Angel Oak Mortgage REIT Inc (AOMR) 2025 Q3 法說會逐字稿

Good day, and welcome to the Angel Oak Mortgage REIT third-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 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給 KC Kelleher 先生。請繼續。

Good morning, and thank you for joining us today for Angel Oak Mortgage REIT's third-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，感謝各位今天參加 Angel Oak Mortgage REIT 2025 年第三季財報電話會議。今天上午，我們發布了詳細介紹這些結果的新聞稿，您可以在我們網站 www.angeloakreit.com 的投資者關係部分查看。

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. 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.

提醒各位，今天電話會議的發言可能包含前瞻性陳述。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。我們不承擔因新資訊或未來事件而更新前瞻性聲明的任何義務。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報告和我們最新的美國證券交易委員會文件。

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.

在本次電話會議中，我們將討論一些非GAAP財務指標。有關這些非GAAP財務指標以及與最直接可比的GAAP財務指標的調節表的更多信息，請參閱我們的盈利報告和提交給美國證券交易委員會的文件。

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 的執行長 Sreeni Prabhu 和財務長 Brandon Filson 主持。管理階層將作一些事先準備好的發言，之後我們將開放提問環節。此外，我們建議您查看我們網站 www.angeloakreit.com 上發布的收益補充說明。

Now, I will turn the call over to Sreeni.

現在，我將把電話交給斯里尼。

Thank you, KC. And thank you all for joining us today. Our third quarter performance reflected another period of disciplined execution and strategic progress for AOMR. We continue to execute both operationally and strategically in a constructive market environment. We capitalized on a couple of strategic opportunities to reallocate capital into high-yielding assets, improve our loan financing funding costs, and diversify our lender base. And as always, our team continued to focus on deploying capital into high-quality income-accretive opportunities, supporting both portfolio growth and underlying earnings quality while maintaining vigilance on credit.

謝謝你，KC。感謝各位今天蒞臨現場。第三季業績反映了AOMR在執行力和策略進展方面的另一個穩定發展階段。我們繼續在良好的市場環境下執行營運和策略計劃。我們抓住了一些策略機遇，將資本重新配置到高收益資產中，降低了貸款融資成本，並使貸款機構基礎多元化。和以往一樣，我們的團隊繼續專注於將資本投入高品質的增值機會，在保持信貸警覺的同時，支持投資組合成長和潛在的獲利品質。

Our results this quarter were in line with our expectations. This was highlighted by our 13% growth in net interest income compared to third quarter of 2024 and a 2% increase compared to second quarter of the year. GAAP book value per share increased by over 2% compared to the second quarter, driven by increases in valuations across our portfolio.

本季業績符合預期。這一點從我們的淨利息收入與 2024 年第三季相比成長 13% 以及與今年第二季相比成長 2% 可以明顯看出。受投資組合估值成長的推動，GAAP每股帳面價值較第二季成長超過2%。

Cash flow dividend coverage increased and is expected to continue its growth trend as demonstrated over the last two years. This is driven by earnings from assets purchased during and post quarter end as well as the resecuritization of some pre-IPO deals, which will rotate capital into high-yield uses.

現金流股息覆蓋率有所提高，預計將延續過去兩年來的成長趨勢。這主要得益於季度末及之後購買的資產的收益，以及一些IPO前交易的再證券化，這將使資本輪換到高收益用途。

Credit continues to perform well, both in aggregate and relative to our peers, and our earnings generation engine continues to strengthen. As I mentioned, we executed on several key initiatives during the quarter. First, we successfully called and retired two legacy vintage deals, which is something we have been opportunistically monitoring for the last several quarters. Retiring these deals allowed us to release and reinvest capital into new attractive opportunities and further optimize the yield on our investment portfolio.

信貸業務整體表現良好，與同業相比也表現優異，我們的獲利引擎持續增強。正如我之前提到的，我們在本季執行了幾項關鍵措施。首先，我們成功召回並終止了兩項歷史遺留的股票交易，這是我們在過去幾季中一直密切關注的。終止這些交易使我們能夠釋放資金，並將其重新投資於新的有吸引力的機會，從而進一步優化我們投資組合的收益。

Second, we added new warehouse credit facility and extended another facility at attractive funding rates, which combined with decreases in SOFR are expected to improve margins while also diversifying our lender base. These actions, along with our continued focus on efficient capital recycling and securitization, emphasize the reliability and the repeatability of our strategy.

其次，我們新增了倉儲信貸額度，並以優惠的融資利率延長了另一項信貸額度，加上 SOFR 的下降，預計這將提高利潤率，同時也能使我們的貸款機構基礎更加多元化。這些舉措，加上我們對高效率資本循環和證券化的持續關注，凸顯了我們策略的可靠性和可重複性。

We are encouraged by the strength and stability in the securitization market as well as the constructive environment for portfolio growth. Securitization spreads continue to tighten, and the market continues to function efficiently with new and traditional participants active in the marketplace. The market backdrop has become more positive as the year has progressed and the interest rate trajectory and the efficient securitization execution have supported valuation and earnings growth for AOMR.

證券化市場的強勁和穩定性以及有利於投資組合成長的建設性環境令我們倍感鼓舞。證券化利差持續收窄，市場持續有效率運轉，新舊參與者活躍於市場之中。隨著時間的推移，市場環境變得更加積極，利率走勢和高效的證券化執行為 AOMR 的估值和盈利增長提供了支撐。

While the competition in the space has increased, we see this as an indication of solid demand in an area where we have demonstrated expertise. Further, our differentiated platform and dynamic approach to capital deployment and portfolio management positions us to capitalize on opportunities. As we look ahead, we remain committed to continued execution of our strategies, delivering strong results for shareholders and building on our solid historical track record.

雖然該領域的競爭加劇了，但我們認為這表明在我們已展現出專業能力的領域中存在著強勁的需求。此外，我們差異化的平台和動態的資本部署及投資組合管理方法使我們能夠把握機會。展望未來，我們將繼續致力於執行我們的策略，為股東帶來豐厚的回報，並在我們堅實的歷史績效基礎上再創佳績。

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

接下來，我將把發言權交給布蘭登，他將更詳細地為我們介紹我們第三季的財務表現。

Thank you, Sreeni. Third quarter operating results were in line with our expectations with 13% net interest income growth versus the third quarter of 2024, an expansion versus the second quarter of this year, demonstrating a positive return on May's senior unsecured debt issuance within one quarter.

謝謝你，斯里尼。第三季經營業績符合預期，淨利息收入較 2024 年第三季成長 13%，較今年第二季成長，顯示 5 月發行的優先無擔保債務在一個季度內獲得了正回報。

Year-to-date, net interest income increased 11% compared to 2024. Operating expenses, excluding securitization costs and stock compensation expense were 13% lower than in the third quarter of 2024 and 5% lower than the second quarter of 2025.

今年迄今為止，淨利息收入比 2024 年增加了 11%。不包括證券化成本和股票補償費用的營運支出比 2024 年第三季下降了 13%，比 2025 年第二季下降了 5%。

Year-to-date, operating expenses, excluding securitization costs and stock compensation were 19% lower than in 2024 as we continue to push hard on cost rationalization and key expense saving initiatives.

今年迄今為止，不包括證券化成本和股票補償在內的營運費用比 2024 年減少了 19%，因為我們繼續大力推進成本合理化和關鍵的費用節約計畫。

Valuations were a tailwind during the third quarter as we observed increases in valuations across the portfolio. As of today, we expect that our book value has grown moderately compared to the end of the third quarter alongside the recent rate rally.

第三季度，估值成為推動股價上漲的利多因素，因為我們觀察到投資組合中所有股票的估值均上升。截至今日，我們預期隨著近期利率上漲，我們的帳面價值較第三季末已實現溫和成長。

For the third quarter of 2025, we had GAAP net income of $11.4 million or $0.46 per diluted common share. Distributable earnings for the second quarter were $529,000. The primary driver of the difference between GAAP net income and distributable earnings were the impacts of $4.3 million of unrealized gains on our residential loan portfolios and $5 million of unrealized gains on hedge contracts.

2025 年第三季度，我們以美國通用會計準則 (GAAP) 計算的淨收入為 1,140 萬美元，即每股攤薄普通股收益 0.46 美元。第二季可分配收益為 529,000 美元。GAAP 淨收入與可分配收益之間的差異主要源於我們的房屋貸款組合中 430 萬美元的未實現收益以及對沖合約中 500 萬美元的未實現收益。

Interest income for the third quarter was $36.7 million and net interest income was $10.2 million, marking a 34% improvement in interest income and a 13% improvement in net interest income compared to the third quarter of 2024.

第三季利息收入為 3,670 萬美元，淨利息收入為 1,020 萬美元，與 2024 年第三季相比，利息收入增加了 34%，淨利息收入增加了 13%。

Compared sequentially to the second quarter of 2025, interest income increased by 4% and net interest income increased by 2%. For the first nine months of the year, interest income was $104.6 million and net interest income was $30.2 million, which translates to increases of 33% and 12%, respectively, compared to the first nine months of 2024. As we previously noted, we expect our net interest income to continue its growth trend with earnings generated from accretive loans purchased throughout the year and our securitization activity in Q4.

與 2025 年第二季相比，利息收入較上季成長 4%，淨利息收入較上季成長 2%。今年前九個月，利息收入為 1.046 億美元，淨利息收入為 3,020 萬美元，與 2024 年前九個月相比，分別成長了 33% 和 12%。正如我們之前提到的，我們預計淨利息收入將繼續保持成長趨勢，這主要得益於全年購買的增值貸款以及第四季證券化活動產生的收益。

Our $238 million of loan purchases in the quarter carried a weighted average coupon of 7.74% with a weighted average combined loan-to-value ratio of 69.4% and a weighted average FICO score of 759. Our total residential whole loan portfolio had a weighted average coupon of 7.98% as of the end of the quarter.

本季我們購買的 2.38 億美元貸款的加權平均票息率為 7.74%，加權平均綜合貸款價值比為 69.4%，加權平均 FICO 評分為 759。截至本季末，我們的住宅貸款組合加權平均票面利率為 7.98%。

The non-QM portion of our whole loan portfolio carried a weighted average coupon of 7.37% and HELOCs carried 11.03% weighted average coupon. As of today, our current weighted average coupon is approximately 8.7%, reflecting the 2025-10 securitization, which closed in October.

我們整個貸款組合中非合格抵押貸款部分的加權平均票息率為 7.37%，房屋淨值信用額度貸款的加權平均票息率為 11.03%。截至今日，我們目前的加權平均票息約為 8.7%，反映了 2025-10 年證券化，該證券化已於 10 月完成。

As of the end of the quarter, our loans in the securitization trust portfolio carried a weighted average coupon rate of 5.8% with a weighted average funding cost of approximately 4.2%. As Sreeni mentioned, the securitization market remains active, and we intend to continue leveraging this strength through our disciplined methodical securitization strategy.

截至本季末，我們在證券化信託組合中的貸款加權平均票面利率為 5.8%，加權平均融資成本約為 4.2%。正如 Sreeni 所提到的，證券化市場仍然活躍，我們打算繼續透過我們嚴謹有條不紊的證券化策略來利用這一優勢。

As mentioned earlier, we called and retired our retained bonds from AOMT 2019-2 and AOMT 2019-4 securitizations in the third quarter. These deals have become delevered over time, and the [call] released $19 million of capital to be reinvested into higher-yielding new loan purchases and other earnings accretive uses.

如前所述，我們在第三季贖回了 AOMT 2019-2 和 AOMT 2019-4 證券化中保留的債券。隨著時間的推移，這些交易的槓桿率有所下降，此次[選擇權]釋放了 1,900 萬美元的資金，用於再投資於收益更高的新貸款購買和其他增加收益的用途。

Additionally, in October, we executed the AOMT 2025-10 securitization. This securitization was a $274 million deal that enabled us to pay down $237 million of warehouse financing and released $22 million of cash for redeployment. The execution of this deal was strong with the senior bonds issued at a spread of 125 basis points over treasuries.

此外，我們在 10 月執行了 AOMT 2025-10 證券化。這項證券化交易金額為 2.74 億美元，使我們能夠償還 2.37 億美元的倉儲融資，並釋放 2,200 萬美元現金用於重新部署。此次交易執行情況良好，發行的優先債券比國債殖利率高出 125 個基點。

Operating expenses for the third quarter were $3.2 million. Excluding noncash stock compensation expenses and securitization costs, third quarter operating expenses were $2.8 million. This represents a 13% decrease compared to the same metric in the third quarter of 2024.

第三季營運費用為 320 萬美元。不計非現金股票補償支出和證券化成本，第三季營運支出為 280 萬美元。與 2024 年第三季的相同指標相比，這相當於下降了 13%。

For the first nine months of the year, operating expenses were $11.3 million. Excluding noncash stock compensation, expenses, and securitization costs, operating expenses for the first nine months of the year were $8.5 million, representing a decrease of 19% compared to the first nine months of 2024. Going forward, we expect to maintain similar operating expense levels and will continue to be as efficient as possible with our expense structure.

今年前九個月的營運費用為 1,130 萬美元。不包括非現金股票補償、費用和證券化成本，今年前九個月的營運費用為 850 萬美元，與 2024 年前九個月相比下降了 19%。展望未來，我們預計將保持類似的營運費用水平，並將繼續盡可能提高費用結構的效率。

Looking at our balance sheet. As of the end of the quarter, we had $51.6 million of cash, and our recourse debt-to-equity ratio was 1.9 times. As of today's date, and factoring in the October securitization, we estimate our recourse debt-to-equity ratio to be approximately 1 times. GAAP book value per share increased 2.2% to $10.60 per share as of September 30, 2025, from $10.37 as of June 30, 2025.

查看我們的資產負債表。截至季末，我們有 5,160 萬美元現金，追索權負債權益比率為 1.9 倍。截至今日，考慮到 10 月的證券化，我們估計我們的追索權債務權益比率約為 1 倍。截至 2025 年 9 月 30 日，GAAP 每股帳面價值成長 2.2%，達到每股 10.60 美元，截至 2025 年 6 月 30 日為每股 10.37 美元。

Economic book value, which fair values all nonrecourse securitization obligations was $12.72 per share as of September 30, 2025, down 1.9% from $12.97 per share as of June 30, 2025. The increase in GAAP book value was driven primarily by the aforementioned valuation increases across our portfolio and valuations of the sold bonds from our 2021-4 and 2021-7 securitizations are included as a liability in our economic book value calculation and the markup of these bonds drove the directional difference between GAAP and economic book value.

截至 2025 年 9 月 30 日，所有無追索權證券化義務的公允價值（經濟帳面價值）為每股 12.72 美元，較 2025 年 6 月 30 日的每股 12.97 美元下降 1.9%。GAAP 帳面價值的成長主要由上述投資組合估值的成長所驅動，而我們 2021-4 和 2021-7 證券化中出售的債券的估值作為負債計入我們的經濟帳面價值計算中，這些債券的加價導致了 GAAP 帳面價值和經濟帳面價值之間的方向性差異。

We ended the quarter with unsecuritized residential whole loans at fair value of $425.8 million financed with $342.6 million of warehouse debt, $1.9 billion of residential mortgage loans and securitization trust, and $256.2 million of RMBS, including $21.2 million of investments in commingled securitization entities, which are included in other assets on our balance sheet. We finished the quarter with an undrawn loan financing capacity of approximately $707.4 million.

本季末，我們未擔保的住宅整體貸款公允價值為 4.258 億美元，融資來源包括 3.426 億美元的倉儲債務、19 億美元的住宅抵押貸款和證券化信託，以及 2.562 億美元的住宅抵押貸款支持證券 (RMBS)，其中包括對混合證券化實體的 2120 萬美元投資，這些資產已計入我們的資產負債表。本季末，我們未提取的貸款融資能力約為 7.074 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 2.2%, inclusive of our residential loan, securitized loan, and RMBS portfolios, which represents a decrease of 15 basis points from the second quarter of 2025.

現在，我們來看看信用問題。本季末，包括我們的房屋貸款、證券化貸款和RMBS投資組合在內，逾期90天以上的貸款總額加權平均百分比為2.2%，比2025年第二季下降了15個基點。

The AOMT securitization shelf continues to demonstrate outperformance relative to other non-QM shelves in terms of delinquency. We expect that throughout the credit cycle, this outperformance will lead to fewer defaults and lower credit losses than comparable non-QM securitization platforms.

AOMT證券化證券化產品在違約率方面持續表現出優於其他非QM證券化產品的表現。我們預計，在整個信貸週期中，這種優異表現將導致違約率降低，信貸損失低於同類非合格市場證券化平台。

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, which continues to provide us with the confidence that we will deliver consistently amid periods of potential volatility. Additionally, we expect our portfolio-wide low LTV, diligent underwriting standards and inherent credit selection to mitigate losses throughout a cycle if credit becomes an issue.

這項預期源自於我們過去幾年為提高貸款發放和採購的信用等級而做出的有意識的努力，這讓我們有信心在潛在的波動時期也能持續交付成果。此外，我們預計，如果信貸出現問題，我們整體投資組合的低貸款價值比、嚴格的承保標準和固有的信貸選擇將在整個週期內減輕損失。

Three-month prepayment speeds for our RMBS and securitized loan portfolios were 9.4% to end the quarter, reflecting a marginal decrease compared to the second quarter of 2025. As a reminder, we model our returns on historical average prepayment speed of 20% to 30%. We continue to expect that mortgage rates would need to fall meaningfully in order to drive a significant uptick in refinances and prepayment speeds in our portfolio.

截至本季末，我們的RMBS和證券化貸款組合的三個月提前還款速度為9.4%，與2025年第二季相比略有下降。再次提醒，我們的收益模型是基於歷史平均提前還款速度 20% 至 30% 制定的。我們仍然認為，抵押貸款利率需要大幅下降，才能推動我們投資組合中的再融資和提前還款速度大幅加快。

Finally, the company declared a $0.32 per share common dividend, which will be paid on November 26, 2025 to common shareholders of record as of November 18, 2025. For additional color on our financial results, please review the earnings supplement available on our website.

最後，該公司宣布派發每股0.32美元的普通股股息，將於2025年11月26日支付給截至2025年11月18日登記在冊的普通股股東。如需了解更多財務業績詳情，請查看我們網站上提供的獲利補充報告。

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

現在我將把發言權交還給斯里尼，請她作總結發言。

Thank you, Brandon. I would 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. 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 Angel Oak 團隊的全體成員，感謝他們為打造我們認為最好的非合格抵押貸款發起、購買和證券化平台所付出的辛勤努力。我們期待在未來幾季和幾年裡繼續為股東創造長期價值。

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

接下來，我們將開放問答環節。操作員？

(Operator Instructions) Matthew Erdner, JonesTrading.

（操作說明）Matthew Erdner，JonesTrading。

I'd like to touch on kind of the calling of the old securitizations there. One, get your thoughts going forward? And two, how much incrementally were you guys able to pick up on the margin there in terms of cost of funds kind of coming in as a result of calling the securitizations? And then expectation going forward as to what other calls would do to that cost of funds.

我想談談過去證券化的意義。第一，你接下來該怎麼安排？第二，由於證券化，你們在資金成本方面能夠增加多少利潤空間？然後，人們會預期未來的其他投資會對資金成本產生什麼影響。

Yeah. Thanks, Matt. Yeah, 19-2,19-4, those were our very first securitizations that we did even before this vehicle was a public REIT. They're very delevered, the point, I mean, the factors were down to very, very low levels where effectively our retained interest was earning, the weighted average coupon of the deals are in some cases even a bit less. So 6%, 7% kind of retained yields on those bond positions.

是的。謝謝你，馬特。是的，19-2、19-4，那是我們最早進行的證券化交易，甚至在我們公司成為上市房地產投資信託基金之前就已經完成了。他們的槓桿率已經非常低了，我的意思是，這些因素已經降到了非常非常低的水平，實際上，我們留存的利息收入，在某些情況下，交易的加權平均票息甚至還要更低一些。因此，這些債券部位的保留收益率約為 6% 至 7%。

The $19 million in cash would be then immediately reinvested into whole loans that would at least lever -- earn that unlevered yield today with leverage 12% to 14%. And then once we securitize a 15% to 20% kind of return. So you can think of 8% of our capital over the next couple of quarters going from earning a 6% to a 14% at a base case level.

這 1,900 萬美元現金將立即再投資於整筆貸款，至少可以實現槓桿化——今天就能獲得 12% 至 14% 的無槓桿收益率。然後，一旦我們實現證券化，就能獲得 15% 到 20% 的回報。所以你可以想像，在接下來的幾個季度裡，我們 8% 的資本的收益率，在基本情況下從 6% 提高到 14%。

As we look at other deals, I mean, we do have 19-6 securitization and 2020-3 securitization out there that we're evaluating what to do with them as they delever. It all depends on what the execution price and where we are in terms of the cycle, but I'd expect us to be looking hard at that over the next year.

當我們審視其他交易時，我的意思是，我們確實有 19-6 證券化和 2020-3 證券化項目正在進行中，我們正在評估如何處理它們，因為它們正在去槓桿化。這一切都取決於執行價格以及我們所處的周期階段，但我預計在未來一年裡，我們將密切關注這一點。

Yeah. Got it. That's helpful there. And then you guys mentioned competition earlier on the call. I'd like to touch on this given the amount of people that have entered the space are starting to come in. How are you guys able to go out there and kind of source the loans that you find attractive, opportunistic, and whatnot and kind of beat out that competition, so to speak?

是的。知道了。那很有幫助。然後你們在之前的電話會議中也提到了競爭。鑑於越來越多的人開始進入這個領域，我想談談這個主題。你們是如何找到那些有吸引力、有發展前景等等的貸款項目，並在競爭中勝出的呢？

Yeah. I think we -- with our affiliation with Angel Oak Mortgage Solutions and the Angel Oak platform in general, we've had a very consistent non-QM program over the past many years. Our rate sheets are similar. We're always buying. We're a surety of closing deals.

是的。我認為，憑藉我們與 Angel Oak Mortgage Solutions 的合作關係以及 Angel Oak 平台，我們在過去的多年中一直擁有非常穩定的非合格抵押貸款 (non-QM) 專案。我們的價目表類似。我們一直在買。我們保證交易成功。

So when we go out, we think we are able to pull in good demand versus maybe the new guys entering the space that may not be there tomorrow, that may change their mind, and they're just coming in and out based on a trade item.

所以當我們外出銷售時，我們認為我們能夠吸引到良好的需求，而那些新進入這個領域的公司可能明天就不在那裡了，他們的想法可能會改變，他們只是根據交易商品進進出出。

Again, we said many times, this is a business for us, not a trade. So we have great relationships, again, with our affiliated originators and other third-party originators where they will show us the loans that we want with the rates we want and the prices we want because they know that we'll be able to execute and close those loans.

我們再次強調，對我們來說，這是一門生意，而不是一筆交易。因此，我們與附屬貸款機構和其他第三方貸款機構保持著良好的關係，他們會向我們展示我們想要的貸款、利率和價格，因為他們知道我們能夠執行並完成這些貸款。

Doug Harter, UBS.

道格·哈特，瑞銀集團。

Hoping you could touch on your outlook for growth in the investment portfolio, I guess, given a combination of the resecuritization opportunities plus maybe adding some more leverage to the balance sheet.

希望您能談談您對投資組合成長的展望，我想，這得益於證券化再融資的機會，以及可能增加資產負債表槓桿。

Yeah. No, I think we have -- we did our senior unsecured notes offering, second one this last summer. That -- those proceeds have effectively been deployed, maybe not fully. I mean it takes several cycles of securitization to get 100% deployed in terms of capital.

是的。不，我想我們已經——我們去年夏天進行了第二次高級無擔保票據發行。這些收益其實已經投入使用，雖然可能還沒有全部投入。我的意思是，要實現100%的資本部署，需要經過幾個證券化週期。

We released the securitization from the 19-2, 19-4 deals. You'll also see in the filings and whatnot that we also took back at interest in a vehicle that holds some of the nonperforming loans from those deals. It would be about $7 million that -- those proceeds should also be coming in today, literally.

我們從 19-2、19-4 交易中釋放了證券化資產。你也會從提交的文件等等中看到，我們也收回了持有部分不良貸款的車輛的利息。大約有 700 萬美元——這些收益也應該在今天到達。

Then 25-10 released over $20 million in capital. So we have kind of a very good runway for growth in terms of what we're looking at in terms of purchasing volume. We like to be consistent in the space. We've been buying [$200 million to $300 million] a quarter really over the past year of loans. We're also looking at -- we have about $75 million worth of HELOCs in our portfolio.

然後，25-10 釋放了超過 2000 萬美元的資金。因此，就採購量而言，我們有非常好的成長前景。我們喜歡在這個領域保持一致性。過去一年，我們每季都在購買價值 2 億至 3 億美元的貸款。我們也正在關注—我們的投資組合中約有價值 7,500 萬美元的房屋淨值信用額度 (HELOC)。

We're looking at doing a securitization in that regard here in the coming quarter that should release additional capital and continuing to grow. So we -- and then as you mentioned, we're going to be looking at the 19-2 and then the 2020-3 securitizations to resecuritize and call if and when that time and opportunity comes up. The 19-6, sorry, if I said 19-2.

我們計劃在下一季進行這方面的證券化，這將釋放更多資金並繼續成長。所以，正如您所提到的，我們將關注 19-2 和 2020-3 證券化項目，以便在時機成熟時進行再證券化和贖回。19-6，抱歉，如果我說的是 19-2。

Great. I appreciate that. And then I know in the prepared remarks, you did walk through some of the difference between GAAP and economic book value in the quarter. But if you could just kind of give a little more detail on just how we might think about the drivers of change as we go forward on those metrics?

偉大的。我很感激。我知道在事先準備好的發言稿中，您確實詳細闡述了本季 GAAP 和經濟帳面價值之間的一些差異。但是，如果您能更詳細地說明一下，隨著我們繼續推進這些指標的製定，我們應該如何看待變革的驅動因素呢？

Yeah. So the genesis of economic book value was the 21-4 and [21-6] securitizations that we did immediately post IPO. Those were the deals that were in the Goldilocks phase of the market when interest rates were zero and the securitization market was incredibly accretive. So they had one of them, 21-4, the coupon on the senior bond was just over 1%. So literally very little funding cost.

是的。因此，經濟帳面價值的起源是我們在 IPO 後立即進行的 21-4 和 [21-6] 證券化。這些交易正值市場處於黃金時期，當時利率為零，證券化市場極具增值潛力。所以他們有一張債券，21-4，高級債券的票面利率略高於 1%。所以實際所需的資金成本非常低。

We made the election at that time, if you recall, to hold those liabilities for those sold bonds at amortized cost, meaning that as obviously, rates sold off over the next couple of years, they stayed at par when in reality, the fair value of those bonds or the fair value of the liability would have been significantly below par.

如果你還記得的話，當時我們決定以攤餘成本持有這些已售債券的負債，這意味著，儘管在接下來的幾年裡利率明顯下降，但這些債券仍保持面值，而實際上，這些債券的公允價值或負債的公允價值將遠低於面值。

As we're in this cycle now where real rates are starting to decline, securitization market getting better, things are getting tighter. There's a lot of demand for these products. And again, real rates are declining. Those bonds are starting to mark back up, which doesn't happen under GAAP book value. And that's why you see the divergence or the decrease in economic book value quarter versus the increase in GAAP book value because from a GAAP book value perspective, if you think about those two securitizations, we effectively have an unhedged asset with several hundred million dollars in loans in it.

由於我們現在正處於實際利率開始下降、證券化市場好轉的周期中，市場環境變得越來越緊張。這些產品的需求量很大。實際利率再次下降。這些債券的價格開始回升，而按照美國通用會計準則（GAAP）帳面價值計算，這種情況不會發生。這就是為什麼你會看到經濟帳面價值季度下降與 GAAP 帳面價值季度上升之間的差異或下降，因為從 GAAP 帳面價值的角度來看，如果你考慮這兩個證券化項目，我們實際上擁有一項未對沖的資產，其中包含數億美元的貸款。

And then from an economic book value, then we effectively then hedge that back down as that liability is starting to increase in value. And that liability value is based on the value of those sold bonds.

然後從經濟帳面價值來看，隨著負債價值的增加，我們有效地對其進行了對沖。而該負債價值是根據已售出債券的價值計算的。

(Operator Instructions) Timothy D'Agostino, B. Riley Securities.

（操作說明）Timothy D'Agostino，B. Riley Securities。

Just one for me. Regarding the size of securitizations, just looking back to prior quarters, it seems like in 2024, securitizations were slightly above $300 million. So far in '25, they've kind of hovered around $280 million. I was just kind of wondering if we could see future securitizations kind of get back to that $300 million level or if you guys are comfortable with kind of the size you're doing now?

我只留一個。就證券化規模而言，回顧前幾季度，2024 年證券化規模似乎略高於 3 億美元。截至目前，2025 年他們的收入一直徘徊在 2.8 億美元左右。我只是想知道，未來的證券化規模是否有可能回到 3 億美元的水平，或者你們是否對目前的規模感到滿意？

Yeah. We've made the conscious decision to be hitting the securitization market very programmatically and consistently, right, and not waiting in this rate environment to get to a $300 million, $400 million level. That was something we did use to do. And now, we found it better, especially with all the supply coming on the market to be a very consistent issuer.

是的。我們已經有意識地決定以非常系統化和持續的方式進入證券化市場，而不是在當前的利率環境下等待達到 3 億美元、4 億美元的規模。那是我們以前確實做過的事。現在，我們發現情況更好了，尤其是在市場上供應充足的情況下，成為一個非常穩定的發行方。

That's why this year, we're already up to 10, 11 real non-QM securitizations. We've done the resecuritization. And then earlier in the year, we had our first HELOC securitization. I say we here as AOMT or Angel Oak itself. So we're consistently in the market, and we find that has helped tighten up our spreads and keep our risk low on our balance sheets as we move to term out that funding cost.

這就是為什麼今年我們已經完成了 10 到 11 項真正的非合格證券化交易。我們已經完成了證券化。今年早些時候，我們進行了首次房屋淨值信用額度證券化。我在這裡用“我們”來指AOMT或天使橡樹本身。因此，我們一直積極參與市場，我們發現這有助於收緊我們的利差，並在我們逐步償還融資成本的同時，保持資產負債表上的風險較低。

Okay. Great. And just a quick follow-up. Could we see you investing more in HELOCs going forward? Or are you going to continue to just like majority focus on non-QM?

好的。偉大的。還有一個後續問題。未來您是否會增加房屋淨值信用額度（HELOC）的投資？還是說你們打算繼續像大多數人一樣，只專注在非量子力學領域？

We're majority focused on non-QM, and we consider our HELOCs non-QM adjacent. A lot of times, they look a lot, and they feel a lot like a non-QM loan from what we're doing. They're just -- especially in today's environment, they're very attractive in terms of their yield profile.

我們主要關注非合格抵押貸款，並將我們的房屋淨值信用額度視為非合格抵押貸款的鄰近領域。很多時候，它們看起來很像，感覺也很像我們正在做的非合格貨幣貸款。尤其是在當今環境下，就產量而言，它們非常有吸引力。

Like you can see from some of the disclosures, the weighted average coupon on those are just north of 11% currently versus new originated non-QM loans, 7.25% to 7.5%. The funding cost is similar between the two, so you can get a lot of extra margin on those. I would imagine that over the coming quarters, we'll keep it kind of where we are today, which is, call it, $75 million to $150 million worth of HELOCs in the portfolio, and then we'll securitize them off.

從一些揭露資訊中可以看出，這些貸款的加權平均票息目前略高於 11%，而新發放的非合格抵押貸款的票息為 7.25% 至 7.5%。兩者的融資成本相近，因此你可以從中獲得許多額外的利潤空間。我估計在接下來的幾個季度裡，我們會保持目前的規模，也就是投資組合中價值 7,500 萬美元到 1.5 億美元的房屋淨值信用額度，然後我們會將它們證券化。

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

我們的問答環節到此結束。我謹將會議交還給布蘭登·菲爾森，請他作總結發言。

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

好的。感謝各位抽空關注 Angel Oak Mortgage REIT。我們期待在年底再次與您聯繫。同時，如果您有任何疑問，請隨時與我們聯繫，祝您有美好的一天。

Thank you. The conference has now concluded. You may now disconnect your lines. Thank you.

謝謝。會議已經結束。現在您可以斷開線路了。謝謝。