Angel Oak Mortgage REIT Inc (AOMR) 2023 Q3 法說會逐字稿

Good morning and welcome to the Angel Oak Mortgage third-quarter 2023 earnings call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Randy Chrisman. Please go ahead.

早安，歡迎參加 Angel Oak Mortgage 2023 年第三季財報電話會議。所有參與者將處於僅聽模式。 （操作員說明）今天的演示結束後，將有機會提問。 （操作員說明）請注意，該事件正在被記錄。我現在想把會議交給蘭迪·克里斯曼。請繼續。

Good morning. Thank you for joining us today for Angel Mortgage REIT third-quarter 2023 earnings conference call. This morning, we filed a press release detailing these results, which is available on the investors section on our website at www.angeloakreit.com. As a reminder, remarks made on today's conference call may include forward-looking statements.

早安.感謝您今天參加我們天使抵押房地產投資信託基金 2023 年第三季財報電話會議。今天早上，我們發布了一份新聞稿，詳細介紹了這些結果，您可以在我們網站 www.angeloakreit.com 的投資者部分查看新聞稿。提醒一下，今天電話會議的言論可能包含前瞻性陳述。

Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. We do not undertake any obligation to update our forward-looking statements in light of new information or future events. For a more detailed discussion of the factors that may affect the company's results, please refer to our earnings release for this quarter and to our most recent SEC filings. During this call, we will be discussing certain non-GAAP financial measures.

前瞻性陳述存在風險和不確定性，可能導致實際結果與今天討論的結果有重大差異。我們不承擔根據新資訊或未來事件更新我們的前瞻性陳述的任何義務。有關可能影響公司業績的因素的更詳細討論，請參閱我們本季的收益發布以及我們最近向 SEC 提交的文件。在本次電話會議中，我們將討論某些非公認會計準則財務指標。

More information about these non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are contained in our earnings release and SEC filings. This morning's conference call is hosted by Angel Oak Mortgage REIT's Chief Executive Officer, Sreeni Prabhu; Chief Financial Officer, Brandon Filson; and Angel Oak Capitals' co-CIO, Namit Sinha. Management will first lead off the call by making some prepared comments, after which, we will open up the call to your questions. Additionally, we recommend reviewing our earnings supplement posted on our website at www.angeloakreit.com. Now, I will turn the call over to Sreeni.

有關這些非 GAAP 財務指標以及與最直接可比的 GAAP 財務指標的調整的更多信息，請參閱我們的收益發布和 SEC 文件。今天早上的電話會議由 Angel Oak Mortgage REIT 執行長 Sreeni Prabhu 主持；財務長布蘭登‧菲爾森；以及 Angel Oak Capitals 的聯合首席資訊長 Namit Sinha。管理層將首先透過發表一些準備好的評論來開始電話會議，然後我們將在電話會議中回答您的問題。此外，我們建議您查看我們網站 www.angeloakreit.com 上發布的收入補充資料。現在，我將把電話轉給 Sreeni。

Thank you, Randy, and thank you, everyone, for joining us today. Angel Oak's charter of the second-half of the year very strong, with the results demonstrating the positive growth and the momentum we have built throughout the first-half of the year. Late last year and at the beginning of this year, we set out to reposition our portfolio to reduce risk and increase liquidity. We accomplished that and our emphasis then shifted to growth.

謝謝蘭迪，也謝謝大家今天加入我們。 Angel Oak 下半年的業績非常強勁，結果顯示了我們在今年上半年建立的積極成長和勢頭。去年年底和今年年初，我們開始重新定位我們的投資組合，以降低風險並增加流動性。我們實現了這一目標，然後我們的重點轉向了成長。

You can see in this quarter's results that we are on our way to accomplishing this goal as well. Our focus is on optimizing the earnings levers that we can control, such as growing net interest margin and reducing operating expenses, while managing risk and maintaining liquidity. To that end, during the third quarter, we continue to pursue selective loan purchases at attractive rates and made further progress on reducing interest and operating expenses as we continue to grow the overall earnings power of our portfolio.

您可以從本季的業績中看到，我們也正在實現這一目標。我們的重點是優化我們可以控制的獲利槓桿，例如提高淨利差和降低營運費用，同時管理風險和保持流動性。為此，在第三季度，我們繼續以具有吸引力的利率進行選擇性貸款購買，並在繼續提高投資組合的整體盈利能力的同時，在降低利息和運營費用方面取得進一步進展。

In the third quarter, we drove a step-change improvement in net interest margin due to our strategic securitization activity and purchases of newly originated current coupon notes. As we stated in our second quarter earnings call, the reduction in interest expense, driven by the AOMD 2023 dashboard securitization was demonstrated in our third-quarter results. We have remained nimble in acquisition activity, completing two co-mingled deals alongside other Angel Oak entities.

第三季度，由於我們的策略性證券化活動和購買新發行的當期息票，我們推動了淨利差的逐步改善。正如我們在第二季財報電話會議中所述，AOMD 2023 儀表板證券化推動的利息支出減少在我們的第三季業績中得到了體現。我們在收購活動中保持靈活，與其他 Angel Oak 實體完成了兩筆混合交易。

In addition to a stand-alone AOMRD, the Angel Oak ecosystem affords us the ability to pursue securitization structures that provide the best strategic fit for the REIT. Current coupon loans purchased during the quarter buoyed net interest income, despite lower unsecuritized loan balance. The weighted average coupon of our whole loan portfolio grew 99-basis-points in the third quarter and including purchases and commitments to purchase since quarter-end, currently sits at approximately 6.37, a further increase of 54-basis-points since quarter-end. For context, these average coupons compare to 4.63% as of the end of Q1 2023.

除了獨立的 AOMRD 之外，Angel Oak 生態系統還使我們能夠追求為 REIT 提供最佳策略契合的證券化結構。儘管非證券貸款餘額較低，但本季購買的當前息票貸款提振了淨利息收入。我們整個貸款組合的加權平均票息在第三季度增長了 99 個基點（包括季度末以來的購買和承諾購買），目前約為 6.37，比季度末進一步增加了 54 個基點。就背景而言，截至 2023 年第一季末，這些平均票面利率為 4.63%。

We are proud of the strategic progress we have made and we feel we can maintain the momentum and drive further NIM growth in the following quarters, as we redeploy capital into assets with significantly high yield. This effort will be supported by our ability to evaluate opportunities within our desired risk and return characteristics and actively acquire high quality loans and attractive coupon rates. As through the recent quarters, we have remained focused on managing our expenses to maximize the operating effectiveness of AOMT. Throughout the first-half of the year, we made significant progress reducing our operating expenses.

我們對所取得的策略進展感到自豪，我們認為，隨著我們將資本重新部署到收益率極高的資產中，我們可以在接下來的幾個季度保持這一勢頭並推動淨息差的進一步增長。我們有能力評估我們期望的風險和回報特徵內的機會，並積極獲得高品質的貸款和有吸引力的票面利率，從而支持這項努力。在最近幾個季度，我們仍然專注於管理費用，以最大限度地提高 AOMT 的營運效率。整個上半年，我們在減少營運費用方面取得了重大進展。

In the third quarter, we captured additional savings through reducing operating expenses, excluding securitizations, by 12.5% versus the second quarter. We have also made efforts to optimize our financing in order to decrease our weighted average rate on our funding costs. While there are signs that the [Fed] is near the end of the interest-rate hike, mortgage applications and originations continue to be muted, with rates remaining elevated relative to recent years. Our non-QM loan origination volumes have been a bit more resilient than the GSE loans, but given general market uncertainty, we'll continue to manage our whole loan position and expect that a nominal value in whole loans will not exceed more than 1.5 to 2 times the average nominal size of a securitization transaction expectations.

第三季度，我們透過減少營運支出（不包括證券化），比第二季度節省了 12.5%。我們也努力優化融資，以降低融資成本的加權平均利率。儘管有跡象表明聯準會升息已接近尾聲，但抵押貸款申請和發放繼續低迷，利率相對於近年來仍處於較高水平。我們的非 QM 貸款發放量比 GSE 貸款更具彈性，但考慮到整體市場的不確定性，我們將繼續管理我們的整個貸款頭寸，並預計整個貸款的名義價值不會超過 1.5證券化交易預期平均名義規模的2倍。

We are proud to have reduced our overall warehouse debt by 69% this year and 82% since the high point of June 2022. We are committed to maintaining liquidity while redeploying capital into high quality, high yield assets. We are proud of the earnings growth we have achieved this quarter, and though we are still dealing with elevated levels of market uncertainty, we believe that we have direct comparative advantage in our ability to assess and select where to allocate risk. We feel we are in great position to continue to grow earnings, while keeping our focus on adequate liquidity and a low expense profile, establishing a very powerful earnings engine based on stable resilient portfolio. I will now turn the call over to Brandon. Brandon?

我們很自豪今年我們的整體倉庫債務減少了 69%，自 2022 年 6 月的高點以來減少了 82%。我們致力於保持流動性，同時將資本重新部署到高品質、高收益的資產中。我們對本季實現的獲利成長感到自豪，儘管我們仍在應對市場不確定性的升高，但我們相信，我們在評估和選擇風險分配地點的能力方面具有直接的比較優勢。我們認為，我們處於繼續成長盈利的有利位置，同時繼續關注充足的流動性和低費用狀況，在穩定的彈性投資組合的基礎上建立一個非常強大的盈利引擎。我現在將把電話轉給布蘭登。布蘭登？

Thank you, Sreeni. In the third quarter, we're able to showcase our ability to grow the earnings power of our portfolio, as seen through the strong NIM and net income results. We feel there is more room for growth, and we are happy with how our portfolio is positioned from a risk and liquidity standpoint, especially given the current market environment. For the third quarter of 2023, we had GAAP net income of $8.3 million or $0.33 per diluted common share. Distributable earnings were negative$ 8.6 million or a loss of $0.35 per share.

謝謝你，斯雷尼。從強勁的淨利差和淨利結果可以看出，第三季我們能夠展現我們提高投資組合獲利能力的能力。我們認為還有更大的成長空間，我們對從風險和流動性角度來看我們的投資組合的定位感到滿意，特別是考慮到當前的市場環境。 2023 年第三季度，我們的 GAAP 淨利潤為 830 萬美元，即每股稀釋普通股 0.33 美元。可分配收益為負 860 萬美元，即每股虧損 0.35 美元。

The key difference between net income and distributable earnings is that distributable earnings do not include the offsetting unrealized gain on the AOMT 2023-5 securitization. Excluding the accounting impact of the 2023-5 securitization, distributable earnings would have been $4.3 million. Interest income for the quarter was $23.9 million and net interest margin was $7.4 million, reflecting a $1 million expansion versus the second quarter of 2023. As Sreeni mentioned, net interest margin should continue to expand in the coming quarters, as we grow our current coupon loan book with consistent purchases and future securitizations reduce our warehouse debt.

淨利和可分配收益之間的主要區別在於，可分配收益不包括 AOMT 2023-5 證券化的抵銷未實現收益。排除 2023 年 5 月證券化的會計影響，可分配收益將為 430 萬美元。本季利息收入為2,390 萬美元，淨利差為740 萬美元，較2023 年第二季增加100 萬美元。正如Sreeni 所提到的，隨著我們當前息票的增加，淨利差應在未來幾個季度繼續擴大持續購買的貸款簿和未來的證券化減少了我們的倉庫債務。

Total operating expenses were $4.4 million or $3.5 million, excluding securitization costs and non-cash stock compensation. This represents a savings of $3.5 million versus June 3, 2022, and $800,000 versus the prior quarter. Year-to-date, we have achieved operating expense, excluding securitization costs and stock compensation savings of $8.6 million versus the first nine months of 2022. The largest factor driving our operating expense reduction efforts in the third quarter was lower D&O insurance premiums and other vendor and resource management.

總營運費用為 440 萬美元或 350 萬美元，不包括證券化成本和非現金股票補償。這意味著與 2022 年 6 月 3 日相比節省了 350 萬美元，與上一季相比節省了 80 萬美元。年初至今，我們已實現營運費用（不包括證券化成本和股票補償）與2022 年前9 個月相比節省了860 萬美元。推動我們第三季度營運費用削減工作的最大因素是D&O 保險費和其他費用的降低。供應商和資源管理。

Turning to the balance sheet. As of September 30, 2023, we had $41.9 million in cash or about 18% of our total equity base. Our strong cash position and the trailing nine months showcases our focus on maintaining healthy liquidity levels and expanding cash flow from increasing yields, lower overall funding costs, and reduced expenses. This additional liquidity provides us with the dry powder for sustained loan purchases that will grow net interest income, improved cash flows, and support securitization execution.

轉向資產負債表。截至 2023 年 9 月 30 日，我們擁有 4,190 萬美元現金，約佔總股本的 18%。我們強勁的現金狀況和過去九個月的表現表明，我們致力於維持健康的流動性水平，並透過提高收益率、降低整體融資成本和減少開支來擴大現金流。這種額外的流動性為我們提供了持續購買貸款的乾粉，這將增加淨利息收入、改善現金流並支持證券化執行。

Additionally, we have over $120 million in unlevered assets on the balance sheet, which we can prudently use increased leverage to drive additional net interest margin. Recourse debt to equity ratio as of September 30, was 1.7 times. As of today's date, our recourse debt to equity ratio is 1 time, which reflects the maturity of repurchase obligations from short-term retail trade that matured in early October. This is a decrease of 0.2 times versus the comparable 1.2 times recourse debt to equity ratio as of last quarter's earnings call and is down from 2.9 times at the end of 2022.

此外，我們的資產負債表上有超過 1.2 億美元的無槓桿資產，我們可以謹慎地利用增加的槓桿來推動額外的淨利差。截至9月30日，追索權債務與股本比率為1.7倍。截至今日，我們的追索權債務與權益比率為1倍，反映了10月初到期的短期零售貿易回購義務的到期。截至上季財報電話會議，追索權負債股本比率為 1.2 倍，這一數字下降了 0.2 倍，也低於 2022 年底的 2.9 倍。

As we purchase additional loans, we are expecting this leverage to begin to increase, but to remain below 2.5 times in future periods. We have $307 million of UPB residential whole loans that have a fair value of $284.4 million, financed with $197.8 million of warehouse debt. $1.2 billion of residential mortgage loans on securitization trust, and $75.3 million of RMBS from retained AOMT securities from off-balance sheet securitization. 90-plus day delinquencies have remained low at 1.9% across these portfolios, with a weighted average LTV of 69.5%.

隨著我們購買更多貸款，我們預計槓桿率將開始增加，但在未來一段時間內將保持在 2.5 倍以下。我們擁有 3.07 億美元的 UPB 住宅整體貸款，公允價值為 2.844 億美元，由 1.978 億美元的倉庫債務融資。證券化信託的 12 億美元住宅抵押貸款，以及來自表外證券化的保留 AOMT 證券的 7,530 萬美元的 RMBS。這些投資組合的 90 多天拖欠率一直保持在 1.9% 的低水平，加權平均 LTV 為 69.5%。

These rates are slightly more favorable than in Q2, and to date, we have not seen any material change in credit performance of our loan or underlying securities portfolio. We finished the quarter with undrawn warehouse financing capacity of approximately $661 million. In August, we participated in the 2023 dash-five securitization, alongside other Angel Oak entities, contributing loans with an approximately $94 million unpaid principal balance and releasing $63.5 million of debt from our highest cost financing facility. In total, AOMT 2023-5 consist of 530 loans, with the scheduled unpaid principal balance of $260.6 million.

這些利率比第二季稍微有利，迄今為止，我們的貸款或基礎證券投資組合的信用表現沒有任何重大變化。本季結束時，我們的未動用倉庫融資能力約為 6.61 億美元。 8 月，我們與其他Angel Oak 實體一起參與了2023 年的dash-5 證券化，提供了約9400 萬美元未付本金餘額的貸款，並從我們成本最高的融資設施中釋放了6350 萬美元的債務。 AOMT 2023-5 總共包含 530 筆貸款，預計未付本金餘額為 2.606 億美元。

The securitization has an average original credit score of 735, original average loan to value ratio of 71.9%, and a non-zero debt to income ratio of 32.9%. GAAP book value per share was nearly flat at $9.29 as of September 30, 2023, compared to $9.34 as of June 30, 2023. New purchases supported the valuations of our whole loan portfolio and decreases in the valuation of our securitized loan portfolio, were offset by decreases in the fair value of their corresponding liability. Similarly, economic book value, which fair values all the company's nonrecourse securitization obligations of $13.20 per share as of September 30, 2023, compared to $13.16 per share as of June 30, 2023, an increase of $0.04.

此證券化的平均原始信用評分為735，原始平均貸款與價值比率為71.9%，非零負債與收入比率為32.9%。截至2023 年9 月30 日，公認會計原則每股帳面價值幾乎持平，為9.29 美元，而截至2023 年6 月30 日為9.34 美元。新購買支持了我們整個貸款組合的估值，抵消了我們證券化貸款組合估價的下降相應負債的公允價值減少。同樣，截至2023年9月30日，公司所有無追索權證券化義務的經濟帳面價值為每股13.20美元，較截至2023年6月30日的每股13.16美元增加了0.04美元。

As with last quarter, we expect valuation changes resulting from interest rate and spread movement that cause GAAP and economic book value to fluctuate, supplemented by growth in net interest margin. The weighted average coupon of our whole loan portfolio increased 99-basis-points to 5.83% as of the end of the third quarter. This is also up from a low point in our portfolio of 4.63% as of the end of the first quarter this year, including loan purchases and commitments. Since the end of the third quarter, our whole loan portfolio weighted average coupon is approximately 6.37%, representing an increase of over 150-basis-points.

與上季一樣，我們預期利率和利差變動會導致估值變化，從而導致 GAAP 和經濟帳面價值波動，並輔以淨利差的成長。截至第三季末，我們整個貸款組合的加權平均票息增加了 99 個基點，達到 5.83%。這也高於我們投資組合截至今年第一季末 4.63% 的低點，其中包括貸款購買和承諾。三季末以來，我們整個貸款組合加權平均票面利率約為6.37%，增幅超過150個基點。

Our loan purchases this year carry a weighted average coupon of 8.31%, weighted average LTV of 70.2% and a weighted average FICO score of 752. We expect this increases to continue as additional loan purchases occur over the coming quarters. Finally, the company has declared a $0.32 per share common dividend, payable on November 30, 2023, to shareholders of record as of November 22, 2023. This implies an annualized dividend of $1.28 per share or a yield of 14% to 15% as of the closing price on November 6, 2023.

我們今年購買的貸款的加權平均票面利率為 8.31%，加權平均 LTV 為 70.2%，加權平均 FICO 評分為 752。我們預計，隨著未來幾季出現更多貸款購買，這種增長將持續下去。最後，本公司宣布派發每股0.32 美元的普通股息，將於2023 年11 月30 日向截至2023 年11 月22 日登記在冊的股東派發。這意味著年化股息為每股1.28 美元，或收益率為14% 至15%，如下所示： 2023 年 11 月 6 日收盤價。

For additional color on our financial results, please review the earnings supplement available on our website. I will now turn it back to Sreeni for closing remarks.

有關我們財務業績的更多信息，請查看我們網站上提供的收入補充資料。現在我將把它轉回斯雷尼以供結束語。

Thank you, Brandon. Before turning the call over to the operator for Q&A, I'd like to conclude with some brief remarks. We are pleased with the financial performance for the third quarter as this is the first quarter that truly demonstrated the earnings impact if strategic actions that we have taken this past year. We have a strong balance sheet and a liquidity position, and we are confident in what the future holds for our portfolio and its earnings generating abilities. Additionally, the credit performance of our assets remains strong.

謝謝你，布蘭登。在將電話轉接給接線員進行問答之前，我想以一些簡短的評論作為結束。我們對第三季的財務表現感到滿意，因為這是我們去年採取的策略行動真正體現出獲利影響的第一季。我們擁有強大的資產負債表和流動性狀況，我們對我們的投資組合的未來及其創收能力充滿信心。此外，我們資產的信用表現依然強勁。

Our focus on creating a resilient portfolio that generates growing and reliable earnings is evident. We are proud of what we have achieved despite headwinds from muted mortgage activity and rate volatility, and we expect to continue to grow earnings while maintaining our liquidity position and risk profile.

我們致力於創建一個有彈性的投資組合，以產生不斷增長和可靠的收益，這一點是顯而易見的。儘管抵押貸款活動低迷和利率波動帶來阻力，但我們對所取得的成就感到自豪，我們預計將繼續成長收益，同時保持流動性狀況和風險狀況。

(Operator Instructions) Don Fandetti, Wells Fargo.

（操作員說明）Don Fandetti，富國銀行。

Yes. You know, it seems like the core business is moving back to modest growth phase. You've improved the funding profile significantly, I guess on credit, it's continued to be very good. Do you have any thoughts on or concerns around the credit outlook based on what you're seeing in the economy and with mortgage rates so high?

是的。你知道，核心業務似乎正在回到適度成長階段。你們已經顯著改善了資金狀況，我想從信用角度來看，它仍然非常好。根據您對經濟的觀察以及抵押貸款利率如此之高，您對信貸前景有什麼想法或擔憂嗎？

Yeah, hi, this is Namit. So on the credit side, as we mentioned, the current performance looks very, very good. And we haven't seen any evidence of any deterioration there. Obviously, anecdotally, there are certain sectors that you have heard about where there are increases in delinquency and loss results, et cetera.

是的，嗨，這是納米特。因此，從信用方面來看，正如我們所提到的，目前的表現看起來非常非常好。我們還沒有看到任何惡化的證據。顯然，據傳，您聽說過某些行業的拖欠率和損失結果有所增加，等等。

But it is important to realize that the portfolio that we run is close to 740 average credit score and low 70s loan to values. That's not a credit profile, that is the first to get impacted even in a slowdown or recessionary environment. Like, if we do go into a slowdown or a recession, you're going to start seeing the impact more on the subprime-ish as part of the portfolio mix, which -- we really do not do much. So our overall portfolio delinquencies are expected to be muted even under a more stressful environment.

但重要的是要認識到，我們運行的投資組合的平均信用評分接近 740，貸款價值比則低於 70。這不是信用狀況，即使在經濟放緩或衰退的環境下，信用狀況也是第一個受到影響的。就像，如果我們確實陷入經濟放緩或衰退，你將開始看到更多對次級抵押貸款的影響，作為投資組合的一部分，而我們確實沒有做太多事情。因此，即使在壓力更大的環境下，我們的整體投資組合拖欠率預計也會減少。

But given that what we have seen so far, we have had a very, very good credit backdrop, home prices have been very resilient, and the economy has held up generally really well. So our portfolio credit performance has been pretty much spot-on.

但鑑於我們迄今為止所看到的情況，我們擁有非常非常好的信貸背景，房價非常有彈性，而且經濟總體上表現良好。因此，我們的投資組合信用表現非常準確。

Got it. And in terms of future securitizations, do you plan on participating with other Angel Oak entities or more standalone? Or does it just depend on how the market develops?

知道了。在未來的證券化方面，你們計劃與其他 Angel Oak 實體一起參與還是更獨立地參與？還是只取決於市場如何發展？

Yeah, hey, Dan. We use of co-mingle versus standalone opportunistically in our thought process. Right now, I'd expect us to come out with about one more smaller co-mingled deal at some point in the future. And then after that, we'll probably be back to a standalone deal only once we get that deal out.

是的，嘿，丹。我們在思考過程中機會主義地使用混合與獨立。目前，我預計我們將在未來某個時候達成一項規模較小的混合交易。在那之後，只有當我們達成協議後，我們才可能會回到獨立交易。

Got it. Thanks.

知道了。謝謝。

Chris Kotowski, Oppenheimer.

克里斯·科托夫斯基，奧本海默。

Yes, good morning and thank you. Brandan, you mentioned another distributable earnings calculation of I think $4.3 million you said. Can you take us through a little bit in detail exactly how what that was and how it was calculated and how it differs from the distributable earnings that you've always reported?

是的，早上好，謝謝。 Brandan，您提到了另一個可分配收益計算，我認為您所說的是 430 萬美元。您能否向我們詳細介紹一下這是什麼以及如何計算的，以及它與您一直報告的可分配收益有何不同？

Yeah. No, what I was trying to do is I'm just trying to add clarity of the bridge between the GAAP net income and distributable earnings. And as you know, distributable earnings eliminates unrealized gains and losses, but keep in any realized gain or loss. So this quarter, when we did 2023-5 securitization, there was about a $13 million recovery of a previously recognized unrealized loss that's included in GAAP net income, but it's excluded from distributable earnings. And with that, that's the big driver and the delta between GAAP earnings and distributable earnings is that one particular thing, and that's just a one-off transactional base things.

是的。不，我想做的只是試圖澄清 GAAP 淨利潤和可分配收益之間的橋樑。如您所知，可分配收益消除了未實現的損益，但保留了任何已實現的損益。因此，本季度，當我們進行 2023 年 5 月證券化時，先前確認的未實現損失收回了約 1300 萬美元，該損失已包含在 GAAP 淨利潤中，但不包括在可分配收益中。因此，這是一個很大的驅動因素，公認會計原則收益和可分配收益之間的增量是一件特別的事情，而這只是一次性的交易基礎事情。

So I wanted to highlight that. Because if you look at net interest margin, less cash expenses, the quarter, that widened out about $1.8 million. And then what we have in the bank so far from new loan purchases, we mentioned to taking our coupon up to almost 6.4% is around another $1 million in the bank as of today for this coming quarter.

所以我想強調這一點。因為如果你看看本季的淨利差，減去現金支出，這一數字擴大了約 180 萬美元。然後，到目前為止，我們在銀行購買新貸款，我們提到，將我們的票面利率提高到近 6.4％，截至今天，下個季度的銀行存款約為 100 萬美元。

When you say another $1 million in the bank, you mean like if you're thinking about your all in net interest income of like $7.4 million, that the base level going into the fourth quarter is like $8.4 million?

當你說銀行裡還有 100 萬美元時，你的意思是，如果你考慮到你的全部淨利息收入約為 740 萬美元，那麼進入第四季度的基本水平約為 840 萬美元？

That's right.

這是正確的。

Okay. All right. Great. And presumably, it improves a bit if there's another securitization before year-end?

好的。好的。偉大的。想必，如果年底前再進行一次證券化，情況會有所改善嗎？

Well, it could improve with the securitization and really additional loan purchases for the last few months of the year.

嗯，隨著證券化和今年最後幾個月的額外貸款購買，情況可能會有所改善。

Okay. All righty, that's it for me. Thank you.

好的。好吧，對我來說就是這樣。謝謝。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over Brandon Filson for any closing remarks.

（操作員說明）我們的問答環節到此結束。我想把會議轉回由布蘭登·菲爾森（Brandon Filson）發表閉幕詞。

Thank you, everyone, for your time and interest in Angel Oak Mortgage REIT. We look forward to connecting with you again next quarter. In the meantime, if you have any additional questions, feel free to reach out to us. Have a great day.

感謝大家花時間關注 Angel Oak Mortgage REIT。我們期待下個季度再次與您聯繫。同時，如果您有任何其他問題，請隨時與我們聯繫。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。