principal balance | | $ | 411,468 | | | $ | 386,872 | |
| Net premium on mortgage loans purchased | | 10,476 | | | 6,571 | |
| Change in fair value | | 6,965 | | | (13,403) | |
| Fair value | | $ | 428,909 | | | $ | 380,040 | |
| | | | |
| Weighted average interest rate | | 7.73 | % | | 6.78 | % |
| | | | |
Weighted average remaining contractual maturity (years) | | 30 | | 29 |
At times, various forms of margin maintenance may be required by certain financing facility counterparties. See Note 5 — Financing.
The following table sets forth data regarding the number of consumer mortgage loans secured by residential real property ninety (90) or more days past due and also those in formal foreclosure proceedings, and the recorded investment and unpaid principal balance of such loans as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | |
| As of: | | September 30, 2024 | | December 31, 2023 |
| | ($ in thousands) |
| Number of mortgage loans 90 or more days past due | | 5 | | | 7 |
| Recorded investment in mortgage loans 90 or more days past due | | $ | 2,174 | | | $ | 5,754 | |
| Unpaid principal balance of loans 90 or more days past due | | $ | 2,142 | | | $ | 5,681 | |
| | | | |
| Number of mortgage loans in foreclosure | | 1 | | | 2 |
| Recorded investment in mortgage loans in foreclosure | | $ | 569 | | | $ | 1,956 | |
| Unpaid principal balance of loans in foreclosure | | $ | 551 | | | $ | 1,889 | |
4. Investment Securities
As of September 30, 2024, investment securities were comprised of: (i) non‑agency RMBS (“AOMT RMBS”) and (ii) Freddie Mac and Fannie Mae whole pool agency RMBS (“Whole Pool Agency RMBS”, and together with AOMT RMBS, “RMBS”), and (iii) U.S. Treasury securities. The U.S. Treasury securities held by the Company as of September 30, 2024 subsequently matured on October 3, 2024.
The following table sets forth a summary of RMBS at cost as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (in thousands) |
| AOMT RMBS | $ | 88,998 | | | $ | 84,957 | |
| Whole Pool Agency RMBS | $ | 194,697 | | | $ | 391,964 | |
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following tables sets forth certain information about the Company’s investments in RMBS at fair value as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | |
| Real Estate Securities at Fair Value | | Securities Sold Under Agreements to Repurchase | | Allocated Capital |
| September 30, 2024: | (in thousands) |
AOMT RMBS (1) | | | | | |
| | | | | |
| Mezzanine | $ | 13,463 | | | $ | (5,292) | | | $ | 8,171 | |
| Subordinate | 62,223 | | | (20,175) | | | 42,048 | |
| Interest Only/Excess | 13,055 | | | — | | | 13,055 | |
Retained RMBS in VIEs (2) | — | | | (27,697) | | | (27,697) | |
| Total AOMT RMBS | $ | 88,741 | | | $ | (53,164) | | | $ | 35,577 | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Whole Pool Agency RMBS (3) | | | | | |
| Fannie Mae | $ | 158,040 | | | $ | — | | | $ | 158,040 | |
| Freddie Mac | 36,324 | | | — | | | 36,324 | |
Total Whole Pool Agency RMBS | $ | 194,364 | | | $ | — | | | $ | 194,364 | |
Total RMBS | $ | 283,105 | | | $ | (53,164) | | | $ | 229,941 | |
(1) AOMT RMBS held as of September 30, 2024 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions.
(2) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $143.5 million, are not reflected in the condensed consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its consolidated balance sheets.
(3) The whole pool RMBS presented as of September 30, 2024 were purchased from a broker to whom the Company owes approximately $195 million, payable upon the settlement date of the trade. See Note 6 - Due to Broker. There was no margin collateral required as of September 30, 2024.
| | | | | | | | | | | | | | | | | | | | |
| December 31, 2023 | | Real Estate Securities at Fair Value | | Securities Sold Under Agreements to Repurchase | | Allocated Capital |
| | (in thousands) |
AOMT RMBS (1) | | | | | | |
| | | | | | |
| Mezzanine | | $ | 10,972 | | | $ | (844) | | | $ | 10,128 | |
| Subordinate | | 55,665 | | | (19,812) | | | 35,853 | |
| Interest Only/Excess | | 13,059 | | | (1,871) | | | 11,188 | |
Retained RMBS in VIEs (2) | | — | | | (22,116) | | | (22,116) | |
| Total AOMT RMBS | | $ | 79,696 | | | $ | (44,643) | | | $ | 35,053 | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Whole Pool Agency RMBS (3) | | | | | | |
| Fannie Mae | | $ | 278,510 | | | $ | — | | | $ | 278,510 | |
| Freddie Mac | | 113,852 | | | — | | | 113,852 | |
Total Whole Pool Agency RMBS | | $ | 392,362 | | | $ | — | | | $ | 392,362 | |
| Total RMBS | | $ | 472,058 | | | $ | (44,643) | | | $ | 427,415 | |
(1) AOMT RMBS held as of December 31, 2023 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
(2) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $124.1 million, are not reflected in the condensed consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its consolidated balance sheets.
(3) The whole pool RMBS presented as of December 31, 2023 were purchased from a broker to whom the Company owes approximately $392 million, payable upon the settlement date of the trade. See Note 6 - Due to Broker.
The following table sets forth certain information about the Company’s investments in U.S. Treasury securities as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | |
| Date | Face Value | Unamortized Discount, net | Amortized Cost | Unrealized Gain/(Loss) | Fair Value | Net Effective Yield |
| ($ in thousands) |
| September 30, 2024 | $ | 50,000 | | $ | 16 | | $ | 49,984 | | $ | (13) | | $ | 49,971 | | 3.89 | % |
| December 31, 2023 | $ | 150,000 | | $ | 159 | | $ | 149,841 | | $ | 86 | | $ | 149,927 | | 5.30 | % |
5. Financing
Notes Payable
The Company has the ability to finance residential and commercial whole loans, utilizing lines of credit (notes payable) from various counterparties, as further described below. Outstanding borrowings bear interest at floating rates depending on the lending counterparty, the collateral pledged, and the rate in effect for each interest period, as the same may change from time to time at the end of each interest period. Some agreements include upfront fees, fees on unused balances, covenants and concentration limits on types of collateral pledged which vary based on the counterparty. Occasionally, a lender may require certain margin collateral to be posted on a warehouse line of credit. There was no margin collateral required as of September 30, 2024 or December 31, 2023.
The following table sets forth the details of the Company’s notes payable and drawn amounts for whole loan purchases as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Interest
Rate Pricing
Spread | | Drawn Amount |
| Note Payable | | Base Interest Rate | | | September 30, 2024 | | December 31, 2023 |
| | | | | | ($ in thousands) |
Multinational Bank 1 (1) | | Average Daily SOFR | | 1.75% - 2.10% | | $ | 292,060 | | | $ | 206,183 | |
| | | | | | | | |
Global Investment Bank 2 (2) | | 1 month Term SOFR | | 2.10% - 3.45% | | — | | | — | |
Global Investment Bank 3 (3) | | Compound SOFR | | 2.00% - 4.50% | | 40,982 | | | 84,427 | |
| | | | | | | | |
Institutional Investors A and B (4) | | 1 month Term SOFR | | 3.50% | | N/A | | — | |
| | | | | | | | |
Regional Bank 1 (5) | | 1 month SOFR | | 2.50% - 3.50% | | N/A | | — | |
| Total | | | | | | $ | 333,042 | | | $ | 290,610 | |
(1) On September 25, 2024, this financing facility was extended through March 25, 2025 in accordance with the terms of the agreement, which contemplates six-month renewals.
(2) On March 28, 2024 the amended and restated Master Repurchase Agreement was terminated and replaced with a new $250 million Master Repurchase Agreement which has a termination date of March 27, 2026. On October 25, 2024, this facility was amended, reducing the interest rate pricing spread to a range from 1.75% to 3.35%, based on loan status, dwell time and other factors. Prior to this extension the interest rate pricing spread ranged from 2.10% to 3.35% (See Note 16 — Subsequent Events).
(3) On November 1, 2024, this facility was amended to (i) reduce the interest rate pricing spread to a range from 1.90% to 4.75%, based on loan status, dwell time and other factors, (ii) eliminate the 20 basis point index spread adjustment, and (iii) extend the facility’s termination date to November 1, 2025. (See note 16 — Subsequent Events).
(4) These master repurchase agreements expired by their terms on January 4, 2023.
(5) This agreement expired by its terms on March 16, 2023.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following table sets forth the total unused borrowing capacity of each financing line as of September 30, 2024:
| | | | | | | | | | | | | | | | | | | | |
| Note Payable | | Borrowing Capacity | | Balance Outstanding | | Available Financing |
| | (in thousands) |
Multinational Bank 1 | | $ | 600,000 | | | $ | 292,060 | | | $ | 307,940 | |
Global Investment Bank 2 | | 250,000 | | | — | | | 250,000 | |
Global Investment Bank 3 | | 200,000 | | | 40,982 | | | 159,018 | |
| Total | | $ | 1,050,000 | | | $ | 333,042 | | | $ | 716,958 | |
Although available financing is uncommitted for each of these lines of credit, the Company’s unused borrowing capacity is available if it has eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements.
Senior Unsecured Notes
On July 25, 2024, the Company closed an underwritten public offering and sale of, and issued, $50 million in aggregate principal amount of its 9.500% Senior Notes due 2029 (the “Notes”). The Notes bear interest at a rate of 9.500% per annum, payable quarterly in arrears on January 30, April 30, July 30 and October 30 of each year, commencing on October 30, 2024. The Notes will mature on July 30, 2029, unless earlier redeemed or repurchased by the Company and are held at amortized cost. After deducting the underwriting discount and other debt issuance costs, the Company received net proceeds of approximately $47.5 million.
The Company may redeem the Notes in whole or in part at any time or from time to time at its option on or after July 30, 2026 at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon the occurrence of certain events relating to a change of control of the Company, the Company must make an offer to repurchase all outstanding Notes at a price in cash equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the repurchase date.
The Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Operating Partnership, including the due and punctual payment of principal of, premium, if any, and interest on the Notes, whether at stated maturity, upon acceleration, call for redemption or otherwise.
At September 30, 2024, the outstanding principal amount of these notes was $50 million and the accrued interest payable on the Notes was $0.9 million. At September 30, 2024, the unamortized deferred debt issuance cost was $1.5 million, and the net interest expense was $1.0 million. The unamortized deferred debt issuance costs will be amortized until maturity, which will be no later than July 30, 2029.
6. Due to Broker
The “Due to broker” account on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively, in the amounts of $195 million and $392 million relates to the purchase of Whole Pool Agency RMBS at quarter-end in the third and fourth quarters of 2024 and 2023, respectively. Purchases are accounted for on a trade date basis, and, at times, there may be a timing difference between accounting periods for the trade date and the settlement date of a trade. The trade dates of these purchases were prior to the applicable quarter-end dates. These trades settled on October 15, 2024 and January 16, 2024, respectively, at which time these assets were simultaneously sold.
The purchase transactions of these Whole Pool Agency RMBS are excluded from the condensed consolidated statements of cash flows until settled.
7. Securities Sold Under Agreements to Repurchase
Transactions involving securities sold under agreements to repurchase are treated as collateralized financial transactions, and are recorded at their contracted repurchase amounts. Margin (if required) for securities sold under agreements to repurchase represents margin collateral amounts held to ensure that the Company has sufficient coverage for securities sold under agreements to repurchase in case of adverse price changes. Restricted cash of margin collateral for securities sold under agreements to repurchase was $0.3 million as of September 30, 2024 and December 31, 2023, respectively.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following table summarizes certain characteristics of the Company’s repurchase agreements as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 | | | | | | |
| Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) |
| | ($ in thousands) | | | | |
| U.S. Treasury securities | | $ | 49,712 | | | 4.90 | % | | 3 |
AOMT RMBS (1) | | 53,164 | | | 6.35 | % | | 18 |
| Total | | $ | 102,876 | | | 5.65 | % | | 11 |
| | | | | | |
| December 31, 2023 | | | | | | |
| Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) |
| | | | | | |
U.S. Treasury securities | | $ | 149,013 | | | 5.57 | % | | 10 |
AOMT RMBS (1) | | 44,643 | | | 7.04 | % | | 16 |
| Total | | $ | 193,656 | | | 5.91 | % | | 11 |
(1) A portion of repurchase debt outstanding as of both September 30, 2024 and December 31, 2023 includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). See Note 4 - Investment Securities.
Although the transactions under repurchase agreements represent committed borrowings until maturity, the lenders retain the right to mark the underlying collateral at fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls.
8. Derivative Financial Instruments
In the normal course of business, the Company enters into derivative financial instruments to manage its exposure to market risk, including interest rate risk and prepayment risk on its whole loan investments. The derivatives in which the Company invests, and the market risk that the economic hedge is intended to mitigate are further discussed below. Derivative instruments as of September 30, 2024 and December 31, 2023 included both To-Be-Announced (“TBA”) securities and interest rate futures contracts. Restricted cash relating to interest rate futures margin collateral in interest rate futures accounts under the Company’s sole control as of September 30, 2024 and December 31, 2023 included $2.3 million and $2.5 million, respectively. There was no TBA margin collateral required as of either September 30, 2024 or December 31, 2023. For the three and nine months ended September 30, 2024, we recognized income tax expense and a corresponding liability related to income from our TBAs.
The Company uses interest rate futures as economic hedges to hedge a portion of its interest rate risk exposure. Interest rate risk is sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, as well as other factors. The Company’s credit risk with respect to economic hedges is the risk of default on its investments that result from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments.
The Company may at times hold TBAs in order to mitigate its interest rate risk on certain specified mortgage-backed securities. Amounts or obligations owed by or to the Company are subject to the right of set-off with the TBA counterparty. As part of executing these trades, the Company may enter into agreements with its TBA counterparties that govern the transactions for the TBA purchases or sales made, including margin maintenance, payment and transfer, events of default, settlements, and various other provisions.
Changes in the value of derivatives designed to protect against mortgage-backed securities fair value fluctuations, or economic hedging gains and losses, are reflected in the tables below. All realized and unrealized gains and losses on derivative contracts are recognized in earnings, in “net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS” for realized gains and losses, and “net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts” for unrealized gains and losses.
The Company considers the notional amounts, categorized by primary underlying risk, to be representative of the volume of its derivative activities.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following table sets forth the derivative instruments presented on the condensed consolidated balance sheets and notional amounts as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Notional Amounts |
| As of: | | Derivatives Not Designated as Hedging Instruments | | Number of Contracts | | Assets | | Liabilities | | Long Exposure | | Short Exposure |
| | | | | | ($ in thousands) |
| September 30, 2024 | | Interest rate futures | | 2,404 | | $ | 1,392 | | | $ | — | | | $ | — | | | $ | 240,400 | |
| September 30, 2024 | | TBAs | | N/A | | $ | 259 | | | $ | — | | | $ | — | | | $ | 203,400 | |
| | | | | | | | | | | | |
| December 31, 2023 | | Interest rate futures | | 1,489 | | $ | — | | | $ | 840 | | | $ | — | | | $ | 148,900 | |
| December 31, 2023 | | TBAs | | N/A | | $ | — | | | $ | 494 | | | $ | — | | | $ | 386,700 | |
The gains and losses arising from these derivative instruments in the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2024 and September 30, 2023 are set forth as follows:
| | | | | | | | | | | | | | | | | | | | |
| | Derivatives Not Designated as Hedging Instruments | | Net Realized Gains (Losses) on Derivative Instruments | | Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments |
| | | | (in thousands) |
| Three Months Ended September 30, 2024 | | Interest rate futures | | $ | (4,461) | | | $ | 1,184 | |
| Three Months Ended September 30, 2024 | | TBAs | | $ | 3,115 | | | $ | (1,235) | |
| | | | | | |
| Three Months Ended September 30, 2023 | | Interest rate futures | | $ | 2,828 | | | $ | (364) | |
| Three Months Ended September 30, 2023 | | TBAs | | $ | 7,421 | | | $ | 4,927 | |
| | | | | | | | | | | | | | | | | | | | |
| | Derivatives Not Designated as Hedging Instruments | | Net Realized Gains (Losses) on Derivative Instruments | | Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments |
| | | | (in thousands) |
| Nine Months Ended September 30, 2024 | | Interest rate futures | | $ | (622) | | | $ | 2,232 | |
| Nine Months Ended September 30, 2024 | | TBAs | | $ | 5,238 | | | $ | 753 | |
| | | | | | |
| Nine Months Ended September 30, 2023 | | Interest rate futures | | $ | 8,599 | | | $ | (2,416) | |
| Nine Months Ended September 30, 2023 | | TBAs | | $ | 4,900 | | | $ | (5,379) | |
9. Fair Value Measurements
For financial reporting purposes, we follow a fair value hierarchy established under GAAP that is used to determine the fair value of financial instruments. This hierarchy prioritizes relevant market inputs in order to determine an “exit price” at the measurement date, or the price at which an asset could be sold or a liability could be transferred in an orderly process that is not a forced liquidation or distressed sale. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices for an asset or liability that are obtained through corroboration with observable market data. Level 3 inputs are unobservable inputs (e.g., our own data or assumptions) that are used when there is little, if any, relevant market activity for the asset or liability required to be measured at fair value.
In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured.
As of September 30, 2024, our valuation policy and processes had not changed from those described in our consolidated financial statements for the year ended December 31, 2023 included in the Annual Report on Form 10-K. Included in Note 10 — Fair Value Measurements to the Consolidated Financial Statements for the year ended December 31, 2023 included in the Annual Report on Form 10-K is a detailed description of our other financial instruments measured at fair value and their significant inputs, as well as the general classification of such instruments pursuant to the Level 1, Level 2, and Level 3 valuation hierarchy.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The fair value of cash, restricted cash, principal and interest receivable, other assets (excluding investments in MOAs), notes payable, securities sold under agreements to repurchase, amounts due to broker and accrued expenses (including those payable to an affiliate and management fees payable to an affiliate), and interest payable approximate their carrying values due to the nature of these assets and liabilities.
The Company’s “investments in majority-owned affiliates” included in other assets (see Note 13 — Other Assets) and a portion of “non-recourse securitization obligations, collateralized by residential mortgage loans” are held at amortized cost. The fair value of these assets and liabilities is disclosed further below in the section titled “Assets and Liabilities Held at Amortized Cost - Fair Value Disclosure”.
The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| | (in thousands) |
| Assets, at fair value | | | | | | | | |
| Residential mortgage loans | | $ | — | | | $ | 426,501 | | | $ | 2,408 | | | $ | 428,909 | |
| Residential mortgage loans in securitization trusts | | — | | | 1,425,632 | | | 27,275 | | | 1,452,907 | |
| Investments in securities | | | | | | | | |
AOMT RMBS (1) | | — | | | 88,741 | | | — | | | 88,741 | |
| Whole Pool Agency RMBS | | — | | | 194,364 | | | — | | | 194,364 | |
U.S. Treasury Securities | | 49,971 | | | — | | | — | | | 49,971 | |
Other Assets, at fair value (2) | | — | | | 11,178 | | | — | | | 11,178 | |
Unrealized appreciation on futures contracts | | 1,392 | | | — | | | — | | | 1,392 | |
Unrealized appreciation on TBAs | | 259 | | | — | | | — | | | 259 | |
| Total assets, at fair value | | $ | 51,622 | | | $ | 2,146,416 | | | $ | 29,683 | | | $ | 2,227,721 | |
| | | | | | | | |
| Liabilities, at fair value | | | | | | | | |
Non-recourse securitization obligation, collateralized by residential mortgage loans (3) | | $ | — | | | $ | 1,289,236 | | | $ | — | | | $ | 1,289,236 | |
| | | | | | | | |
| | | | | | | | |
| Total liabilities, at fair value | | $ | — | | | $ | 1,289,236 | | | $ | — | | | $ | 1,289,236 | |
(1) AOMT RMBS held as of September 30, 2024 included both retained tranches of AOMT securitizations in which the Company participated, additional AOMT securities purchased in secondary market transactions, and other RMBS purchased in secondary market transactions.
(2) Includes Commercial Loans and AOMT commercial mortgage backed securities (“CMBS)” assets. All AOMT CMBS held as of September 30, 2024 was comprised of a small-balance commercial loan securitization issuance in which the Company participated.
(3) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above. See below for the disclosure of the full debt at fair value.
Transfers from Level 2 to Level 3 were comprised of residential loans more than 90 days overdue (including those in foreclosure). Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. These transfers were not material.
We use third‑party valuation firms who utilize proprietary methodologies to value our residential and commercial loans. These firms generally use both market comparable information and discounted cash flow modeling techniques to determine the fair value of our Level 3 assets. Use of these techniques requires determination of relevant input and assumptions, some of which represent significant unobservable inputs such as anticipated credit losses, prepayment rates, default rates, or other valuation assumptions. Accordingly, a significant increase or decrease in any of these inputs in isolation may result in a significantly lower or higher fair value measurement.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following table sets forth information regarding the Company’s significant Level 3 inputs as of September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Input Values |
| Asset | | Fair Value | | Unobservable Input | | Range | | Average |
| | ($ in thousands) | | | | | | |
| Residential mortgage loans, at fair value | | $ | 2,408 | | | Prepayment rate (annual CPR) | | 5.28% - 19.36% | | 12.27% |
| | | | Default rate | | 7.62% - 35.41% | | 19.02% |
| | | | Loss severity | | —% - 17.08% | | 9.46% |
| | | | Expected remaining life | | 0.67 - 4.28 years | | 2.44 years |
| | | | | | | | |
| Residential mortgage loans in securitization trust, at fair value | | $ | 27,275 | | | Prepayment rate (annual CPR) | | 4.01% - 15.67% | | 10.63% |
| | | | Default rate | | 6.98% - 28.33% | | 17.42% |
| | | | Loss severity | | (22.22)% - 60.81% | | 1.37% |
| | | | Expected remaining life | | 1.33 - 5.86 years | | 2.66 years |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Assets and Liabilities Held at Amortized Cost — Fair Value Disclosure
Portion of Non-Recourse Securitization Obligations, Collateralized by Residential Mortgage Loans — Held at Amortized Cost
To determine the fair value of the Company’s non-recourse securitization obligations, collateralized by residential mortgage loans, net, held at amortized cost, the Company uses the same method of valuation as described in the Annual Report on Form 10-K, Note 10 — Fair Value Measurements for both the portion of the obligation measured at fair value and the portion of the obligation held at amortized cost, for which fair value is disclosed below.
As of September 30, 2024, the total amortized cost basis and fair value of our non-recourse securitization obligations was $1.38 billion and $1.29 billion, respectively, a difference of approximately $87.0 million (which includes AOMT 2022-1, AOMT 2022-4, AOMT 2023-4, and AOMT 2024-4, which are marked to fair value; and AOMT 2021-4 and AOMT 2021-7, which are carried at amortized cost, as the fair value option was not elected at the time of the creation of these obligations). The difference between the amortized cost and fair value solely attributable to AOMT 2021-4 and 2021-7 is approximately $64.5 million. The difference between the amortized cost basis value and the fair value is derived from the difference between the period-end market pricing of the underlying bonds, as referred to above, and the amortized cost of the obligation. The fair value of the non-recourse securitization debt is not indicative of the amounts at which we could settle this debt.
As of December 31, 2023, the total amortized cost basis and fair value of our non-recourse securitization obligations was $1.24 billion and $1.09 billion, respectively, a difference of approximately $156.4 million (which includes AOMT 2022-1, AOMT 2022-4, and AOMT 2023-4, which are marked to fair value; and AOMT 2021-4 and AOMT 2021-7, which are carried at amortized cost, as the fair value option was not elected at the time of the creation of these obligations). The fair value solely attributable to AOMT 2021-4 and 2021-7 is approximately $81.9 million less than the amortized cost. The difference between the amortized cost basis value and the fair value is derived from the difference between the period-end market pricing of the underlying bonds, as referred to above, and the amortized cost of the obligation. The fair value of the non-recourse securitization debt is not indicative of the amounts at which we could settle this debt.
Investments in Majority-Owned Affiliates
To determine the fair value of the Company’s investments in majority-owned affiliates, which are held at amortized cost and included in “other assets”, the Company uses the prices of the underlying bonds in the investments to determine fair value. The Company utilizes PriceServe, Bank of America’s independent fixed income pricing service, as the primary valuation source for these bonds. PriceServe obtains its price quotes from actual sales or quotes for sale of the same or similar securities and/or provides model‑based valuations that consider inputs derived from recent market activity including default rates, conditional prepayment rates, loss severity, expected yield to maturity, baseline discount margin/yield, recovery assumptions, tranche type, collateral coupon, age and loan size, and other inputs specific to each security. We believe that these quotes are most reflective of the price that would be achieved if the bonds were sold to an independent third party on the date of the condensed consolidated financial statements.
The amortized cost and fair value of this investment as of September 30, 2024 was approximately $18.7 million and $17.0 million, respectively. The amortized cost and fair value of these investments as of December 31, 2023 was approximately $16.2 million and $16.7 million, respectively.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| | (in thousands) |
| Assets, at fair value | | | | | | | | |
| Residential mortgage loans | | $ | — | | | $ | 374,004 | | | $ | 6,036 | | | $ | 380,040 | |
| Residential mortgage loans in securitization trusts | | — | | | 1,207,804 | | | 13,263 | | | 1,221,067 | |
| Investments in securities | | | | | | | | |
AOMT RMBS (1) | | — | | | 79,696 | | | — | | | 79,696 | |
| Whole Pool Agency RMBS | | — | | | 392,362 | | | — | | | 392,362 | |
U.S. Treasury Securities. | | 149,927 | | | — | | | — | | | 149,927 | |
| | | | | | | | |
| | | | | | | | |
Other Assets, at fair value (2) | | — | | | 32,923 | | | — | | | 32,923 | |
| Total assets, at fair value | | $ | 149,927 | | | $ | 2,086,789 | | | $ | 19,299 | | | $ | 2,256,015 | |
| | | | | | | | |
| Liabilities, at fair value | | | | | | | | |
Non-recourse securitization obligation, collateralized by residential mortgage loans (3) | | $ | — | | | $ | 743,189 | | | $ | — | | | $ | 743,189 | |
Unrealized depreciation on futures contracts | | (840) | | | — | | | — | | | (840) | |
Unrealized depreciation on TBAs | | (494) | | | — | | | — | | | (494) | |
| Total liabilities, at fair value | | $ | (1,334) | | | $ | 743,189 | | | $ | — | | | $ | 741,855 | |
(1) AOMT RMBS held as of December 31, 2023 included both retained tranches of AOMT securitizations in which the Company participated, additional AOMT securities purchased in secondary market transactions, and other RMBS purchased in secondary market transactions.
(2) Includes Commercial Loans and AOMT CMBS assets. All AOMT CMBS held as of December 31, 2023 was comprised of a small-balance commercial loan securitization issuance in which the Company participated.
(3) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above.
All unrealized gains and losses arising from valuation changes in residential and commercial mortgage loans, TBAs, and futures contracts are recognized in net income for the periods presented.
Transfers from Level 2 to Level 3 were comprised of residential loans more than 90 days overdue (including those in foreclosure) and commercial mortgage loans in special servicing or otherwise considered “non‑performing” by the Company’s third‑party valuation providers. Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. Transfers between Level 2 and Level 3 were immaterial for the year ended December 31, 2023.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
We use third‑party valuation firms who utilize proprietary methodologies to value our residential and commercial loans. These firms generally use both market comparable information and discounted cash flow modeling techniques to determine the fair value of our Level 3 assets. Use of these techniques requires determination of relevant input and assumptions, some of which represent significant unobservable inputs such as anticipated credit losses, prepayment rates, default rates, or other valuation assumptions. Accordingly, a significant increase or decrease in any of these inputs in isolation may result in a significantly lower or higher fair value measurement.
The following table sets forth information regarding the Company’s significant Level 3 inputs as of December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Input Values |
| Asset | | Fair Value | | Unobservable Input | | Range | | Average |
| Residential mortgage loans, at fair value | | $ | 6,036 | | | Prepayment rate (annual CPR) | | 6.86% - 19.93% | | 13.40% |
| | | | Default rate | | 12.69% - 13.64% | | 13.16% |
| | | | Loss severity | | (25.00)% - 40.13% | | 4.12% |
| | | | Expected remaining life | | 0.67 - 4.09 years | | 2.22 years |
| | | | | | | | |
| Residential mortgage loans in securitization trust, at fair value | | $ | 13,263 | | | Prepayment rate (annual CPR) | | 5.97% - 20.71% | | 12.32% |
| | | | Default rate | | 4.38% - 28.66% | | 16.92% |
| | | | Loss severity | | (13.99)% - 19.60% | | 4.14% |
| | | | Expected remaining life | | 0.67 - 5.67 years | | 2.72 years |
10. Related Party Transactions
Residential Mortgage Loan Purchases
The Company has residential loan purchase agreements with various affiliates of the Company. The purchase price of the loans is generally equal to the outstanding principal of the mortgage, adjusted by a premium or discount, depending on market conditions. The Company purchases the mortgage loans on a servicing released basis.
The following table sets forth certain financial information pertaining to whole loan activity purchased from affiliates during the period and year ended as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | |
| As of and for the Year-to-Date/Year Ended: | Amount of Loans Purchased from Affiliates during the Year-to-Date/Year Ended (in thousands) | Number of Loans Purchased from Affiliates during the Year-to-Date/Year Ended | Number of Loans Purchased from Affiliates, Owned and Held as of Year-to-Date/Year Ended (1): |
| September 30, 2024 | $ | 182,200 | | 405 | | 380 | |
| | | |
| December 31, 2023 | $ | 199,793 | | 475 | | 589 | |
(1) Excludes loans held in consolidated securitizations.
Securitization Transactions and Majority-Owned Affiliate
From time to time, the Company participates in securitization transactions with other affiliates of Angel Oak Capital. See Note 2 — Variable Interest Entities, “VIEs for Which the Company is Not the Primary Beneficiary” and Note 13 — Other Assets.
Management Fee
The Company’s management agreement, effective as of June 21, 2021 and amended and restated on May 1, 2024, by and among the Company, the Operating Partnership, and the Manager (as amended and restated, the “Management Agreement”), provides that the Company will pay the Manager, in arrears, on a quarterly basis, an aggregate fixed management fee equal to 1.5% per annum of the Company’s Equity (as is defined in the Management Agreement).
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Incentive Fee
Under the Management Agreement, the Manager is also entitled to an incentive fee, which is calculated and payable in cash with respect to each calendar quarter (or part thereof that the Management Agreement is in effect) in arrears in an amount, not less than zero, equal to the excess of (1) the product of (a) 15% and (b) the excess of (i) the Company’s Distributable Earnings (as defined in the Management Agreement) for the previous 12-month period, over (ii) the product of (A) the Company’s Equity (as defined in the Management Agreement) in the previous 12-month period, and (B) 8% per annum, over (2) the sum of any incentive fee earned by the Manager with respect to the first three calendar quarters of such previous 12-month period. To date, the incentive fee has not been earned and no expense has been recognized in the Company’s financial statements.
Operating Expense Reimbursements
The Company is also required to pay the Manager reimbursements for certain general and administrative expenses pursuant to the Management Agreement. Accrued expenses payable to affiliate and operating expenses incurred with affiliate are substantially comprised of payroll reimbursements to an affiliate of the Manager.
11. Commitments and Contingencies
The Company, from time to time, may be party to litigation relating to claims arising in the normal course of business. As of September 30, 2024, the Company was not aware of any legal claims that could materially impact its financial condition. As of September 30, 2024, the Company had no unfunded commitments.
The Company has entered into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. As of September 30, 2024, the Company has a total purchase commitments of $93.3 million related to both Angel Oak Mortgage Lending and third parties. These commitments represent off-balance sheet risk where the Company may be required to extend credit.
12. Accumulated Other Comprehensive Income/(Loss)
The following table sets forth the net unrealized gain/(loss) on available-for-sale (“AFS”) securities for the three and nine months ended September 30, 2024 and 2023, which is the sole component of the changes in the Company’s Accumulated Other Comprehensive Income/(Loss) (“AOCI”) for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | |
| Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 |
| (in thousands) |
| AOCI balance, beginning of period | $ | (3,147) | | | $ | (6,565) | |
| | | |
| | | |
| Net unrealized gain/(loss) on AFS securities | 2,706 | | | (1,607) | |
| AOCI balance, end of period | $ | (441) | | | $ | (8,172) | |
| | | | | | | | | | | |
| Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| (in thousands) |
| AOCI balance, beginning of period | $ | (4,975) | | | $ | (21,127) | |
| | | |
| | | |
| Net unrealized gain/(loss) on AFS securities | 4,534 | | | 12,955 | |
| AOCI balance, end of period | $ | (441) | | | $ | (8,172) | |
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
13. Other Assets
The following table sets forth the detail of other assets included in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| | ($ in thousands) |
Investments in Majority-Owned Affiliates | | $ | 18,720 | | | $ | 16,232 | |
Commercial Mortgage Loans, at fair value | | 5,242 | | | 5,219 | |
CMBS, at fair value | | 5,936 | | | 6,592 | |
| Deferred tax asset | | 3,457 | | | 3,457 | |
| Prepaid expenses | | 1,570 | | | 1,137 | |
| Protective advances and other assets | | 1,037 | | 285 |
| Total other assets | | $ | 35,962 | | | $ | 32,922 | |
Investments in Majority-Owned Affiliates (“MOA”)
In 2023 and the first three quarters of 2024, the Company participated in securitization transactions AOMT 2023-1, AOMT 2023-5, AOMT 2023-7, AOMT 2024-3, and AOMT 2024-6, which involved MOAs in which the Company received investments of 41.21%, 34.42%, 10.35%, 10.98%, and 4.51% respectively, in each case proportional to its share of the unpaid principal balance of the residential whole loans contributed to the securitizations. The purpose of the MOAs is to retain and hold risk retention bonds issued by the securitization trust. Each MOA is a limited liability company and is accounted for as an equity method investment and held at amortized cost. The investment will be tested for impairment at least annually utilizing undiscounted cash flows of the underlying bonds. See Note 9 — Fair Value Measurements.
Commercial Mortgage Loans
Commercial mortgage loans are measured at fair value. As of September 30, 2024 and December 31, 2023, the cost and unpaid principal balance of the assets was $5.6 million and $5.6 million, with a fair value of $5.2 million and $5.2 million, respectively. The weighted average interest rate was 6.24% with a weighted average maturity of 11 years, as of September 30, 2024. There were no commercial mortgage loans more than ninety (90) days past due or in foreclosure as of September 30, 2024 or December 31, 2023.
Commercial Mortgage Backed Securities
CMBS are held at fair value. As of September 30, 2024 and December 31, 2023, the cost of these assets were $6.1 million and $6.3 million, with a fair value of $5.9 million and $6.6 million, respectively. There was no repurchase debt held against these assets at September 30, 2024 or December 31, 2023.
14. Equity
As of September 30, 2024, we had 6,973,959 shares of our common stock remaining available for sale from time to time in at-the-market equity offering program (the “ATM Program”). These shares are registered with the SEC under our shelf registration statement.
During the three-months and nine-months ended September 30, 2024, the Company issued and sold 188,456 shares of common stock through the ATM Program for proceeds of $2.3 million, net of $45 thousand in commissions and fees.
On July 25, 2024 the Company repurchased 1,707,922 shares of common stock owned by Xylem Finance LLC, an affiliate of Davidson Kempner Capital Management, LP, for an aggregate repurchase price of approximately $20.0 million following the issuance of $50 million in aggregate principal amount of the Notes.
15. Earnings per Share (“EPS”)
In the calculations of basic and diluted earnings per common share for the three and nine months ended September 30, 2024 and 2023, the Company included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances.
For the three and nine month periods ended September 30, 2024, there were approximately 120,000 dilutive outstanding restricted stock awards and approximately 200,000 dilutive performance-based restricted stock units. To date we have expensed $0.7 million related to the performance-based restricted stock units based on current market conditions.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
For the three and nine month periods ended September 30, 2023, there were 186,645 anti-dilutive outstanding restricted stock awards and 95,832 performance shares, although the market-based “total stockholder return” conditions for performance share units had not been achieved and thus these units were not included in the diluted weighted average common shares outstanding.
The following table sets forth the calculation of basic and diluted earnings per share for the three months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | |
| | September 30, 2024 | | September 30, 2023 |
| | (in thousands, except share and per share data) |
| Basic Earnings (Loss) per Common Share: | | | | |
| Net income (loss) to common stockholders | | $ | 31,204 | | | $ | 8,273 | |
| Dividends allocated to participating securities | | (38) | | | (60) | |
| Net income (loss) to common stockholders - basic | | $ | 31,166 | | | $ | 8,213 | |
| Basic weighted average common shares outstanding | | 23,757,039 | | | 24,768,921 | |
| Basic earnings (loss) per common share | | $ | 1.31 | | | $ | 0.33 | |
| | | | |
| Diluted Earnings (Loss) per Common Share: | | | | |
| Net income (loss) to common stockholders - basic | | $ | 31,204 | | | $ | 8,273 | |
| Dividends allocated to participating securities | | (38) | | | (60) | |
| Net income (loss) to common stockholders - diluted | | $ | 31,166 | | | $ | 8,213 | |
| Basic weighted average common shares outstanding | | 23,757,039 | | | 24,768,921 | |
| Net effect of dilutive equity awards | | 322,208 | | | 188,747 | |
| Diluted weighted average common shares outstanding | | 24,079,247 | | | 24,957,668 | |
| Diluted earnings (loss) per common share | | $ | 1.29 | | | $ | 0.33 | |
The following table sets forth the calculation of basic and diluted earnings per share for the nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | |
| | September 30, 2024 | | September 30, 2023 |
| | (in thousands, except share and per share data) |
| Basic Earnings (Loss) per Common Share: | | | | |
| Net income (loss) to common stockholders | | $ | 43,806 | | | $ | 5,115 | |
| Dividends allocated to participating securities | | (115) | | | (123) | |
| Net income (loss) to common stockholders - basic | | $ | 43,691 | | | $ | 4,992 | |
| Basic weighted average common shares outstanding | | 24,445,105 | | | 24,706,568 | |
| Basic earnings (loss) per common share | | $ | 1.79 | | | $ | 0.20 | |
| | | | |
| Diluted Earnings (Loss) per Common Share: | | | | |
| Net income (loss) to common stockholders - basic | | $ | 43,806 | | | $ | 5,115 | |
| Dividends allocated to participating securities | | (115) | | | (123) | |
| Net income (loss) to common stockholders - diluted | | $ | 43,691 | | | $ | 4,992 | |
| Basic weighted average common shares outstanding | | 24,445,105 | | | 24,706,568 | |
| Net effect of dilutive equity awards | | 333,360 | | | 227,265 | |
| Diluted weighted average common shares outstanding | | 24,778,465 | | | 24,933,833 | |
| Diluted earnings (loss) per common share | | $ | 1.76 | | | $ | 0.20 | |
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
16. Subsequent Events
On October 16, 2024, the Company securitized residential mortgage loans with a scheduled unpaid principal balance of approximately $316.8 million in the issuance of AOMT 2024-10. Similar to certain previous securitization transactions, the Company will consolidate the VIE used to facilitate this transaction. See Note 2 — Variable Interest Entities for a discussion of the accounting policies applied to the consolidation of VIEs and transfers of financial assets in connection with financing transactions.
On October 25, 2024, the Company amended its loan financing facility with Global Investment Bank 2 to, among other changes, reduce the interest rate pricing spread to a range from 1.75% to 3.35%, based on collateral type, loan status, dwell time and other factors. See Note 5 — Financing for a further discussion related to this financing facility.
On November 1, 2024, the Company amended its loan financing facility with Global Investment Bank 3 to, among other changes, (i) extend the termination date to November 1, 2025; (ii) reduce the interest rate pricing spread to a range from 1.90% to 4.75% based on collateral type, loan status, dwell time and other factors; and (iii) eliminate the 20 basis point index spread adjustment. See Note 5 — Financing for a further discussion related to this financing facility.
On November 6, 2024, the Company declared a dividend of $0.32 per share of common stock, to be paid on November 27, 2024 to common stockholders of record as of November 19, 2024.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s discussion and analysis of financial condition and results of operations is intended to help the reader understand the results of operations and financial condition of Angel Oak Mortgage REIT, Inc. The following should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto. References herein to our “Company,” “we,” “us,” or “our” refer to Angel Oak Mortgage REIT, Inc. and its subsidiaries including Angel Oak Mortgage Operating Partnership, LP (the “Operating Partnership”), through which we hold substantially all of our assets and conduct our operations. Unless otherwise indicated, the term “Angel Oak” refers collectively to Angel Oak Capital Advisors, LLC (“Angel Oak Capital”) and its affiliates, including Falcons I, LLC, our external manager (our “Manager”), Angel Oak Companies, LP (“Angel Oak Companies”), and the proprietary mortgage lending platform of affiliates Angel Oak Mortgage Solutions LLC (together with other non-operational affiliated originators, “Angel Oak Mortgage Lending”).
Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described under Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report on Form 10-K”). Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in other reports we file with the Securities and Exchange Commission (the “SEC”). We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Factors that could have a material adverse effect on future results and performance relative to those set forth in or implied by the related forward-looking statements, as well as on our business, financial condition, liquidity, results of operations and prospects, include, but are not limited to:
•the effects of adverse conditions or developments in the financial markets and the economy upon our ability to acquire target assets such as non-qualified residential mortgage (“non-QM”) loans, particularly those sourced from Angel Oak’s proprietary mortgage lending platform, Angel Oak Mortgage Lending;
•the level and volatility of prevailing interest rates and credit spreads;
•changes in our industry, inflation, interest rates, business strategies, target assets, the debt or equity markets, the general economy (or in specific regions) or the residential real estate finance and real estate markets specifically;
•general volatility of the markets in which we invest;
•changes in the availability of attractive loan and other investment opportunities, including non-QM loans sourced from Angel Oak Mortgage Lending;
•the ability of our Manager to locate suitable investments for us, manage our portfolio, and implement our strategy;
•our ability to profitably execute securitization transactions;
•our ability to obtain and maintain financing arrangements on favorable terms, or at all;
•the adequacy of collateral securing our investments and a decline in the fair value of our investments;
•the timing of cash flows, if any, from our investments;
•the operating performance, liquidity, and financial condition of borrowers;
•increased rates of default and/or decreased recovery rates on our investments;
•changes in prepayment rates on our investments;
•the departure of any of the members of senior management of the Company, our Manager, or Angel Oak;
•the availability of qualified personnel;
•conflicts with Angel Oak, including our Manager and its personnel, including our officers, and entities managed by Angel Oak;
•events, contemplated or otherwise, such as acts of God, including hurricanes, earthquakes, and other natural disasters, including those resulting from global climate change, pandemics, acts of war or terrorism, the initiation or escalation of military conflicts (such as the Russian invasion of Ukraine), and others that may cause unanticipated and uninsured performance declines, disruptions in markets, and/or losses to us or the owners and operators of the real estate securing our investments;
•impact of and changes in governmental regulations, tax laws and rates, accounting principles and policies and similar matters;
•the level of governmental involvement in the U.S. mortgage market;
•future changes with respect to the Federal National Mortgage Association (“Fannie Mae”) or Federal Home Loan Mortgage Corporation (“Freddie Mac” and together with Fannie Mae, the “GSEs”) in the mortgage market and related events, including the lack of certainty as to the future roles of these entities and the U.S. Government in the mortgage market and changes to legislation and regulations affecting these entities;
•effects of hedging instruments on our target assets and our returns, and the degree to which our hedging strategies may or may not protect us from interest rate volatility;
•our ability to make distributions to our stockholders in the future at the level contemplated by our stockholders or the market generally, or at all;
•our ability to continue to qualify as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes; and
•our ability to maintain our exclusion from regulation as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this report and in the Annual Report on Form 10-K. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our management’s views only as of the date such statements are made. The risks summarized under Item 1A. “Risk Factors” in the Annual Report on Form 10-K could cause actual results and performance to differ materially from those set forth in or implied by our forward-looking statements. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us.
Important Information Regarding Our Disclosure to Investors
We may use our website (www.angeloakreit.com) to communicate with our investors and disclose company information. The information disclosed through our website may be considered material, so investors should monitor our website in addition to press releases, SEC filings and public conference calls and webcasts. The contents of our website referenced herein are not incorporated by reference into this report.
General
Angel Oak Mortgage REIT, Inc. is a 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. Our strategy is to make credit-sensitive investments primarily in newly-originated first lien non-QM loans that are primarily made to higher-quality non-QM loan borrowers and primarily sourced from Angel Oak’s proprietary mortgage lending platform, Angel Oak Mortgage Lending, which currently operates primarily through a wholesale channel and has a national origination footprint. We also may invest in other residential mortgage loans, residential mortgage-backed securities (“RMBS”), and other mortgage-related assets, which, collectively with non-QM loans, we refer to as our target assets. Further, we also may identify and acquire our target assets through the secondary market when market conditions and asset prices are conducive to making attractive purchases. Our objective is to generate attractive risk-adjusted returns for our stockholders, through cash distributions and capital appreciation, across interest rate and credit cycles.
We are externally managed and advised by our Manager, Falcons I, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended, and an affiliate of Angel Oak Capital, a leading alternative credit manager with market leadership in mortgage credit that includes asset management, lending and capital markets. Angel Oak Mortgage Lending, an affiliated Angel Oak mortgage origination platform, is a market leader in non‑QM loan production.
Through our relationship with our Manager, we benefit from Angel Oak’s vertically integrated platform and in‑house expertise, providing us with the resources that we believe are necessary to generate attractive risk‑adjusted returns for our stockholders. Angel Oak Mortgage Lending provides us with proprietary access to non‑QM loans, as well as transparency over the underwriting process and the ability to acquire loans with our desired credit and return profile. We believe our ability to identify and acquire target assets through the secondary market is bolstered by Angel Oak’s experience in the mortgage industry and expertise in structured credit investments. In addition, we believe we have significant competitive advantages due to Angel Oak’s analytical investment tools, extensive relationships in the financial community, financing and capital structuring skills, investment surveillance capabilities, and operational expertise.
We have elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2019. Commencing with our taxable year ended December 31, 2019, we believe that we have been organized and operated, and we intend to continue to operate in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). Our qualification as a REIT, and maintenance of such qualification, depends on our ability to meet, on a continuing basis, various complex requirements under the Code relating to, among other things, the sources of our gross income, the composition and values of our assets, our distribution levels, and the concentration of ownership of our stock. We also intend to operate our business in a manner that will allow us to maintain our exclusion from regulation as an investment company under the Investment Company Act. Our common stock commenced trading on the New York Stock Exchange on June 17, 2021.
We expect to derive our returns primarily from the difference between the interest we earn on loans we invest in and our cost of capital, as well as the returns from bonds, including risk retention securities, that are retained after securitizing the underlying loan collateral.
Trends and Recent Developments
Overall macroeconomic environment and its effect on us
Over the course of the third quarter, signs of easing inflation and a stable employment sector that had emerged during the second quarter persisted, providing the Federal Reserve Bank of the United States (“the Fed”) with confidence to reduce interest rates at its September meeting for the first time since March of 2020. At that meeting, the Fed elected to reduce rates by what was perceived to be an aggressive 50 basis points (“bps”). Following the rate cut and now that an easing rate cycle has begun, analysts are split over the expected timing and extent of future rate cuts. As of the end of September 2024, markets were pricing in an additional 1.5 cuts through the end of the year. As of the end of September 2024, inflation was 2.4%, down from 2.9% as of the end of June but still above the Fed’s 2.0% target.
30 year fixed residential conforming mortgage rates also responded to the Fed rate cuts, with the average rate dropping 78bps, from from 6.86% at the end of June 2024 to 6.08% as of the end of September 2024. According to the U.S. Department of Housing and Urban Development, mortgage origination activity rose 9.6% in August 2024 on a month over month seasonally adjusted basis, driven by a 15.8% increase in single-family housing starts. Rate cuts are expected to drive increased home purchase and mortgage origination activity going forward, but the extent of such activity remains uncertain.
On the heels of inflation data and the Fed rate cuts, the two-year and five-year Treasury yields decreased by 112bps and 82bps, respectively, in the third quarter of 2024 compared to the end of June 2024. Net of new loan purchases and securitizations, we observed an increase of approximately 261 basis points in the weighted average price of our residential whole loans portfolio since the end of second quarter 2024. The weighted average coupon of our residential whole loans portfolio held relatively flat at 7.73% as of the end of the third quarter of 2024 compared to 7.71% as of the end of the second quarter of 2024. Subsequent to the end of the third quarter of 2024, in October, we executed the AOMT 2024-10 securitization as the sole contributor of loans, contributing approximately $316.8 million in scheduled unpaid principal balance of residential mortgage loans. During the third quarter of 2024, we purchased $264.8 million of newly-originated, current market coupon non-QM residential mortgage loans, with a weighted average coupon of 7.74%, weighted average loan-to-value ratio (“LTV”) of 70.0% and weighted average credit score of 754.
Notes offering
On July 25, 2024, we closed an underwritten public offering and sale of, and issued, $50 million in aggregate principal amount of our 9.500% Senior Notes due 2029 (the “Notes”). The Notes bear interest at a rate of 9.500% per annum, payable quarterly in arrears on January 30, April 30, July 30 and October 30 of each year, commencing on October 30, 2024. The Notes will mature on July 30, 2029, unless earlier redeemed or repurchased by us. We have deployed the majority of the net proceeds from the offering of the Notes for general corporate purposes, which included the acquisition of non-QM loans and other target assets primarily sourced from our affiliated proprietary mortgage lending platform and other target assets through the secondary market in a manner consistent with our strategy and investment guidelines. Additionally, we used a portion of the net proceeds from the offering of the Notes to repurchase 1,707,922 shares of our common stock owned by Xylem Finance LLC, an affiliate of Davidson Kempner Capital Management LP, for an aggregate repurchase price of approximately $20.0 million.
Our investment performance
Net Interest Margin (“NIM”). An increase in both the balance and yield of our target assets generated greater interest income in the third quarter of 2024 as compared to the third quarter of 2023. Interest income growth outpaced the growth in interest expense, leading to higher NIM in the third quarter of 2024 compared to the third quarter of 2023.
Net realized loss. Our net realized loss for the quarter ended September 30, 2024 was primarily due to realized losses associated with rate hedge contracts, as well as paydowns on our residential loans and loans held in securitization trusts portfolios.
Net unrealized gain. Our net unrealized gain for the quarter ended September 30, 2024 was driven by an increase in the valuation of our residential whole loans and the net valuation of loans in securitization trust and non-recourse securitization obligation portfolios.
Whole loans and securitization activity
During the quarter ended September 30, 2024, we purchased $264.8 million of newly-originated, current market coupon non-QM residential mortgage loans, with a weighted average coupon of 7.74%, weighted average LTV of 70.0% and weighted average credit score of 754.
In March 2024, we participated in AOMT 2024-3, an approximately $439.6 million scheduled unpaid principal balance securitization backed by a pool of residential mortgage loans, to which we contributed loans with a scheduled unpaid principal balance of approximately $48.7 million. We participated in this securitization alongside other Angel Oak entities, and may strategically enter into similar securitizations in the future.
In April 2024, we issued AOMT 2024-4, an approximately $299.8 million scheduled unpaid principal balance securitization backed by a pool of residential mortgage loans. We issued AOMT 2024-4 as the sole participant in the securitization. As the primary beneficiary we have consolidated the AOMT 2024-4 securitization, maintaining the residential mortgage loans held in the securitization trust and the related financing obligation thereto on our condensed consolidated balance sheet as of the applicable balance sheet date.
In June 2024, we participated in AOMT 2024-6, an approximately $479.6 million scheduled unpaid principal balance securitization backed by a pool of residential mortgage loans, to which we contributed loans with a scheduled unpaid principal balance of approximately $22.9 million. We participated in this securitization alongside other Angel Oak entities, and may strategically enter into similar securitizations in the future.
Subsequent to quarter end, in October 2024, we issued AOMT 2024-10, an approximately $316.8 million scheduled unpaid principal balance securitization backed by a pool of residential mortgage loans. We issued AOMT 2024-10 as the sole participant in the securitization. As the primary beneficiary we will consolidate the AOMT 2024-10 securitization, maintaining the residential mortgage loans held in the securitization trust and the related financing obligation thereto on our condensed consolidated balance sheet as of the applicable balance sheet date.
Whole loan financing facilities activity
We continuously evaluate our lender base and may enter into new agreements and / or exit agreements as we deem prudent, in accordance with our core financial strategy of purchasing whole loans and financing them until securitized. See “Liquidity and Capital Resources” below for a full description of our financing arrangements. Our total borrowing capacity was $1.1 billion as of September 30, 2024. Highlights of whole loan financing facilities activity over the third quarter of 2024 are as follows:
•During the quarter ended September 30, 2024, we maintained the same whole loan financing facility lender base as of December 31, 2023.
•During the quarter ended September 30, 2024, we (i) renewed our loan financing facility with Multinational Bank 1 in accordance with the mechanism for six-month renewal periods.
•Subsequent to quarter end, we (i) in October 2024, amended our loan financing facility with Global Investment Bank 2 to, among other changes, reduce the interest rate pricing spread to a range from 1.75% to 3.35% and (ii) in November 2024 amended our loan financing facility with Global Investment Bank 3 to, among other changes, (a) extend the termination date to November 1, 2025; (b) reduce the interest rate pricing spread to a range from1.90% to 4.75% based on collateral type, loan status, dwell time and other factors; and (c) eliminate the 20 basis point index spread adjustment.
Key Financial Metrics
As a real estate finance company, we believe the key financial measures and indicators for our business are Distributable Earnings, Distributable Earnings Return on Average Equity, Book Value per Share of Common Stock, and Economic Book Value per Share of Common Stock.
Distributable Earnings
Distributable Earnings is a non‑GAAP measure and is defined as net income (loss) allocable to common stockholders as calculated in accordance with generally accepted accounting principles in the United States of America (“GAAP”), excluding (1) unrealized gains and losses on our aggregate portfolio, (2) impairment losses, (3) extinguishment of debt, (4) non-cash equity compensation expense, (5) the incentive fee earned by our Manager, (6) realized gains or losses on swap terminations and (7) certain other nonrecurring gains or losses. We believe that the presentation of Distributable Earnings provides investors with a useful measure to facilitate comparisons of financial performance among our REIT peers, but has important limitations. We believe Distributable Earnings as described above helps evaluate our financial performance without the impact of certain transactions but is of limited usefulness as an analytical tool. As a REIT, we are generally required to distribute at least 90% of our annual REIT taxable income and to pay U.S. federal income tax at the regular corporate rate to the extent that we annually distribute less than 100% of such taxable income. Given these requirements and our belief that dividends are generally one of the principal reasons that stockholders invest in our common stock, generally we intend to attempt to pay dividends to our stockholders in an amount equal to our REIT taxable income, if and to the extent authorized by our Board of Directors. Distributable Earnings is one of a
number of factors considered by our Board of Directors in declaring dividends and, while not a direct measure of REIT taxable income, over time, the measure can be considered a useful indicator of our dividends. Distributable Earnings should not be viewed in isolation and is not a substitute for net income computed in accordance with GAAP. Our methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our Distributable Earnings may not be comparable to similar measures presented by other REITs.
We also use Distributable Earnings to determine the incentive fee, if any, payable to our Manager pursuant to the management agreement that we and the Operating Partnership entered into with our Manager upon the completion of our initial public offering of common stock (“IPO”) on June 21, 2021 and amended and restated on May 1, 2024 (as amended and restated, the “Management Agreement”). For information on the fees that are payable to our Manager under the Management Agreement, see “Note 10 – Related Party Transactions” in our unaudited condensed consolidated financial statements included in this report.
Distributable Earnings were a loss of $3.4 million and a loss of $8.6 million for the three months ended September 30, 2024 and 2023, respectively. The primary drivers of this quarter’s Distributable Earnings as compared to GAAP net income are the adjustments to remove unrealized gains associated with our residential loans and residential loans in securitization trusts and non-recourse securitization obligation portfolios.
The table below sets forth a reconciliation of net income (loss) allocable to common stockholders, calculated in accordance with GAAP, to Distributable Earnings for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | |
| September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | | | |
| (in thousands) |
| Net income (loss) allocable to common stockholders | $ | 31,204 | | | $ | 8,273 | | | $ | 43,806 | | | $ | 5,115 | | | | | |
| Adjustments: | | | | | | | | | | | |
| | | | | | | | | | | |
| Net unrealized (gains) losses on trading securities | (984) | | | 4,857 | | | 829 | | | 7,134 | | | | | |
| Net unrealized (gains) losses on derivatives | 51 | | | (4,563) | | | (2,985) | | | 7,794 | | | | | |
| Net unrealized (gains) losses on residential loans in securitization trusts and non-recourse securitization obligation | (26,304) | | | (5,319) | | | (28,871) | | | 5,784 | | | | | |
| Net unrealized (gains) losses on residential loans | (7,935) | | | (12,338) | | | (17,438) | | | (48,497) | | | | | |
| Net unrealized (gains) losses on commercial loans | — | | | 64 | | | (49) | | | (83) | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Non-cash equity compensation expense | 604 | | | 447 | | | 1,864 | | | 1,195 | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Distributable Earnings | $ | (3,364) | | | $ | (8,579) | | | $ | (2,844) | | | $ | (21,558) | | | | | |
Distributable Earnings Return on Average Equity
Distributable Earnings Return on Average Equity is a non-GAAP measure and is defined as annual or annualized Distributable Earnings divided by average total stockholders’ equity. We believe that the presentation of Distributable Earnings Return on Average Equity provides investors with a useful measure to facilitate comparisons of financial performance among our REIT peers, but has important limitations. Additionally, we believe Distributable Earnings Return on Average Equity provides investors with additional detail on the Distributable Earnings generated by our invested equity capital. We believe Distributable Earnings Return on Average Equity as described above helps evaluate our financial performance without the impact of certain transactions but is of limited usefulness as an analytical tool. Therefore, Distributable Earnings Return on Average Equity should not be viewed in isolation and is not a substitute for net income computed in accordance with GAAP. Our methodology for calculating Distributable Earnings Return on Average Equity may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our Distributable Earnings Return on Average Equity may not be comparable to similar measures presented by other REITs. Set forth below is our computation of Distributable Earnings Return on Average Equity for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | |
| September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | | | |
| ($ in thousands) |
| Annualized Distributable Earnings | $ | (13,460) | | $ | (34,315) | | $ | (3,793) | | $ | (28,747) | | | | |
| Average total stockholders’ equity | $ | 260,452 | | $ | 232,575 | | 260,083 | | $ | 236,629 | | | | |
| Distributable Earnings Return on Average Equity | (5.2)% | | (14.8)% | | (1.5)% | | (12.1)% | | | | |
Book Value per Share of Common Stock
The following table sets forth the calculation of our book value per share of common stock as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | |
| September 30, 2024 | | | | | | December 31, 2023 |
| (in thousands except for share and per share data) |
| Total stockholders’ equity | $ | 265,098 | | | | | | | $ | 256,106 | |
| | | | | | | |
| | | | | | | |
| Number of shares of common stock outstanding at period end | 23,511,272 | | | | | | | 24,965,274 | |
| Book value per share of common stock | $ | 11.28 | | | | | | | $ | 10.26 | |
Economic Book Value per Share of Common Stock
“Economic book value” is a non-GAAP financial measure of our financial position. To calculate our economic book value, the portions of our non-recourse financing obligation held at amortized cost are adjusted to fair value. These adjustments are also reflected in the table below in our end of period total stockholders’ equity. Management considers economic book value to provide investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for our legally held retained bonds, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for book value per share of common stock or stockholders’ equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.
The following table sets forth a reconciliation from GAAP total stockholders’ equity and book value per share of common stock to economic book value and economic book value per share of common stock as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | |
| September 30, 2024 | | | | | | December 31, 2023 |
| (in thousands except for share and per share data) |
| GAAP total stockholders’ equity | $ | 265,098 | | | | | | | $ | 256,106 | |
| | | | | | | |
| | | | | | | |
| Adjustments: | | | | | | | |
| Fair value adjustment for securitized debt held at amortized cost | 64,522 | | | | | | | 81,942 | |
| Stockholders’ equity including economic book value adjustments | $ | 329,620 | | | | | | | $ | 338,048 | |
| | | | | | | |
| Number of shares of common stock outstanding at period end | 23,511,272 | | | | | | | 24,965,274 | |
| Book value per share of common stock | $ | 11.28 | | | | | | | $ | 10.26 | |
| Economic book value per share of common stock | $ | 14.02 | | | | | | | $ | 13.54 | |
Results of Operations
Three Months Ended September 30, 2024 and 2023
The following table sets forth a summary of our results of operations for the three months ended September 30, 2024 and 2023:
| | | | | | | | | | | |
| Three Months Ended |
| September 30, 2024 | | September 30, 2023 |
| (in thousands) |
| INTEREST INCOME, NET | | | |
| Interest income | $ | 27,444 | | | $ | 23,900 | |
| Interest expense | 18,424 | | | 16,490 | |
| NET INTEREST INCOME | $ | 9,020 | | | $ | 7,410 | |
| | | |
| REALIZED AND UNREALIZED GAINS (LOSSES), NET | | | |
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS | $ | (6,335) | | | $ | (12,044) | |
Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts | 35,172 | | | 17,299 | |
| TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET | $ | 28,837 | | | $ | 5,255 | |
| | | |
| EXPENSES | | | |
| Operating expenses | $ | 1,287 | | | $ | 1,370 | |
| Operating expenses incurred with affiliate | 472 | | | 599 | |
| Due diligence and transaction costs | 254 | | | 115 | |
| Stock compensation | 604 | | | 447 | |
| Securitization costs | — | | | 416 | |
| Management fee incurred with affiliate | 1,204 | | | 1,445 | |
| Total operating expenses | $ | 3,821 | | | $ | 4,392 | |
| | | |
| INCOME (LOSS) BEFORE INCOME TAXES | $ | 34,036 | | | $ | 8,273 | |
| Income tax expense | 2,832 | | | — | |
| | | |
| | | |
| NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS | $ | 31,204 | | | $ | 8,273 | |
| Other comprehensive income (loss) | 2,706 | | | (1,607) | |
| TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 33,910 | | | $ | 6,666 | |
Net Interest Income
The following table sets forth the components of net interest income for the three months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| September 30, 2024 | | September 30, 2023 |
| (in thousands) |
| Interest income | Interest income / expense | | | Average balance | | Interest income / expense | | Average balance |
| Residential mortgage loans | $ | 4,659 | | | | $ | 263,095 | | | $ | 4,272 | | | $ | 289,916 | |
| Residential mortgage loans in securitization trusts | 18,580 | | | | 1,454,736 | | | 15,208 | | | 1,228,074 | |
| Commercial mortgage loans | 81 | | | | 5,246 | | | 58 | | | 6,329 | |
| RMBS and Majority-Owned Affiliate | 3,251 | | | | 117,965 | | | 3,067 | | | 171,128 | |
| CMBS | 417 | | | | 6,239 | | | 147 | | | 6,453 | |
| U.S. Treasury securities | 65 | | | | 6,000 | | | 541 | | | 46,607 | |
| Other interest income | 391 | | | | 40,919 | | | 607 | | | 42,669 | |
| Total interest income | 27,444 | | | | | | 23,900 | | | |
| Interest expense | | | | | | | | |
| Notes payable | 2,830 | | | | 176,159 | | | 4,117 | | | 205,915 | |
| Non-recourse securitization obligation, collateralized by residential mortgage loans | 13,731 | | | | 1,362,039 | | | 10,956 | | | 1,191,406 | |
| Repurchase facilities | 900 | | | | 57,842 | | | 1,417 | | | 87,279 | |
Senior unsecured notes | 963 | | | | 40,538 | | | — | | | — | |
| Total interest expense | 18,424 | | | | | | 16,490 | | | |
| Net interest income | $ | 9,020 | | | | | | $ | 7,410 | | | |
Net interest income for the three months ended September 30, 2024 and 2023 was $9.0 million and $7.4 million, respectively. Net interest income increased in the three months ended September 30, 2024 as compared to the same period in 2023, primarily due to higher net interest income from our residential mortgage loans portfolio (residential mortgage loan interest income less notes payable interest expense) during the three months ended September 30, 2024 . We observed net interest income associated with our residential mortgage loan portfolio of $1.8 million in the three months ended September 30, 2024 compared to $0.1 million in the comparable period of 2023. This was primarily driven by an increase in the weighted average coupon rate of our residential mortgage loans portfolio versus the comparative period, as well as holding more unlevered loans, resulting in a proportionally lower notes payable balance.
Total Realized and Unrealized Gains (Losses)
The components of total realized and unrealized gains (losses), net for the three months ended September 30, 2024 and 2023 are set forth as follows:
| | | | | | | | | | | |
| Three Months Ended |
| September 30, 2024 | | September 30, 2023 |
| (in thousands) |
| Realized and unrealized gain (loss) on securitization, net of unrealized gain (loss) on non-recourse securitization obligation | $ | 25,228 | | | $ | 4,352 | |
| Realized gain (loss) on RMBS | (565) | | | (598) | |
| Unrealized gain (loss) on Whole Pool Agency RMBS | (2,138) | | | (12,367) | |
| Realized gain (loss) on CMBS | (67) | | | (101) | |
| Realized gain (loss) on interest rate futures | (4,461) | | | 2,828 | |
| Realized and unrealized gain (loss) on TBAs | 1,880 | | | 12,349 | |
| Realized and unrealized gain (loss) on residential mortgage loans | 7,789 | | | (856) | |
| Realized and unrealized gain (loss) on commercial mortgage loans | — | | | (35) | |
| Realized and unrealized loss on U.S. Treasury securities | (13) | | | 47 | |
| Unrealized appreciation (depreciation) on interest rate futures | 1,184 | | | (364) | |
| Total realized and unrealized gains (losses), net | $ | 28,837 | | | $ | 5,255 | |
For the three months ended September 30, 2024 and 2023, total realized and unrealized gains (losses), net resulted in gains of $28.8 million and $5.3 million, respectively. During the three months ended September 30, 2024, gains on securitization, net of unrealized gain (loss) on non-recourse securitization obligation drove the majority of the overall gain to our portfolio as valuations increased during the quarter. Similarly, during the three months ended September 30, 2023 gains on securitization, net of unrealized gain (loss) on non-recourse securitization obligation drove the majority of the overall gain to our portfolio as well.
Expenses
Operating Expenses
For the three months ended September 30, 2024 and 2023, our operating expenses were $1.3 million and $1.4 million, respectively. Our operating expenses decreased slightly compared to the comparative period due to continued cost savings actions such as in-sourcing of key accounting functions, vendor contract negotiations, and a decrease in servicing fees associated with servicing our whole loan portfolio.
Operating Expenses Incurred with Affiliate
For the three months ended September 30, 2024 and 2023, our operating expenses incurred with affiliate were $0.5 million and $0.6 million, respectively. These expenses, which are substantially comprised of payroll reimbursements to our Manager, decreased slightly in the third quarter of 2024 compared to the same period of 2023 as a result of additional cost savings actions.
Due Diligence and Transaction Costs
For the three months ended September 30, 2024 and 2023, our due diligence and transaction costs were $254 thousand and $115 thousand, respectively. Our due diligence and transaction expenses increased over the comparative period due to increased purchases of whole loans during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023.
Stock Compensation
For the three months ended September 30, 2024 and 2023, our stock compensation expense was $0.6 million and $0.4 million, respectively. Our stock compensation expense increased for the three months ended September 30, 2024 due to an increase in the estimated impact for outstanding performance-based restricted stock unit awards.
Securitization Costs
For the three months ended September 30, 2024 and 2023, we incurred $0.0 million and $0.4 million of securitization costs, respectively. There was no securitization activity in the third quarter of 2024, and the securitization costs in the comparative period in 2023 were driven by our participation in the AOMT 2023-5 securitization.
Management Fee Incurred with Affiliate
For the three months ended September 30, 2024 and 2023, our management fee incurred with affiliate was $1.2 million and $1.4 million, respectively. The decrease is due to the decrease in our average Equity as defined in the Management Agreement for the three months ended September 30, 2024 as compared to the same period in 2023. A key driver of the decrease in the three months ended September 30, 2024 versus the comparative period of 2023 is the repurchase of 1,707,922 million shares of our common stock owned by Xylem Finance, LLC, an affiliate of Davidson Kempner Capital Management, LP, for an aggregate repurchase price of approximately $20 million. The calculation of Equity for the purposes of the Management Agreement includes the addition of Distributable Earnings, which is the primary departure from the calculation of equity in accordance with GAAP.
Nine Months Ended September 30, 2024 and 2023
The following table sets forth a summary of our results of operations for the nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | |
| Nine Months Ended |
| September 30, 2024 | | September 30, 2023 |
| (in thousands) |
| INTEREST INCOME, NET | | | |
| Interest income | $ | 78,558 | | | $ | 71,403 | |
| Interest expense | 51,495 | | | 50,742 | |
| NET INTEREST INCOME | $ | 27,063 | | | $ | 20,661 | |
| | | |
| REALIZED AND UNREALIZED GAINS (LOSSES), NET | | | |
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS | $ | (14,527) | | | $ | (27,056) | |
| Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts | 48,514 | | | 27,868 | |
| TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET | $ | 33,987 | | | $ | 812 | |
| | | |
| EXPENSES | | | |
| Operating expenses | $ | 4,619 | | | $ | 5,788 | |
| Operating expenses incurred with affiliate | 1,444 | | | 1,672 | |
| Due diligence and transaction costs | 663 | | | 136 | |
| Stock compensation | 1,864 | | | 1,195 | |
| Securitization costs | 1,583 | | | 2,326 | |
| Management fee incurred with affiliate | 3,810 | | | 4,460 | |
| Total operating expenses | $ | 13,983 | | | $ | 15,577 | |
| | | |
| INCOME (LOSS) BEFORE INCOME TAXES | $ | 47,067 | | | $ | 5,896 | |
| Income tax expense (benefit) | 3,261 | | | 781 | |
| | | |
| | | |
| NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS | $ | 43,806 | | | $ | 5,115 | |
| Other comprehensive income (loss) | 4,534 | | | 12,955 | |
| TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 48,340 | | | $ | 18,070 | |
Net Interest Income
The following table sets forth the components of net interest income for the nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended |
| September 30, 2024 | | September 30, 2023 |
| (in thousands) |
| Interest income | Interest income / expense | | | Average balance | | Interest income / expense | | Average balance |
| Residential mortgage loans | $ | 13,925 | | | | $ | 284,211 | | | $ | 18,457 | | | $ | 467,538 | |
| Residential mortgage loans in securitization trusts | 51,851 | | | | 1,357,840 | | | 39,753 | | | 1,106,621 | |
| Commercial mortgage loans | 258 | | | | 5,231 | | | 458 | | | 8,215 | |
RMBS and Majority Owned Affiliate | 9,613 | | | | 148,677 | | | 9,225 | | | 164,244 | |
| CMBS | 1,097 | | | | 6,428 | | | 790 | | | 6,394 | |
| U.S. Treasury securities | 548 | | | | 14,528 | | | 1,201 | | | 32,981 | |
| Other interest income | 1,266 | | | | 39,239 | | | 1,519 | | | 37,482 | |
| Total interest income | 78,558 | | | | | | 71,403 | | | |
| Interest expense | | | | | | | | |
| Notes payable | 9,928 | | | | 199,644 | | | 21,222 | | | 366,032 | |
| Non-recourse securitization obligation, collateralized by residential mortgage loans | 37,624 | | | | 1,285,118 | | | 26,121 | | | 1,080,156 | |
| Repurchase facilities | 2,980 | | | | 64,431 | | | 3,399 | | | 89,726 | |
Senior unsecured notes | 963 | | | | 35,681 | | | — | | | — | |
| Total interest expense | 51,495 | | | | | | 50,742 | | | |
| Net interest income | $ | 27,063 | | | | | | $ | 20,661 | | | |
Net interest income for the nine months ended September 30, 2024 and 2023 was $27.1 million and $20.7 million, respectively. Net interest income increased in the nine months ended September 30, 2024 as compared to the same period in 2023, primarily due to higher net interest income from our residential mortgage loans portfolio (residential mortgage loan interest income less notes payable interest expense) during the nine months ended September 30, 2024. We observed net interest income associated with our residential mortgage loan portfolio of $4 million in the nine months ended September 30, 2024 compared to a loss of $(2.8) million in the comparable period of 2023. This was primarily driven by an increase in the weighted average coupon rate of our residential mortgage loans portfolio versus the comparative period, as well as holding more unlevered loans, resulting in a proportionally lower notes payable balance.
Total Realized and Unrealized Gains (Losses)
The components of total realized and unrealized gains (losses), net for the nine months ended September 30, 2024 and 2023 are set forth as follows:
| | | | | | | | | | | |
| Nine Months Ended |
| September 30, 2024 | | September 30, 2023 |
| (in thousands) |
| | | |
Realized and unrealized gain (loss) on securitization, net of unrealized gain (loss) on non-recourse securitization obligation | $ | 25,607 | | | $ | (7,948) | |
Realized loss on RMBS | (2,469) | | | (1,545) | |
Realized and unrealized gain (loss) on Whole Pool Agency RMBS | (6,355) | | | (12,627) | |
| Realized gain (loss) on CMBS | (186) | | | (241) | |
| Realized gain (loss) on interest rate futures | (622) | | | 8,599 | |
| Realized and unrealized gain (loss) on TBAs | 5,992 | | | (479) | |
| Realized and unrealized (loss) gain on residential mortgage loans | 9,839 | | | 17,268 | |
| Realized and unrealized (loss) gain on commercial mortgage loans | 48 | | | 113 | |
| Realized and unrealized loss on U.S. Treasury securities | (99) | | | 88 | |
| Unrealized appreciation on interest rate futures | 2,232 | | | (2,416) | |
| Total realized and unrealized gains (losses), net | $ | 33,987 | | | $ | 812 | |
| | | |
For the nine months ended September 30, 2024 and 2023, total realized and unrealized gains (losses), net resulted in a net gain of $34 million and a loss of $0.8 million, respectively. During the nine months ended September 30, 2024, gains on residential mortgage loans in securitization trust, net of unrealized gain (loss) on non-recourse securitization obligation, residential mortgage loans, TBAs, and interest rate futures were offset by losses on RMBS and whole pool agency RMBS. In the nine months ended September 30, 2023, market volatility caused the valuation of our residential mortgage loans in securitization trust and whole pool agency RMBS to decrease, which was offset by gains in our residential mortgage loans portfolio and interest rate futures.
Expenses
Operating Expenses
For the nine months ended September 30, 2024 and 2023, our operating expenses were $4.6 million and $5.8 million, respectively. Our operating expenses decreased during the comparative period due to continued cost savings actions such as in-sourcing of key accounting functions, vendor contract negotiations, and a decrease in servicing fees associated with servicing our whole loan portfolio.
Operating Expenses Incurred with Affiliate
For the nine months ended September 30, 2024 and 2023, our operating expenses incurred with affiliate were $1.44 million and $1.7 million, respectively. These expenses, which are substantially comprised of payroll reimbursements to our Manager, decreased versus the comparative period as a result of additional cost savings actions.
Due Diligence and Transaction Costs
For the nine months ended September 30, 2024 and 2023, our due diligence and transaction costs were $663 thousand and $136 thousand, respectively. Our due diligence and transaction expenses increased versus the comparative period as we purchased more whole loans during the nine months ended September 30, 2024 than the nine months ended September 30, 2023.
Stock Compensation
For the nine months ended September 30, 2024 and 2023 our stock compensation expense was $1.9 million and $1.2 million, respectively. Stock compensation expense increased for the nine months ended September 30, 2024 due to an increase in the estimated impact for outstanding performance-based restricted stock unit awards.
Securitization Costs
Securitization costs of $1.6 million were incurred for the nine months ended September 30, 2024 in connection with the AOMT 2024-3, AOMT 2024-4, and AOMT 2024-6 securitization transactions. There were $2.3 million of securitization costs incurred for the comparable period in 2023, representing costs incurred in connection with the AOMT 2023-1, AOMT 2023-4, and AOMT 2023-5 securitizations.
Management Fee Incurred with Affiliate
For the nine months ended September 30, 2024 and 2023, our management fee incurred with affiliate was $3.8 million and $4.5 million, respectively. The decrease is due to the decrease in our average Equity as defined in the Management Agreement for the nine months ended September 30, 2024 as compared to the same period in 2023. A key driver of the decrease in the nine months ended September 30, 2024 versus the comparative period of 2023 is the repurchase of 1,707,922 million shares of our common stock owned by Xylem Finance, LLC, an affiliate of Davidson Kempner Capital Management, LP, for an aggregate repurchase price of approximately $20 million. The calculation of Equity for the purposes of the Management Agreement includes the addition of Distributable Earnings, which is the primary departure from the calculation of equity in accordance with GAAP.
Our Portfolio
As of September 30, 2024, our portfolio consisted of approximately $2.2 billion of residential mortgage loans, RMBS, and other target assets. Certain of these portfolio assets are located in states such as Florida and California where natural disasters such as hurricanes and earthquakes may occasionally occur. We require all of our collateral to be adequately insured. The graphs in the subsequent detail of residential mortgage loans, residential mortgage loans held in securitization trusts, and residential mortgage loans underlying RMBS issuances show the percentage of residential mortgage loans held in each state where there is a concentration of loans.
The following table sets forth additional information regarding our portfolio, including the manner in which our equity capital was allocated among investment types, as of September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value | | Collateralized Debt | | Allocated Capital | | % of Total Capital |
| Portfolio: | ($ in thousands) |
| Residential mortgage loans | $ | 428,909 | | | $ | 333,042 | | | $ | 95,867 | | | 36.2 | % |
| Residential mortgage loans in securitization trust | 1,452,907 | | | 1,353,758 | | | $ | 99,149 | | | 37.4 | % |
| Total whole loan portfolio | $ | 1,881,816 | | | $ | 1,686,800 | | | $ | 195,016 | | | 73.6 | % |
| | | | | | | |
| Investment securities | | | | | | | |
| RMBS | $ | 283,105 | | | $ | 53,164 | | | $ | 229,941 | | | 86.7 | % |
| U.S. Treasury securities | 49,971 | | | 49,712 | | | 259 | | | 0.1 | % |
| Total investment securities | $ | 333,076 | | | $ | 102,876 | | | $ | 230,200 | | | 86.8 | % |
| | | | | | | |
| Investment in Majority-Owned Affiliate | $ | 18,720 | | | $ | — | | | $ | 18,720 | | | 7.1 | % |
| | | | | | | |
| Total investment portfolio | $ | 2,233,612 | | | $ | 1,789,676 | | | $ | 443,936 | | | 167.5 | % |
Target assets (1) | $ | 2,183,641 | | | $ | 1,739,964 | | | $ | 443,677 | | | 167.4 | % |
| | | | | | | |
| Cash | $ | 42,052 | | | $ | — | | | $ | 42,052 | | | 15.8 | % |
Other assets and liabilities (2) | (220,889) | | | — | | | (220,889) | | | (83.3) | % |
| Total | $ | 2,054,775 | | | $ | 1,789,676 | | | $ | 265,099 | | | 100.0 | % |
(1) “Target assets” as defined by us excludes U.S. Treasury securities, and includes our investment in a Majority-Owned Affiliates.
(2) Other assets and liabilities presented is calculated as a net liability substantially comprised of $194.7 million due to broker for our quarter-end purchase of certain Freddie Mac and Fannie Mae-issued whole pool agency residential mortgage-backed securities (“Whole Pool Agency RMBS”), and excluding the portion of “other assets” which includes our investment in a Majority-Owned Affiliate, which is considered a target asset.
As of December 31, 2023, our portfolio consisted of approximately $2.1 billion of residential mortgage loans, RMBS, and other target assets. The following table sets forth additional information regarding our portfolio including the manner in which our equity capital was allocated among investment types, as of December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value | | Collateralized Debt | | Allocated Capital | | % of Total Capital |
| Portfolio: | ($ in thousands) |
| Residential mortgage loans | $ | 380,040 | | | $ | 290,610 | | | $ | 89,430 | | | 34.9 | % |
| Residential mortgage loans in securitization trust | 1,221,067 | | | 1,169,154 | | | 51,913 | | | 20.3 | % |
| Total whole loan portfolio | $ | 1,601,107 | | | $ | 1,459,764 | | | $ | 141,343 | | | 55.2 | % |
| | | | | | | |
| Investment securities | | | | | | | |
| RMBS | $ | 472,058 | | | 44,643 | | | $ | 427,415 | | | 166.9 | % |
| Investment in Majority-Owned Affiliates | 16,232 | | | — | | | 16,232 | | | 6.3 | % |
| U.S. Treasury Securities | 149,927 | | | 149,013 | | | 914 | | | 0.4 | % |
| Total investment securities | $ | 638,217 | | | $ | 193,656 | | | $ | 444,561 | | | 173.6 | % |
| | | | | | | |
| Total investment portfolio | $ | 2,239,324 | | | $ | 1,653,420 | | | $ | 585,904 | | | 228.8 | % |
Target assets (1) | $ | 2,089,397 | | | $ | 1,504,407 | | | $ | 585,904 | | | 228.8 | % |
| | | | | | | |
| Cash | $ | 41,625 | | | $ | — | | | $ | 41,625 | | | 16.2 | % |
Other assets and liabilities (2) | (371,423) | | | — | | | (371,423) | | | (145.0) | % |
| Total | $ | 1,909,526 | | | $ | 1,653,420 | | | $ | 256,106 | | | 100.0 | % |
(1) “Target assets” as defined by us excludes U.S. Treasury securities, and includes our investment in a Majority-Owned Affiliates.
(2) Other assets and liabilities presented is calculated as a net liability substantially comprised of $392.0 million due to broker for our quarter-end purchase of certain Freddie Mac and Fannie Mae-issued Whole Pool Agency RMBS, and excluding the portion of “other assets” which includes our investment in a Majority-Owned Affiliates, which is considered a target asset. Additionally, other assets includes $5.2 million of commercial loans and $6.6 million of CMBS.
Residential Mortgage Loans
The following table sets forth additional information on the residential mortgage loans in our portfolio as of September 30, 2024:
| | | | | | | | | | | |
| Portfolio Range | | Portfolio Weighted Average |
| ($ in thousands) |
| Unpaid principal balance (“UPB”) | $75 - $3,403 | | $481 |
| Interest rate | 3.63% - 11.88% | | 7.73% |
| Maturity date | 6/27/2044 - 8/15/2064 | | July 2054 |
| FICO score at loan origination | 628 - 823 | | 754 |
| LTV at loan origination | 7.1% - 90.0% | | 70.6% |
| DTI at loan origination | 1.94% - 52.0% | | 31.6% |
| Percentage of first lien loans | N/A | | 98.9% |
| Percentage of loans 90+ days delinquent (based on UPB) | N/A | | 0.7% |
The following table sets forth additional information on the residential mortgage loans in our portfolio as of December 31, 2023:
| | | | | | | | | | | |
| Portfolio Range | | Portfolio Weighted Average |
| ($ in thousands) |
| Unpaid principal balance (“UPB”) | $18 - $3,410 | | $492 |
| Interest rate | 2.99% - 12.50% | | 6.8% |
| Maturity date | 9/27/2048 - 11/27/2063 | | December 2053 |
| FICO score at loan origination | 624 - 825 | | 748 |
| LTV at loan origination | 9.00% - 90.00% | | 69.4% |
| DTI at loan origination | 1.90% - 59.10% | | 30.9% |
| Percentage of first lien loans | N/A | | 100% |
| Percentage of loans 90+ days delinquent (based on UPB) | N/A | | 0.9% |
The following charts illustrate the distribution of the credit scores and coupon rates by the number of loans in our residential mortgage loan portfolio as of September 30, 2024:
The following charts illustrate the distribution of the credit scores and coupon rates by the number of loans in our residential mortgage loan portfolio as of December 31, 2023:
The following charts illustrate additional characteristics of our residential mortgage loans in our portfolio that we owned directly as of September 30, 2024, based on the product profile, borrower profile, and geographic location (percentages are based on the aggregate unpaid principal balance of such loans):
Characteristics of Our Residential Mortgage Loans as of September 30, 2024:
Note: No state in “Other” represents more than a 3% concentration of the residential mortgage loans in our portfolio that we owned directly as of September 30, 2024. Numbers presented may add to more than 100% due to rounding.
The following charts illustrate additional characteristics of the residential mortgage loans in our portfolio that we owned directly as of December 31, 2023, based on the product profile, borrower profile, and geographic location (percentages are based on the aggregate unpaid principal balance of such loans):
Characteristics of Our Residential Mortgage Loans as of December 31, 2023:
Note: No state in “Other” represents more than a 3% concentration of the residential mortgage loans in our portfolio that we owned directly as of December 31, 2023. Numbers presented may add to more than 100% due to rounding.
Residential Mortgage Loans Held in Securitization Trusts
The following table sets forth the information regarding the underlying collateral of our residential mortgage loans held in securitization trusts as of September 30, 2024:
| | | | | | |
| ($ in thousands) | |
| UPB | $1,512,722 | |
Fair Value | $1,452,907 | |
| Number of loans | 3,594 | |
| Weighted average loan coupon | 5.12% | |
| Average loan amount | $422 | |
| Weighted average LTV at loan origination and deal date | 67.0% | |
| Weighted average credit score at loan origination and deal date | 741 | |
Current 3-month constant prepayment rate (“CPR”) (1) | 7.8% | |
| Percentage of loans 90+ days delinquent (based on UPB) | 1.9% | |
(1) CPR is a method of expressing the prepayment rate for a mortgage pool that assumes that a constant fraction of the remaining principal is prepaid each month or year.
The following chart illustrates the geographic distribution of the underlying collateral of our residential mortgage loans held in securitization trusts as of September 30, 2024 (percentages are based on the aggregate unpaid principal balance of such loans):
Note: No state in “Other” represents more than a 3% concentration of the underlying collateral of our residential mortgage loans held in securitization trusts as of September 30, 2024. Numbers presented may add to more than 100% due to rounding.
The following table sets forth the information regarding the underlying collateral of our residential mortgage loans held in securitization trusts as of December 31, 2023:
| | | | | |
| ($ in thousands) |
| UPB | $1,334,963 |
Fair Value | $1,221,067 |
| Number of loans | 3,112 |
| Weighted average loan coupon | 4.7% |
| Average loan amount | $429 |
| Weighted average LTV at loan origination and deal date | 68.0% |
| Weighted average credit score at loan origination and deal date | 742 |
| Current 3-month CPR | 5.6% |
| Percentage of loans 90+ days delinquent (based on UPB) | 1.0% |
The following chart illustrates the geographic distribution of the underlying collateral of our residential mortgage loans held in securitization trusts as of December 31, 2023 (percentages are based on the aggregate unpaid principal balance of such loans):
Note: No state in “Other” represents more than a 3% concentration of the underlying collateral of our residential mortgage loans held in securitization trusts as of December 31, 2023. Numbers presented may add to more than 100% due to rounding.
RMBS
We have participated in numerous securitization transactions pursuant to which we contributed to a securitization trust under the purview of AOMT I, LLC, non‑QM loans that we had accumulated and held on our balance sheet. These loans were purchased from affiliated and unaffiliated entities. In return, we received bonds from these securitization trusts, and cash. At times, we were allocated certain risk retention securities as part of these transactions. Risk retention securities represent at least 5% of a horizontal or vertical slice of the bonds issued as part of the transaction.
Certain information regarding the mortgage loans underlying our portfolio of RMBS issued in such securitization transactions is set forth below as of September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| AOMT 2019 Securitizations | | AOMT 2020 Securitizations | | AOMT 2023 Securitizations | | AOMT 2024 Securitizations |
| ($ in thousands) |
| UPB of loans | $295,926 | | $154,043 | | $1,119,064 | | $882,348 |
| Number of loans | 1,081 | | | 477 | | | 2,165 | | | 2,032 | |
| Weighted average loan coupon | 7.21 | % | | 5.81 | % | | 5.25 | % | | 5.28 | % |
| Average loan amount | $274 | | $323 | | $517 | | $434 |
| Weighted average LTV at loan origination and deal date | 69.0 | % | | 74.1 | % | | 68.7 | % | | 68.4 | % |
| Weighted average credit score at loan origination and deal date | 707 | | 719 | | 731 | | 731 |
Current 3-month CPR (1) | 13.4 | % | | 8.7 | % | | 7.0 | % | | 8.3 | % |
| 90+ day delinquency (as a % of UPB) | 8.1 | % | | 2.9 | % | | 1.4 | % | | 1.2 | % |
| Weighted Average 90+ Delinquency (as a % of Original Balance) | 1.2 | % | | 1.0 | % | | 1.3 | % | | 1.1 | % |
Weighted Average LTV of 90+ Delinquent Loans (FHFA HPI Estimate) (2) | 49.5 | % | | — | % | | 68.8 | % | | 68.0 | % |
Fair value of first loss piece (3,4) | 19,383 | | 23,676 | | 11,500 | | 3,109 |
Investment thickness (5) | 21.45 | | | 20.14 | | | 7.60 | | | 10.05 | |
(1) CPR is a method of expressing the prepayment rate for a mortgage pool that assumes that a constant fraction of the remaining principal is prepaid each month or year.
(2) AOMT 2020-3 does not have LTV or Federal Housing Finance Agency Home Price Index Estimates (“FHFA HPI Estimates”); accordingly, original LTV is used.
(3) Represents the fair value of the securities we hold in the first loss tranche in each securitization.
(4) The fair value of the first loss pieces presented for AOMT 2023-1, AOMT 2023-5, AOMT 2023-7, AOMT 2024-3, and AOMT 2024-6 is the total at risk for the Majority-Owned Affiliates.
(5) Represents the average size of the subordinate securities we own as investments in each securitization relative to the average overall size of the securitization.
Certain information regarding the mortgage loans underlying our portfolio of RMBS issued in AOMT securitization transactions is set forth below as of December 31, 2023, unless otherwise stated:
| | | | | | | | | | | | | | | | | |
| AOMT 2019 Securitizations | | AOMT 2020 Securitizations | | AOMT 2023 Securitizations |
| ($ in thousands) |
| UPB of loans | $331,376 | | $167,028 | | $1,192,450 |
| Number of loans | 1197 | | 512 | | 2288 |
| Weighted average loan coupon | 6.90 | % | | 5.80 | % | | 5.30 | % |
| Average loan amount | $277 | | $326 | | $521 |
| Weighted average LTV at loan origination and deal date | 70 | % | | 74 | % | | 70 | % |
| Weighted average credit score at loan origination and deal date | 707 | | 720 | | 733 |
Current 3-month CPR (1, 6) | 14.3 | % | | 5.4 | % | | 4.3 | % |
| 90+ day delinquency (as a % of UPB) | 9.0 | % | | 3.0 | % | | 1.6 | % |
| Weighted Average 90+ Delinquency (as a % of Original Balance) | 1.5 | % | | 1.1 | % | | 1.3 | % |
Weighted Average LTV of 90+ Delinquent Loans (FHFA HPI Estimate) (2) | 50.8 | % | | 74.1 | % | | 72.8 | % |
Fair value of first loss piece (3,5) | $18,057 | | $21,389 | | $13,003 |
Investment thickness (4) | 19.15 | % | | 18.57 | % | | 3.78 | % |
(1) CPR is a method of expressing the prepayment rate for a mortgage pool that assumes that a constant fraction of the remaining principal is prepaid each month or year.
(2) AOMT 2020-3 does not have LTV or Federal Housing Finance Agency Home Price Index Estimates (“FHFA HPI Estimates”); accordingly, original LTV is used.
(3) Represents the fair value of the securities we hold in the first loss tranche in each securitization.
(4) Represents the average size of the subordinate securities we own as investments in each securitization relative to the average overall size of the securitization.
(5) The fair value of the first loss pieces presented for AOMT 2023-1, AOMT 2023-5, and AOMT 2023-7 is the total at risk for the Majority-Owned Affiliates.
(6) AOMT 2023-5 reflects one-month CPR.
The following table provides certain information with respect to our RMBS portfolio both received in AOMT securitization transactions and acquired from other third parties as of September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| RMBS | | Repurchase Debt (1) | | Allocated Capital |
| AOMT | | Third Party RMBS | | Total | | AOMT | | Third Party RMBS | | Total | | AOMT | | Third Party RMBS | | Total |
| (in thousands) |
| Mezzanine | $ | 13,463 | | | $ | — | | | $ | 13,463 | | | $ | 5,292 | | | $ | — | | | $ | 5,292 | | | $ | 8,171 | | | $ | — | | | $ | 8,171 | |
| Subordinate | 62,223 | | | — | | | $ | 62,223 | | | 20,175 | | | — | | | $ | 20,175 | | | $ | 42,048 | | | $ | — | | | $ | 42,048 | |
| Interest only / excess | 13,055 | | | — | | | $ | 13,055 | | | — | | | — | | | $ | — | | | $ | 13,055 | | | $ | — | | | $ | 13,055 | |
Whole pool (2) | — | | | 194,364 | | | $ | 194,364 | | | — | | | — | | | $ | — | | | $ | — | | | $ | 194,364 | | | $ | 194,364 | |
Retained RMBS in VIEs (3) | — | | | — | | | $ | — | | | 27,697 | | | — | | | $ | 27,697 | | | $ | (27,697) | | | $ | — | | | $ | (27,697) | |
Subtotal | $ | 88,741 | | | $ | 194,364 | | | $ | 283,105 | | | $ | 53,164 | | | $ | — | | | $ | 53,164 | | | $ | 35,577 | | | $ | 194,364 | | | $ | 229,941 | |
Investment in Majority Owned Affiliates | $ | 18,720 | | | $ | — | | | $ | 18,720 | | | $ | — | | | $ | — | | | $ | — | | | $ | 18,720 | | | $ | — | | | $ | 18,720 | |
| Total | $ | 107,461 | | | $ | 194,364 | | | $ | 301,825 | | | $ | 53,164 | | | $ | — | | | $ | 53,164 | | | $ | 54,297 | | | $ | 194,364 | | | $ | 248,661 | |
(1) Repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs).
(2) The whole pool RMBS presented as of September 30, 2024 were purchased from a broker to whom the Company owes approximately $194.7 million, payable upon the settlement date of the trade. See Note 6 — Due to Broker in our unaudited condensed consolidated financial statements included in this report.
(3) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $143.5 million, are not reflected in the condensed consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its condensed consolidated balance sheets.
The following table provides certain information with respect to our RMBS portfolio both received in AOMT securitization transactions and acquired from other third parties as of December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| RMBS | | Repurchase Debt (1,3) | | Allocated Capital |
| AOMT | | Third Party RMBS | | Total | | AOMT | | Third Party RMBS | | Total | | AOMT | | Third Party RMBS | | Total |
| (in thousands) |
| Mezzanine | $ | 10,972 | | | $ | — | | | $ | 10,972 | | | $ | 844 | | | $ | — | | | $ | 844 | | | $ | 10,128 | | | $ | — | | | $ | 10,128 | |
| Subordinate | 55,665 | | | — | | | 55,665 | | | 19,812 | | | — | | | 19,812 | | | 35,853 | | | — | | | $ | 35,853 | |
| Interest only / excess | 13,059 | | | — | | | 13,059 | | | 1,871 | | | — | | | 1,871 | | | 11,188 | | | — | | | $ | 11,188 | |
Whole pool (2) | — | | | 392,362 | | | 392,362 | | | — | | | — | | | — | | | — | | | 392,362 | | | $ | 392,362 | |
Retained RMBS in VIEs (3) | — | | | — | | | — | | | 22,116 | | | — | | | 22,116 | | | (22,116) | | | — | | | (22,116) | |
Subtotal | $ | 79,696 | | | $ | 392,362 | | | $ | 472,058 | | | $ | 44,643 | | | $ | — | | | $ | 44,643 | | | $ | 35,053 | | | $ | 392,362 | | | $ | 427,415 | |
Investment in Majority Owned Affiliates | $ | 16,232 | | | $ | — | | | 16,232 | | | $ | — | | | $ | — | | | — | | | $ | 16,232 | | | $ | — | | | 16,232 | |
| Total | $ | 95,928 | | | $ | 392,362 | | | $ | 488,290 | | | $ | 44,643 | | | $ | — | | | $ | 44,643 | | | $ | 51,285 | | | $ | 392,362 | | | $ | 443,647 | |
(1) Repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs).
(2) The whole pool RMBS presented as of December 31, 2023 were purchased from a broker to whom the Company owes approximately $392.0 million, payable upon the settlement date of the trade. See Note 6 — Due to Broker in our unaudited condensed consolidated financial statements included in this report.
(3) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $124.1 million, are not reflected in the condensed consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its condensed consolidated balance sheets.
The following table sets forth information with respect to our RMBS ending balances, at fair value, for the period ended September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Senior | | Mezzanine | | Subordinate | | Interest Only | | Whole Pool | | Total |
| (in thousands) |
Beginning fair value as of June 30, 2024 | $ | — | | | $ | 13,100 | | | $ | 60,107 | | | $ | 13,027 | | | $ | 180,518 | | | $ | 266,752 | |
| Acquisitions: | | | | | | | | | | | |
| Retained bonds received in securitizations | — | | | — | | | — | | | — | | | — | | | $ | — | |
| | | | | | | | | | | |
| Third party securities | — | | | — | | | — | | | — | | | 194,697 | | | $ | 194,697 | |
Effect of principal payments / sales | — | | | (280) | | | | | — | | | (178,702) | | | $ | (178,982) | |
| IO and excess servicing prepayments | — | | | — | | | — | | | (565) | | | — | | | $ | (565) | |
| Changes in fair value, net | — | | | 644 | | | 2,115 | | | 593 | | | (2,149) | | | $ | 1,203 | |
Ending fair value as of September 30, 2024 | $ | — | | | $ | 13,464 | | | $ | 62,222 | | | $ | 13,055 | | | $ | 194,364 | | | $ | 283,105 | |
The following table sets forth information with respect to our RMBS ending balances, at fair value, for the year ended December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Senior | | Mezzanine | | Subordinate | | Interest Only | | Whole Pool | | Total |
| (in thousands) |
Beginning fair value as of December 31, 2022 | $ | — | | | $ | 1,958 | | | $ | 49,578 | | | $ | 10,424 | | | $ | 993,378 | | | $ | 1,055,338 | |
| Acquisitions: | | | | | | | | | | | |
| Retained bonds received in securitizations | — | | | 9,831 | | | 4,880 | | | 3,530 | | | — | | | 18,241 | |
| | | | | | | | | | | |
| Third party securities | — | | | — | | | — | | | — | | | 1,741,864 | | | 1,741,864 | |
| Effect of principal payments / sales | — | | | (869) | | | — | | | — | | | (2,339,028) | | | (2,339,897) | |
| IO and excess servicing prepayments | — | | | — | | | — | | | (1,396) | | | — | | | (1,396) | |
| Changes in fair value, net | — | | | 52 | | | 1,207 | | | 501 | | | (3,852) | | | (2,092) | |
Ending fair value as of December 31, 2023 | $ | — | | | $ | 10,972 | | | $ | 55,665 | | | $ | 13,059 | | | $ | 392,362 | | | $ | 472,058 | |
| | | | | | | | | | | |
The following chart illustrates the geographic diversification of the loans underlying our portfolio of RMBS issued in AOMT securitization transactions as of September 30, 2024 (percentages are based on the aggregate unpaid principal balance of such loans):
Geographic Diversification of Loans Underlying Our Portfolio
of RMBS Issued in AOMT Securitization Transactions
(as of September 30, 2024)
Note: No state in “Other” represents more than a 4% concentration of the loans underlying our portfolio of RMBS issued in AOMT securitization transactions as of September 30, 2024. Numbers presented may add to more than 100% due to rounding.
The following chart illustrates the geographic diversification of the loans underlying our portfolio of RMBS issued in AOMT securitization transactions as of December 31, 2023 (percentages are based on the aggregate unpaid principal balance of such loans):
Geographic Diversification of Loans Underlying Our Portfolio
of RMBS Issued in AOMT Securitization Transactions
(as of December 31, 2023)
Note: No state in “Other” represents more than a 4% concentration of the loans underlying our portfolio of RMBS issued in AOMT securitization transactions as of December 31, 2023. Numbers presented may add to more than 100% due to rounding.
CMBS
Certain information regarding the commercial mortgage loans underlying our portfolio of CMBS issued in the AOMT 2020-SBC1 securitization transaction is shown below as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| ($ in thousands) |
| UPB of loans | $104,138 | | $112,302 |
| Number of loans | 134 | | 145 |
| Weighted average loan coupon | 7.9 | % | | 7.5 | % |
| Average loan amount | $777 | | $774 |
| Weighted average LTV at loan origination and deal date | 56.2 | % | | 56.2 | % |
The following table provides certain information with respect to the CMBS we received in connection with the AOMT 2020-SBC1 securitization transactions as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| CMBS | | Repurchase Debt | | Allocated Capital | | CMBS | | Repurchase Debt | | Allocated Capital |
| (in thousands) |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Subordinate | 2,674 | | | — | | | 2,674 | | | 2,706 | | | — | | | 2,706 | |
| Interest only / excess | 3,262 | | | — | | | 3,262 | | | 3,886 | | | — | | | 3,886 | |
| Total | $ | 5,936 | | | $ | — | | | $ | 5,936 | | | $ | 6,592 | | | $ | — | | | $ | 6,592 | |
Liquidity and Capital Resources
Overview
Liquidity is a measurement of our ability to meet potential cash requirements, including ongoing commitments to repay borrowings, fund our investments and operating costs, make distributions to our stockholders, and satisfy other general business needs. Our financing sources currently include payments of principal and interest we receive on our investment portfolio, unused borrowing capacity under our in‑place loan financing lines and repurchase facilities, securitizations of our whole loans, and our ATM Program (as defined below). Additionally, on July 25, 2024, we closed an underwritten public offering and sale of, and issued, $50 million in aggregate principal amount of our 9.500% Senior Notes due 2029. We have deployed the majority of the net proceeds from the offering of the Notes for general corporate purposes, which included the acquisition of non-QM loans and other target assets primarily sourced from our affiliated proprietary mortgage lending platform and other target assets through the secondary market in a manner consistent with our strategy and investment guidelines. Additionally, we used the net proceeds from the offering of the Notes to repurchase 1,707,922 shares of our common stock owned by Xylem Finance LLC, an affiliate of Davidson Kempner Capital Management LP, for an aggregate repurchase price of approximately $20.0 million. See “—Trends and Recent Developments—Notes offering” in this report. Our financing sources historically have included the foregoing, as well as capital contributions from our investors prior to our IPO, and the proceeds from our IPO and concurrent private placement (which capital has all been deployed). Going forward, we may also utilize other types of borrowings, including bank credit facilities and warehouse lines of credit, among others. We may also seek to raise additional capital through public or private offerings of equity, equity-related, or debt securities, depending upon market conditions. The use of any particular source of capital and funds will depend on market conditions, availability of these sources, and the investment opportunities available to us.
We have used and expect to continue to use loan financing lines to finance the acquisition and accumulation of mortgage loans or other mortgage‑related assets pending their eventual securitization. Upon accumulating an appropriate amount of assets, we have financed and expect to continue to finance a substantial portion of our mortgage loans utilizing fixed-rate term securitization funding that provides long‑term financing for our mortgage loans and locks in our cost of funding, regardless of future interest rate movements.
Securitizations may either take the form of the issuance of securitized bonds or the sale of “real estate mortgage investment conduit” securities backed by mortgage loans or other assets, with the securitization proceeds being used in part to repay pre-existing loan financing lines and repurchase facilities. We have sponsored and participated in securitization transactions with other entities that are managed by Angel Oak, and may continue to do so in the future, along with sponsoring sole securitization transactions.
We believe these identified sources of financing will be adequate for purposes of meeting our short‑term (within one year) and our longer‑term liquidity needs. We cannot predict with certainty the specific transactions we will undertake to generate sufficient liquidity to meet our obligations as they come due. We will adjust our plans as appropriate in response to changes in our expectations and any potential changes in market conditions.
Description of Existing Financing Arrangements
As of September 30, 2024, we were a party to three warehouse loan financing lines, which permitted borrowings in an aggregate amount of up to $1.1 billion. During the quarter ended September 30, 2024, we renewed our loan financing facility with Multinational Bank 1 in accordance with the mechanism for six-month renewal periods. Subsequent to the end of the quarter, we (i) amended our loan financing facility with Global Investment Bank 2 to, among other changes, reduce the interest rate pricing spread to a range from 1.75% to 3.35% and (ii) amended our loan financing facility with Global Investment Bank 3 to, among other changes, extend the termination date to (a) November 1, 2025; (b) reduce the interest rate pricing spread to a range from 1.90% to 4.75% based on collateral type, loan status, dwell time and other factors; and (c) eliminate the 20 basis point index spread adjustment. Borrowings under warehouse loan financing lines (in general, each a “loan financing facility”) may be used to purchase whole loans for securitization or loans purchased for long‑term investment purposes.
Our financing facilities are generally subject to limits on borrowings related to specific asset pools (“advance rates”) and other restrictive covenants, as is usual and customary. As of September 30, 2024, the advance rates (when required) of our three active lenders ranged from 65% to 92%, depending on the asset type and loan delinquency status. Our most restrictive covenants (when covenants are required by any of our three active lenders) included (1) our minimum tangible net worth must not (i) decline 20% or more in the previous 30 days, 25% or more in the previous 90 days, or 35% or more in the previous year, or (ii) fall below $200.0 million of tangible net worth as of September 30, 2022 plus 50% of any capital contribution made or raised after September 30, 2022; (2) our minimum liquidity must not fall below the greatest of (i) the product of 5% and the aggregate repurchase price for a specific loan financing facility as of such date of determination, (ii) $10.0 million and (iii) any other amount of liquidity that we have covenanted to maintain in any other note, indenture, loan agreement, guaranty, swap agreement or any other contract, agreement or transaction (including, without limitation, any repurchase agreement, loan and security agreement, or similar credit facility or agreement for borrowed funds); and (3) the maximum ratio of our and our subsidiaries’ total indebtedness to tangible net worth must not be greater than 5:1. Our minimum liquidity requirement as of September 30, 2024 was $10.0 million.
A description of each loan financing facility in place during the quarter ended September 30, 2024 is set forth as follows:
Multinational Bank 1 Loan Financing Facility. On April 13, 2022, we and two of our subsidiaries entered into a master repurchase agreement with a multinational bank (“Multinational Bank 1”). Our subsidiaries are each considered a “Seller” under this agreement. From time to time and pursuant to the agreement, either of our subsidiaries may sell to Multinational Bank 1, and later repurchase, up to $600.0 million aggregate borrowings on mortgage loans.
Pursuant to the terms of the master repurchase agreement, the agreement may be renewed every three months for a maximum six-month term. As of September 30, 2024, the termination date of the master repurchase agreement was March 25, 2025.
The amount expected to be paid by Multinational Bank 1 for each eligible mortgage loan is based on an advance rate as a percentage of either the outstanding principal balance of the mortgage loan or the market value of the mortgage loan, whichever is less. Pursuant to the agreement, Multinational Bank 1 retains the right to determine the market value of the mortgage loans in its sole commercially reasonable discretion. The loan financing line is marked‑to‑market. Additionally, Multinational Bank 1 is under no obligation to purchase the eligible mortgage loans we offer to sell to them. The interest rate on any outstanding balance under the master repurchase agreement that the applicable subsidiary is required to pay Multinational Bank 1 is generally in line with other similar agreements that the Company or one or more of its subsidiaries has entered into, where the interest rate is equal to the sum of (1) a pricing spread generally ranging from 1.75% to 2.10% and (2) the average SOFR for each U.S. Government Securities Business Day (as defined in the master repurchase agreement) until two U.S. Government Securities Business Days prior to the date the applicable loan is repurchased by the applicable subsidiary.
The obligations of the subsidiaries under the master repurchase agreement are guaranteed by the Company pursuant to a guaranty executed contemporaneously with the master repurchase agreement. In addition, and similar to other repurchase agreements that the Company has entered into, the Company is subject to various financial and other covenants, including those relating to (1) maintenance of a minimum tangible net worth; (2) a maximum ratio of indebtedness to tangible net worth; and (3) minimum liquidity.
The agreement contains margin call provisions that provide Multinational Bank 1 with certain rights in the event of a decline in the market value of the purchased mortgage loans. Under these provisions, Multinational Bank 1 may require us or our subsidiaries to transfer cash sufficient to eliminate any margin deficit resulting from such a decline.
In addition, the agreement contains events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross‑defaults, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the agreement and Multinational Bank 1’s right to liquidate the mortgage loans then subject to the agreement.
We and our subsidiaries are also required to pay certain customary fees to Multinational Bank 1 and to reimburse Multinational Bank 1 for certain costs and expenses incurred in connection with its structuring, management, and ongoing administration of the master repurchase agreement.
Global Investment Bank 2 Loan Financing Facility. On March 28, 2024, two of our subsidiaries entered into a master repurchase agreement with a global investment bank (“Global Investment Bank 2”), replacing the existing master repurchase agreement with Global
Investment Bank 2 entered into on February 13, 2020. Our two subsidiaries are each considered a “Seller” under this agreement. Pursuant to the agreement, one of our subsidiaries may sell to Global Investment Bank 2, and later repurchase, up to $250.0 million aggregate borrowings on mortgage loans. The agreement is set to terminate on March 27, 2026, unless terminated earlier pursuant to the terms of the agreement.
The principal amount paid by Global Investment Bank 2 for each mortgage loan is based on a percentage of the market value, cost‑basis value, or unpaid principal balance of the mortgage loan (depending on the type of loan and certain other factors and subject to certain other adjustments). Pursuant to the agreement, Global Investment Bank 2 retains the right to determine the market value of the mortgage loan collateral in its sole good faith discretion. Additionally, Global Investment Bank 2 is under no obligation to purchase the eligible mortgage loans we offer to sell to them. Upon our or our subsidiary’s repurchase of the mortgage loan, our subsidiaries are required to repay Global Investment Bank 2 the principal amount related to such mortgage loan plus accrued and unpaid interest at a rate based on the sum of (1) the greater of (A) the greater of (i) 0.00% and (ii) Term SOFR (which is defined as the forward-looking term rate based on the Secured Overnight Financing Rate for a corresponding tenor of one month) and (B) a pricing spread generally ranging from, as of October 25, 2024, 1.75% to 3.35%.
The obligations of the subsidiaries under the master repurchase agreement are guaranteed by the Company pursuant to a guaranty executed contemporaneously with the master repurchase agreement. In addition, and similar to other repurchase agreements that the Company has entered into, the Company is subject to various financial and other covenants, including those relating to (1) maintenance of a minimum tangible net worth; (2) a maximum ratio of indebtedness to tangible net worth; and (3) minimum liquidity.
The agreement contains margin call provisions that provide Global Investment Bank 2 with certain rights in the event of a decline in the market value or cost‑basis value of the purchased mortgage loans. Under these provisions, Global Investment Bank 2 may require us or our subsidiary to transfer cash sufficient to eliminate any margin deficit resulting from such a decline.
In addition, the agreement contains events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross‑defaults, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the agreement and Global Investment Bank 2’s right to liquidate the mortgage loans then subject to the agreement.
We and our subsidiary are also required to pay certain customary fees to Global Investment Bank 2 and to reimburse Global Investment Bank 2 for certain costs and expenses incurred in connection with its structuring, management and ongoing administration of the agreement.
Global Investment Bank 3 Loan Financing Facility. On October 24, 2018, two of our subsidiaries entered into a master repurchase agreement with a global investment bank (“Global Investment Bank 3”) for which we serve as guarantor of our subsidiaries’ obligations. Our subsidiaries are each considered a “Seller” under this agreement. Pursuant to the initial agreement, our subsidiaries could sell to Global Investment Bank 3, and later repurchase, up to $200.0 million aggregate borrowings on mortgage loans, although Global Investment Bank 3 was under no obligation to purchase the loans our subsidiaries offered to sell to them.
On January 1, 2022, the facility was amended to transition the reference rate from a LIBOR-based index to Compound SOFR. Compound SOFR is determined on a one-month basis and is defined as a daily rate as determined by Global Investment Bank 3 to be the “USD-SOFR-Compound” rate as defined in the International Swaps and Derivatives Association, Inc. definitions.
On November 7, 2023, the facility’s termination date was extended to November 7, 2024. In addition, the base interest rate spread was reduced to 1.80% plus a 0.20% index spread adjustment. The advance rate for performing non-seasoned loans was increased to 85%.
On November 1, 2024, the facility’s termination date was extended to November 1, 2025. In addition, the base interest rate spread was reduced to a range from 1.90% to 4.75% and the index spread adjustment of 0.20% was eliminated.
The loan financing line is marked-to-market at fair value, where Global Investment Bank 3 retains the right to determine the market value of the mortgage loan collateral in its sole and good faith discretion and in a commercially reasonable manner and is under no obligation to purchase the eligible mortgage loans we offered to sell to them. Further, the principal amount paid by Global Investment Bank 3 for each eligible mortgage loan is based on a percentage of the outstanding principal balance of the mortgage loan or the market value of the mortgage loan, whichever is less.
The Agreement contains margin call provisions that provide Global Investment Bank 3 with certain rights in the event of a decline in the market value of the purchased mortgage loans. Under those provisions, Global Investment Bank 3 could require us or our subsidiaries to transfer cash sufficient to eliminate any margin deficit resulting from such a decline.
The agreement requires us to maintain various financial and other customary covenants. The agreement also sets forth events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross‑defaults, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the agreement and Global Investment Bank 3’s right to liquidate the mortgage loans then subject to the agreement.
We and our subsidiaries are also required to pay certain customary fees to Global Investment Bank 3 and to reimburse Global Investment Bank 3 for certain costs and expenses incurred in connection with its structuring, management, and ongoing administration of the agreement.
Institutional Investors A and B Static Loan Pool Financing. On October 4, 2022, the Company and a subsidiary entered into two separate master repurchase facilities with two affiliates of an institutional investor (“Institutional Investors A and B”) regarding a specific pool of whole loans with financing of approximately $168.7 million on approximately $239.3 million of unpaid principal balance. The Company repaid these financing facilities in full on January 4, 2023, at which time the facilities were terminated pursuant to their terms.
Regional Bank 1 Loan Financing Facility. On December 21, 2018, we and one of our subsidiaries entered into a master repurchase agreement with a regional bank (“Regional Bank 1”). This financing facility was substantially unused, and expired by its terms on March 16, 2023.
The following table sets forth the details of our loan financing facilities as of each of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Interest
Rate Pricing
Spread | | Drawn Amount |
| Note Payable | | Base Interest Rate | | | September 30, 2024 | | December 31, 2023 |
| | | | | | ($ in thousands) |
Multinational Bank 1 (1) | | Average Daily SOFR | | 1.75% - 2.10% | | $ | 292,060 | | | $ | 206,183 | |
| | | | | | | | |
Global Investment Bank 2 (2) | | 1 month Term SOFR | | 2.10% - 3.45% | | — | | | — | |
Global Investment Bank 3 (3) | | Compound SOFR | | 2.00% - 4.50% | | 40,982 | | | 84,427 | |
| | | | | | | | |
Institutional Investors A and B (4) | | 1 month Term SOFR | | 3.50% | | N/A | | — | |
| | | | | | | | |
Regional Bank 1 (5) | | 1 month SOFR | | 2.50% - 3.50% | | N/A | | — | |
| Total | | | | | | $ | 333,042 | | | $ | 290,610 | |
(1) On September 25, 2024, this financing facility was extended through March 25, 2025 in accordance with the terms of the agreement, which contemplates six-month renewals.
(2) On March 28, 2024 the amended and restated Master Repurchase Agreement was terminated and replaced with a new $250 million Master Repurchase Agreement which has a termination date of March 27, 2026. On October 25, 2024, this facility was amended, reducing the interest rate pricing spread to a range from 1.75% to 3.35%, based on loan status, dwell time and other factors. Prior to this extension the interest rate pricing spread ranged from 2.10% to 3.35%.
(3) On November 1, 2024, this facility was amended to (i) reduce the interest rate pricing spread to a range from 1.90% to 4.75%, based on loan status, dwell time and other factors, (ii) eliminate the 20 basis point index spread adjustment, and (iii) extend the facility’s termination date to November 1, 2025.
(4) These agreements expired by their terms on January 4, 2023.
(5) This agreement expired by its terms on March 16, 2023.
The following table sets forth the total unused borrowing capacity of each loan financing facility as of September 30, 2024:
| | | | | | | | | | | | | | | | | | | | |
| Note Payable | | Borrowing Capacity | | Balance Outstanding | | Available Financing |
| | (in thousands) |
Multinational Bank 1 | | $ | 600,000 | | | $ | 292,060 | | | $ | 307,940 | |
| | | | | | |
Global Investment Bank 2 | | 250,000 | | | — | | | 250,000 | |
Global Investment Bank 3 | | 200,000 | | | 40,982 | | | 159,018 | |
| | | | | | |
| Total | | $ | 1,050,000 | | | $ | 333,042 | | | $ | 716,958 | |
Although available financing is uncommitted for each of our financing facilities, the Company’s unused borrowing capacity is available if it has eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements.
Short‑Term Repurchase Facilities. In addition to our existing loan financing lines, we employ short‑term repurchase facilities to borrow against U.S. Treasury securities, securities issued by AOMT, Angel Oak’s securitization platform, and other securities we may acquire in accordance with our investment guidelines. The following table sets forth certain characteristics of our short-term repurchase facilities as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 | | | | | | |
| Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) |
| | ($ in thousands) | | | | |
| U.S. Treasury securities | | $ | 49,712 | | | 4.90 | % | | 3 |
RMBS (1) | | $ | 53,164 | | | 6.35 | % | | 18 |
| Total | | $ | 102,876 | | | 5.65 | % | | 11 |
| | | | | | |
| December 31, 2023 | | | | | | |
| Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) |
| | ($ in thousands) | | | | |
| U.S. Treasury securities | | $ | 149,013 | | | 5.57 | % | | 10 |
RMBS (1) | | 44,643 | | | 7.04 | % | | 16 |
| Total | | $ | 193,656 | | | 5.91 | % | | 11 |
(1) A portion of repurchase debt outstanding as of both September 30, 2024 and December 31, 2023 includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs).
The repurchase debt against the U.S. Treasury securities was repaid in full upon the maturity of the U.S. Treasury securities.
The following table presents the amount of collateralized borrowings outstanding under repurchase facilities as of the end of each quarter, the average amount of collateralized borrowings outstanding under repurchase facilities during the quarter and the highest balance of any month end during the quarter:
| | | | | | | | | | | | | | | | | | | | |
| Quarter End | | Quarter End Balance | | Average Balance in Quarter | | Highest Month-End Balance in Quarter |
| | (in thousands) |
| | | | | | |
| | | | | | |
| | | | | | |
| Q4 2022 | | 52,544 | | | 56,426 | | | 63,357 | |
| Q1 2023 | | 442,214 | | | 180,165 | | | 442,214 | |
| Q2 2023 | | 340,701 | | | 101,731 | | | 340,701 | |
Q3 2023 | | 188,101 | | | 87,279 | | | 188,101 | |
Q4 2023 | | 193,656 | | | 62,536 | | | 193,656 | |
Q1 2024 | | 193,493 | | | 69,254 | | | 193,493 | |
Q2 2024 | | 201,051 | | | 66,804 | | | 201,051 | |
Q3 2024 | | 102,876 | | | 57,842 | | | 102,876 | |
We utilize short‑term repurchase facilities on our RMBS portfolio and to finance assets for REIT asset test purposes. Over time, the need to purchase securities for REIT asset test purposes will be reduced as we obtain and participate in additional securitizations and acquire assets directly for investment purposes. We will continue to use repurchase facilities on our RMBS portfolio to add additional leverage which increases the yield on those assets. Our use of repurchase facilities is generally highest at the end of any particular quarter, as shown in the table above, where the quarter-end balance and the highest month-end balance in each quarter are generally equivalent.
Securitization Transactions
Subsequent to the end of the quarter, in October 2024, we were the sole participant in a securitization transaction of a pool of residential mortgage loans, secured exclusively by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2024-10 issued approximately $316.8 million in face value of bonds. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $260.4 million and retained cash of $39.4 million, which was used for new loan purchases and operational purposes.
We are the sole member of the Depositor and also own and hold the call rights on the XS tranche of bonds, which is the “controlling class” of the bonds. We will consolidate the AOMT 2024-10 securitization on our consolidated balance sheet, maintaining the residential mortgage loans held in the securitization trust and the related financing obligation thereto on our consolidated balance sheets in future reporting periods.
In June 2024, we and other affiliated entities participated in a securitization transaction of a pool of residential mortgage loans, secured primarily by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2024-6 issued approximately $479.6 million in face value of bonds. Our proportionate share of 4.51% of the retained bonds and investments in MOAs was approximately $2.5 million, including a retained discount on issuance of approximately $0.8 million. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $15.8 million and retained cash of $1.8 million, which was used for operational purposes.
We derecognized the mortgage loans sold in AOMT 2024-6 and recorded an investment in majority-owned affiliates located within “other assets” on our consolidated balance sheet as of September 30, 2024.
In April 2024, we were the sole participant in a securitization transaction of a pool of residential mortgage loans, secured exclusively by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2024-4 issued approximately $299.8 million in face value of bonds. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $235.9 million and retained cash of $39.1 million, which was used for new loan purchases and operational purposes.
We are the sole member of the Depositor and also own and hold the call rights on the XS tranche of bonds, which is the “controlling class” of the bonds. We have consolidated the AOMT 2024-4 securitization on our consolidated balance sheet, maintaining the residential mortgage loans held in the securitization trust and the related financing obligation thereto on our consolidated balance sheets as of September 30, 2024.
In March 2024, we and other affiliated entities participated in a securitization transaction of a pool of residential mortgage loans, secured primarily by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2024-3 issued approximately $439.6 million in face value of bonds. Our proportionate share of 10.98% of the retained bonds and investments in MOAs was approximately $4.8 million, including a retained discount on issuance of approximately $1.6 million. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $35.9 million and retained cash of $4.6 million, which was used for operational purposes.
We derecognized the mortgage loans sold in AOMT 2024-3 and recorded an investment in majority-owned affiliates located within “other assets” on our consolidated balance sheet as of September 30, 2024.
In December 2023, we and other affiliated entities participated in a securitization transaction of a pool of residential mortgage loans, secured primarily by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2023-7 issued approximately $397.2 million in face value of bonds. Our proportionate share of 10.36% of the retained bonds and investments in MOAs was approximately $3.5 million, including a retained discount on issuance of approximately $1.4 million. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $30.9 million and retained cash of $3.6 million, which was used for operational purposes.
We derecognized the mortgage loans sold in AOMT 2023-7 and recorded an investment in majority-owned affiliates located within “other assets” on our consolidated balance sheet as of September 30, 2024.
In August 2023, we and other affiliated entities participated in a securitization transaction of a pool of residential mortgage loans, secured primarily by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2023-5 issued approximately $260.6 million in face value of bonds. Our proportionate share of 34.42% of the retained bonds and investments in MOAs was approximately $7.7 million, including a retained discount on issuance of approximately $2.7 million. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $63.4 million and retained cash of $10.7 million, which was used for operational purposes.
We derecognized the mortgage loans sold in AOMT 2023-5 and recorded an investment in majority-owned affiliates located within “other assets” on our consolidated balance sheet as of September 30, 2024.
In June 2023, we were the sole participant in a securitization transaction of a pool of residential mortgage loans, secured exclusively by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2023-4 issued approximately $259.4 million in face value of bonds. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $197.3 million and retained cash of $35.7 million, which was used for new loan purchases and operational purposes.
We are the sole member of the Depositor and also own and hold the call rights on the XS tranche of bonds, which is the “controlling class” of the bonds. We have consolidated the AOMT 2023-4 securitization on our consolidated balance sheet, maintaining the residential mortgage loans held in the securitization trust and the related financing obligation thereto on our consolidated balance sheets as of September 30, 2024.
In January 2023, we and other affiliated entities participated in a securitization transaction of a pool of residential mortgage loans, secured primarily by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2023-1 issued approximately $552.9 million in face value of bonds. Our proportionate share of 41.21% of the retained bonds and investments in MOAs was approximately $19.8 million, including a retained discount on issuance of approximately $6.8 million. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $190.1 million and retained cash of $15.9 million, which was used for operational purposes.
We derecognized the mortgage loans sold in this transaction and recorded an investment in majority-owned affiliate located within “other assets” on our consolidated balance sheet as of September 30, 2024.
We finance our assets with what we believe to be a prudent amount of leverage, which will vary from time to time based upon the particular characteristics of our portfolio, availability of financing, and market conditions.
Subject to maintaining our qualification as a REIT and maintaining our exclusion from regulation as an investment company under the Investment Company Act, we expect to utilize various derivative instruments and other hedging instruments to mitigate interest rate risk, credit risk and other risks. For example, we may enter into hedging transactions with respect to interest rate exposure on one or more of our assets or liabilities. Any such hedging transactions could take a variety of forms, including the use of derivative instruments such as interest rate swap contracts, index swap contracts, interest rate cap or floor contracts, futures or forward contracts, and options.
Notes Offering
On July 25, 2024, we closed an underwritten public offering and sale of, and issued, $50 million in aggregate principal amount of our 9.500% Senior Notes due 2029. The Notes bear interest at a rate of 9.500% per annum, payable quarterly in arrears on January 30, April 30, July 30 and October 30 of each year, commencing on October 30, 2024. The Notes will mature on July 30, 2029, unless earlier redeemed or repurchased by us. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Operating Partnership, including the due and punctual payment of principal of premium, if any, and interest on the Notes, whether at the stated maturity, upon, acceleration, call for redemption or otherwise. We may redeem the Notes in whole or in part at any time or from time to time at our option on or after July 30, 2026 at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon the occurrence of certain events relating to a change of control of us, we must make an offer to repurchase all outstanding Notes at a price in cash equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the repurchase date.
ATM Program
On August 8, 2024, the Company entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) to sell shares of the Company’s common stock (“common stock”) from time to time having an aggregate gross sales price of up to $75 million, through an “at the market” equity offering program (the “ATM Program”). The Company issued and sold 188,456 shares of common stock through the ATM Program during the three-months and nine-months ended September 30, 2024 for net proceeds of $2.3 million. As of September 30, 2024, the Company had approximately $73 million of shares of common stock available for issuance under the ATM Program and Sales Agreement.
Cash Availability
Cash and cash equivalents
Our cash balance as of September 30, 2024 was sufficient to meet our liquidity covenants under our financing facilities. We believe that we maintain sufficient cash to fund margin calls on our mark to market financing facilities or our economic hedge agreements, should such margin calls occur.
We may also participate in upcoming securitizations either solely or with other Angel Oak entities. We also have the ability to leverage currently unleveraged securities or whole loan assets, if we deem those actions advisable.
Restricted Cash
Restricted cash of approximately $2.7 million as of September 30, 2024 was comprised of: no margin collateral held in support of our whole pool assets; $2.3 million in interest rate futures margin collateral for the interest rate futures under our sole control; and margin collateral for securities sold under agreements to repurchase of $0.3 million.
Restricted cash of approximately $2.9 million as of December 31, 2023 was comprised of: $2.5 million in interest rate futures margin collateral; and margin collateral for securities sold under agreements to repurchase of $0.3 million. Our counterparties did not require any margin collateral for TBAs as of December 31, 2023.
Cash Flows
| | | | | | | | | | | | | | |
| | Nine Months Ended |
| | September 30, 2024 | | September 30, 2023 |
| (in thousands) |
| Cash flows provided by (used in) operating activities | | $ | (196,380) | | | $ | 353,744 | |
| Cash flows provided by (used in) investing activities | | $ | 86,040 | | | $ | (179,325) | |
Cash flows provided by (used in) financing activities | | $ | 110,575 | | | $ | (171,318) | |
Net increase (decrease) in cash and restricted cash | | $ | 235 | | | $ | 3,101 | |
The cash used in operating activities of $196.4 million for the nine months ended September 30, 2024 as compared to the cash provided by operating activities of $353.7 million for the nine months ended September 30, 2023 was primarily due to the volume of residential mortgage loans sold into an affiliate’s securitization trust during the first nine months of 2023, as compared to the first nine months of 2024.
The cash provided by investing activities of $86.0 million for the nine months ended September 30, 2024 as compared to cash used in investing activities of $179.3 million for the nine months ended September 30, 2023 were primarily due to the timing of purchases and maturities of U.S. Treasury securities in the comparative period of 2023.
Financing cash flows provided $110.6 million for the nine months ended September 30, 2024 as compared to cash used of $171.3 million for the nine months ended September 30, 2023 were primarily due to the activity within net borrowings under repurchase agreements and notes payable for the comparative periods.
Cash Flows - Residential and Commercial Loan Classification
Residential loan activity is recognized in the statement of cash flows as an operating activity, as our residential mortgage loans are generally held for a short period of time with the intent to securitize these loans. Commercial mortgage loan activity is recognized in the statement of cash flows as an investing activity, as our commercial mortgage loan portfolio is generally deemed to be held for investing purposes.
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. A discussion of critical accounting policies and estimates is included in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates” section in the Annual Report on Form 10-K. Our critical accounting policies and estimates have not materially changed since December 31, 2023. Management discusses the ongoing development and selection of these critical accounting policies and estimates with the Audit Committee of our Board of Directors.
We expect quarter-to-quarter GAAP earnings volatility from our business activities. This volatility can occur for a variety of reasons, particularly changes in the fair values of consolidated assets and liabilities. In addition, the amount or timing of our reported earnings may be impacted by technical accounting issues and estimates.
Recent Accounting Pronouncements
Refer to the notes to our condensed consolidated financial statements included in this report for a discussion of recent accounting pronouncements and any expected impact on the Company.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a smaller reporting company, we are not required to provide this information.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this report. The Company’s disclosure controls and procedures are designed to provide reasonable assurance that information is recorded, processed, summarized, and reported accurately and on a timely basis. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective.
Changes in Internal Control Over Financial Reporting
There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
For a discussion of our potential risks and uncertainties, see the information under Item 1A. “Risk Factors” in the Annual Report on Form 10-K. There have been no material changes to our principal risks that we believe are material to our business, results of operations, and financial condition from the risk factors previously disclosed in the Annual Report on Form 10-K. The risks described in the Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, or future results.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities
The following table sets forth information with respect to shares of our common stock that we repurchased during the quarter ended September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Period | | Total Number of Shares Purchased (1) | | Average Price Paid per Share (1) | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs |
| | |
| July 1, 2024 - July 31, 2024 | | 1,707,922 | | $ | 11.68 | | | - | | $ | — | |
| August 1, 2024 - August 31, 2024 | | - | | $ | — | | | - | | $ | — | |
| September 1, 2024 - September 30, 2024 | | - | | $ | — | | | - | | $ | — | |
| Total | | 1,707,922 | | $ | 11.68 | | | - | | $ | — | |
(1)On July 18, 2024, we entered into a stock repurchase agreement(the “stock repurchase agreement”)with Xylem Finance LLC, an affiliate of Davidson Kempner Capital Management LP. Pursuant to the stock repurchase agreement, on July 25, 2024,we repurchased 1,707,922 shares of common stock owned by Xylem Finance LLC for an aggregate repurchase price of approximately $20.0 million.
Unregistered Sales of Equity Securities
There were no unregistered sales of equity securities during the quarter ended September 30, 2024.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
(c) Trading Plans
During the quarter ended September 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
ITEM 6. EXHIBITS
| | | | | | | | |
| Exhibit Number | | Description |
| 3.1 | | |
| 3.2 | | |
| 3.3 | | |
| 4.1 | | Indenture, dated as of July 25, 2024, among Angel Oak Mortgage REIT, Inc., as issuer, Angel Oak Mortgage Operating Partnership, LP, as guarantor, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on July 25, 2024) |
| 4.2 | | First Supplemental Indenture, dated as of July 25, 2024, among Angel Oak Mortgage REIT, Inc., as issuer, Angel Oak Mortgage Operating Partnership, LP, as guarantor, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on July 25, 2024) |
| 4.3 | | |
| 10.1 | + | |
| 10.2 | + | |
| 10.3 | + |
|
| 22.1 | | |
| 31.1 | † | |
| 31.2 | † | |
| 32.1 | * | |
| 32.2 | * | |
| 101.Def | | Definition Linkbase Document |
| 101.Pre | | Presentation Linkbase Document |
| 101.Lab | | Labels Linkbase Document |
| 101.Cal | | Calculation Linkbase Document |
| 101.Sch | | Schema Document |
| 101.Ins | | Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 104 | | The cover page from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL |
+ Portions of this exhibit are redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K.
† Filed herewith.
* Exhibit is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized:
ANGEL OAK MORTGAGE REIT, INC.
| | | | | | | | | | | |
| Date: November 7, 2024 | | By: | /s/ Sreeniwas Prabhu |
| | | Sreeniwas Prabhu |
| | | Chief Executive Officer and President |
| | | (Principal Executive Officer) |
| | | |
| Date: November 7, 2024 | | By: | /s/ Brandon R. Filson |
| | | Brandon R. Filson |
| | | Chief Financial Officer and Treasurer |
| | | (Principal Financial and Accounting Officer) |
EXHIBIT 22.1
LIST OF GUARANTOR SUBSIDIARIES
The following subsidiary of Angel Oak Mortgage REIT, Inc. (the “Company”) was a guarantor of the Company’s 9.50% Senior Note Due 2029:
| | | | | |
| NAME OF GUARANTOR SUBSIDIARY | JURISDICTION OF INCORPORATION |
| Angel Oak Mortgage Operating Partnership, LP | Delaware |
EXHIBIT 31.1
CHIEF EXECUTIVE OFFICER CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Sreeniwas Prabhu, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 of Angel Oak Mortgage REIT, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 7, 2024
| | |
| /s/ Sreeniwas Prabhu |
| Sreeniwas Prabhu |
| Chief Executive Officer and President |
EXHIBIT 31.2
CHIEF FINANCIAL OFFICER CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Brandon Filson, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 of Angel Oak Mortgage REIT, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 7, 2024
| | |
| /s/ Brandon Filson |
| Brandon Filson |
| Chief Financial Officer and Treasurer |
EXHIBIT 32.1
CERTIFICATION
Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of Angel Oak Mortgage REIT, Inc. (the “Company”) for the annual period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sreeniwas Prabhu, as Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 7, 2024
| | |
| /s/ Sreeniwas Prabhu |
| Sreeniwas Prabhu |
| Chief Executive Officer and President |
The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 , as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and is not being “filed” as part of the Form 10-K or as a separate disclosure document for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section. This certification shall not be deemed to be incorporated by reference to any filing under the Securities Act of 1933, as amended, or the Exchange Act except to the extent that this Exhibit 32.1 is expressly and specifically incorporated by reference in any such filing.
EXHIBIT 32.2
CERTIFICATION
Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of Angel Oak Mortgage REIT, Inc. (the “Company”) for the annual period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brandon Filson, as Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 7, 2024
| | |
| /s/ Brandon Filson |
| Brandon Filson |
| Chief Financial Officer and Treasurer |
The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 , as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and is not being “filed” as part of the Form 10-K or as a separate disclosure document for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section. This certification shall not be deemed to be incorporated by reference to any filing under the Securities Act of 1933, as amended, or the Exchange Act except to the extent that this Exhibit 32.2 is expressly and specifically incorporated by reference in any such filing.
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v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| ASSETS |
|
|
| Cash and cash equivalents |
$ 42,052
|
$ 41,625
|
| Restricted cash |
2,679
|
2,871
|
| Principal and interest receivable |
6,630
|
7,501
|
| Unrealized appreciation on TBAs and interest rate futures contracts - at fair value |
1,651
|
0
|
| Other assets |
35,962
|
32,922
|
| Total assets |
2,303,866
|
2,308,011
|
| Liabilities [Abstract] |
|
|
| Notes payable |
333,042
|
290,610
|
| Securities sold under agreements to repurchase |
102,876
|
193,656
|
| Senior unsecured notes |
47,616
|
0
|
| Unrealized depreciation on TBAs and interest rate futures contracts - at fair value |
0
|
1,334
|
| Due to broker |
194,697
|
391,964
|
| Interest payable |
1,312
|
820
|
| Income taxes payable |
2,785
|
1,241
|
| Management fee payable to affiliate |
25
|
1,393
|
| Total liabilities |
2,038,768
|
2,051,905
|
| STOCKHOLDERS’ EQUITY |
|
|
| Common stock, $0.01 par value. As of September 30, 2024: 350,000,000 shares authorized, 23,511,272 shares issued and outstanding. As of December 31, 2023: 350,000,000 shares authorized, 24,965,274 shares issued and outstanding. |
234
|
249
|
| Additional paid-in capital |
461,249
|
477,068
|
| Accumulated other comprehensive income (loss) |
(441)
|
(4,975)
|
| Retained earnings (deficit) |
(195,944)
|
(216,236)
|
| Total stockholders' equity |
265,098
|
256,106
|
| Total liabilities and stockholders' equity |
2,303,866
|
2,308,011
|
| Nonrelated Party |
|
|
| Liabilities [Abstract] |
|
|
| Accrued expenses |
2,000
|
985
|
| Affiliates |
|
|
| Liabilities [Abstract] |
|
|
| Accrued expenses |
657
|
748
|
| Non-recourse |
|
|
| Liabilities [Abstract] |
|
|
| Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts (see Note 2) |
1,353,758
|
1,169,154
|
| RMBS - at fair value |
|
|
| ASSETS |
|
|
| CMBS, at fair value |
283,105
|
472,058
|
| Liabilities [Abstract] |
|
|
| Securities sold under agreements to repurchase |
53,164
|
44,643
|
| U.S. Treasury securities - at fair value |
|
|
| ASSETS |
|
|
| CMBS, at fair value |
49,971
|
149,927
|
| Liabilities [Abstract] |
|
|
| Securities sold under agreements to repurchase |
49,712
|
149,013
|
| Residential mortgage loans - at fair value |
|
|
| ASSETS |
|
|
| Mortgage loans |
428,909
|
380,040
|
| Residential mortgage loans in securitization trusts - at fair value |
|
|
| ASSETS |
|
|
| Mortgage loans |
$ 1,452,907
|
$ 1,221,067
|
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-Paragraph 10
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 3
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
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-Section 50
-Paragraph 3
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Common stock, par value (USD per share) |
$ 0.01
|
$ 0.01
|
| Common stock authorized (shares) |
350,000,000
|
350,000,000
|
| Common stock issued (shares) |
23,511,272
|
24,965,274
|
| Common stock outstanding (shares) |
23,511,272
|
24,965,274
|
| X |
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 3
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| INTEREST INCOME, NET |
|
|
|
|
| Interest income |
$ 27,444
|
$ 23,900
|
$ 78,558
|
$ 71,403
|
| Interest expense |
18,424
|
16,490
|
51,495
|
50,742
|
| NET INTEREST INCOME |
9,020
|
7,410
|
27,063
|
20,661
|
| REALIZED AND UNREALIZED GAINS (LOSSES), NET |
|
|
|
|
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS |
(6,335)
|
(12,044)
|
(14,527)
|
(27,056)
|
| Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts |
35,172
|
17,299
|
48,514
|
27,868
|
| TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET |
28,837
|
5,255
|
33,987
|
812
|
| EXPENSES |
|
|
|
|
| Due diligence and transaction costs |
254
|
115
|
663
|
136
|
| Stock compensation |
604
|
447
|
1,864
|
1,195
|
| Securitization costs |
0
|
416
|
1,583
|
2,326
|
| Management fee incurred with affiliate |
1,204
|
1,445
|
3,810
|
4,460
|
| Total operating expenses |
3,821
|
4,392
|
13,983
|
15,577
|
| INCOME (LOSS) BEFORE INCOME TAXES |
34,036
|
8,273
|
47,067
|
5,896
|
| Income tax expense |
2,832
|
0
|
3,261
|
781
|
| NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS |
31,204
|
8,273
|
43,806
|
5,115
|
| Other comprehensive income (loss) |
2,706
|
(1,607)
|
4,534
|
12,955
|
| TOTAL COMPREHENSIVE INCOME (LOSS) |
$ 33,910
|
$ 6,666
|
$ 48,340
|
$ 18,070
|
| Basic earnings (loss) per common share (USD per share) |
$ 1.31
|
$ 0.33
|
$ 1.79
|
$ 0.20
|
| Diluted earnings (loss) per common share (USD per share) |
$ 1.29
|
$ 0.33
|
$ 1.76
|
$ 0.20
|
| Weighted average number of common shares outstanding: |
|
|
|
|
| Basic (shares) |
23,757,039
|
24,768,921
|
24,445,105
|
24,706,568
|
| Diluted (shares) |
24,079,247
|
24,957,668
|
24,778,465
|
24,933,833
|
| Nonrelated Party |
|
|
|
|
| EXPENSES |
|
|
|
|
| Operating expenses |
$ 1,287
|
$ 1,370
|
$ 4,619
|
$ 5,788
|
| Affiliates |
|
|
|
|
| EXPENSES |
|
|
|
|
| Operating expenses |
$ 472
|
$ 599
|
$ 1,444
|
$ 1,672
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 260
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-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 260
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v3.24.3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands |
Total |
Common Stock at Par |
Additional Paid-in Capital |
Accumulated Other Comprehensive (Loss) Income |
Retained Earnings (Deficit) |
| Balance at beginning of period at Dec. 31, 2022 |
$ 236,479
|
$ 249
|
$ 475,379
|
$ (21,127)
|
$ (218,022)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Dividends paid on common stock |
(23,942)
|
|
|
|
(23,942)
|
| Stock compensation |
1,195
|
|
1,195
|
|
|
| Unrealized gain (loss) on RMBS and CMBS |
12,955
|
|
|
12,955
|
|
| Net income (loss) |
5,115
|
|
|
|
5,115
|
| Balance at end of period at Sep. 30, 2023 |
231,802
|
249
|
476,574
|
(8,172)
|
(236,849)
|
| Balance at beginning of period at Jun. 30, 2023 |
232,676
|
249
|
476,127
|
(6,565)
|
(237,135)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Dividends paid on common stock |
(7,987)
|
|
|
|
(7,987)
|
| Stock compensation |
447
|
|
447
|
|
|
| Unrealized gain (loss) on RMBS and CMBS |
(1,607)
|
|
|
(1,607)
|
|
| Net income (loss) |
8,273
|
|
|
|
8,273
|
| Balance at end of period at Sep. 30, 2023 |
231,802
|
249
|
476,574
|
(8,172)
|
(236,849)
|
| Balance at beginning of period at Dec. 31, 2023 |
256,106
|
249
|
477,068
|
(4,975)
|
(216,236)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Issuance of common stock, net of expenses |
2,252
|
2
|
2,250
|
|
|
| Repurchase of shares of common stock |
(19,950)
|
(17)
|
(19,933)
|
|
|
| Dividends paid on common stock |
(23,514)
|
|
|
|
(23,514)
|
| Stock compensation |
1,864
|
|
1,864
|
|
|
| Unrealized gain (loss) on RMBS and CMBS |
4,534
|
|
|
4,534
|
|
| Net income (loss) |
43,806
|
|
|
|
43,806
|
| Balance at end of period at Sep. 30, 2024 |
265,098
|
234
|
461,249
|
(441)
|
(195,944)
|
| Balance at beginning of period at Jun. 30, 2024 |
255,806
|
249
|
478,328
|
(3,147)
|
(219,624)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Issuance of common stock, net of expenses |
2,252
|
2
|
2,250
|
|
|
| Repurchase of shares of common stock |
(19,950)
|
(17)
|
(19,933)
|
|
|
| Dividends paid on common stock |
(7,524)
|
|
|
|
(7,524)
|
| Stock compensation |
604
|
|
604
|
|
|
| Unrealized gain (loss) on RMBS and CMBS |
2,706
|
|
|
2,706
|
|
| Net income (loss) |
31,204
|
|
|
|
31,204
|
| Balance at end of period at Sep. 30, 2024 |
$ 265,098
|
$ 234
|
$ 461,249
|
$ (441)
|
$ (195,944)
|
| X |
- DefinitionAmount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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| X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4
Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 45
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
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-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
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-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income (loss) |
$ 43,806
|
$ 5,115
|
| Adjustments to reconcile net (loss) income to net cash used in operating activities: |
|
|
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS |
14,527
|
27,056
|
| Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts |
(48,514)
|
(27,868)
|
| Amortization of debt issuance costs |
246
|
1,040
|
| Net amortization of premiums and discounts on mortgage loans |
1,989
|
2,199
|
| Accretion of non-recourse securitized obligation discount |
3,455
|
1,251
|
| Accretion of discount on U.S. Treasury securities |
(548)
|
(1,201)
|
| Non-cash equity compensation |
1,864
|
1,195
|
| Net change in: |
|
|
| Margin received from interest rate futures contracts and TBAs |
4,618
|
12,602
|
| Principal and interest receivable on residential mortgage loans |
868
|
12,806
|
| Other assets |
(1,461)
|
(716)
|
| Management fee payable to affiliate |
(1,367)
|
(512)
|
| Income tax payable |
1,544
|
781
|
| Interest payable |
492
|
(1,880)
|
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
(196,380)
|
353,744
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Purchases of investments in RMBS, available for sale |
(5,733)
|
(1,006,023)
|
| Purchases of investments in RMBS, trading |
(935,573)
|
(853,934)
|
| Sale of investments in RMBS, available for sale |
0
|
1,006,196
|
| Sale of investments in RMBS, trading |
927,047
|
832,542
|
| Purchase of investments in U.S. Treasury securities |
(349,595)
|
(848,617)
|
| Investments in majority-owned affiliates |
(2,253)
|
(14,657)
|
| Principal payments on RMBS and CMBS securities |
2,122
|
816
|
| Maturity of U.S. Treasury securities |
450,000
|
700,000
|
| Sale of commercial mortgage loans to third parties |
0
|
4,326
|
| Principal payments on commercial mortgage loans |
25
|
26
|
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
86,040
|
(179,325)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Dividends paid to common stockholders |
(23,514)
|
(23,942)
|
| Repurchase of common stock |
(19,950)
|
0
|
| Proceeds from issuances of common stock, net of expenses |
2,252
|
0
|
| Proceeds from securitization |
274,793
|
0
|
| Principal payments on non-recourse securitization obligation |
(122,070)
|
(74,179)
|
| Cash paid for debt issuance costs |
(1,013)
|
0
|
| Net proceeds from (repurchases of) securities sold under agreements to repurchase |
(90,780)
|
135,557
|
| Net proceeds from issuance of senior notes |
48,425
|
0
|
| Net proceeds from (payments on) notes payable |
42,432
|
(442,073)
|
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
110,575
|
(171,318)
|
| CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |
235
|
3,101
|
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period |
44,496
|
39,861
|
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period |
44,731
|
42,962
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
| Cash paid during the year for interest |
46,386
|
48,862
|
| Non-recourse |
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Proceeds from securitization |
0
|
233,319
|
| Nonrelated Party |
|
|
| Net change in: |
|
|
| Purchases of residential mortgage loans |
(243,634)
|
(5,469)
|
| Sale of residential mortgage loans |
3,118
|
0
|
| Principal payments on residential mortgage loans |
15,475
|
30,950
|
| Accrued expenses |
1,015
|
(528)
|
| Affiliates |
|
|
| Net change in: |
|
|
| Purchases of residential mortgage loans |
(182,200)
|
(89,673)
|
| Sale of residential mortgage loans |
66,107
|
313,438
|
| Principal payments on residential mortgage loans |
122,311
|
74,179
|
| Accrued expenses |
$ (91)
|
$ (1,021)
|
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v3.24.3
Organization and Basis of Presentation
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Organization and Basis of Presentation |
Organization and Basis of Presentation Angel Oak Mortgage REIT, Inc. (together with its subsidiaries the “Company”, “we” or “our”) is a real estate finance company focused on acquiring and investing in first lien non-qualified residential mortgage (“non-QM”) loans and other mortgage‑related assets in the U.S. mortgage market. The Company’s strategy is to make credit-sensitive investments primarily in newly-originated first lien non‑QM loans that are primarily made to higher‑quality non‑QM loan borrowers and primarily sourced from the proprietary mortgage lending platform of its affiliate, Angel Oak Mortgage Solutions LLC (together with other non-operational affiliated originators, “Angel Oak Mortgage Lending”), which currently operates primarily through a wholesale channel and has a national origination footprint. The Company may also invest in other residential mortgage loans, residential mortgage‑backed securities (“RMBS”), and other mortgage‑related assets. The Company’s objective is to generate attractive risk‑adjusted returns for its stockholders, through cash distributions and capital appreciation, across interest rate and credit cycles. The Company is a Maryland corporation incorporated on March 20, 2018. The Company achieves certain of its investment objectives by investing a portion of its assets in its wholly‑owned taxable REIT subsidiary, Angel Oak Mortgage REIT TRS, LLC, a Delaware limited liability company formed on March 21, 2018, which invests its assets in Angel Oak Mortgage Fund TRS, a Delaware statutory trust formed on June 15, 2018.
The Operating Partnership On February 5, 2020, the Company formed Angel Oak Mortgage Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), through which substantially all of its assets are held and substantially all of its operations are conducted, either directly or through subsidiaries. The Company holds all of the limited partnership interests in the Operating Partnership and indirectly holds the sole general partnership interest in the Operating Partnership through the general partner, which is the Company’s wholly-owned subsidiary.
The Company’s Manager and REIT status
The Company is externally managed and advised by Falcons I, LLC (the “Manager”), a Securities and Exchange Commission-registered investment adviser and an affiliate of Angel Oak Capital Advisors, LLC (“Angel Oak Capital”). The Company has elected to be taxed as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2019.
Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report on Form 10-K”).
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. The condensed consolidated financial statements include the accounts of the Company and its wholly‑owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates The preparation of financial statements requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., fair value changes due to inputs and underlying assumptions as described in Note 9 — Fair Value Measurements, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from the Company’s estimates and the differences could be material. Reclassifications
Certain comparative period amounts in the condensed consolidated financial statements have been reclassified for consistency with current period presentation. These reclassifications had no effect on the reported results of operations. Specifically, certain cash flows previously presented as cash flows from operating activities on the condensed consolidated statements of cash flows for the nine months-ended September 30, 2023, have been reclassified to cash flows from investing activities as Purchases of investments in majority-owned affiliates. Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). There were no recent ASUs that are expected to have a significant impact on the Company's condensed consolidated financial statements when adopted or had a significant impact on the Company's condensed consolidated financial statements upon adoption. Summary of Significant Accounting Policies The Company’s summary of significant accounting policies as set forth in its Annual Report on Form 10-K remain unchanged.
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v3.24.3
Variable Interest Entities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Variable Interest Entities |
Variable Interest Entities Since its inception, the Company has utilized variable interest entities (“VIEs”) for the purpose of securitizing whole mortgage loans to obtain long-term non-recourse financing. The Company evaluates its interest in each VIE to determine if it is the primary beneficiary.
VIEs for Which the Company is the Primary Beneficiary
The Company entered into securitization transactions where it was determined that the Company has the power to direct the activities that most significantly impact the VIE’s economic performance. The Company was the sole entity to contribute residential whole mortgage loans to these securitization vehicles.
The retained beneficial interest in VIEs for which the Company is the primary beneficiary is the subordinated tranches of the securitization and further interests in additional interest‑only tranches. The following table summarizes the key details of the loan securitization transactions for which the Company is the primary beneficiary currently outstanding as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | As of: | | September 30, 2024 | | December 31, 2023 | | | ($ in thousands) | | Aggregate unpaid principal balance of residential whole loans sold | | $ | 1,512,722 | | | $ | 1,334,963 | | Fair value adjustment for residential mortgage loans in securitization trusts | | (59,815) | | | (113,896) | | Residential mortgage loans in securitization trusts, at fair value | | $ | 1,452,907 | | | $ | 1,221,067 | | | | | | | | Outstanding amount of Non-recourse securitization obligation, at amortized cost | | $ | 1,376,244 | | | $ | 1,220,067 | | | Fair value adjustment for the portion of Non-recourse securitization obligation, at fair value option | | (22,486) | | | (50,912) | | | Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts | | $ | 1,353,758 | | | $ | 1,169,155 | | | Weighted average fixed rate for Non-recourse securitization obligation issued | | 3.51 | % | | 2.91 | % | | | | | | | | | | | For the period ended: | | September 30, 2024 | | December 31, 2023 | | | ($ in thousands) | Aggregate unpaid principal balance of residential whole loans sold, at deal date | | $ | 2,010,214 | | | $ | 1,710,381 | | Face amount of Non-recourse securitization obligation issued by the VIE and purchased by third-party investors, at deal date | | 1,893,847 | | | 1,619,051 | | | Face amount of Senior Support Certificates received by the Company, at deal date | | 116,367 | | | 91,330 | | | Aggregate cash received, at deal date | | 233,835 | | | 194,746 | |
During the three months ended September 30, 2024, the Company did not issue and retain bonds on our consolidated balance sheets for any securitization transaction for which the Company was the primary beneficiary. For the nine months ended September 30, 2024 the Company and its affiliates issued and sold bonds with a current face value of $274.8 million to third-party investors for proceeds of $274.8 million, before offering costs and accrued interest. The sold bonds are included in “Non-recourse securitization obligations, collateralized by residential mortgage loans in securitization trusts” on the Company’s condensed consolidated balance sheets.
As of September 30, 2024 and December 31, 2023, as a result of the transactions described above, securitized loans with outstanding principal balance of approximately $1.5 billion and $1.3 billion are included in “Residential mortgage loans in securitization trusts” on the Company’s condensed consolidated balance sheets, respectively. As of September 30, 2024 and December 31, 2023, the aggregate carrying value of sold bonds issued by consolidated VIEs was $1.4 billion and $1.2 billion, respectively. These sold bonds are disclosed as “Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts” on the Company’s condensed consolidated balance sheets. The holders of the securitized debt have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets from the VIE upon the breach of certain representations and warranties with respect to the residential whole loans sold to the VIE. In the absence of such a breach, the Company has no obligation to provide any other explicit or implicit support to any VIE.
The Company concluded that the entities created to facilitate the loan securitization transactions are VIEs. The Company completed an analysis of whether each VIE created to facilitate the securitization transactions should be consolidated by the Company, based on consideration of its involvement in each VIE and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of each VIE. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed:
• whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and • whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE.
Based on its evaluation of the factors discussed above, including its involvement in the purpose and design of the entity, the Company determined that it was required to consolidate each VIE created to facilitate the loan securitization transactions.
VIEs for Which the Company is Not the Primary Beneficiary
The Company sponsored or participated along with other affiliates and entities managed by Angel Oak Capital in the formation of various entities that were considered to be VIEs. These VIEs were formed to facilitate securitization issuances that were comprised of secured residential whole loans and/or small balance commercial loans contributed to securitization trusts.
These securities were issued as a result of the unconsolidated securitizations where the Company retained bonds from the issuances of securitizations issued by a depositor that the Company does not control. The Company determined that it was not then and is not now the primary beneficiary of any of these securitization entities, and thus has not consolidated the operating results or statements of financial position of any of these entities. The Company performs ongoing reassessments of all VIEs in which the Company has participated since its inception as to whether changes in the facts and circumstances regarding the Company’s involvement with a VIE would cause the Company’s consolidation conclusion to change, and the Company’s assessment of these VIEs remains unchanged.
The securities received in the securitization transactions for which we are not the primary beneficiary were classified as “available for sale” upon receipt and are included in “RMBS - at fair value” and “Other Assets” on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, and details on the accounting treatment and fair value methodology of the securities can be found in Note 9 — Fair Value Measurements. See also Note 4 — Investment Securities, for the fair value of AOMT securities held by the Company, and Note 13 - Other Assets, for investments in majority-owned affiliates (“MOAs”), as of September 30, 2024 and December 31, 2023 that were retained by the Company as a result of these securitization transactions.
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v3.24.3
Residential Mortgage Loans
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
|
| Residential Mortgage Loans |
Residential Mortgage Loans Residential mortgage loans are measured at fair value. The following table sets forth the cost, unpaid principal balance, net premium on mortgage loans purchased, fair value, weighted average interest rate, and weighted average remaining contractual maturity of the Company’s residential mortgage loan portfolio as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | ($ in thousands) | | Cost | | $ | 421,944 | | | $ | 393,443 | | | | | | | | Unpaid principal balance | | $ | 411,468 | | | $ | 386,872 | | | Net premium on mortgage loans purchased | | 10,476 | | | 6,571 | | | Change in fair value | | 6,965 | | | (13,403) | | | Fair value | | $ | 428,909 | | | $ | 380,040 | | | | | | | | Weighted average interest rate | | 7.73 | % | | 6.78 | % | | | | | | Weighted average remaining contractual maturity (years) | | 30 | | 29 |
At times, various forms of margin maintenance may be required by certain financing facility counterparties. See Note 5 — Financing.
The following table sets forth data regarding the number of consumer mortgage loans secured by residential real property ninety (90) or more days past due and also those in formal foreclosure proceedings, and the recorded investment and unpaid principal balance of such loans as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | As of: | | September 30, 2024 | | December 31, 2023 | | | ($ in thousands) | | Number of mortgage loans 90 or more days past due | | 5 | | | 7 | | Recorded investment in mortgage loans 90 or more days past due | | $ | 2,174 | | | $ | 5,754 | | | Unpaid principal balance of loans 90 or more days past due | | $ | 2,142 | | | $ | 5,681 | | | | | | | | Number of mortgage loans in foreclosure | | 1 | | | 2 | | Recorded investment in mortgage loans in foreclosure | | $ | 569 | | | $ | 1,956 | | | Unpaid principal balance of loans in foreclosure | | $ | 551 | | | $ | 1,889 | |
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-Section 50
-Paragraph 42
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-42
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 44
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-44
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/310-10/tableOfContent
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Publisher FASB
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v3.24.3
Investment Securities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Investment Securities |
Investment Securities As of September 30, 2024, investment securities were comprised of: (i) non‑agency RMBS (“AOMT RMBS”) and (ii) Freddie Mac and Fannie Mae whole pool agency RMBS (“Whole Pool Agency RMBS”, and together with AOMT RMBS, “RMBS”), and (iii) U.S. Treasury securities. The U.S. Treasury securities held by the Company as of September 30, 2024 subsequently matured on October 3, 2024. The following table sets forth a summary of RMBS at cost as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in thousands) | | AOMT RMBS | $ | 88,998 | | | $ | 84,957 | | | Whole Pool Agency RMBS | $ | 194,697 | | | $ | 391,964 | |
The following tables sets forth certain information about the Company’s investments in RMBS at fair value as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | Real Estate Securities at Fair Value | | Securities Sold Under Agreements to Repurchase | | Allocated Capital | | September 30, 2024: | (in thousands) | AOMT RMBS (1) | | | | | | | | | | | | | Mezzanine | $ | 13,463 | | | $ | (5,292) | | | $ | 8,171 | | | Subordinate | 62,223 | | | (20,175) | | | 42,048 | | | Interest Only/Excess | 13,055 | | | — | | | 13,055 | | Retained RMBS in VIEs (2) | — | | | (27,697) | | | (27,697) | | | Total AOMT RMBS | $ | 88,741 | | | $ | (53,164) | | | $ | 35,577 | | | | | | | | | | | | | | | | | | | | | | | | | | Whole Pool Agency RMBS (3) | | | | | | | Fannie Mae | $ | 158,040 | | | $ | — | | | $ | 158,040 | | | Freddie Mac | 36,324 | | | — | | | 36,324 | | Total Whole Pool Agency RMBS | $ | 194,364 | | | $ | — | | | $ | 194,364 | | Total RMBS | $ | 283,105 | | | $ | (53,164) | | | $ | 229,941 | |
(1) AOMT RMBS held as of September 30, 2024 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions. (2) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $143.5 million, are not reflected in the condensed consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its consolidated balance sheets. (3) The whole pool RMBS presented as of September 30, 2024 were purchased from a broker to whom the Company owes approximately $195 million, payable upon the settlement date of the trade. See Note 6 - Due to Broker. There was no margin collateral required as of September 30, 2024. | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Real Estate Securities at Fair Value | | Securities Sold Under Agreements to Repurchase | | Allocated Capital | | | (in thousands) | AOMT RMBS (1) | | | | | | | | | | | | | | | Mezzanine | | $ | 10,972 | | | $ | (844) | | | $ | 10,128 | | | Subordinate | | 55,665 | | | (19,812) | | | 35,853 | | | Interest Only/Excess | | 13,059 | | | (1,871) | | | 11,188 | | Retained RMBS in VIEs (2) | | — | | | (22,116) | | | (22,116) | | | Total AOMT RMBS | | $ | 79,696 | | | $ | (44,643) | | | $ | 35,053 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Whole Pool Agency RMBS (3) | | | | | | | | Fannie Mae | | $ | 278,510 | | | $ | — | | | $ | 278,510 | | | Freddie Mac | | 113,852 | | | — | | | 113,852 | | Total Whole Pool Agency RMBS | | $ | 392,362 | | | $ | — | | | $ | 392,362 | | | Total RMBS | | $ | 472,058 | | | $ | (44,643) | | | $ | 427,415 | |
(1) AOMT RMBS held as of December 31, 2023 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions. (2) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $124.1 million, are not reflected in the condensed consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its consolidated balance sheets. (3) The whole pool RMBS presented as of December 31, 2023 were purchased from a broker to whom the Company owes approximately $392 million, payable upon the settlement date of the trade. See Note 6 - Due to Broker. The following table sets forth certain information about the Company’s investments in U.S. Treasury securities as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | Date | Face Value | Unamortized Discount, net | Amortized Cost | Unrealized Gain/(Loss) | Fair Value | Net Effective Yield | | ($ in thousands) | | September 30, 2024 | $ | 50,000 | | $ | 16 | | $ | 49,984 | | $ | (13) | | $ | 49,971 | | 3.89 | % | | December 31, 2023 | $ | 150,000 | | $ | 159 | | $ | 149,841 | | $ | 86 | | $ | 149,927 | | 5.30 | % |
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| X |
- DefinitionThe entire disclosure for investments in certain debt and equity securities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph b
-Publisher SEC
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-10
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/942-320/tableOfContent
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v3.24.3
Financing
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Notes Payable [Abstract] |
|
| Financing |
Financing Notes Payable The Company has the ability to finance residential and commercial whole loans, utilizing lines of credit (notes payable) from various counterparties, as further described below. Outstanding borrowings bear interest at floating rates depending on the lending counterparty, the collateral pledged, and the rate in effect for each interest period, as the same may change from time to time at the end of each interest period. Some agreements include upfront fees, fees on unused balances, covenants and concentration limits on types of collateral pledged which vary based on the counterparty. Occasionally, a lender may require certain margin collateral to be posted on a warehouse line of credit. There was no margin collateral required as of September 30, 2024 or December 31, 2023. The following table sets forth the details of the Company’s notes payable and drawn amounts for whole loan purchases as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest
Rate Pricing
Spread | | Drawn Amount | | Note Payable | | Base Interest Rate | | | September 30, 2024 | | December 31, 2023 | | | | | | | ($ in thousands) | Multinational Bank 1 (1) | | Average Daily SOFR | | 1.75% - 2.10% | | $ | 292,060 | | | $ | 206,183 | | | | | | | | | | | Global Investment Bank 2 (2) | | 1 month Term SOFR | | 2.10% - 3.45% | | — | | | — | | Global Investment Bank 3 (3) | | Compound SOFR | | 2.00% - 4.50% | | 40,982 | | | 84,427 | | | | | | | | | | | Institutional Investors A and B (4) | | 1 month Term SOFR | | 3.50% | | N/A | | — | | | | | | | | | | | Regional Bank 1 (5) | | 1 month SOFR | | 2.50% - 3.50% | | N/A | | — | | | Total | | | | | | $ | 333,042 | | | $ | 290,610 | |
(1) On September 25, 2024, this financing facility was extended through March 25, 2025 in accordance with the terms of the agreement, which contemplates six-month renewals. (2) On March 28, 2024 the amended and restated Master Repurchase Agreement was terminated and replaced with a new $250 million Master Repurchase Agreement which has a termination date of March 27, 2026. On October 25, 2024, this facility was amended, reducing the interest rate pricing spread to a range from 1.75% to 3.35%, based on loan status, dwell time and other factors. Prior to this extension the interest rate pricing spread ranged from 2.10% to 3.35% (See Note 16 — Subsequent Events). (3) On November 1, 2024, this facility was amended to (i) reduce the interest rate pricing spread to a range from 1.90% to 4.75%, based on loan status, dwell time and other factors, (ii) eliminate the 20 basis point index spread adjustment, and (iii) extend the facility’s termination date to November 1, 2025. (See note 16 — Subsequent Events). (4) These master repurchase agreements expired by their terms on January 4, 2023. (5) This agreement expired by its terms on March 16, 2023. The following table sets forth the total unused borrowing capacity of each financing line as of September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | Note Payable | | Borrowing Capacity | | Balance Outstanding | | Available Financing | | | (in thousands) | Multinational Bank 1 | | $ | 600,000 | | | $ | 292,060 | | | $ | 307,940 | | Global Investment Bank 2 | | 250,000 | | | — | | | 250,000 | | Global Investment Bank 3 | | 200,000 | | | 40,982 | | | 159,018 | | | Total | | $ | 1,050,000 | | | $ | 333,042 | | | $ | 716,958 | |
Although available financing is uncommitted for each of these lines of credit, the Company’s unused borrowing capacity is available if it has eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements.
Senior Unsecured Notes
On July 25, 2024, the Company closed an underwritten public offering and sale of, and issued, $50 million in aggregate principal amount of its 9.500% Senior Notes due 2029 (the “Notes”). The Notes bear interest at a rate of 9.500% per annum, payable quarterly in arrears on January 30, April 30, July 30 and October 30 of each year, commencing on October 30, 2024. The Notes will mature on July 30, 2029, unless earlier redeemed or repurchased by the Company and are held at amortized cost. After deducting the underwriting discount and other debt issuance costs, the Company received net proceeds of approximately $47.5 million.
The Company may redeem the Notes in whole or in part at any time or from time to time at its option on or after July 30, 2026 at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon the occurrence of certain events relating to a change of control of the Company, the Company must make an offer to repurchase all outstanding Notes at a price in cash equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the repurchase date.
The Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Operating Partnership, including the due and punctual payment of principal of, premium, if any, and interest on the Notes, whether at stated maturity, upon acceleration, call for redemption or otherwise.
At September 30, 2024, the outstanding principal amount of these notes was $50 million and the accrued interest payable on the Notes was $0.9 million. At September 30, 2024, the unamortized deferred debt issuance cost was $1.5 million, and the net interest expense was $1.0 million. The unamortized deferred debt issuance costs will be amortized until maturity, which will be no later than July 30, 2029.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)(2)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
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-URI https://asc.fasb.org/470/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
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-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
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-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1C
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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v3.24.3
Due to Broker
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Broker-Dealer [Abstract] |
|
| Due to Broker |
Due to Broker The “Due to broker” account on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively, in the amounts of $195 million and $392 million relates to the purchase of Whole Pool Agency RMBS at quarter-end in the third and fourth quarters of 2024 and 2023, respectively. Purchases are accounted for on a trade date basis, and, at times, there may be a timing difference between accounting periods for the trade date and the settlement date of a trade. The trade dates of these purchases were prior to the applicable quarter-end dates. These trades settled on October 15, 2024 and January 16, 2024, respectively, at which time these assets were simultaneously sold. The purchase transactions of these Whole Pool Agency RMBS are excluded from the condensed consolidated statements of cash flows until settled.
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- DefinitionThe entire disclosure for Due to and from Broker-Dealers and Clearing Organizations, including data and tables. This may include amounts receivable from and payable to broker-dealers and clearing organizations, including securities failed to receive, deposits received for securities loaned, amounts payable to clearing organizations related to open transactions, floor brokerage payables and payables for commodities futures accounts liquidating to an equity balance on a broker-dealer's records. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Securities Sold Under Agreements to Repurchase
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Banking and Thrift, Interest [Abstract] |
|
| Securities Sold Under Agreements to Repurchase |
Securities Sold Under Agreements to Repurchase Transactions involving securities sold under agreements to repurchase are treated as collateralized financial transactions, and are recorded at their contracted repurchase amounts. Margin (if required) for securities sold under agreements to repurchase represents margin collateral amounts held to ensure that the Company has sufficient coverage for securities sold under agreements to repurchase in case of adverse price changes. Restricted cash of margin collateral for securities sold under agreements to repurchase was $0.3 million as of September 30, 2024 and December 31, 2023, respectively. The following table summarizes certain characteristics of the Company’s repurchase agreements as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | | | | | | Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) | | | ($ in thousands) | | | | | | U.S. Treasury securities | | $ | 49,712 | | | 4.90 | % | | 3 | AOMT RMBS (1) | | 53,164 | | | 6.35 | % | | 18 | | Total | | $ | 102,876 | | | 5.65 | % | | 11 | | | | | | | | | December 31, 2023 | | | | | | | | Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) | | | | | | | | U.S. Treasury securities | | $ | 149,013 | | | 5.57 | % | | 10 | AOMT RMBS (1) | | 44,643 | | | 7.04 | % | | 16 | | Total | | $ | 193,656 | | | 5.91 | % | | 11 |
(1) A portion of repurchase debt outstanding as of both September 30, 2024 and December 31, 2023 includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). See Note 4 - Investment Securities. Although the transactions under repurchase agreements represent committed borrowings until maturity, the lenders retain the right to mark the underlying collateral at fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls.
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- DefinitionThe entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
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-Section 50
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-Publisher FASB
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v3.24.3
Derivative Financial Instruments
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Derivative Financial Instruments |
Derivative Financial Instruments In the normal course of business, the Company enters into derivative financial instruments to manage its exposure to market risk, including interest rate risk and prepayment risk on its whole loan investments. The derivatives in which the Company invests, and the market risk that the economic hedge is intended to mitigate are further discussed below. Derivative instruments as of September 30, 2024 and December 31, 2023 included both To-Be-Announced (“TBA”) securities and interest rate futures contracts. Restricted cash relating to interest rate futures margin collateral in interest rate futures accounts under the Company’s sole control as of September 30, 2024 and December 31, 2023 included $2.3 million and $2.5 million, respectively. There was no TBA margin collateral required as of either September 30, 2024 or December 31, 2023. For the three and nine months ended September 30, 2024, we recognized income tax expense and a corresponding liability related to income from our TBAs.
The Company uses interest rate futures as economic hedges to hedge a portion of its interest rate risk exposure. Interest rate risk is sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, as well as other factors. The Company’s credit risk with respect to economic hedges is the risk of default on its investments that result from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments.
The Company may at times hold TBAs in order to mitigate its interest rate risk on certain specified mortgage-backed securities. Amounts or obligations owed by or to the Company are subject to the right of set-off with the TBA counterparty. As part of executing these trades, the Company may enter into agreements with its TBA counterparties that govern the transactions for the TBA purchases or sales made, including margin maintenance, payment and transfer, events of default, settlements, and various other provisions.
Changes in the value of derivatives designed to protect against mortgage-backed securities fair value fluctuations, or economic hedging gains and losses, are reflected in the tables below. All realized and unrealized gains and losses on derivative contracts are recognized in earnings, in “net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS” for realized gains and losses, and “net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts” for unrealized gains and losses.
The Company considers the notional amounts, categorized by primary underlying risk, to be representative of the volume of its derivative activities. The following table sets forth the derivative instruments presented on the condensed consolidated balance sheets and notional amounts as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional Amounts | | As of: | | Derivatives Not Designated as Hedging Instruments | | Number of Contracts | | Assets | | Liabilities | | Long Exposure | | Short Exposure | | | | | | | ($ in thousands) | | September 30, 2024 | | Interest rate futures | | 2,404 | | $ | 1,392 | | | $ | — | | | $ | — | | | $ | 240,400 | | | September 30, 2024 | | TBAs | | N/A | | $ | 259 | | | $ | — | | | $ | — | | | $ | 203,400 | | | | | | | | | | | | | | | | December 31, 2023 | | Interest rate futures | | 1,489 | | $ | — | | | $ | 840 | | | $ | — | | | $ | 148,900 | | | December 31, 2023 | | TBAs | | N/A | | $ | — | | | $ | 494 | | | $ | — | | | $ | 386,700 | |
The gains and losses arising from these derivative instruments in the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2024 and September 30, 2023 are set forth as follows:
| | | | | | | | | | | | | | | | | | | | | | | Derivatives Not Designated as Hedging Instruments | | Net Realized Gains (Losses) on Derivative Instruments | | Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments | | | | | (in thousands) | | Three Months Ended September 30, 2024 | | Interest rate futures | | $ | (4,461) | | | $ | 1,184 | | | Three Months Ended September 30, 2024 | | TBAs | | $ | 3,115 | | | $ | (1,235) | | | | | | | | | | Three Months Ended September 30, 2023 | | Interest rate futures | | $ | 2,828 | | | $ | (364) | | | Three Months Ended September 30, 2023 | | TBAs | | $ | 7,421 | | | $ | 4,927 | |
| | | | | | | | | | | | | | | | | | | | | | | Derivatives Not Designated as Hedging Instruments | | Net Realized Gains (Losses) on Derivative Instruments | | Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments | | | | | (in thousands) | | Nine Months Ended September 30, 2024 | | Interest rate futures | | $ | (622) | | | $ | 2,232 | | | Nine Months Ended September 30, 2024 | | TBAs | | $ | 5,238 | | | $ | 753 | | | | | | | | | | Nine Months Ended September 30, 2023 | | Interest rate futures | | $ | 8,599 | | | $ | (2,416) | | | Nine Months Ended September 30, 2023 | | TBAs | | $ | 4,900 | | | $ | (5,379) | |
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
Fair Value Measurements For financial reporting purposes, we follow a fair value hierarchy established under GAAP that is used to determine the fair value of financial instruments. This hierarchy prioritizes relevant market inputs in order to determine an “exit price” at the measurement date, or the price at which an asset could be sold or a liability could be transferred in an orderly process that is not a forced liquidation or distressed sale. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices for an asset or liability that are obtained through corroboration with observable market data. Level 3 inputs are unobservable inputs (e.g., our own data or assumptions) that are used when there is little, if any, relevant market activity for the asset or liability required to be measured at fair value.
In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured.
As of September 30, 2024, our valuation policy and processes had not changed from those described in our consolidated financial statements for the year ended December 31, 2023 included in the Annual Report on Form 10-K. Included in Note 10 — Fair Value Measurements to the Consolidated Financial Statements for the year ended December 31, 2023 included in the Annual Report on Form 10-K is a detailed description of our other financial instruments measured at fair value and their significant inputs, as well as the general classification of such instruments pursuant to the Level 1, Level 2, and Level 3 valuation hierarchy. The fair value of cash, restricted cash, principal and interest receivable, other assets (excluding investments in MOAs), notes payable, securities sold under agreements to repurchase, amounts due to broker and accrued expenses (including those payable to an affiliate and management fees payable to an affiliate), and interest payable approximate their carrying values due to the nature of these assets and liabilities. The Company’s “investments in majority-owned affiliates” included in other assets (see Note 13 — Other Assets) and a portion of “non-recourse securitization obligations, collateralized by residential mortgage loans” are held at amortized cost. The fair value of these assets and liabilities is disclosed further below in the section titled “Assets and Liabilities Held at Amortized Cost - Fair Value Disclosure”.
The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (in thousands) | | Assets, at fair value | | | | | | | | | | Residential mortgage loans | | $ | — | | | $ | 426,501 | | | $ | 2,408 | | | $ | 428,909 | | | Residential mortgage loans in securitization trusts | | — | | | 1,425,632 | | | 27,275 | | | 1,452,907 | | | Investments in securities | | | | | | | | | AOMT RMBS (1) | | — | | | 88,741 | | | — | | | 88,741 | | | Whole Pool Agency RMBS | | — | | | 194,364 | | | — | | | 194,364 | | U.S. Treasury Securities | | 49,971 | | | — | | | — | | | 49,971 | | Other Assets, at fair value (2) | | — | | | 11,178 | | | — | | | 11,178 | | Unrealized appreciation on futures contracts | | 1,392 | | | — | | | — | | | 1,392 | | Unrealized appreciation on TBAs | | 259 | | | — | | | — | | | 259 | | | Total assets, at fair value | | $ | 51,622 | | | $ | 2,146,416 | | | $ | 29,683 | | | $ | 2,227,721 | | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | Non-recourse securitization obligation, collateralized by residential mortgage loans (3) | | $ | — | | | $ | 1,289,236 | | | $ | — | | | $ | 1,289,236 | | | | | | | | | | | | | | | | | | | | | Total liabilities, at fair value | | $ | — | | | $ | 1,289,236 | | | $ | — | | | $ | 1,289,236 | |
(1) AOMT RMBS held as of September 30, 2024 included both retained tranches of AOMT securitizations in which the Company participated, additional AOMT securities purchased in secondary market transactions, and other RMBS purchased in secondary market transactions.
(2) Includes Commercial Loans and AOMT commercial mortgage backed securities (“CMBS)” assets. All AOMT CMBS held as of September 30, 2024 was comprised of a small-balance commercial loan securitization issuance in which the Company participated.
(3) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above. See below for the disclosure of the full debt at fair value.
Transfers from Level 2 to Level 3 were comprised of residential loans more than 90 days overdue (including those in foreclosure). Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. These transfers were not material.
We use third‑party valuation firms who utilize proprietary methodologies to value our residential and commercial loans. These firms generally use both market comparable information and discounted cash flow modeling techniques to determine the fair value of our Level 3 assets. Use of these techniques requires determination of relevant input and assumptions, some of which represent significant unobservable inputs such as anticipated credit losses, prepayment rates, default rates, or other valuation assumptions. Accordingly, a significant increase or decrease in any of these inputs in isolation may result in a significantly lower or higher fair value measurement. The following table sets forth information regarding the Company’s significant Level 3 inputs as of September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Input Values | | Asset | | Fair Value | | Unobservable Input | | Range | | Average | | | ($ in thousands) | | | | | | | | Residential mortgage loans, at fair value | | $ | 2,408 | | | Prepayment rate (annual CPR) | | 5.28% - 19.36% | | 12.27% | | | | | Default rate | | 7.62% - 35.41% | | 19.02% | | | | | Loss severity | | —% - 17.08% | | 9.46% | | | | | Expected remaining life | | 0.67 - 4.28 years | | 2.44 years | | | | | | | | | | | Residential mortgage loans in securitization trust, at fair value | | $ | 27,275 | | | Prepayment rate (annual CPR) | | 4.01% - 15.67% | | 10.63% | | | | | Default rate | | 6.98% - 28.33% | | 17.42% | | | | | Loss severity | | (22.22)% - 60.81% | | 1.37% | | | | | Expected remaining life | | 1.33 - 5.86 years | | 2.66 years | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets and Liabilities Held at Amortized Cost — Fair Value Disclosure
Portion of Non-Recourse Securitization Obligations, Collateralized by Residential Mortgage Loans — Held at Amortized Cost
To determine the fair value of the Company’s non-recourse securitization obligations, collateralized by residential mortgage loans, net, held at amortized cost, the Company uses the same method of valuation as described in the Annual Report on Form 10-K, Note 10 — Fair Value Measurements for both the portion of the obligation measured at fair value and the portion of the obligation held at amortized cost, for which fair value is disclosed below.
As of September 30, 2024, the total amortized cost basis and fair value of our non-recourse securitization obligations was $1.38 billion and $1.29 billion, respectively, a difference of approximately $87.0 million (which includes AOMT 2022-1, AOMT 2022-4, AOMT 2023-4, and AOMT 2024-4, which are marked to fair value; and AOMT 2021-4 and AOMT 2021-7, which are carried at amortized cost, as the fair value option was not elected at the time of the creation of these obligations). The difference between the amortized cost and fair value solely attributable to AOMT 2021-4 and 2021-7 is approximately $64.5 million. The difference between the amortized cost basis value and the fair value is derived from the difference between the period-end market pricing of the underlying bonds, as referred to above, and the amortized cost of the obligation. The fair value of the non-recourse securitization debt is not indicative of the amounts at which we could settle this debt.
As of December 31, 2023, the total amortized cost basis and fair value of our non-recourse securitization obligations was $1.24 billion and $1.09 billion, respectively, a difference of approximately $156.4 million (which includes AOMT 2022-1, AOMT 2022-4, and AOMT 2023-4, which are marked to fair value; and AOMT 2021-4 and AOMT 2021-7, which are carried at amortized cost, as the fair value option was not elected at the time of the creation of these obligations). The fair value solely attributable to AOMT 2021-4 and 2021-7 is approximately $81.9 million less than the amortized cost. The difference between the amortized cost basis value and the fair value is derived from the difference between the period-end market pricing of the underlying bonds, as referred to above, and the amortized cost of the obligation. The fair value of the non-recourse securitization debt is not indicative of the amounts at which we could settle this debt.
Investments in Majority-Owned Affiliates
To determine the fair value of the Company’s investments in majority-owned affiliates, which are held at amortized cost and included in “other assets”, the Company uses the prices of the underlying bonds in the investments to determine fair value. The Company utilizes PriceServe, Bank of America’s independent fixed income pricing service, as the primary valuation source for these bonds. PriceServe obtains its price quotes from actual sales or quotes for sale of the same or similar securities and/or provides model‑based valuations that consider inputs derived from recent market activity including default rates, conditional prepayment rates, loss severity, expected yield to maturity, baseline discount margin/yield, recovery assumptions, tranche type, collateral coupon, age and loan size, and other inputs specific to each security. We believe that these quotes are most reflective of the price that would be achieved if the bonds were sold to an independent third party on the date of the condensed consolidated financial statements. The amortized cost and fair value of this investment as of September 30, 2024 was approximately $18.7 million and $17.0 million, respectively. The amortized cost and fair value of these investments as of December 31, 2023 was approximately $16.2 million and $16.7 million, respectively. The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (in thousands) | | Assets, at fair value | | | | | | | | | | Residential mortgage loans | | $ | — | | | $ | 374,004 | | | $ | 6,036 | | | $ | 380,040 | | | Residential mortgage loans in securitization trusts | | — | | | 1,207,804 | | | 13,263 | | | 1,221,067 | | | Investments in securities | | | | | | | | | AOMT RMBS (1) | | — | | | 79,696 | | | — | | | 79,696 | | | Whole Pool Agency RMBS | | — | | | 392,362 | | | — | | | 392,362 | | U.S. Treasury Securities. | | 149,927 | | | — | | | — | | | 149,927 | | | | | | | | | | | | | | | | | | | | Other Assets, at fair value (2) | | — | | | 32,923 | | | — | | | 32,923 | | | Total assets, at fair value | | $ | 149,927 | | | $ | 2,086,789 | | | $ | 19,299 | | | $ | 2,256,015 | | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | Non-recourse securitization obligation, collateralized by residential mortgage loans (3) | | $ | — | | | $ | 743,189 | | | $ | — | | | $ | 743,189 | | Unrealized depreciation on futures contracts | | (840) | | | — | | | — | | | (840) | | Unrealized depreciation on TBAs | | (494) | | | — | | | — | | | (494) | | | Total liabilities, at fair value | | $ | (1,334) | | | $ | 743,189 | | | $ | — | | | $ | 741,855 | |
(1) AOMT RMBS held as of December 31, 2023 included both retained tranches of AOMT securitizations in which the Company participated, additional AOMT securities purchased in secondary market transactions, and other RMBS purchased in secondary market transactions. (2) Includes Commercial Loans and AOMT CMBS assets. All AOMT CMBS held as of December 31, 2023 was comprised of a small-balance commercial loan securitization issuance in which the Company participated. (3) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above. All unrealized gains and losses arising from valuation changes in residential and commercial mortgage loans, TBAs, and futures contracts are recognized in net income for the periods presented.
Transfers from Level 2 to Level 3 were comprised of residential loans more than 90 days overdue (including those in foreclosure) and commercial mortgage loans in special servicing or otherwise considered “non‑performing” by the Company’s third‑party valuation providers. Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. Transfers between Level 2 and Level 3 were immaterial for the year ended December 31, 2023. We use third‑party valuation firms who utilize proprietary methodologies to value our residential and commercial loans. These firms generally use both market comparable information and discounted cash flow modeling techniques to determine the fair value of our Level 3 assets. Use of these techniques requires determination of relevant input and assumptions, some of which represent significant unobservable inputs such as anticipated credit losses, prepayment rates, default rates, or other valuation assumptions. Accordingly, a significant increase or decrease in any of these inputs in isolation may result in a significantly lower or higher fair value measurement.
The following table sets forth information regarding the Company’s significant Level 3 inputs as of December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Input Values | | Asset | | Fair Value | | Unobservable Input | | Range | | Average | | Residential mortgage loans, at fair value | | $ | 6,036 | | | Prepayment rate (annual CPR) | | 6.86% - 19.93% | | 13.40% | | | | | Default rate | | 12.69% - 13.64% | | 13.16% | | | | | Loss severity | | (25.00)% - 40.13% | | 4.12% | | | | | Expected remaining life | | 0.67 - 4.09 years | | 2.22 years | | | | | | | | | | | Residential mortgage loans in securitization trust, at fair value | | $ | 13,263 | | | Prepayment rate (annual CPR) | | 5.97% - 20.71% | | 12.32% | | | | | Default rate | | 4.38% - 28.66% | | 16.92% | | | | | Loss severity | | (13.99)% - 19.60% | | 4.14% | | | | | Expected remaining life | | 0.67 - 5.67 years | | 2.72 years |
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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v3.24.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Related Party Transactions [Abstract] |
|
| Related Party Transactions |
Related Party Transactions Residential Mortgage Loan Purchases The Company has residential loan purchase agreements with various affiliates of the Company. The purchase price of the loans is generally equal to the outstanding principal of the mortgage, adjusted by a premium or discount, depending on market conditions. The Company purchases the mortgage loans on a servicing released basis. The following table sets forth certain financial information pertaining to whole loan activity purchased from affiliates during the period and year ended as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | As of and for the Year-to-Date/Year Ended: | Amount of Loans Purchased from Affiliates during the Year-to-Date/Year Ended (in thousands) | Number of Loans Purchased from Affiliates during the Year-to-Date/Year Ended | Number of Loans Purchased from Affiliates, Owned and Held as of Year-to-Date/Year Ended (1): | | September 30, 2024 | $ | 182,200 | | 405 | | 380 | | | | | | | December 31, 2023 | $ | 199,793 | | 475 | | 589 | |
(1) Excludes loans held in consolidated securitizations. Securitization Transactions and Majority-Owned Affiliate From time to time, the Company participates in securitization transactions with other affiliates of Angel Oak Capital. See Note 2 — Variable Interest Entities, “VIEs for Which the Company is Not the Primary Beneficiary” and Note 13 — Other Assets. Management Fee The Company’s management agreement, effective as of June 21, 2021 and amended and restated on May 1, 2024, by and among the Company, the Operating Partnership, and the Manager (as amended and restated, the “Management Agreement”), provides that the Company will pay the Manager, in arrears, on a quarterly basis, an aggregate fixed management fee equal to 1.5% per annum of the Company’s Equity (as is defined in the Management Agreement). Incentive Fee Under the Management Agreement, the Manager is also entitled to an incentive fee, which is calculated and payable in cash with respect to each calendar quarter (or part thereof that the Management Agreement is in effect) in arrears in an amount, not less than zero, equal to the excess of (1) the product of (a) 15% and (b) the excess of (i) the Company’s Distributable Earnings (as defined in the Management Agreement) for the previous 12-month period, over (ii) the product of (A) the Company’s Equity (as defined in the Management Agreement) in the previous 12-month period, and (B) 8% per annum, over (2) the sum of any incentive fee earned by the Manager with respect to the first three calendar quarters of such previous 12-month period. To date, the incentive fee has not been earned and no expense has been recognized in the Company’s financial statements. Operating Expense Reimbursements The Company is also required to pay the Manager reimbursements for certain general and administrative expenses pursuant to the Management Agreement. Accrued expenses payable to affiliate and operating expenses incurred with affiliate are substantially comprised of payroll reimbursements to an affiliate of the Manager.
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-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2
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v3.24.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies The Company, from time to time, may be party to litigation relating to claims arising in the normal course of business. As of September 30, 2024, the Company was not aware of any legal claims that could materially impact its financial condition. As of September 30, 2024, the Company had no unfunded commitments. The Company has entered into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. As of September 30, 2024, the Company has a total purchase commitments of $93.3 million related to both Angel Oak Mortgage Lending and third parties. These commitments represent off-balance sheet risk where the Company may be required to extend credit.
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- DefinitionThe entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/405-30/tableOfContent
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v3.24.3
Accumulated Other Comprehensive Income/(Loss)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Accumulated Other Comprehensive Income/(Loss) |
Accumulated Other Comprehensive Income/(Loss) The following table sets forth the net unrealized gain/(loss) on available-for-sale (“AFS”) securities for the three and nine months ended September 30, 2024 and 2023, which is the sole component of the changes in the Company’s Accumulated Other Comprehensive Income/(Loss) (“AOCI”) for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | (in thousands) | | AOCI balance, beginning of period | $ | (3,147) | | | $ | (6,565) | | | | | | | | | | | Net unrealized gain/(loss) on AFS securities | 2,706 | | | (1,607) | | | AOCI balance, end of period | $ | (441) | | | $ | (8,172) | |
| | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | (in thousands) | | AOCI balance, beginning of period | $ | (4,975) | | | $ | (21,127) | | | | | | | | | | | Net unrealized gain/(loss) on AFS securities | 4,534 | | | 12,955 | | | AOCI balance, end of period | $ | (441) | | | $ | (8,172) | |
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| X |
- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.9-04(23))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
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v3.24.3
Other Assets
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
| Other Assets |
Other Assets The following table sets forth the detail of other assets included in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | ($ in thousands) | Investments in Majority-Owned Affiliates | | $ | 18,720 | | | $ | 16,232 | | Commercial Mortgage Loans, at fair value | | 5,242 | | | 5,219 | | CMBS, at fair value | | 5,936 | | | 6,592 | | | Deferred tax asset | | 3,457 | | | 3,457 | | | Prepaid expenses | | 1,570 | | | 1,137 | | | Protective advances and other assets | | 1,037 | | 285 | | Total other assets | | $ | 35,962 | | | $ | 32,922 | |
Investments in Majority-Owned Affiliates (“MOA”)
In 2023 and the first three quarters of 2024, the Company participated in securitization transactions AOMT 2023-1, AOMT 2023-5, AOMT 2023-7, AOMT 2024-3, and AOMT 2024-6, which involved MOAs in which the Company received investments of 41.21%, 34.42%, 10.35%, 10.98%, and 4.51% respectively, in each case proportional to its share of the unpaid principal balance of the residential whole loans contributed to the securitizations. The purpose of the MOAs is to retain and hold risk retention bonds issued by the securitization trust. Each MOA is a limited liability company and is accounted for as an equity method investment and held at amortized cost. The investment will be tested for impairment at least annually utilizing undiscounted cash flows of the underlying bonds. See Note 9 — Fair Value Measurements.
Commercial Mortgage Loans
Commercial mortgage loans are measured at fair value. As of September 30, 2024 and December 31, 2023, the cost and unpaid principal balance of the assets was $5.6 million and $5.6 million, with a fair value of $5.2 million and $5.2 million, respectively. The weighted average interest rate was 6.24% with a weighted average maturity of 11 years, as of September 30, 2024. There were no commercial mortgage loans more than ninety (90) days past due or in foreclosure as of September 30, 2024 or December 31, 2023. Commercial Mortgage Backed Securities
CMBS are held at fair value. As of September 30, 2024 and December 31, 2023, the cost of these assets were $6.1 million and $6.3 million, with a fair value of $5.9 million and $6.6 million, respectively. There was no repurchase debt held against these assets at September 30, 2024 or December 31, 2023.
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v3.24.3
Equity
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| Equity |
Equity As of September 30, 2024, we had 6,973,959 shares of our common stock remaining available for sale from time to time in at-the-market equity offering program (the “ATM Program”). These shares are registered with the SEC under our shelf registration statement.
During the three-months and nine-months ended September 30, 2024, the Company issued and sold 188,456 shares of common stock through the ATM Program for proceeds of $2.3 million, net of $45 thousand in commissions and fees.
On July 25, 2024 the Company repurchased 1,707,922 shares of common stock owned by Xylem Finance LLC, an affiliate of Davidson Kempner Capital Management, LP, for an aggregate repurchase price of approximately $20.0 million following the issuance of $50 million in aggregate principal amount of the Notes.
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v3.24.3
Earnings per Share (“EPS”)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings per Share (“EPS”) |
Earnings per Share (“EPS”) In the calculations of basic and diluted earnings per common share for the three and nine months ended September 30, 2024 and 2023, the Company included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances.
For the three and nine month periods ended September 30, 2024, there were approximately 120,000 dilutive outstanding restricted stock awards and approximately 200,000 dilutive performance-based restricted stock units. To date we have expensed $0.7 million related to the performance-based restricted stock units based on current market conditions. For the three and nine month periods ended September 30, 2023, there were 186,645 anti-dilutive outstanding restricted stock awards and 95,832 performance shares, although the market-based “total stockholder return” conditions for performance share units had not been achieved and thus these units were not included in the diluted weighted average common shares outstanding.
The following table sets forth the calculation of basic and diluted earnings per share for the three months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | September 30, 2024 | | September 30, 2023 | | | (in thousands, except share and per share data) | | Basic Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders | | $ | 31,204 | | | $ | 8,273 | | | Dividends allocated to participating securities | | (38) | | | (60) | | | Net income (loss) to common stockholders - basic | | $ | 31,166 | | | $ | 8,213 | | | Basic weighted average common shares outstanding | | 23,757,039 | | | 24,768,921 | | | Basic earnings (loss) per common share | | $ | 1.31 | | | $ | 0.33 | | | | | | | | Diluted Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders - basic | | $ | 31,204 | | | $ | 8,273 | | | Dividends allocated to participating securities | | (38) | | | (60) | | | Net income (loss) to common stockholders - diluted | | $ | 31,166 | | | $ | 8,213 | | | Basic weighted average common shares outstanding | | 23,757,039 | | | 24,768,921 | | | Net effect of dilutive equity awards | | 322,208 | | | 188,747 | | | Diluted weighted average common shares outstanding | | 24,079,247 | | | 24,957,668 | | | Diluted earnings (loss) per common share | | $ | 1.29 | | | $ | 0.33 | |
The following table sets forth the calculation of basic and diluted earnings per share for the nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | September 30, 2024 | | September 30, 2023 | | | (in thousands, except share and per share data) | | Basic Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders | | $ | 43,806 | | | $ | 5,115 | | | Dividends allocated to participating securities | | (115) | | | (123) | | | Net income (loss) to common stockholders - basic | | $ | 43,691 | | | $ | 4,992 | | | Basic weighted average common shares outstanding | | 24,445,105 | | | 24,706,568 | | | Basic earnings (loss) per common share | | $ | 1.79 | | | $ | 0.20 | | | | | | | | Diluted Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders - basic | | $ | 43,806 | | | $ | 5,115 | | | Dividends allocated to participating securities | | (115) | | | (123) | | | Net income (loss) to common stockholders - diluted | | $ | 43,691 | | | $ | 4,992 | | | Basic weighted average common shares outstanding | | 24,445,105 | | | 24,706,568 | | | Net effect of dilutive equity awards | | 333,360 | | | 227,265 | | | Diluted weighted average common shares outstanding | | 24,778,465 | | | 24,933,833 | | | Diluted earnings (loss) per common share | | $ | 1.76 | | | $ | 0.20 | |
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v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent Events On October 16, 2024, the Company securitized residential mortgage loans with a scheduled unpaid principal balance of approximately $316.8 million in the issuance of AOMT 2024-10. Similar to certain previous securitization transactions, the Company will consolidate the VIE used to facilitate this transaction. See Note 2 — Variable Interest Entities for a discussion of the accounting policies applied to the consolidation of VIEs and transfers of financial assets in connection with financing transactions.
On October 25, 2024, the Company amended its loan financing facility with Global Investment Bank 2 to, among other changes, reduce the interest rate pricing spread to a range from 1.75% to 3.35%, based on collateral type, loan status, dwell time and other factors. See Note 5 — Financing for a further discussion related to this financing facility.
On November 1, 2024, the Company amended its loan financing facility with Global Investment Bank 3 to, among other changes, (i) extend the termination date to November 1, 2025; (ii) reduce the interest rate pricing spread to a range from 1.90% to 4.75% based on collateral type, loan status, dwell time and other factors; and (iii) eliminate the 20 basis point index spread adjustment. See Note 5 — Financing for a further discussion related to this financing facility.
On November 6, 2024, the Company declared a dividend of $0.32 per share of common stock, to be paid on November 27, 2024 to common stockholders of record as of November 19, 2024.
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v3.24.3
Organization and Basis of Presentation (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| The Operating Partnership |
The Operating Partnership On February 5, 2020, the Company formed Angel Oak Mortgage Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), through which substantially all of its assets are held and substantially all of its operations are conducted, either directly or through subsidiaries. The Company holds all of the limited partnership interests in the Operating Partnership and indirectly holds the sole general partnership interest in the Operating Partnership through the general partner, which is the Company’s wholly-owned subsidiary.
The Company’s Manager and REIT status
The Company is externally managed and advised by Falcons I, LLC (the “Manager”), a Securities and Exchange Commission-registered investment adviser and an affiliate of Angel Oak Capital Advisors, LLC (“Angel Oak Capital”). The Company has elected to be taxed as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2019.
|
| Interim Financial Statements |
Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report on Form 10-K”).
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. The condensed consolidated financial statements include the accounts of the Company and its wholly‑owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
|
| Use of Estimates |
Use of Estimates The preparation of financial statements requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., fair value changes due to inputs and underlying assumptions as described in Note 9 — Fair Value Measurements, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from the Company’s estimates and the differences could be material.
|
| Reclassifications |
Reclassifications
Certain comparative period amounts in the condensed consolidated financial statements have been reclassified for consistency with current period presentation. These reclassifications had no effect on the reported results of operations. Specifically, certain cash flows previously presented as cash flows from operating activities on the condensed consolidated statements of cash flows for the nine months-ended September 30, 2023, have been reclassified to cash flows from investing activities as Purchases of investments in majority-owned affiliates.
|
| Recent Accounting Pronouncements and Summary of Significant Accounting Policies |
Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). There were no recent ASUs that are expected to have a significant impact on the Company's condensed consolidated financial statements when adopted or had a significant impact on the Company's condensed consolidated financial statements upon adoption. Summary of Significant Accounting Policies The Company’s summary of significant accounting policies as set forth in its Annual Report on Form 10-K remain unchanged.
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v3.24.3
Variable Interest Entities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Securitization Transactions |
The following table summarizes the key details of the loan securitization transactions for which the Company is the primary beneficiary currently outstanding as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | As of: | | September 30, 2024 | | December 31, 2023 | | | ($ in thousands) | | Aggregate unpaid principal balance of residential whole loans sold | | $ | 1,512,722 | | | $ | 1,334,963 | | Fair value adjustment for residential mortgage loans in securitization trusts | | (59,815) | | | (113,896) | | Residential mortgage loans in securitization trusts, at fair value | | $ | 1,452,907 | | | $ | 1,221,067 | | | | | | | | Outstanding amount of Non-recourse securitization obligation, at amortized cost | | $ | 1,376,244 | | | $ | 1,220,067 | | | Fair value adjustment for the portion of Non-recourse securitization obligation, at fair value option | | (22,486) | | | (50,912) | | | Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts | | $ | 1,353,758 | | | $ | 1,169,155 | | | Weighted average fixed rate for Non-recourse securitization obligation issued | | 3.51 | % | | 2.91 | % | | | | | | | | | | | For the period ended: | | September 30, 2024 | | December 31, 2023 | | | ($ in thousands) | Aggregate unpaid principal balance of residential whole loans sold, at deal date | | $ | 2,010,214 | | | $ | 1,710,381 | | Face amount of Non-recourse securitization obligation issued by the VIE and purchased by third-party investors, at deal date | | 1,893,847 | | | 1,619,051 | | | Face amount of Senior Support Certificates received by the Company, at deal date | | 116,367 | | | 91,330 | | | Aggregate cash received, at deal date | | 233,835 | | | 194,746 | |
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v3.24.3
Residential Mortgage Loans (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
|
| Schedule of Residential Mortgage Loans |
The following table sets forth the cost, unpaid principal balance, net premium on mortgage loans purchased, fair value, weighted average interest rate, and weighted average remaining contractual maturity of the Company’s residential mortgage loan portfolio as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | ($ in thousands) | | Cost | | $ | 421,944 | | | $ | 393,443 | | | | | | | | Unpaid principal balance | | $ | 411,468 | | | $ | 386,872 | | | Net premium on mortgage loans purchased | | 10,476 | | | 6,571 | | | Change in fair value | | 6,965 | | | (13,403) | | | Fair value | | $ | 428,909 | | | $ | 380,040 | | | | | | | | Weighted average interest rate | | 7.73 | % | | 6.78 | % | | | | | | Weighted average remaining contractual maturity (years) | | 30 | | 29 |
|
| Schedule of Financing Receivables Past Due |
The following table sets forth data regarding the number of consumer mortgage loans secured by residential real property ninety (90) or more days past due and also those in formal foreclosure proceedings, and the recorded investment and unpaid principal balance of such loans as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | As of: | | September 30, 2024 | | December 31, 2023 | | | ($ in thousands) | | Number of mortgage loans 90 or more days past due | | 5 | | | 7 | | Recorded investment in mortgage loans 90 or more days past due | | $ | 2,174 | | | $ | 5,754 | | | Unpaid principal balance of loans 90 or more days past due | | $ | 2,142 | | | $ | 5,681 | | | | | | | | Number of mortgage loans in foreclosure | | 1 | | | 2 | | Recorded investment in mortgage loans in foreclosure | | $ | 569 | | | $ | 1,956 | | | Unpaid principal balance of loans in foreclosure | | $ | 551 | | | $ | 1,889 | |
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v3.24.3
Investment Securities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Investments Securities at Cost |
The following table sets forth a summary of RMBS at cost as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in thousands) | | AOMT RMBS | $ | 88,998 | | | $ | 84,957 | | | Whole Pool Agency RMBS | $ | 194,697 | | | $ | 391,964 | |
The following table sets forth certain information about the Company’s investments in U.S. Treasury securities as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | Date | Face Value | Unamortized Discount, net | Amortized Cost | Unrealized Gain/(Loss) | Fair Value | Net Effective Yield | | ($ in thousands) | | September 30, 2024 | $ | 50,000 | | $ | 16 | | $ | 49,984 | | $ | (13) | | $ | 49,971 | | 3.89 | % | | December 31, 2023 | $ | 150,000 | | $ | 159 | | $ | 149,841 | | $ | 86 | | $ | 149,927 | | 5.30 | % |
|
| Schedule of Investments in RMBS and CMBS at Fair Value |
The following tables sets forth certain information about the Company’s investments in RMBS at fair value as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | Real Estate Securities at Fair Value | | Securities Sold Under Agreements to Repurchase | | Allocated Capital | | September 30, 2024: | (in thousands) | AOMT RMBS (1) | | | | | | | | | | | | | Mezzanine | $ | 13,463 | | | $ | (5,292) | | | $ | 8,171 | | | Subordinate | 62,223 | | | (20,175) | | | 42,048 | | | Interest Only/Excess | 13,055 | | | — | | | 13,055 | | Retained RMBS in VIEs (2) | — | | | (27,697) | | | (27,697) | | | Total AOMT RMBS | $ | 88,741 | | | $ | (53,164) | | | $ | 35,577 | | | | | | | | | | | | | | | | | | | | | | | | | | Whole Pool Agency RMBS (3) | | | | | | | Fannie Mae | $ | 158,040 | | | $ | — | | | $ | 158,040 | | | Freddie Mac | 36,324 | | | — | | | 36,324 | | Total Whole Pool Agency RMBS | $ | 194,364 | | | $ | — | | | $ | 194,364 | | Total RMBS | $ | 283,105 | | | $ | (53,164) | | | $ | 229,941 | |
(1) AOMT RMBS held as of September 30, 2024 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions. (2) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $143.5 million, are not reflected in the condensed consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its consolidated balance sheets. (3) The whole pool RMBS presented as of September 30, 2024 were purchased from a broker to whom the Company owes approximately $195 million, payable upon the settlement date of the trade. See Note 6 - Due to Broker. There was no margin collateral required as of September 30, 2024. | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Real Estate Securities at Fair Value | | Securities Sold Under Agreements to Repurchase | | Allocated Capital | | | (in thousands) | AOMT RMBS (1) | | | | | | | | | | | | | | | Mezzanine | | $ | 10,972 | | | $ | (844) | | | $ | 10,128 | | | Subordinate | | 55,665 | | | (19,812) | | | 35,853 | | | Interest Only/Excess | | 13,059 | | | (1,871) | | | 11,188 | | Retained RMBS in VIEs (2) | | — | | | (22,116) | | | (22,116) | | | Total AOMT RMBS | | $ | 79,696 | | | $ | (44,643) | | | $ | 35,053 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Whole Pool Agency RMBS (3) | | | | | | | | Fannie Mae | | $ | 278,510 | | | $ | — | | | $ | 278,510 | | | Freddie Mac | | 113,852 | | | — | | | 113,852 | | Total Whole Pool Agency RMBS | | $ | 392,362 | | | $ | — | | | $ | 392,362 | | | Total RMBS | | $ | 472,058 | | | $ | (44,643) | | | $ | 427,415 | |
(1) AOMT RMBS held as of December 31, 2023 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions. (2) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $124.1 million, are not reflected in the condensed consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its consolidated balance sheets. (3) The whole pool RMBS presented as of December 31, 2023 were purchased from a broker to whom the Company owes approximately $392 million, payable upon the settlement date of the trade. See Note 6 - Due to Broker.
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v3.24.3
Financing (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Notes Payable [Abstract] |
|
| Schedule of Lines of Credit Available and Drawn Amounts for Whole Loan Purchases |
The following table sets forth the details of the Company’s notes payable and drawn amounts for whole loan purchases as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest
Rate Pricing
Spread | | Drawn Amount | | Note Payable | | Base Interest Rate | | | September 30, 2024 | | December 31, 2023 | | | | | | | ($ in thousands) | Multinational Bank 1 (1) | | Average Daily SOFR | | 1.75% - 2.10% | | $ | 292,060 | | | $ | 206,183 | | | | | | | | | | | Global Investment Bank 2 (2) | | 1 month Term SOFR | | 2.10% - 3.45% | | — | | | — | | Global Investment Bank 3 (3) | | Compound SOFR | | 2.00% - 4.50% | | 40,982 | | | 84,427 | | | | | | | | | | | Institutional Investors A and B (4) | | 1 month Term SOFR | | 3.50% | | N/A | | — | | | | | | | | | | | Regional Bank 1 (5) | | 1 month SOFR | | 2.50% - 3.50% | | N/A | | — | | | Total | | | | | | $ | 333,042 | | | $ | 290,610 | |
(1) On September 25, 2024, this financing facility was extended through March 25, 2025 in accordance with the terms of the agreement, which contemplates six-month renewals. (2) On March 28, 2024 the amended and restated Master Repurchase Agreement was terminated and replaced with a new $250 million Master Repurchase Agreement which has a termination date of March 27, 2026. On October 25, 2024, this facility was amended, reducing the interest rate pricing spread to a range from 1.75% to 3.35%, based on loan status, dwell time and other factors. Prior to this extension the interest rate pricing spread ranged from 2.10% to 3.35% (See Note 16 — Subsequent Events). (3) On November 1, 2024, this facility was amended to (i) reduce the interest rate pricing spread to a range from 1.90% to 4.75%, based on loan status, dwell time and other factors, (ii) eliminate the 20 basis point index spread adjustment, and (iii) extend the facility’s termination date to November 1, 2025. (See note 16 — Subsequent Events). (4) These master repurchase agreements expired by their terms on January 4, 2023. (5) This agreement expired by its terms on March 16, 2023. The following table sets forth the total unused borrowing capacity of each financing line as of September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | Note Payable | | Borrowing Capacity | | Balance Outstanding | | Available Financing | | | (in thousands) | Multinational Bank 1 | | $ | 600,000 | | | $ | 292,060 | | | $ | 307,940 | | Global Investment Bank 2 | | 250,000 | | | — | | | 250,000 | | Global Investment Bank 3 | | 200,000 | | | 40,982 | | | 159,018 | | | Total | | $ | 1,050,000 | | | $ | 333,042 | | | $ | 716,958 | |
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v3.24.3
Securities Sold Under Agreements to Repurchase (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Banking and Thrift, Interest [Abstract] |
|
| Schedule of Repurchase Agreements |
The following table summarizes certain characteristics of the Company’s repurchase agreements as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | | | | | | Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) | | | ($ in thousands) | | | | | | U.S. Treasury securities | | $ | 49,712 | | | 4.90 | % | | 3 | AOMT RMBS (1) | | 53,164 | | | 6.35 | % | | 18 | | Total | | $ | 102,876 | | | 5.65 | % | | 11 | | | | | | | | | December 31, 2023 | | | | | | | | Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) | | | | | | | | U.S. Treasury securities | | $ | 149,013 | | | 5.57 | % | | 10 | AOMT RMBS (1) | | 44,643 | | | 7.04 | % | | 16 | | Total | | $ | 193,656 | | | 5.91 | % | | 11 |
(1) A portion of repurchase debt outstanding as of both September 30, 2024 and December 31, 2023 includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). See Note 4 - Investment Securities.
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v3.24.3
Derivative Financial Instruments (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Derivative Instruments Presented on the Balance Sheet and Notional Amounts |
The following table sets forth the derivative instruments presented on the condensed consolidated balance sheets and notional amounts as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional Amounts | | As of: | | Derivatives Not Designated as Hedging Instruments | | Number of Contracts | | Assets | | Liabilities | | Long Exposure | | Short Exposure | | | | | | | ($ in thousands) | | September 30, 2024 | | Interest rate futures | | 2,404 | | $ | 1,392 | | | $ | — | | | $ | — | | | $ | 240,400 | | | September 30, 2024 | | TBAs | | N/A | | $ | 259 | | | $ | — | | | $ | — | | | $ | 203,400 | | | | | | | | | | | | | | | | December 31, 2023 | | Interest rate futures | | 1,489 | | $ | — | | | $ | 840 | | | $ | — | | | $ | 148,900 | | | December 31, 2023 | | TBAs | | N/A | | $ | — | | | $ | 494 | | | $ | — | | | $ | 386,700 | |
|
| Schedule of Derivatives Not Designated as Hedging Instruments |
The gains and losses arising from these derivative instruments in the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2024 and September 30, 2023 are set forth as follows:
| | | | | | | | | | | | | | | | | | | | | | | Derivatives Not Designated as Hedging Instruments | | Net Realized Gains (Losses) on Derivative Instruments | | Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments | | | | | (in thousands) | | Three Months Ended September 30, 2024 | | Interest rate futures | | $ | (4,461) | | | $ | 1,184 | | | Three Months Ended September 30, 2024 | | TBAs | | $ | 3,115 | | | $ | (1,235) | | | | | | | | | | Three Months Ended September 30, 2023 | | Interest rate futures | | $ | 2,828 | | | $ | (364) | | | Three Months Ended September 30, 2023 | | TBAs | | $ | 7,421 | | | $ | 4,927 | |
| | | | | | | | | | | | | | | | | | | | | | | Derivatives Not Designated as Hedging Instruments | | Net Realized Gains (Losses) on Derivative Instruments | | Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments | | | | | (in thousands) | | Nine Months Ended September 30, 2024 | | Interest rate futures | | $ | (622) | | | $ | 2,232 | | | Nine Months Ended September 30, 2024 | | TBAs | | $ | 5,238 | | | $ | 753 | | | | | | | | | | Nine Months Ended September 30, 2023 | | Interest rate futures | | $ | 8,599 | | | $ | (2,416) | | | Nine Months Ended September 30, 2023 | | TBAs | | $ | 4,900 | | | $ | (5,379) | |
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v3.24.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Financial Assets and Liabilities Measured at Fair Value |
The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (in thousands) | | Assets, at fair value | | | | | | | | | | Residential mortgage loans | | $ | — | | | $ | 426,501 | | | $ | 2,408 | | | $ | 428,909 | | | Residential mortgage loans in securitization trusts | | — | | | 1,425,632 | | | 27,275 | | | 1,452,907 | | | Investments in securities | | | | | | | | | AOMT RMBS (1) | | — | | | 88,741 | | | — | | | 88,741 | | | Whole Pool Agency RMBS | | — | | | 194,364 | | | — | | | 194,364 | | U.S. Treasury Securities | | 49,971 | | | — | | | — | | | 49,971 | | Other Assets, at fair value (2) | | — | | | 11,178 | | | — | | | 11,178 | | Unrealized appreciation on futures contracts | | 1,392 | | | — | | | — | | | 1,392 | | Unrealized appreciation on TBAs | | 259 | | | — | | | — | | | 259 | | | Total assets, at fair value | | $ | 51,622 | | | $ | 2,146,416 | | | $ | 29,683 | | | $ | 2,227,721 | | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | Non-recourse securitization obligation, collateralized by residential mortgage loans (3) | | $ | — | | | $ | 1,289,236 | | | $ | — | | | $ | 1,289,236 | | | | | | | | | | | | | | | | | | | | | Total liabilities, at fair value | | $ | — | | | $ | 1,289,236 | | | $ | — | | | $ | 1,289,236 | |
(1) AOMT RMBS held as of September 30, 2024 included both retained tranches of AOMT securitizations in which the Company participated, additional AOMT securities purchased in secondary market transactions, and other RMBS purchased in secondary market transactions.
(2) Includes Commercial Loans and AOMT commercial mortgage backed securities (“CMBS)” assets. All AOMT CMBS held as of September 30, 2024 was comprised of a small-balance commercial loan securitization issuance in which the Company participated.
(3) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above. See below for the disclosure of the full debt at fair value. The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (in thousands) | | Assets, at fair value | | | | | | | | | | Residential mortgage loans | | $ | — | | | $ | 374,004 | | | $ | 6,036 | | | $ | 380,040 | | | Residential mortgage loans in securitization trusts | | — | | | 1,207,804 | | | 13,263 | | | 1,221,067 | | | Investments in securities | | | | | | | | | AOMT RMBS (1) | | — | | | 79,696 | | | — | | | 79,696 | | | Whole Pool Agency RMBS | | — | | | 392,362 | | | — | | | 392,362 | | U.S. Treasury Securities. | | 149,927 | | | — | | | — | | | 149,927 | | | | | | | | | | | | | | | | | | | | Other Assets, at fair value (2) | | — | | | 32,923 | | | — | | | 32,923 | | | Total assets, at fair value | | $ | 149,927 | | | $ | 2,086,789 | | | $ | 19,299 | | | $ | 2,256,015 | | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | Non-recourse securitization obligation, collateralized by residential mortgage loans (3) | | $ | — | | | $ | 743,189 | | | $ | — | | | $ | 743,189 | | Unrealized depreciation on futures contracts | | (840) | | | — | | | — | | | (840) | | Unrealized depreciation on TBAs | | (494) | | | — | | | — | | | (494) | | | Total liabilities, at fair value | | $ | (1,334) | | | $ | 743,189 | | | $ | — | | | $ | 741,855 | |
(1) AOMT RMBS held as of December 31, 2023 included both retained tranches of AOMT securitizations in which the Company participated, additional AOMT securities purchased in secondary market transactions, and other RMBS purchased in secondary market transactions. (2) Includes Commercial Loans and AOMT CMBS assets. All AOMT CMBS held as of December 31, 2023 was comprised of a small-balance commercial loan securitization issuance in which the Company participated. (3) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above.
|
| Schedule of Significant Level 3 Inputs |
The following table sets forth information regarding the Company’s significant Level 3 inputs as of September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Input Values | | Asset | | Fair Value | | Unobservable Input | | Range | | Average | | | ($ in thousands) | | | | | | | | Residential mortgage loans, at fair value | | $ | 2,408 | | | Prepayment rate (annual CPR) | | 5.28% - 19.36% | | 12.27% | | | | | Default rate | | 7.62% - 35.41% | | 19.02% | | | | | Loss severity | | —% - 17.08% | | 9.46% | | | | | Expected remaining life | | 0.67 - 4.28 years | | 2.44 years | | | | | | | | | | | Residential mortgage loans in securitization trust, at fair value | | $ | 27,275 | | | Prepayment rate (annual CPR) | | 4.01% - 15.67% | | 10.63% | | | | | Default rate | | 6.98% - 28.33% | | 17.42% | | | | | Loss severity | | (22.22)% - 60.81% | | 1.37% | | | | | Expected remaining life | | 1.33 - 5.86 years | | 2.66 years | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table sets forth information regarding the Company’s significant Level 3 inputs as of December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Input Values | | Asset | | Fair Value | | Unobservable Input | | Range | | Average | | Residential mortgage loans, at fair value | | $ | 6,036 | | | Prepayment rate (annual CPR) | | 6.86% - 19.93% | | 13.40% | | | | | Default rate | | 12.69% - 13.64% | | 13.16% | | | | | Loss severity | | (25.00)% - 40.13% | | 4.12% | | | | | Expected remaining life | | 0.67 - 4.09 years | | 2.22 years | | | | | | | | | | | Residential mortgage loans in securitization trust, at fair value | | $ | 13,263 | | | Prepayment rate (annual CPR) | | 5.97% - 20.71% | | 12.32% | | | | | Default rate | | 4.38% - 28.66% | | 16.92% | | | | | Loss severity | | (13.99)% - 19.60% | | 4.14% | | | | | Expected remaining life | | 0.67 - 5.67 years | | 2.72 years |
|
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v3.24.3
Related Party Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Related Party Transactions [Abstract] |
|
| Schedule of Related Party Transactions |
The following table sets forth certain financial information pertaining to whole loan activity purchased from affiliates during the period and year ended as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | As of and for the Year-to-Date/Year Ended: | Amount of Loans Purchased from Affiliates during the Year-to-Date/Year Ended (in thousands) | Number of Loans Purchased from Affiliates during the Year-to-Date/Year Ended | Number of Loans Purchased from Affiliates, Owned and Held as of Year-to-Date/Year Ended (1): | | September 30, 2024 | $ | 182,200 | | 405 | | 380 | | | | | | | December 31, 2023 | $ | 199,793 | | 475 | | 589 | |
(1) Excludes loans held in consolidated securitizations.
|
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v3.24.3
Accumulated Other Comprehensive Income/(Loss) (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Schedule of Accumulated Other Comprehensive Income /(Loss) |
The following table sets forth the net unrealized gain/(loss) on available-for-sale (“AFS”) securities for the three and nine months ended September 30, 2024 and 2023, which is the sole component of the changes in the Company’s Accumulated Other Comprehensive Income/(Loss) (“AOCI”) for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | (in thousands) | | AOCI balance, beginning of period | $ | (3,147) | | | $ | (6,565) | | | | | | | | | | | Net unrealized gain/(loss) on AFS securities | 2,706 | | | (1,607) | | | AOCI balance, end of period | $ | (441) | | | $ | (8,172) | |
| | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | (in thousands) | | AOCI balance, beginning of period | $ | (4,975) | | | $ | (21,127) | | | | | | | | | | | Net unrealized gain/(loss) on AFS securities | 4,534 | | | 12,955 | | | AOCI balance, end of period | $ | (441) | | | $ | (8,172) | |
|
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v3.24.3
Other Assets (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
| Schedule of Other Assets |
The following table sets forth the detail of other assets included in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | ($ in thousands) | Investments in Majority-Owned Affiliates | | $ | 18,720 | | | $ | 16,232 | | Commercial Mortgage Loans, at fair value | | 5,242 | | | 5,219 | | CMBS, at fair value | | 5,936 | | | 6,592 | | | Deferred tax asset | | 3,457 | | | 3,457 | | | Prepaid expenses | | 1,570 | | | 1,137 | | | Protective advances and other assets | | 1,037 | | 285 | | Total other assets | | $ | 35,962 | | | $ | 32,922 | |
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v3.24.3
Earnings per Share (“EPS”) (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Basic and Diluted Earnings Per Share |
The following table sets forth the calculation of basic and diluted earnings per share for the three months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | September 30, 2024 | | September 30, 2023 | | | (in thousands, except share and per share data) | | Basic Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders | | $ | 31,204 | | | $ | 8,273 | | | Dividends allocated to participating securities | | (38) | | | (60) | | | Net income (loss) to common stockholders - basic | | $ | 31,166 | | | $ | 8,213 | | | Basic weighted average common shares outstanding | | 23,757,039 | | | 24,768,921 | | | Basic earnings (loss) per common share | | $ | 1.31 | | | $ | 0.33 | | | | | | | | Diluted Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders - basic | | $ | 31,204 | | | $ | 8,273 | | | Dividends allocated to participating securities | | (38) | | | (60) | | | Net income (loss) to common stockholders - diluted | | $ | 31,166 | | | $ | 8,213 | | | Basic weighted average common shares outstanding | | 23,757,039 | | | 24,768,921 | | | Net effect of dilutive equity awards | | 322,208 | | | 188,747 | | | Diluted weighted average common shares outstanding | | 24,079,247 | | | 24,957,668 | | | Diluted earnings (loss) per common share | | $ | 1.29 | | | $ | 0.33 | |
The following table sets forth the calculation of basic and diluted earnings per share for the nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | September 30, 2024 | | September 30, 2023 | | | (in thousands, except share and per share data) | | Basic Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders | | $ | 43,806 | | | $ | 5,115 | | | Dividends allocated to participating securities | | (115) | | | (123) | | | Net income (loss) to common stockholders - basic | | $ | 43,691 | | | $ | 4,992 | | | Basic weighted average common shares outstanding | | 24,445,105 | | | 24,706,568 | | | Basic earnings (loss) per common share | | $ | 1.79 | | | $ | 0.20 | | | | | | | | Diluted Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders - basic | | $ | 43,806 | | | $ | 5,115 | | | Dividends allocated to participating securities | | (115) | | | (123) | | | Net income (loss) to common stockholders - diluted | | $ | 43,691 | | | $ | 4,992 | | | Basic weighted average common shares outstanding | | 24,445,105 | | | 24,706,568 | | | Net effect of dilutive equity awards | | 333,360 | | | 227,265 | | | Diluted weighted average common shares outstanding | | 24,778,465 | | | 24,933,833 | | | Diluted earnings (loss) per common share | | $ | 1.76 | | | $ | 0.20 | |
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v3.24.3
Variable Interest Entities - Schedule of Securitization Transactions (Details) - VIE - Primary Beneficiary - Loan Securitization Transactions - USD ($)
$ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Variable Interest Entity [Line Items] |
|
|
| Aggregate unpaid principal balance of residential whole loans sold |
$ 1,512,722
|
$ 1,334,963
|
| Fair value adjustment for residential mortgage loans in securitization trusts |
(59,815)
|
(113,896)
|
| Residential mortgage loans in securitization trusts, at fair value |
1,452,907
|
1,221,067
|
| Aggregate unpaid principal balance of residential whole loans sold, at deal date |
2,010,214
|
1,710,381
|
| Aggregate cash received, at deal date |
233,835
|
194,746
|
| Non-recourse |
|
|
| Variable Interest Entity [Line Items] |
|
|
| Outstanding amount of Non-recourse securitization obligation, at amortized cost |
1,376,244
|
1,220,067
|
| Fair value adjustment for the portion of Non-recourse securitization obligation, at fair value option |
(22,486)
|
(50,912)
|
| Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts |
$ 1,353,758
|
$ 1,169,155
|
| Weighted average fixed rate for Non-recourse securitization obligation issued |
3.51%
|
2.91%
|
| Face amount of Non-recourse securitization obligation issued by the VIE and purchased by third-party investors, at deal date | Non-recourse |
|
|
| Variable Interest Entity [Line Items] |
|
|
| Face amount of debt |
$ 1,893,847
|
$ 1,619,051
|
| Face amount of Senior Support Certificates received by the Company, at deal date |
|
|
| Variable Interest Entity [Line Items] |
|
|
| Face amount of debt |
$ 116,367
|
$ 91,330
|
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v3.24.3
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Bonds |
|
|
| Variable Interest Entity [Line Items] |
|
|
| Face amount of debt |
$ 274,800
|
|
| Non-recourse |
|
|
| Variable Interest Entity [Line Items] |
|
|
| Non-recourse securitization obligations, collateralized by residential mortgage loans in securitization trusts |
1,353,758
|
$ 1,169,154
|
| VIE - Primary Beneficiary | Non-recourse |
|
|
| Variable Interest Entity [Line Items] |
|
|
| Non-recourse securitization obligations, collateralized by residential mortgage loans in securitization trusts |
1,400,000
|
1,200,000
|
| Loan Securitization Transactions |
|
|
| Variable Interest Entity [Line Items] |
|
|
| Securitized loans |
$ 1,500,000
|
$ 1,300,000
|
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v3.24.3
Residential Mortgage Loans (Details) - Residential mortgage loans - at fair value
$ in Thousands |
Sep. 30, 2024
USD ($)
loan
|
Dec. 31, 2023
USD ($)
loan
|
| Financing Receivables [Abstract] |
|
|
| Cost |
$ 421,944
|
$ 393,443
|
| Unpaid principal balance |
411,468
|
386,872
|
| Net premium on mortgage loans purchased |
10,476
|
6,571
|
| Change in fair value |
6,965
|
(13,403)
|
| Fair value |
$ 428,909
|
$ 380,040
|
| Weighted average interest rate |
7.73%
|
6.78%
|
| Weighted average remaining contractual maturity (years) |
30 years
|
29 years
|
| Financing Receivables, Past Due [Abstract] |
|
|
| Number of mortgage loans 90 or more days past due | loan |
5
|
7
|
| Recorded investment in mortgage loans 90 or more days past due |
$ 2,174
|
$ 5,754
|
| Unpaid principal balance of loans 90 or more days past due |
$ 2,142
|
$ 5,681
|
| Number of mortgage loans in foreclosure | loan |
1
|
2
|
| Recorded investment in mortgage loans in foreclosure |
$ 569
|
$ 1,956
|
| Unpaid principal balance of loans in foreclosure |
$ 551
|
$ 1,889
|
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
| X |
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Investment Securities - Schedule of Investments in RMBS and CMBS at Fair Value (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
$ (102,876)
|
$ (193,656)
|
| Due to broker |
194,697
|
391,964
|
| Mezzanine |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
(5,292)
|
(844)
|
| Subordinate |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
(20,175)
|
(19,812)
|
| Interest Only/Excess |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
0
|
(1,871)
|
| Retained RMBS in VIEs | VIE - Primary Beneficiary |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
(27,697)
|
(22,116)
|
| Retained RMBS in VIEs | VIE - Primary Beneficiary | Eliminations |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
143,500
|
124,100
|
| Total AOMT RMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
(53,164)
|
(44,643)
|
| Fannie Mae |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
0
|
0
|
| Freddie Mac |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
0
|
0
|
| Total Whole Pool Agency RMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
0
|
0
|
| Total RMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
(53,164)
|
(44,643)
|
| Mezzanine |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
13,463
|
10,972
|
| Allocated Capital |
8,171
|
10,128
|
| Subordinate |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
62,223
|
55,665
|
| Allocated Capital |
42,048
|
35,853
|
| Interest Only/Excess |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
13,055
|
13,059
|
| Allocated Capital |
13,055
|
11,188
|
| Retained RMBS in VIEs | VIE - Primary Beneficiary |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
0
|
0
|
| Allocated Capital |
(27,697)
|
(22,116)
|
| Total AOMT RMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
88,741
|
79,696
|
| Allocated Capital |
35,577
|
35,053
|
| Fannie Mae |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
158,040
|
278,510
|
| Allocated Capital |
158,040
|
278,510
|
| Freddie Mac |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
36,324
|
113,852
|
| Allocated Capital |
36,324
|
113,852
|
| Total Whole Pool Agency RMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
194,364
|
392,362
|
| Allocated Capital |
194,364
|
392,362
|
| Total RMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
283,105
|
472,058
|
| Securities Sold Under Agreements to Repurchase |
(53,164)
|
(44,643)
|
| Allocated Capital |
$ 229,941
|
$ 427,415
|
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Investment Securities - Schedule of U.S. Treasury Securities (Details) - U.S. Treasury securities - USD ($)
$ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Face Value |
$ 50,000
|
$ 150,000
|
| Unamortized Discount, net |
16
|
159
|
| Amortized Cost |
49,984
|
149,841
|
| Unrealized Gain/(Loss) |
(13)
|
86
|
| CMBS, at fair value |
$ 49,971
|
$ 149,927
|
| Net Effective Yield |
3.89%
|
5.30%
|
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v3.24.3
Financing - Narrative (Details) - USD ($)
|
|
9 Months Ended |
|
Jul. 25, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
| Restricted cash |
|
$ 2,679,000
|
$ 2,871,000
|
| Accrued interest payable on debt |
|
1,312,000
|
820,000
|
| 9.500% Unsecured Senior Notes Due 2029 | Senior Notes |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Face amount of debt |
$ 50,000,000
|
|
|
| Stated interest rate |
9.50%
|
|
|
| Proceeds from debt, net of issuance costs |
$ 47,500,000
|
|
|
| Accrued interest payable on debt |
|
900,000
|
|
| Debt issuance costs, net |
|
1,500,000
|
|
| Interest expense, debt |
|
1,000,000.0
|
|
| Long-term debt |
|
50,000,000
|
|
| 9.500% Unsecured Senior Notes Due 2029 | Senior Notes | Debt Instrument, Redemption, Period One |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, redemption price, percentage |
100.00%
|
|
|
| 9.500% Unsecured Senior Notes Due 2029 | Senior Notes | Debt Instrument, Redemption, Period Two |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, redemption price, percentage |
101.00%
|
|
|
| Collateral Pledged |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Restricted cash |
|
$ 0
|
$ 0
|
| X |
- DefinitionFace (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E
Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Topic 942
-SubTopic 470
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-Section 50
-Paragraph 3
-Subparagraph (e)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 1D
-Subparagraph (a)
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-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E
Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
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-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(15)(a))
-Publisher FASB
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4
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-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
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-Topic 944
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482913/230-10-50-8
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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v3.24.3
Financing - Schedule of Lines of Credit Available and Drawn Amounts for Whole Loan Purchases (Details) - USD ($)
|
|
|
|
|
9 Months Ended |
|
Nov. 01, 2024 |
Oct. 25, 2024 |
Sep. 25, 2024 |
Mar. 28, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
$ 333,042,000
|
$ 290,610,000
|
| Securities sold under agreements to repurchase |
|
|
|
|
102,876,000
|
193,656,000
|
| Notes Payable to Banks | Line of Credit |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
333,042,000
|
290,610,000
|
| Borrowing Capacity |
|
|
|
|
1,050,000,000
|
|
| Available Financing |
|
|
|
|
716,958,000
|
|
| Notes Payable to Banks | Line of Credit | Multinational Bank 1 |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
292,060,000
|
206,183,000
|
| Renewal period |
|
|
6 months
|
|
|
|
| Borrowing Capacity |
|
|
|
|
600,000,000
|
|
| Available Financing |
|
|
|
|
$ 307,940,000
|
|
| Notes Payable to Banks | Line of Credit | Multinational Bank 1 | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
1.75%
|
|
| Notes Payable to Banks | Line of Credit | Multinational Bank 1 | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
2.10%
|
|
| Notes Payable to Banks | Line of Credit | Global Investment Bank 2 |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
$ 0
|
0
|
| Securities sold under agreements to repurchase |
|
|
|
$ 250,000,000
|
|
|
| Borrowing Capacity |
|
|
|
|
250,000,000
|
|
| Available Financing |
|
|
|
|
$ 250,000,000
|
|
| Notes Payable to Banks | Line of Credit | Global Investment Bank 2 | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
2.10%
|
2.10%
|
|
| Notes Payable to Banks | Line of Credit | Global Investment Bank 2 | Minimum | Subsequent Event |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
1.75%
|
|
|
|
|
| Notes Payable to Banks | Line of Credit | Global Investment Bank 2 | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
3.35%
|
3.45%
|
|
| Notes Payable to Banks | Line of Credit | Global Investment Bank 2 | Maximum | Subsequent Event |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
3.35%
|
|
|
|
|
| Notes Payable to Banks | Line of Credit | Global Investment Bank 3 |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
$ 40,982,000
|
84,427,000
|
| Borrowing Capacity |
|
|
|
|
200,000,000
|
|
| Available Financing |
|
|
|
|
$ 159,018,000
|
|
| Notes Payable to Banks | Line of Credit | Global Investment Bank 3 | Subsequent Event |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Basis point index spread adjustment |
0.20%
|
|
|
|
|
|
| Notes Payable to Banks | Line of Credit | Global Investment Bank 3 | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
2.00%
|
|
| Notes Payable to Banks | Line of Credit | Global Investment Bank 3 | Minimum | Subsequent Event |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
1.90%
|
|
|
|
|
|
| Notes Payable to Banks | Line of Credit | Global Investment Bank 3 | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
4.50%
|
|
| Notes Payable to Banks | Line of Credit | Global Investment Bank 3 | Maximum | Subsequent Event |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
4.75%
|
|
|
|
|
|
| Notes Payable to Banks | Line of Credit | Institutional Investors A and B |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
3.50%
|
|
| Drawn Amount |
|
|
|
|
|
0
|
| Notes Payable to Banks | Line of Credit | Regional Bank 1 |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
|
$ 0
|
| Notes Payable to Banks | Line of Credit | Regional Bank 1 | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
2.50%
|
|
| Notes Payable to Banks | Line of Credit | Regional Bank 1 | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
3.50%
|
|
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Section 45
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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v3.24.3
| X |
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v3.24.3
Derivative Financial Instruments - Narrative (Details) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Derivative [Line Items] |
|
|
| Restricted cash |
$ 2,679,000
|
$ 2,871,000
|
| Interest rate futures |
|
|
| Derivative [Line Items] |
|
|
| Restricted cash |
2,300,000
|
2,500,000
|
| TBAs |
|
|
| Derivative [Line Items] |
|
|
| Restricted cash |
$ 0
|
$ 0
|
| X |
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-Topic 815
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 942
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v3.24.3
Derivative Financial Instruments - Schedule of Derivative Instruments Presented on the Balance Sheet and Notional Amounts (Details)
$ in Thousands |
Sep. 30, 2024
USD ($)
contract
|
Dec. 31, 2023
USD ($)
contract
|
| Derivative [Line Items] |
|
|
| Assets |
$ 1,651
|
$ 0
|
| Derivatives Not Designated as Hedging Instruments | Interest rate futures |
|
|
| Derivative [Line Items] |
|
|
| Number of Contracts | contract |
2,404
|
1,489
|
| Assets |
$ 1,392
|
$ 0
|
| Liabilities |
0
|
840
|
| Derivatives Not Designated as Hedging Instruments | TBAs |
|
|
| Derivative [Line Items] |
|
|
| Assets |
259
|
0
|
| Liabilities |
0
|
494
|
| Derivatives Not Designated as Hedging Instruments | Long Exposure | Interest rate futures |
|
|
| Derivative [Line Items] |
|
|
| Notional Amounts |
0
|
0
|
| Derivatives Not Designated as Hedging Instruments | Long Exposure | TBAs |
|
|
| Derivative [Line Items] |
|
|
| Notional Amounts |
0
|
0
|
| Derivatives Not Designated as Hedging Instruments | Short Exposure | Interest rate futures |
|
|
| Derivative [Line Items] |
|
|
| Notional Amounts |
240,400
|
148,900
|
| Derivatives Not Designated as Hedging Instruments | Short Exposure | TBAs |
|
|
| Derivative [Line Items] |
|
|
| Notional Amounts |
$ 203,400
|
$ 386,700
|
| X |
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
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Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Derivative Financial Instruments - Schedule of Derivatives Not Designated as Hedging Instruments (Details) - Derivatives Not Designated as Hedging Instruments - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Interest rate futures |
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
| Net Realized Gains (Losses) on Derivative Instruments |
$ (4,461)
|
$ 2,828
|
$ (622)
|
$ 8,599
|
| Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments |
1,184
|
(364)
|
2,232
|
(2,416)
|
| TBAs |
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
| Net Realized Gains (Losses) on Derivative Instruments |
3,115
|
7,421
|
5,238
|
4,900
|
| Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments |
$ (1,235)
|
$ 4,927
|
$ 753
|
$ (5,379)
|
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v3.24.3
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Assets, at fair value |
|
|
| Other Assets, at fair value |
$ 11,178
|
$ 32,923
|
| Total assets, at fair value |
2,227,721
|
2,256,015
|
| Liabilities, at fair value |
|
|
| Non-recourse securitization obligation, collateralized by residential mortgage loans |
1,289,236
|
743,189
|
| Total liabilities, at fair value |
1,289,236
|
741,855
|
| AOMT RMBS |
|
|
| Assets, at fair value |
|
|
| Investments in securities |
88,741
|
79,696
|
| Whole Pool Agency RMBS |
|
|
| Assets, at fair value |
|
|
| Investments in securities |
194,364
|
392,362
|
| U.S. Treasury securities |
|
|
| Assets, at fair value |
|
|
| Investments in securities |
49,971
|
149,927
|
| Unrealized appreciation on futures contracts |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation |
1,392
|
|
| Liabilities, at fair value |
|
|
| Unrealized depreciation |
|
(840)
|
| Unrealized appreciation on TBAs |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation |
259
|
|
| Liabilities, at fair value |
|
|
| Unrealized depreciation |
|
(494)
|
| Residential mortgage loans |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
428,909
|
380,040
|
| Residential mortgage loans in securitization trusts |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
1,452,907
|
1,221,067
|
| Level 1 |
|
|
| Assets, at fair value |
|
|
| Other Assets, at fair value |
0
|
0
|
| Total assets, at fair value |
51,622
|
149,927
|
| Liabilities, at fair value |
|
|
| Non-recourse securitization obligation, collateralized by residential mortgage loans |
0
|
0
|
| Total liabilities, at fair value |
0
|
(1,334)
|
| Level 1 | AOMT RMBS |
|
|
| Assets, at fair value |
|
|
| Investments in securities |
0
|
0
|
| Level 1 | Whole Pool Agency RMBS |
|
|
| Assets, at fair value |
|
|
| Investments in securities |
0
|
0
|
| Level 1 | U.S. Treasury securities |
|
|
| Assets, at fair value |
|
|
| Investments in securities |
49,971
|
149,927
|
| Level 1 | Unrealized appreciation on futures contracts |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation |
1,392
|
|
| Liabilities, at fair value |
|
|
| Unrealized depreciation |
|
(840)
|
| Level 1 | Unrealized appreciation on TBAs |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation |
259
|
|
| Liabilities, at fair value |
|
|
| Unrealized depreciation |
|
(494)
|
| Level 1 | Residential mortgage loans |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
0
|
0
|
| Level 1 | Residential mortgage loans in securitization trusts |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
0
|
0
|
| Level 2 |
|
|
| Assets, at fair value |
|
|
| Other Assets, at fair value |
11,178
|
32,923
|
| Total assets, at fair value |
2,146,416
|
2,086,789
|
| Liabilities, at fair value |
|
|
| Non-recourse securitization obligation, collateralized by residential mortgage loans |
1,289,236
|
743,189
|
| Total liabilities, at fair value |
1,289,236
|
743,189
|
| Level 2 | AOMT RMBS |
|
|
| Assets, at fair value |
|
|
| Investments in securities |
88,741
|
79,696
|
| Level 2 | Whole Pool Agency RMBS |
|
|
| Assets, at fair value |
|
|
| Investments in securities |
194,364
|
392,362
|
| Level 2 | U.S. Treasury securities |
|
|
| Assets, at fair value |
|
|
| Investments in securities |
0
|
0
|
| Level 2 | Unrealized appreciation on futures contracts |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation |
0
|
|
| Liabilities, at fair value |
|
|
| Unrealized depreciation |
|
0
|
| Level 2 | Unrealized appreciation on TBAs |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation |
0
|
|
| Liabilities, at fair value |
|
|
| Unrealized depreciation |
|
0
|
| Level 2 | Residential mortgage loans |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
426,501
|
374,004
|
| Level 2 | Residential mortgage loans in securitization trusts |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
1,425,632
|
1,207,804
|
| Level 3 |
|
|
| Assets, at fair value |
|
|
| Other Assets, at fair value |
0
|
0
|
| Total assets, at fair value |
29,683
|
19,299
|
| Liabilities, at fair value |
|
|
| Non-recourse securitization obligation, collateralized by residential mortgage loans |
0
|
0
|
| Total liabilities, at fair value |
0
|
0
|
| Level 3 | AOMT RMBS |
|
|
| Assets, at fair value |
|
|
| Investments in securities |
0
|
0
|
| Level 3 | Whole Pool Agency RMBS |
|
|
| Assets, at fair value |
|
|
| Investments in securities |
0
|
0
|
| Level 3 | U.S. Treasury securities |
|
|
| Assets, at fair value |
|
|
| Investments in securities |
0
|
0
|
| Level 3 | Unrealized appreciation on futures contracts |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation |
0
|
|
| Liabilities, at fair value |
|
|
| Unrealized depreciation |
|
0
|
| Level 3 | Unrealized appreciation on TBAs |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation |
0
|
|
| Liabilities, at fair value |
|
|
| Unrealized depreciation |
|
0
|
| Level 3 | Residential mortgage loans |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
2,408
|
6,036
|
| Level 3 | Residential mortgage loans in securitization trusts |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
$ 27,275
|
$ 13,263
|
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
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-Section 45
-Paragraph 1
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-Topic 825
-SubTopic 10
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-Section 50
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-Topic 820
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-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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| Balance Type: |
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v3.24.3
Fair Value Measurements - Schedule of Significant Level 3 Inputs (Details)
$ in Thousands |
Sep. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
| Residential mortgage loans - at fair value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Fair Value |
$ 428,909
|
$ 380,040
|
| Level 3 | Residential mortgage loans - at fair value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Fair Value |
$ 2,408
|
$ 6,036
|
| Level 3 | Residential mortgage loans - at fair value | Minimum | Prepayment rate (annual CPR) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.0528
|
0.0686
|
| Level 3 | Residential mortgage loans - at fair value | Minimum | Default rate |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.0762
|
0.1269
|
| Level 3 | Residential mortgage loans - at fair value | Minimum | Loss severity |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0
|
(0.2500)
|
| Level 3 | Residential mortgage loans - at fair value | Minimum | Expected remaining life |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Expected remaining life |
8 months 1 day
|
8 months 1 day
|
| Level 3 | Residential mortgage loans - at fair value | Maximum | Prepayment rate (annual CPR) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.1936
|
0.1993
|
| Level 3 | Residential mortgage loans - at fair value | Maximum | Default rate |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.3541
|
0.1364
|
| Level 3 | Residential mortgage loans - at fair value | Maximum | Loss severity |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.1708
|
0.4013
|
| Level 3 | Residential mortgage loans - at fair value | Maximum | Expected remaining life |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Expected remaining life |
4 years 3 months 10 days
|
4 years 1 month 2 days
|
| Level 3 | Residential mortgage loans - at fair value | Average | Prepayment rate (annual CPR) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.1227
|
0.1340
|
| Level 3 | Residential mortgage loans - at fair value | Average | Default rate |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.1902
|
0.1316
|
| Level 3 | Residential mortgage loans - at fair value | Average | Loss severity |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.0946
|
0.0412
|
| Level 3 | Residential mortgage loans - at fair value | Average | Expected remaining life |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Expected remaining life |
2 years 5 months 8 days
|
2 years 2 months 19 days
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Fair Value |
$ 27,275
|
$ 13,263
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value | Minimum | Prepayment rate (annual CPR) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.0401
|
0.0597
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value | Minimum | Default rate |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.0698
|
0.0438
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value | Minimum | Loss severity |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
(0.2222)
|
(0.1399)
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value | Minimum | Expected remaining life |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Expected remaining life |
1 year 3 months 29 days
|
8 months 1 day
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value | Maximum | Prepayment rate (annual CPR) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.1567
|
0.2071
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value | Maximum | Default rate |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.2833
|
0.2866
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value | Maximum | Loss severity |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.6081
|
0.1960
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value | Maximum | Expected remaining life |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Expected remaining life |
5 years 10 months 9 days
|
5 years 8 months 1 day
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value | Average | Prepayment rate (annual CPR) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.1063
|
0.1232
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value | Average | Default rate |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.1742
|
0.1692
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value | Average | Loss severity |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Loans held-for-sale, measurement input |
0.0137
|
0.0414
|
| Level 3 | Residential mortgage loans in securitization trusts - at fair value | Average | Expected remaining life |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Expected remaining life |
2 years 7 months 28 days
|
2 years 8 months 19 days
|
| X |
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-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Topic 820
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10
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| Namespace Prefix: |
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| Period Type: |
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|
| X |
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| Namespace Prefix: |
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v3.24.3
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Amortized cost of non-recourse securitization obligations |
$ 1,380,000
|
$ 1,240,000
|
| Fair value of non-recourse securitization obligations |
1,290,000
|
1,090,000
|
| Difference between amortized cost and fair value of non-recourse securitization obligations |
87,000
|
156,400
|
| Amortized cost and fair value of these investments |
18,720
|
16,232
|
| Amortized Cost |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Amortized cost and fair value of these investments |
18,700
|
16,200
|
| Fair Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Amortized cost and fair value of these investments |
17,000
|
16,700
|
| Residential mortgage loans in securitization trusts - at fair value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Difference between amortized cost and fair value of non-recourse securitization obligations |
$ 64,500
|
$ 81,900
|
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v3.24.3
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v3.24.3
Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
| Balance at beginning of period |
$ 255,806
|
$ 232,676
|
$ 256,106
|
$ 236,479
|
| Balance at end of period |
265,098
|
231,802
|
265,098
|
231,802
|
| Net unrealized gain/(loss) on AFS securities |
|
|
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
| Balance at beginning of period |
(3,147)
|
(6,565)
|
(4,975)
|
(21,127)
|
| Net unrealized gain/(loss) on AFS securities |
2,706
|
(1,607)
|
4,534
|
12,955
|
| Balance at end of period |
$ (441)
|
$ (8,172)
|
$ (441)
|
$ (8,172)
|
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v3.24.3
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
| Investments in Majority-Owned Affiliates |
$ 18,720
|
$ 16,232
|
| Deferred tax asset |
3,457
|
3,457
|
| Prepaid expenses |
1,570
|
1,137
|
| Protective advances and other assets |
1,037
|
285
|
| Total other assets |
35,962
|
32,922
|
| CMBS, at fair value |
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
| CMBS, at fair value |
5,936
|
6,592
|
| Commercial Mortgage Loans, at fair value |
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
| Commercial Mortgage Loans, at fair value |
$ 5,242
|
$ 5,219
|
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v3.24.3
Other Assets - Narrative (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
| CMBS, at fair value |
|
|
|
|
| Noncontrolling Interest [Line Items] |
|
|
|
|
| Cost of mortgage-backed securities |
$ 6,100
|
|
|
$ 6,300
|
| CMBS, at fair value |
5,936
|
|
|
6,592
|
| Commercial Mortgage Loans, at fair value |
|
|
|
|
| Noncontrolling Interest [Line Items] |
|
|
|
|
| Cost and unpaid principal balance |
5,600
|
|
|
5,600
|
| Mortgage loans |
$ 5,242
|
|
|
$ 5,219
|
| Weighted average interest rate |
6.24%
|
|
|
|
| Weighted average remaining contractual maturity (years) |
11 years
|
|
|
|
| AOMT 2023-1 | MOA |
|
|
|
|
| Noncontrolling Interest [Line Items] |
|
|
|
|
| Investment percentage |
41.21%
|
41.21%
|
41.21%
|
41.21%
|
| AOMT 2023-5 | MOA |
|
|
|
|
| Noncontrolling Interest [Line Items] |
|
|
|
|
| Investment percentage |
34.42%
|
34.42%
|
34.42%
|
34.42%
|
| AOMT 2023-7 | MOA |
|
|
|
|
| Noncontrolling Interest [Line Items] |
|
|
|
|
| Investment percentage |
10.35%
|
10.35%
|
10.35%
|
10.35%
|
| AOMT 2024-3 | MOA |
|
|
|
|
| Noncontrolling Interest [Line Items] |
|
|
|
|
| Investment percentage |
10.98%
|
10.98%
|
10.98%
|
10.98%
|
| AOMT 2024-6 | MOA |
|
|
|
|
| Noncontrolling Interest [Line Items] |
|
|
|
|
| Investment percentage |
4.51%
|
4.51%
|
4.51%
|
4.51%
|
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v3.24.3
Equity (Details) - USD ($)
$ in Thousands |
|
3 Months Ended |
9 Months Ended |
Jul. 25, 2024 |
Sep. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Proceeds from issuances of common stock, net of expenses |
|
|
$ 2,252
|
$ 0
|
| Xylem Finance LLC |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Repurchase of common stock, number of shares (shares) |
1,707,922
|
|
|
|
| Repurchase of common stock, value |
$ 20,000
|
|
|
|
| ATM Program |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Common stock, capital shares reserved for future issuance (in shares) |
|
6,973,959
|
6,973,959
|
|
| Stock issued in sale (shares) |
|
188,456
|
188,456
|
|
| Proceeds from issuances of common stock, net of expenses |
|
$ 2,300
|
$ 2,300
|
|
| Payments of stock issuance costs |
|
$ 45
|
$ 45
|
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v3.24.3
Earnings per Share (“EPS”) - Narrative (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Net effect of dilutive equity awards (shares) |
322,208
|
188,747
|
333,360
|
227,265
|
| Performance Shares |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Cumulative share-based compensation expense |
$ 0.7
|
|
$ 0.7
|
|
| Restricted Stock Awards |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Net effect of dilutive equity awards (shares) |
120,000
|
|
120,000
|
|
| Antidilutive securities excluded from computation of earnings per share (shares) |
|
186,645
|
|
186,645
|
| Performance Shares |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Net effect of dilutive equity awards (shares) |
200,000
|
|
200,000
|
|
| Antidilutive securities excluded from computation of earnings per share (shares) |
|
95,832
|
|
95,832
|
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|
v3.24.3
Equity and Earnings per Share ("EPS") - Calculation of Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Basic Earnings (Loss) per Common Share: |
|
|
|
|
| Net income (loss) to common stockholders |
$ 31,204
|
$ 8,273
|
$ 43,806
|
$ 5,115
|
| Dividends allocated to participating securities |
(38)
|
(60)
|
(115)
|
(123)
|
| Net income (loss) to common stockholders - basic |
$ 31,166
|
$ 8,213
|
$ 43,691
|
$ 4,992
|
| Basic weighted average common shares outstanding (shares) |
23,757,039
|
24,768,921
|
24,445,105
|
24,706,568
|
| Basic earnings (loss) per common share (USD per share) |
$ 1.31
|
$ 0.33
|
$ 1.79
|
$ 0.20
|
| Diluted Earnings (Loss) per Common Share: |
|
|
|
|
| Net income (loss) to common stockholders - basic |
$ 31,204
|
$ 8,273
|
$ 43,806
|
$ 5,115
|
| Dividends allocated to participating securities |
(38)
|
(60)
|
(115)
|
(123)
|
| Net income (loss) to common stockholders - diluted |
$ 31,166
|
$ 8,213
|
$ 43,691
|
$ 4,992
|
| Basic weighted average common shares outstanding (shares) |
23,757,039
|
24,768,921
|
24,445,105
|
24,706,568
|
| Net effect of dilutive equity awards (shares) |
322,208
|
188,747
|
333,360
|
227,265
|
| Diluted weighted average common shares outstanding (shares) |
24,079,247
|
24,957,668
|
24,778,465
|
24,933,833
|
| Diluted earnings (loss) per common share (USD per share) |
$ 1.29
|
$ 0.33
|
$ 1.76
|
$ 0.20
|
| X |
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-Paragraph 60
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 65
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-65
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 66
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-66
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B
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| X |
- DefinitionThe sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-16
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10
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|
v3.24.3
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Thousands |
|
|
|
|
9 Months Ended |
|
|
Nov. 06, 2024 |
Nov. 01, 2024 |
Oct. 25, 2024 |
Mar. 28, 2024 |
Sep. 30, 2024 |
Oct. 16, 2024 |
Dec. 31, 2023 |
| Subsequent Event |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Dividends declared per share of common stock (USD per share) |
$ 0.32
|
|
|
|
|
|
|
| Line of Credit | Global Investment Bank 3 | Notes Payable to Banks | Subsequent Event |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Basis point index spread adjustment |
|
0.20%
|
|
|
|
|
|
| Minimum | Line of Credit | Global Investment Bank 2 | Notes Payable to Banks |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
2.10%
|
2.10%
|
|
|
| Minimum | Line of Credit | Global Investment Bank 2 | Notes Payable to Banks | Subsequent Event |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
1.75%
|
|
|
|
|
| Minimum | Line of Credit | Global Investment Bank 3 | Notes Payable to Banks |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
2.00%
|
|
|
| Minimum | Line of Credit | Global Investment Bank 3 | Notes Payable to Banks | Subsequent Event |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
1.90%
|
|
|
|
|
|
| Maximum | Line of Credit | Global Investment Bank 2 | Notes Payable to Banks |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
3.35%
|
3.45%
|
|
|
| Maximum | Line of Credit | Global Investment Bank 2 | Notes Payable to Banks | Subsequent Event |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
3.35%
|
|
|
|
|
| Maximum | Line of Credit | Global Investment Bank 3 | Notes Payable to Banks |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
4.50%
|
|
|
| Maximum | Line of Credit | Global Investment Bank 3 | Notes Payable to Banks | Subsequent Event |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
4.75%
|
|
|
|
|
|
| Residential mortgage loans - at fair value |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Unpaid principal balance |
|
|
|
|
$ 411,468
|
|
$ 386,872
|
| Residential mortgage loans - at fair value | Subsequent Event |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Unpaid principal balance |
|
|
|
|
|
$ 316,800
|
|
| X |
- DefinitionDebt Instrument, Basis Point Index Spread Adjustment
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| X |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
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| X |
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|
| X |
- DefinitionDetail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483399/855-10-50-2
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| X |
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| Period Type: |
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| X |
- Details
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| X |
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|
Angel Oak Mortgage REIT (NYSE:AOMR)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Angel Oak Mortgage REIT (NYSE:AOMR)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
