Angel Oak Mortgage REIT Inc (AOMR) 2025 Q2 法說會逐字稿

Good day, and welcome to the Angel Oak Mortgage REIT second quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Angel Oak Mortgage REIT 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. KC Kelleher. Please go ahead.

現在我想將會議交給 KC Kelleher 先生。請繼續。

Good morning, and thank you for joining us today for Angel Oak Mortgage REIT's second quarter 2025 earnings conference call. This morning, we filed our press release detailing these results, which is available in the Investors section on our website at www.angeloakreit.com.

早安，感謝您今天參加 Angel Oak Mortgage REIT 2025 年第二季財報電話會議。今天早上，我們提交了詳細介紹這些結果的新聞稿，您可以在我們網站 www.angeloakreit.com 的「投資者」部分查閱。

As a reminder, remarks made on today's conference call may include forward-looking statements. 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.

提醒一下，今天的電話會議上的言論可能包含前瞻性陳述。前瞻性陳述受風險和不確定性的影響，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。

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. 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.

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報告和我們最近向美國證券交易委員會提交的文件。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。有關這些非 GAAP 財務指標以及與最直接可比的 GAAP 財務指標的對帳的更多信息，包含在我們的收益報告和 SEC 文件中。

This morning's conference call is hosted by Angel Oak Mortgage REIT's Chief Executive Officer, Sreeni Prabhu; and Chief Financial Officer, Brandon Filson. Management will make 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, www.angeloakreit.com.

今天早上的電話會議由 Angel Oak Mortgage REIT 執行長 Sreeni Prabhu 和財務長 Brandon Filson 主持。管理層將發表一些準備好的評論，之後我們將開始回答您的問題。此外，我們建議您查看我們網站 www.angeloakreit.com 上發布的收益補充。

Now I will turn the call over to Sreeni.

現在我將把電話轉給 Sreeni。

Thank you, KC, and thank you all for joining us today. The second quarter of 2025 was highlighted by our securitization and capital markets activity as we continue to execute towards our earnings growth goals. We completed two securitizations during the quarter and issued $42.5 million of unsecured debt. The capital released and raised by these transactions was deployed into high-quality loans that are expected to drive incremental earnings.

謝謝你，KC，也謝謝大家今天加入我們。2025 年第二季度，我們的證券化和資本市場活動成為亮點，我們將繼續努力實現獲利成長目標。我們在本季完成了兩次證券化，並發行了 4,250 萬美元的無擔保債務。這些交易釋放和籌集的資金被部署到預計將推動增量收益的高品質貸款。

Similar to senior unsecured notes we issued in 2024, we expect the new issuance to be accretive to earnings within the next quarter as the earnings from newly purchased assets make their way into the portfolio. This is a strategic playbook we have used successfully in the past, and it continues to be a vital growth catalysts for us and the performance of our investment portfolio.

與我們在 2024 年發行的無擔保優先票據類似，我們預計，隨著新購買資產的收益進入投資組合，新發行的票據將在下一季增加收益。這是我們過去成功使用過的策略策略，它仍然是我們和我們的投資組合表現的重要成長催化劑。

Results for the quarter were in line with expectations with 5% growth in net interest income compared to Q2 2024 and a slight contraction compared to the first quarter due to the added expense of the new senior unsecured notes. Despite the decrease versus the last quarter, we have generated strong expansion in year-to-date net interest income compared to the first half of 2024, which Brandon will detail further.

本季業績符合預期，淨利息收入與 2024 年第二季相比增長 5%，由於新的優先無擔保票據增加了費用，與第一季相比略有收縮。儘管與上一季相比有所下降，但與 2024 年上半年相比，我們年初至今的淨利息收入實現了強勁增長，布蘭登將進一步詳細說明。

Book value declined slightly compared to the first quarter on a per-share basis, driven by net decrease in valuations and the payment of our dividend. Cash flow and dividend coverage remains relatively stable and are expected to resume their respective growth trends demonstrated over the last two years, driven by earnings from assets purchased during and after the quarter.

由於估值淨下降和股息支付，每股帳面價值與第一季相比略有下降。現金流和股息覆蓋率保持相對穩定，預計將恢復過去兩年各自的成長趨勢，這得益於本季期間和之後購買的資產的收益。

On credit, notably, 90-plus day delinquency rates decreased at the portfolio-wide level compared to the past two quarters, driven by a reduction in delinquency rates for loans securitized in the past two years. The AOMT shelf has begun to distinguish itself among its peers with regards to delinquency performance, which is a direct reflection of our expertise as credit managers. Despite continued uncertainty surrounding international trade and tariff activity, our mortgage rates have been relatively stable, and we continue to purchase loans in the mid- to high 7% range.

值得注意的是，在信貸方面，與過去兩個季度相比，整個投資組合中 90 天以上的拖欠率有所下降，這是由於過去兩年證券化貸款的拖欠率下降所致。AOMT 貨架在拖欠表現方面已開始在同行中脫穎而出，這直接反映了我們作為信貸經理的專業知識。儘管國際貿易和關稅活動的不確定性持續存在，但我們的抵押貸款利率一直相對穩定，並且我們繼續購買 7% 中高水平的貸款。

Securitization markets have remained active and accretive amid the uncertainty, with both traditional and new participants being active in the market. We have ample opportunities to recycle capital and continue growing our target asset portfolio. Our capital deployment strategy will remain adaptive and flexible, aligning with evolving market dynamics in order to maximize expected returns for our shareholders.

儘管存在不確定性，證券化市場依然保持活躍和增值，傳統和新參與者均在市場上活躍。我們有充足的機會回收資本並繼續擴大我們的目標資產組合。我們的資本配置策略將保持適應性和靈活性，與不斷變化的市場動態保持一致，以最大限度地提高股東的預期回報。

Moving forward, our focus remains on executing our business strategy and delivering positive outcomes for our shareholders while positioning our balance sheet to be an active buyer of high-quality non-QM loans.

展望未來，我們的重點仍然是執行我們的業務策略並為股東帶來積極的成果，同時將我們的資產負債表定位為高品質非 QM 貸款的積極買家。

With that, I'll turn it over to Brandon, who will walk us through our second-quarter financial performance in greater detail.

接下來，我將把時間交給布蘭登，他將向我們更詳細地介紹我們第二季的財務表現。

Thank you, Sreeni. Second-quarter operating results were in line with expectations with 5% net interest income growth versus the second quarter of 2024 and a slight contraction compared to the first quarter of 2025, owing to the increased interest expense associated with May's senior unsecured notes issuance. Year to date, net interest income increased 11% compared to 2024. Operating expenses, excluding securitization costs and stock compensation expense, were $500,000 or 15% lower than in the second quarter of 2024 and relatively flat compared to the first quarter of 2025. Year-to-date operating expenses, excluding securitization costs and stock compensation, were 22% lower than in 2024.

謝謝你，Sreeni。第二季經營業績符合預期，淨利息收入較 2024 年第二季成長 5%，與 2025 年第一季相比略有收縮，原因是 5 月發行的優先無擔保票據導致利息支出增加。年初至今，淨利息收入與 2024 年相比成長了 11%。不包括證券化成本和股票薪酬費用的營運費用比 2024 年第二季低 50 萬美元或 15%，與 2025 年第一季相比相對持平。年初至今的營運費用（不包括證券化成本和股票薪酬）比 2024 年下降了 22%。

Valuations were a slight headwind during the second quarter as increases in valuations for our loans and trust portfolio were offset by increases in the valuation of our non-recourse securitization obligation. As of today, we expect that our book value is approximately flat compared to the end of the second quarter.

第二季度，估值略有不利因素，因為我們的貸款和信託組合估值的增加被我們的無追索權證券化義務估值的增加所抵消。截至今天，我們預計我們的帳面價值與第二季末相比大致持平。

For the second quarter of 2025, we had GAAP net income of $767,000 or $0.03 per diluted common share. Distributable earnings for the second quarter were $2.6 million or $0.11 per diluted common share. The main driver of the difference between GAAP net income and distributable earnings is the realization of unrealized gains on residential loans that were securitized during the second quarter.

2025 年第二季度，我們的 GAAP 淨收入為 767,000 美元，即每股稀釋普通股 0.03 美元。第二季可分配盈餘為 260 萬美元，即每股稀釋普通股 0.11 美元。GAAP 淨收入和可分配收益之間的差異的主要原因是第二季度證券化的住宅貸款的未實現收益的實現。

For the second quarter, we had $1.6 million of unrealized loss on our securitized and residential loan portfolios. Interest income for the second quarter was $35.1 million, and net interest income was $9.9 million, marking a 35% improvement in net interest income and a 5% improvement in net interest income compared to the second quarter of 2024. Compared to the first quarter of 2025, interest income increased by 6.8% and net interest income decreased by 1%.

第二季度，我們的證券化和住宅貸款組合的未實現損失為 160 萬美元。第二季利息收入為3,510萬美元，淨利息收入為990萬美元，與2024年第二季相比，淨利息收入成長了35%，淨利息收入成長了5%。與2025年第一季相比，利息收入成長6.8%，淨利息收入下降1%。

For the first six months of the year, interest income was $68 million, and net interest income was $20 million, which translates to an improvement of 33% and 11%, respectively, compared to the first six months of 2024. Our $147 million of loan purchases in the quarter, inclusive of HELOCs and closed and second mortgages carried a weighted average coupon of 8.68% and a weighted average combined loan-to-value ratio of 68.4% and a weighted average FICO score of 757.

今年上半年，利息收入為 6,800 萬美元，淨利息收入為 2,000 萬美元，與 2024 年上半年相比分別成長了 33% 和 11%。我們本季購買了 1.47 億美元的貸款，其中包括 HELOC 和封閉式抵押貸款及二次抵押貸款，加權平均票面利率為 8.68%，加權平均綜合貸款價值比為 68.4%，加權平均 FICO 分數為 757。

The weighted average coupon of our residential whole loan portfolio as of the end of the quarter was 8.37%, representing an expansion of 82 basis points versus the end of the first quarter and 66 basis points versus the same period 2024. As of today, our current weighted average coupon is approximately 8.4%. Current loan production and locks have had stable rates for the past several quarters.

截至本季末，我們住宅整體貸款組合的加權平均票面利率為 8.37%，較第一季末擴大 82 個基點，較 2024 年同期擴大 66 個基點。截至今天，我們目前的加權平均票面利率約為 8.4%。過去幾個季度，目前的貸款生產和鎖定率一直保持穩定。

We completed two securitizations in the second quarter, where their sole contributor to AOMT 2025-4, contributing $284.3 million in loans. The deal paid down $242.4 million of warehouse debt and released $24.7 million of cash, which was used to purchase new loans and reduced outstanding repurchase debt on our retained bond portfolio to reduce financing risk.

我們在第二季度完成了兩次證券化，其中他們作為 AOMT 2025-4 的唯一貢獻者，貢獻了 2.843 億美元的貸款。該交易償還了 2.424 億美元的倉庫債務，並釋放了 2,470 萬美元的現金，用於購買新貸款並減少我們保留的債券組合中未償還的回購債務，以降低融資風險。

Additionally, we participated in AOMT 2025-6 alongside other Angel Oak entities, contributing $87.2 million of the total $349.7 million scheduled unpaid principal balance. AOMT 2025-6 paid down outstanding debt of approximately $73.1 million and retained bonds with a value of $8.1 million in addition to releasing $9.2 million of cash, which was also used to purchase new loans. As of the end of the quarter, our loans and securitization trust portfolio carried a weighted average coupon rate of 5.8% with a weighted average funding cost of approximately 4.1%. As Sreeni mentioned, the securitization market remains active, and we intend to continue leveraging it through our disciplined methodical securitization strategy.

此外，我們與其他 Angel Oak 實體一起參與了 AOMT 2025-6，貢獻了總計 3.497 億美元預定未付本金餘額中的 8,720 萬美元。AOMT 2025-6 償還了約 7,310 萬美元的未償債務，保留了價值 810 萬美元的債券，此外還釋放了 920 萬美元的現金，這些現金也用於購買新貸款。截至本季末，我們的貸款和證券化信託組合的加權平均票面利率為 5.8%，加權平均融資成本約為 4.1%。正如 Sreeni 所提到的，證券化市場仍然活躍，我們打算透過我們嚴謹有條理的證券化策略繼續利用它。

Operating expenses for the second quarter were $5.1 million. Excluding non-cash stock compensation expenses and securitization costs, second-quarter operating expenses were $2.9 million. This represents a 15% decrease compared to the same metric in the second quarter of 2024. For the first six months of the year, operating expenses were $8.1 million. Excluding non-cash stock compensation expenses and securitization costs, operating expenses for the first six months of the year were $5.7 million, representing a decrease of 22% compared to the first six months of 2024. Going forward, we expect to maintain similar operating expense levels.

第二季營運費用為 510 萬美元。不包括非現金股票薪酬費用和證券化成本，第二季營運費用為 290 萬美元。與 2024 年第二季的相同指標相比，這一數字下降了 15%。今年前六個月的營運費用為 810 萬美元。不包括非現金股票薪酬費用和證券化成本，今年前六個月的營運費用為 570 萬美元，與 2024 年上半年相比下降了 22%。展望未來，我們預計將維持類似的營運費用水準。

Looking at our balance sheet. As of the end of the quarter, we had $40.5 million in cash, and our recourse debt-to-equity ratio was 1.1 times. GAAP book value per share decreased 3.1% to $10.37 as of June 30, 2025, from $10.70 as of March 31, 2025. Economic book value, which fair values all non-recourse securitization obligations, was $12.97 per share as of June 30, 2025, down 3.3% from $13.41 per share as of March 31, 2025. The decrease in book value was driven primarily by the aforementioned unrealized losses on our unsecuritized portfolio and our Q2 dividend payment, offset by operating earnings generated by our portfolio.

查看我們的資產負債表。截至本季末，我們擁有 4,050 萬美元現金，追索權負債權益比率為 1.1 倍。截至 2025 年 6 月 30 日，每股 GAAP 帳面價值從 2025 年 3 月 31 日的 10.70 美元下降 3.1% 至 10.37 美元。經濟帳面價值（對所有無追索權證券化債務進行公允價值評估）截至 2025 年 6 月 30 日為每股 12.97 美元，較 2025 年 3 月 31 日的每股 13.41 美元下降 3.3%。帳面價值的下降主要是由於上述非證券化投資組合的未實現損失以及第二季度的股息支付，但被投資組合產生的營業利潤所抵消。

We ended the quarter with unsecuritized residential whole loans at a fair value of $200.7 million financed with $118.6 million of warehouse debt, $1.9 billion of residential mortgage loans and securitization trust, and $383 million of RMBS, including $21 million of investments in co-mingled securitization entities, which are included in other assets on our balance sheet. We finished the quarter with undrawn loan financing capacity of approximately $931 million.

截至本季末，我們的非證券化住宅全額貸款的公允價值為 2.007 億美元，其中，有 1.186 億美元的倉庫債務、19 億美元的住宅抵押貸款和證券化信託以及 3.83 億美元的 RMBS（包括 2,100 萬美元的混合證券化實體投資），這些資產都包含在我們負債表中的其他資產表中。本季末，我們未提取的貸款融資能力約為 9.31 億美元。

Now looking at credit. We ended the quarter with a total portfolio weighted average percentage of loans 90-plus days delinquent at 2.35%, inclusive of our residential loan securitized loan and RMBS portfolio, representing a decrease of 44 basis points from the first quarter of 2025. This decrease was observed notably in the loans underlying our 2023, 2024 securitizations, which had been the primary drivers of the increases in the 90-plus days delinquent in prior quarters.

現在看看信用​​。截至本季末，我們的總投資組合中拖欠 90 天以上的貸款加權平均百分比為 2.35%，其中包括我們的住宅貸款證券化貸款和 RMBS 投資組合，比 2025 年第一季下降了 44 個基點。這種下降在我們 2023 年、2024 年證券化所依據的貸款中表現得尤為明顯，而這些貸款是前幾季 90 天以上拖欠貸款增加的主要驅動因素。

As expected, it appears performance in these securitizations have begun to normalize. The AOMT securitization shelf has started to demonstrate outperformance relative to other non-QM shelves in terms of delinquencies. We expect that through a credit cycle, this outperformance will lead to fewer defaults and lower losses than other non-QM securitization platforms. This expectation is borne out of our intentional effort to move up in credit for our loan originations and purchases over the past couple of years and continues to provide us with the confidence we will deliver amid potential periods of volatility.

正如預期的那樣，這些證券化的表現似乎已經開始正常化。AOMT 證券化架在拖欠率方面已開始表現出優於其他非 QM 架的表現。我們預計，在整個信貸週期中，這種優異的表現將導致比其他非 QM 證券化平台更少的違約和更低的損失。這一預期源於我們過去幾年有意提高貸款發放和購買信貸的努力，並繼續為我們提供在潛在波動時期兌現承諾的信心。

Additionally, we expect our portfolio-wide LTV, diligent underwriting standards, and inherent credit selection to mitigate losses throughout the cycle if credit becomes an issue. Three-month prepayment speeds for our RMBS and securitized loan portfolios were 11.1% in the quarter, reflecting an increase compared to the first quarter of 2025. The increase stems primarily from an acceleration in speed on securitizations within the past two years as the loans underlying our older securitizations are still significantly below current mortgage rates. While speeds have accelerated, they are still well below historical and assumed rates of 20% to 30%, which is what we model our returns on.

此外，我們預計，如果信貸成為問題，我們整個投資組合的 LTV、嚴格的承保標準和固有的信貸選擇將減輕整個週期的損失。本季度，我們的 RMBS 和證券化貸款組合的三個月預付款速度為 11.1%，與 2025 年第一季相比有所增加。這一成長主要源自於過去兩年證券化速度的加快，因為我​​們較早的證券化所依據的貸款利率仍遠低於目前的抵押貸款利率。雖然速度已經加快，但仍遠低於歷史和假設的 20% 至 30% 的成長率，而這正是我們模擬回報的依據。

Finally, the company has declared a $0.32 per share common dividend, which will be paid on August 29, 2025, to common shareholders of record as of August 22, 2025. For additional color on our financial results, please review the earnings supplement available on our website.

最後，該公司宣布每股 0.32 美元的普通股股息，將於 2025 年 8 月 29 日支付給截至 2025 年 8 月 22 日登記在冊的普通股股東。欲了解我們的財務表現的更多詳情，請查看我們網站上的收益補充資料。

I will now turn it back to Sreeni for closing remarks.

現在我將把演講時間交還給 Sreeni，請他作最後發言。

Thank you, Brandon. I do like to thank the entire Angel Oak team for their hard work towards building what we believe is the best non-QM loan origination, purchase, and securitization platform by focusing on diligent credit selection, consistent securitization execution, and value-driven decision making. We look forward to continuing to build long-term value for our shareholders in the coming quarters and years.

謝謝你，布蘭登。我要感謝整個 Angel Oak 團隊的辛勤工作，透過專注於勤勉的信貸選擇、一致的證券化執行和價值驅動的決策，建構了我們認為最好的非 QM 貸款發放、購買和證券化平台。我們期待在未來幾季和幾年繼續為股東創造長期價值。

With that, we'll open up the call to your questions. Operator?

這樣，我們就可以開始回答您的問題了。操作員？

(Operator Instructions) Doug Harter, UBS.

（操作員指示）Doug Harter，瑞銀。

I was hoping you could talk a little bit about your pathway for continuing to grow the portfolio, whether that's through additional unsecured issuance, continued recycling of the portfolio. Just help us understand how you see the capacity for further balance sheet growth from here.

我希望您能談談繼續擴大投資組合的途徑，無論是透過額外的無擔保發行，還是繼續回收投資組合。只需幫助我們了解您如何看待從現在開始進一步增加資產負債表的能力。

Yeah. No, hey, Doug. I think this past week, right, we've seen a little bit of life in the preferred equity markets with Annaly coming out of their deal that priced inside of 9%. I mean, certainly, we be a little bit higher pricing than that, but that's something we're looking at as far as an immediate growth trajectory and a different piece of the capital structure we haven't utilized yet.

是的。不，嘿，道格。我認為，過去一周，我們看到優先股市場出現了一些活躍跡象，Annaly 完成了交易，其定價在 9% 以內。我的意思是，我們的定價肯定會比這高一點，但這是我們正在考慮的近期成長軌跡以及我們尚未利用的不同資本結構。

I believe that at least in our current common equity base, we're probably more or less, let's call it, tapped out on senior unsecured notes issuance. So there's potential if the stock starts trading well, we can do a little ATM issuance, but nothing really that material for us. So really, we'd be looking at new capital in the preferred market, especially if we think it's open now that Annaly, like I said, has hit the market there. Really, it's recycling. We have some additional leverage we can apply from the $42 million that we're continuing to apply over time. If you look at our unsecured portfolio right now, it's like 50% leverage. We have additional leverage we can apply there to keep buying loans and keep our cash balance about the same.

我認為，至少在我們目前的普通股基礎中，我們可能或多或少地利用了優先無擔保票據的發行。因此，如果股票開始交易良好，我們可以發行少量 ATM，但對我們來說實際上沒有什麼實質意義。因此，實際上，我們會在優先市場中尋找新資本，特別是如果我們認為現在市場已經開放，那麼就像我說的，Annaly 已經進入了那裡的市場。確實，這就是回收。我們可以利用這 4,200 萬美元中的一些額外槓桿，並且我們會隨著時間的推移繼續使用這些槓桿。如果你看看我們現在的無擔保投資組合，它的槓桿率大約是 50%。我們有額外的槓桿可以用於繼續購買貸款並保持我們的現金餘額大致相同。

So we have several more securitizations in the pipeline that should free up capital that we'll be able to continue purchasing loans and really much like we did last fall. You should see or we're expecting next quarter to really grow the net interest margin, again, to continue to improve dividend coverage from a cash flow basis.

因此，我們正在籌備更多的證券化項目，這些項目應該可以釋放資本，讓我們能夠繼續購買貸款，就像我們去年秋天所做的那樣。您應該看到，或者我們預計下個季度淨利差將真正成長，再次從現金流基礎繼續提高股息覆蓋率。

Thanks. And in the past, you've talked about potentially relevering, I guess, calling and reissuing some of the older securitizations as a way to free up capital. Can you just talk about kind of how the economics look on that today?

謝謝。我想，您過去曾談到潛在的再槓桿，即收回並重新發行一些較舊的證券，以此來釋放資本。您能否談談當今的經濟狀況如何？

Yeah. I mean, that's still something that's in flight and really what we'll be talking there is some of our pre-IPO securitization. So we have three securitizations, like a 2019 vintage, one securitization in 2020 vintage from like a true funding cost perspective, when the funding cost today looks very similar to what they did in 2019. So really, it's just a releveraging exercise there. And that's something that we're looking at.

是的。我的意思是，這仍然是正在進行的事情，我們真正要討論的是一些 IPO 前的證券化。因此，從真正的融資成本角度來看，我們有三種證券化，一種是 2019 年的，一種是 2020 年的，而今天的融資成本看起來與 2019 年的非常相似。所以實際上，這只是一次再槓桿練習。這就是我們正在關注的事情。

And so far, the go-no-go decision has trended a little bit on the no-go decision just based on -- if we're spending incremental dollars on that, it's not quite as accretive as new loan purchases, especially as we started to buy some HELOCs, which have a much higher coupon. And the current issue securitization market continues to get tighter and stronger in the non-QM space.

到目前為止，繼續或不繼續的決定有點傾向於不繼續的決定，僅僅是基於——如果我們在這上面花費增量資金，它就不會像購買新貸款那樣具有增值性，特別是當我們開始購買一些 HELOC 時，它們的票面利率要高得多。目前，非量化寬鬆領域的證券化發行市場持續趨於緊張和強勁。

Great. Appreciate the answers. Thank you.

偉大的。感謝您的回答。謝謝。

Randy Binner, B. Riley.

蘭迪·賓納、B.萊利。

Just in the commentary on book value, did you give an indication of where book value is quarter to date?

僅在對帳面價值的評論中，您是否指出了本季迄今的帳面價值情況？

Yeah. We believe (inaudible) Yeah. No worries. I mean, I think there's been a lot of movement in the last couple of days. It's flat to slightly up right now.

是的。我們相信（聽不清楚）是的。不用擔心。我的意思是，我認為過去幾天發生了很多事。目前處於持平或略微上漲狀態。

Okay. That's helpful. And then on -- yeah, I guess I'm just interested. So I think you said you're buying kind of at a mid-7% coupon and the average weighted coupon in the books like 8.5%. So is there -- can we just talk about that a little bit more, like where and how do you see where you're able to purchase developing kind of over the next month or the remainder of the year? How if the Fed cuts rates, how that would impact kind of where -- kind of what coupon you're purchasing?

好的。這很有幫助。然後——是的，我想我只是感興趣。所以我認為您說您購買的票面利率是 7% 左右，而帳面上的平均加權息票利率是 8.5%。那麼，我們能否再多談一談這個問題，例如您認為在下個月或今年剩餘時間內可以在哪裡以及如何購買開發產品？如果聯準會降息，這會對您購買的優惠券產生什麼影響？

Yeah. So when we say our mortgage rates are 7.5% or call it, mid-7s, that's for our traditional non-QM product. Right now, our portfolio is in the low to mid-8s because we've purchased post the $42 million debt issuance, about $75 million worth of home equity line of credits, which is really a newer product for us. We had a couple in the portfolio at the end of Q1. We purchased a couple of pools.

是的。因此，當我們說我們的抵押貸款利率為 7.5% 或稱之為 7% 中段時，這指的是我們的傳統非 QM 產品。目前，我們的投資組合處於 8% 左右的低位，因為我們在發行 4,200 萬美元債務後購買了價值約 7,500 萬美元的房屋淨值信貸額度，這對我們來說確實是一種較新的產品。在第一季末，我們的投資組合中就有幾隻股票。我們買了幾個游泳池。

Those are similar credit profiles, I mean, mid-700 FICOs, combined LTVs even in the 60s, but coupons of averaging nearly 11%, sometimes a little bit higher than that. So that's driven that increase. We'd expect where we are, again, where we want to be, those will be in a separate type of securitization structure when we do that that'll be coming with other Angel Oak entities.

這些都是類似的信用狀況，我的意思是，FICO 分數在 700 左右，綜合 LTV 甚至在 60 多，但平均票面利率接近 11%，有時甚至略高一些。所以這推動了這一成長。我們期望我們所處的位置，再次強調，我們想要的位置，當我們這樣做時，它們將處於單獨的證券化結構中，它將與其他 Angel Oak 實體一起出現。

So we like the product. but now we've kind of slowed down the purchases of that product to get enough of your traditional non-QM loans back on the balance sheet to do a securitization here in the next couple of months.

所以我們喜歡這個產品。但現在我們已經放慢了該產品的購買速度，以便將足夠的傳統非 QM 貸款重新納入資產負債表，以便在未來幾個月內進行證券化。

Okay. And that was the related question. So it sounds like you're planning -- hopefully, you get one in before the end of the third quarter securitization.

好的。這就是相關問題。所以聽起來你正在計劃——希望你能在第三季證券化結束前完成一項計劃。

Yeah, that's the plan.

是的，這就是計劃。

Got it. All right. Thank you.

知道了。好的。謝謝。

Matthew Erdner, Jones Trading.

馬修‧艾德納（Matthew Erdner），瓊斯貿易公司。

I'm going to follow up a little on that last one. Just kind of on the HELOC and second liens. Where are you guys seeing the most opportunity right now in the acquisition market when you're out there buying loans? And then just kind of following up on the securitization question, should we kind of expect that towards the end of the quarter?

我將稍微跟進一下最後一個問題。只是關於 HELOC 和第二留置權。當你們在外面買貸款時，你們認為目前收購市場上最大的機會在哪裡？然後繼續討論證券化問題，我們是否應該預期它會在本季結束時出現？

Yeah. So on the securitization side, I would think that, yeah, we're probably looking at targeting sometime in September for the deal. Again, it depends a little bit on where exactly we are with some of our loan pipeline. We have $100 million-plus of committed loan purchases, but some of those take a little time to get closed from a lock position to a loan position. If those close a little quicker, we can push that a little earlier.

是的。因此，在證券化方面，我認為，是的，我們可能會在 9 月的某個時候完成交易。再次強調，這在一定程度上取決於我們的部分貸款管道的具體情況。我們有超過 1 億美元的承諾貸款購買，但其中一些需要一點時間才能從鎖定狀態轉變為貸款狀態。如果這些關閉得更快一些，我們就可以提前一些。

Otherwise, we have to wait to get to that critical mass, right, as our securitizations are high $200 million, low $300 million range right now. And as far as incremental purchase volume, I think origination volume has been relatively strong. The rates have been very stable in that market even if you get a little volatility. I think that's probably a little bit of a reflection of the fact that our securitization market continues to be very strong.

否則，我們必須等待達到臨界規模，對吧，因為我們目前的證券化規模在 2 億美元以上，3 億美元以下。就增量購買量而言，我認為發起量相對強勁。即使出現一點波動，該市場的利率也一直非常穩定。我認為這可能在一定程度上反映了我們的證券化市場持續強勁的事實。

We're pricing deals now kind of low in the [140] range of the AAA level, which is kind of pricing on top of agency bonds, very tight spreads. So that market is strong and taking out some of the volatility we've seen over the past, even with rates rising or rates declining, if the Fed starts cutting rates, our portfolio is -- I don't expect a huge move in prepayment speeds as we have a lot of current market coupon deals. But if the Fed starts cutting a little bit and rates go from 7.5% to [7.38%] or 7.25% is probably not going to move that much. And then so much of our portfolio is also still significantly underwater or out of the money from a refinance decision at the 5% coupon range.

我們現在的交易定價有點低，在 AAA 級 [140] 範圍內，這種定價是在機構債券之上的，利差非常小。因此，市場表現強勁，消除了我們過去看到的一些波動，即使利率上升或下降，如果聯準會開始降息，我們的投資組合——我不認為預付款速度會有大幅波動，因為我們目前有很多市場息票交易。但如果聯準會開始小幅降息，利率從 7.5% 降至 [7.38%] 或 7.25%，那麼可能不會有太大波動。然後，我們的投資組合中有很多仍然處於嚴重虧損狀態，或者由於 5% 票面利率範圍內的再融資決定而虧損。

Obviously, there'll be incremental speed pickup but nothing to increase even at least is what we're expecting back to historical levels in non-QM like a 25 to 30 CPR. Today, we're seeing new deals in the 20s -- low 20s and some of the older ones still down in the low 10s. Really, the change there on rates declining, it's going to be a book value change as we see the rates come in, real rates come in, Fed rates cut, you'll see our financing costs decrease a little bit on the warehouse side and then book value start to increase as well, especially again, back on those 5% loans that we are originating in '21, '22.

顯然，速度會逐漸加快，但不會有太大的提高，至少我們預期非 QM 的速度會回到歷史水平，例如 25 到 30 CPR。如今，我們看到新交易的價格都在 20 多美元左右，而一些較早的交易的價格仍然在 10 多美元左右。實際上，利率下降的變化將是帳面價值的變化，因為我們看到利率上升，實際利率上升，聯準會降息，你會看到我們的倉庫融資成本略有下降，然後帳面價值也開始增加，尤其是回到我們在 21 年、22 年發放的 5% 貸款。

That's very helpful. Thank you for the color.

這非常有幫助。謝謝你的顏色。

(Operator Instructions) Eric Hagen, BTIG.

（操作員指示）Eric Hagen，BTIG。

We've seen some more of the mortgage rates to allocate more capital to their origination platforms. I mean, do you guys see that maybe changing the competitive dynamic in the market at all? And just any general perspectives on what that kind of that capital allocation kind of means for our market?

我們看到一些抵押貸款利率正在向其發起平台分配更多資本。我的意思是，你們是否認為這可能會改變市場競爭態勢？您對於這種資本配置對我們的市場意味著什麼有什麼整體看法嗎？

Yeah. I mean, we are seeing a lot of mortgage REITs actually invest in the non-QM side, especially when in other sectors and the mortgage market don't seem to be giving that kind of returns. To be perfectly honest with you, we haven't seen from our mortgage company side. I mean, the market is getting bigger, right? The overall size of the market is getting bigger just because there's more education out there. So that's necessarily not a bad thing.

是的。我的意思是，我們看到很多抵押房地產投資信託基金實際上投資於非 QM 領域，特別是當其他行業和抵押貸款市場似乎沒有給出那種回報時。坦白告訴你，我們還沒有從抵押貸款公司的角度看到這一點。我的意思是，市場正在變得越來越大，對嗎？由於教育程度的提高，整個市場的規模也變得越來越大。所以這不一定是壞事。

So I would not say that it's eating into other originations. The overall part is growing, which is exciting for the overall market. From our origination, we had a team over to our offices, the mortgage company deemed offices yesterday, and our pipelines are growing. So that's healthy for the market.

所以我不會說它正在侵蝕其他起源。整體部分正在成長，這對整個市場來說是令人興奮的。從我們成立之初，我們就有一個團隊來到我們的辦公室，抵押貸款公司昨天就認定了辦公室，而且我們的管道也不斷擴大。這對市場來說是健康的。

We are not seeing that much creep in in credit standards from even other guys. So that's also a good thing, right, because that's a worrisome trend. You've seen that the delinquencies of some of the other originators have gone up. But generally, I would say that even the new guys coming in are guys investing in origination companies, the credit seems to be still on a good path.

我們甚至沒有看到其他國家的信貸標準有如此大的進步。所以這也是一件好事，對吧，因為這是一個令人擔憂的趨勢。你已經看到，其他一些發起人的拖欠率上升。但總的來說，我想說，即使是新來的人也是投資發起公司的人，而信貸似乎仍然處於良好的軌道上。

So yes, we are seeing more people enter, but it hasn't pushed on the fact that it's eating into our origination, or I don't think it's eating into other originations.

所以是的，我們看到越來越多的人進入，但這並沒有侵蝕我們的起源，或者我不認為這侵蝕其他起源。

Got it. That's really helpful. Historically, you guys have been a fixed rate lender. But do you guys think we'll eventually see more demand for hybrid ARMs to refi these high coupon borrowers if the long end of the yield curve stays high, but the Fed cuts rates, I mean -- and from your perspective, are you guys able to supply that kind of credit, just your perspective on doing that?

知道了。這真的很有幫助。從歷史上看，你們一直是固定利率貸款機構。但是，如果殖利率曲線的長端保持高位，而聯準會降低利率，你們是否認為我們最終會看到對混合可調利率抵押貸款 (ARM) 的更多需求，以便為這些高息借款人進行再融資，我的意思是——從你們的角度來看，你們是否能夠提供這種信貸，只是你們對這樣做的看法？

Yeah. It's funny. We haven't seen hybrids in a long, long time. But you've talked about it, to be honest with you, the curve will have to steepen a lot. But I don't know. That's a good question.

是的。很有趣。我們已經很久很久沒有見過混合動力車了。但您已經談到了這一點，說實話，曲線必須變得陡峭得多。但我不知道。這是個好問題。

I think all of us will have to get to that point. And I do think those conversations will happen if the longer rates stay higher and you start seeing the front end because that environment hasn't happened in a long time. But as of today, it's not efficient, and we really haven't discussed it in great detail.

我認為我們所有人都必須達到這一點。我確實認為，如果利率長期維持在高位，並且你開始看到前端，那麼這些對話就會發生，因為這種環境已經很久沒有出現過了。但截至今天，它效率不高，而且我們確實還沒有詳細討論過它。

Got you. Thank you, guys, very much.

明白了。非常感謝你們。

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

我們的問答環節到此結束。我想將會議交還給布蘭登·菲爾森 (Brandon Filson) 並請他致閉幕詞。

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 questions, please feel free to reach out to us, and have a great day.

感謝大家對 Angel Oak Mortgage REIT 的時間和關注。我們期待下個季度再次與您聯繫。同時，如果您有任何疑問，請隨時與我們聯繫，並祝您有個愉快的一天。

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。