<p>Angel Oak Mortgage, Inc. ((AOMR)) 已召开了第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Angel Oak Mortgage, Inc. 报告了一个季度，核心表现稳健，但面临市场驱动的逆风。管理层强调了利息收入的上升、净利息收入的扩大和可分配收益的增加，但这些收益被大规模的公允价值损失所掩盖，导致 GAAP 净亏损并施压账面价值。尽管如此，语气依然坚定地关注流动性、信用质量和证券化执行，作为应对利率波动的杠杆。</p>
<h2>利息和净利息收入显示出稳健的势头</h2>
<p>Angel Oak 的利息收入上升至 4070 万美元，比去年同期的 3290 万美元增长 24%，而净利息收入从 1010 万美元上升 20% 至 1210 万美元。按季度计算，利息收入增长 4%，净利息收入较 2025 年第四季度跃升 11%，突显出在仍然波动的利率背景下，较高的投资组合收益和相对稳定的融资成本带来的好处。</p>
<h2>可分配收益延续向上的运营趋势</h2>
<p>可分配收益在本季度达到 460 万美元，比 2025 年第一季度的 410 万美元增长约 12%，反映出又一个净利息收入扩张的时期。管理层强调这一点作为公司核心收益引擎持续增强的进一步证据，即使 GAAP 数据受到与波动利率和利差相关的未实现估值波动的影响。</p>
<h2>证券化引擎通过 AOMT 2026-2 交付成果</h2>
<p>公司在 3 月完成了 AOMT 2026-2 证券化，支持 2.72 亿美元的未偿本金，平均票息为 7.1%，信用评分为 757，CLTV 为 70.7%。AAA 债券的定价约为国债的 113 个基点，管理层重申其每年大约进行四次证券化的目标，将该计划定位为关键的融资和资本回收工具。</p>
<h2>有纪律的贷款购买凸显信用保守</h2>
<p>Angel Oak 在本季度收购了 2.462 亿美元的贷款，平均票息为 7.3%，CLTV 为 67%，信用评分为 759，突显出保守的借款人特征。管理层将这些指标视为收紧承销标准和关注增值、高收益资产的证据，这些资产能够在控制信用风险的同时维持收益。</p>
<h2>流动性和资产负债表支持灵活性</h2>
<p>公司在季度末持有 4200 万美元现金，以及约 11 亿美元的未提取融资能力，分布在四个贷款合作伙伴之间，同时回购债务与股本比率为 1.3 倍。这种组合为 Angel Oak 提供了重要的资产负债表灵活性，以资助新的贷款购买、执行证券化，并迅速应对市场利差和利率的变化。</p>
<h2>积极的投资组合融资利差推动收益</h2>
<p>在整个投资组合中，平均票息为 6.1%，而融资成本约为 4.5%，保持了健康的利差。管理层指出这一积极的利差是净利息收入增长的核心驱动因素，并且是对资产估值和交易经济学短期波动的缓冲。</p>
<h2>股息维持作为资本回报信号</h2>
<p>Angel Oak 宣布每股 0.32 美元的普通股股息，将在本季度稍后支付，强调尽管 GAAP 收益承压，仍致力于持续的股东回报。这一分配表明对可分配收益的持久性和公司流动性状况的信心，即使市场标记对报告的净收入施加压力。</p>
<h2>GAAP 净亏损反映市场驱动的估值波动</h2>
<p>公司报告 GAAP 净亏损为 740 万美元，或每股稀释后 0.30 美元，而 2025 年第一季度的净收入为 2050 万美元，或每股 0.87 美元。管理层将这一逆转主要归因于与季度末利率和利差变动相关的未实现估值下降，强调这些标记是非现金的，并且如果市场稳定可能会逆转。</p>
<h2>贷款和对冲的未实现损失拖累业绩</h2>
<p>未实现损失在证券化和住宅贷款组合中总计 1310 万美元，部分被交易证券和对冲的 160 万美元的净未实现收益所抵消。净负标记大幅降低了 GAAP 业绩，突显出公司资产估值对整体贷款定价和风险溢价变化的敏感性。</p>
<h2>账面价值感受到市场波动的影响</h2>
<p>GAAP 每股账面价值在季度末为 10.31 美元，而经济账面价值为 12.28 美元，分别反映出自 2025 年年末以来的 4% 和 3.3% 的下降。管理层承认了压力，但将其视为主要是公允价值标记，认为有纪律的信用选择和证券化应在长期内支持账面价值。</p>
<h2>整体贷款定价压缩影响交易经济学</h2>
<p>整体贷款定价在第一季度下降了大约一个百分点，这是本季度未实现估值损失和新交易短期经济学疲软的关键因素。管理层表示，尽管这减少了证券化的即时盈利能力，但也创造了在风险调整回报具有吸引力时以更具吸引力的入场收益率购买贷款的选择性机会。</p>
<h2>逾期和提前还款趋势略有上升</h2>
<p>九十天以上的逾期率在整个投资组合中保持在约 2.7%，与去年持平，但比 2025 年第四季度高出约 50 个基点，表明信用正常化的逐步迹象。三个月 CPR 提前还款速度从 11.2% 上升至 12%，这一温和的上升可能会在利率显著下降和再融资活动加速时对长期收益施加压力。</p>
<h2>ROE 压缩突显更艰难的回报环境</h2>
<p>管理层指出，由于国债收益率上升和利差扩大，新交易的预期回报已从之前的中十几% 压缩至低十几% 或高 12% 的范围。历史上，HELOC 策略的目标投资回报率在低 20% 区域，但这些数字现在也受到非机构抵押贷款领域经济挑战的市场波动影响。</p>
<h2>较高的运营和证券化成本对利润率造成压力</h2>
<p>本季度运营费用总计为 520 万美元，扣除非现金股票补偿和证券化相关项目后为 340 万美元。管理层提到，由于购置活动增加，专业服务和贷款尽职调查成本上升，以及与市场计划相关的费用，证券化成本在约 3 亿美元的小型交易中约为 50 个基点，仍对交易规模敏感。</p>
<h2>指导方针：稳定的证券化、保守的杠杆和目标投资回报率</h2>
<p>展望未来，Angel Oak 旨在保持每季度大约一笔交易的有序证券化节奏，同时保持运营费用、流动性水平和杠杆比率大致与当前水平一致。管理层重申长期投资回报率目标在中十几%，当前执行接近低十几%，并计划在贷款购买上保持选择性，依赖强大的信用状况、6.1% 的投资组合票息，融资成本约为 4.5% 以及强大的融资能力来推动增值增长。</p>
<p>Angel Oak Mortgage 最近的财报电话会议描绘了一个核心收益和信用纪律保持完好的平台，尽管市场标记影响了 GAAP 结果和账面价值。投资者需要权衡净利息收入、证券化执行和流动性的强度与压缩的投资回报率预期和估值波动，但管理层稳定的语气表明对当前利率周期的应对充满信心。</p>

AOMR

<p>Angel Oak Mortgage, Inc. 举行了 2023 年第一季度的财报电话会议，报告显示由于市场驱动的估值波动，GAAP 净亏损为 740 万美元，尽管利息收入增长了 24%，达到了 4070 万美元。公司强调流动性和信用质量，维持每股 0.32 美元的股息。可分配收益增长了 12%，达到了 460 万美元，反映出稳健的核心表现。公司完成了 AOMT 2026-2 证券化，收购了 2.462 亿美元的贷款，借款人档案较为保守。GAAP 每股账面价值下降至 10.31 美元，归因于市场波动</p>

<p>Angel Oak Mortgage, Inc. ((AOMR)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Angel Oak Mortgage, Inc. ((AOMR)) 已召开了第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Angel Oak Mortgage, Inc. reported a quarter that balanced solid core performance against market-driven headwinds. Management emphasized rising interest income, expanding net interest income and higher distributable earnings, but these gains were overshadowed by sizable mark-to-market losses that produced a GAAP net loss and pressured book value. Even so, the tone remained resolutely focused on liquidity, credit quality and securitization execution as levers to ride out rate volatility.</p>
<div class="lb-trans"><p>Angel Oak Mortgage, Inc. 报告了一个季度，核心表现稳健，但面临市场驱动的逆风。管理层强调了利息收入的上升、净利息收入的扩大和可分配收益的增加，但这些收益被大规模的公允价值损失所掩盖，导致 GAAP 净亏损并施压账面价值。尽管如此，语气依然坚定地关注流动性、信用质量和证券化执行，作为应对利率波动的杠杆。</p>
</div><h2>Interest and Net Interest Income Show Solid Momentum</h2>
<div class="lb-trans"><h2>利息和净利息收入显示出稳健的势头</h2>
</div><p>Angel Oak’s interest income rose to $40.7 million, up 24% from $32.9 million a year earlier, while net interest income climbed 20% to $12.1 million from $10.1 million. Sequentially, interest income increased 4% and net interest income jumped 11% versus Q4 2025, underscoring the benefit of higher portfolio yields and relatively stable funding costs in a still-choppy rate backdrop.</p>
<div class="lb-trans"><p>Angel Oak 的利息收入上升至 4070 万美元，比去年同期的 3290 万美元增长 24%，而净利息收入从 1010 万美元上升 20% 至 1210 万美元。按季度计算，利息收入增长 4%，净利息收入较 2025 年第四季度跃升 11%，突显出在仍然波动的利率背景下，较高的投资组合收益和相对稳定的融资成本带来的好处。</p>
</div><h2>Distributable Earnings Extend Upward Operating Trend</h2>
<div class="lb-trans"><h2>可分配收益延续向上的运营趋势</h2>
</div><p>Distributable earnings reached $4.6 million for the quarter, up roughly 12% from $4.1 million in Q1 2025, reflecting another period of net interest income expansion. Management highlighted this as further evidence that the company’s core earnings engine continues to strengthen, even as GAAP figures are buffeted by unrealized valuation swings tied to volatile interest rates and spreads.</p>
<div class="lb-trans"><p>可分配收益在本季度达到 460 万美元，比 2025 年第一季度的 410 万美元增长约 12%，反映出又一个净利息收入扩张的时期。管理层强调这一点作为公司核心收益引擎持续增强的进一步证据，即使 GAAP 数据受到与波动利率和利差相关的未实现估值波动的影响。</p>
</div><h2>Securitization Engine Delivers with AOMT 2026-2</h2>
<div class="lb-trans"><h2>证券化引擎通过 AOMT 2026-2 交付成果</h2>
</div><p>The company closed its AOMT 2026-2 securitization in March, backed by $272 million of unpaid principal with a weighted average coupon of 7.1%, credit score of 757 and CLTV of 70.7%. AAA bonds priced about 113 basis points over Treasuries, and management reiterated its goal of roughly four securitizations per year, positioning this program as a key funding and capital-recycling tool.</p>
<div class="lb-trans"><p>公司在 3 月完成了 AOMT 2026-2 证券化，支持 2.72 亿美元的未偿本金，平均票息为 7.1%，信用评分为 757，CLTV 为 70.7%。AAA 债券的定价约为国债的 113 个基点，管理层重申其每年大约进行四次证券化的目标，将该计划定位为关键的融资和资本回收工具。</p>
</div><h2>Disciplined Loan Purchases Underscore Credit Conservatism</h2>
<div class="lb-trans"><h2>有纪律的贷款购买凸显信用保守</h2>
</div><p>Angel Oak acquired $246.2 million of loans in the quarter with a weighted average coupon of 7.3%, CLTV of 67% and credit score of 759, highlighting a conservative borrower profile. Management framed these metrics as evidence of tightening underwriting standards and a focus on accretive, higher-yielding assets that can sustain earnings while keeping credit risk in check.</p>
<div class="lb-trans"><p>Angel Oak 在本季度收购了 2.462 亿美元的贷款，平均票息为 7.3%，CLTV 为 67%，信用评分为 759，突显出保守的借款人特征。管理层将这些指标视为收紧承销标准和关注增值、高收益资产的证据，这些资产能够在控制信用风险的同时维持收益。</p>
</div><h2>Liquidity and Balance Sheet Support Flexibility</h2>
<div class="lb-trans"><h2>流动性和资产负债表支持灵活性</h2>
</div><p>The company ended the quarter with $42 million in cash and about $1.1 billion of undrawn financing capacity across four lending partners, alongside a recourse debt-to-equity ratio of 1.3 times. This combination gives Angel Oak meaningful balance sheet flexibility to fund new loan purchases, execute securitizations and respond quickly to shifts in market spreads and rates.</p>
<div class="lb-trans"><p>公司在季度末持有 4200 万美元现金，以及约 11 亿美元的未提取融资能力，分布在四个贷款合作伙伴之间，同时回购债务与股本比率为 1.3 倍。这种组合为 Angel Oak 提供了重要的资产负债表灵活性，以资助新的贷款购买、执行证券化，并迅速应对市场利差和利率的变化。</p>
</div><h2>Positive Portfolio Funding Spread Fuels Earnings</h2>
<div class="lb-trans"><h2>积极的投资组合融资利差推动收益</h2>
</div><p>Across the portfolio, the weighted average coupon stood at 6.1% against an approximate funding cost of 4.5%, preserving a healthy spread. Management pointed to this positive margin as a core driver of net interest income growth and a buffer against near-term volatility in asset valuations and deal economics.</p>
<div class="lb-trans"><p>在整个投资组合中，平均票息为 6.1%，而融资成本约为 4.5%，保持了健康的利差。管理层指出这一积极的利差是净利息收入增长的核心驱动因素，并且是对资产估值和交易经济学短期波动的缓冲。</p>
</div><h2>Dividend Maintained as Capital Return Signal</h2>
<div class="lb-trans"><h2>股息维持作为资本回报信号</h2>
</div><p>Angel Oak declared a common dividend of $0.32 per share payable later in the quarter, underscoring a commitment to ongoing shareholder returns despite GAAP earnings pressure. The distribution suggests confidence in the durability of distributable earnings and the company’s liquidity position, even as market marks weigh on reported net income.</p>
<div class="lb-trans"><p>Angel Oak 宣布每股 0.32 美元的普通股股息，将在本季度稍后支付，强调尽管 GAAP 收益承压，仍致力于持续的股东回报。这一分配表明对可分配收益的持久性和公司流动性状况的信心，即使市场标记对报告的净收入施加压力。</p>
</div><h2>GAAP Net Loss Reflects Market-Driven Valuation Swings</h2>
<div class="lb-trans"><h2>GAAP 净亏损反映市场驱动的估值波动</h2>
</div><p>The company posted a GAAP net loss of $7.4 million, or $0.30 per diluted share, compared with net income of $20.5 million, or $0.87 per share, in Q1 2025. Management attributed the reversal primarily to unrealized valuation declines tied to late-quarter moves in rates and spreads, stressing that these marks are non-cash and may reverse if markets stabilize.</p>
<div class="lb-trans"><p>公司报告 GAAP 净亏损为 740 万美元，或每股稀释后 0.30 美元，而 2025 年第一季度的净收入为 2050 万美元，或每股 0.87 美元。管理层将这一逆转主要归因于与季度末利率和利差变动相关的未实现估值下降，强调这些标记是非现金的，并且如果市场稳定可能会逆转。</p>
</div><h2>Unrealized Losses on Loans and Hedges Drag Results</h2>
<div class="lb-trans"><h2>贷款和对冲的未实现损失拖累业绩</h2>
</div><p>Unrealized losses totaled $13.1 million across securitized and residential loan portfolios, partially offset by $1.6 million of net unrealized gains on trading securities and hedges. The net negative mark substantially reduced GAAP performance, highlighting the sensitivity of the company’s asset valuations to shifts in whole loan pricing and risk premiums.</p>
<div class="lb-trans"><p>未实现损失在证券化和住宅贷款组合中总计 1310 万美元，部分被交易证券和对冲的 160 万美元的净未实现收益所抵消。净负标记大幅降低了 GAAP 业绩，突显出公司资产估值对整体贷款定价和风险溢价变化的敏感性。</p>
</div><h2>Book Value Feels Impact of Market Volatility</h2>
<div class="lb-trans"><h2>账面价值感受到市场波动的影响</h2>
</div><p>GAAP book value per share ended the quarter at $10.31, while economic book value was $12.28, reflecting a 4% and 3.3% decline, respectively, since year-end 2025. Management acknowledged the pressure but framed it as largely mark-to-market in nature, arguing that disciplined credit selection and securitization should support book value over the longer term.</p>
<div class="lb-trans"><p>GAAP 每股账面价值在季度末为 10.31 美元，而经济账面价值为 12.28 美元，分别反映出自 2025 年年末以来的 4% 和 3.3% 的下降。管理层承认了压力，但将其视为主要是公允价值标记，认为有纪律的信用选择和证券化应在长期内支持账面价值。</p>
</div><h2>Whole Loan Pricing Compression Hits Deal Economics</h2>
<div class="lb-trans"><h2>整体贷款定价压缩影响交易经济学</h2>
</div><p>Whole loan pricing fell by roughly one point during Q1, a key factor behind the quarter’s unrealized valuation losses and softer near-term economics on new deals. Management indicated that while this reduces immediate profitability on securitizations, it also creates selective opportunities to buy loans at more attractive entry yields when risk-adjusted returns are compelling.</p>
<div class="lb-trans"><p>整体贷款定价在第一季度下降了大约一个百分点，这是本季度未实现估值损失和新交易短期经济学疲软的关键因素。管理层表示，尽管这减少了证券化的即时盈利能力，但也创造了在风险调整回报具有吸引力时以更具吸引力的入场收益率购买贷款的选择性机会。</p>
</div><h2>Delinquency and Prepayment Trends Edge Higher</h2>
<div class="lb-trans"><h2>逾期和提前还款趋势略有上升</h2>
</div><p>Ninety-plus day delinquencies held around 2.7% portfolio-wide, flat versus a year ago but about 50 basis points above Q4 2025, signaling some incremental credit normalization. Three-month CPR prepayment speeds ticked up to 12% from 11.2%, a modest rise that could pressure longer-term yields if rates fall meaningfully and refinance activity accelerates.</p>
<div class="lb-trans"><p>九十天以上的逾期率在整个投资组合中保持在约 2.7%，与去年持平，但比 2025 年第四季度高出约 50 个基点，表明信用正常化的逐步迹象。三个月 CPR 提前还款速度从 11.2% 上升至 12%，这一温和的上升可能会在利率显著下降和再融资活动加速时对长期收益施加压力。</p>
</div><h2>ROE Compression Highlights Tougher Return Environment</h2>
<div class="lb-trans"><h2>ROE 压缩突显更艰难的回报环境</h2>
</div><p>Management noted that expected returns on new deals have compressed from prior mid-teens guidance to the low-teens or high-12% range amid higher Treasury yields and wider spreads. Historically, HELOC strategies targeted ROEs in the low-20% area, but those figures are now subject to the same market volatility that is challenging economics across the non-agency mortgage space.</p>
<div class="lb-trans"><p>管理层指出，由于国债收益率上升和利差扩大，新交易的预期回报已从之前的中十几% 压缩至低十几% 或高 12% 的范围。历史上，HELOC 策略的目标投资回报率在低 20% 区域，但这些数字现在也受到非机构抵押贷款领域经济挑战的市场波动影响。</p>
</div><h2>Higher Operating and Securitization Costs Weigh on Margins</h2>
<div class="lb-trans"><h2>较高的运营和证券化成本对利润率造成压力</h2>
</div><p>Operating expenses totaled $5.2 million for the quarter, or $3.4 million after excluding noncash stock compensation and securitization-related items. Management cited higher professional services and loan diligence costs tied to stepped-up purchase activity, plus expenses associated with the at-the-market program and noted that securitization costs, around 50 basis points on smaller ~$300 million deals, remain sensitive to transaction size.</p>
<div class="lb-trans"><p>本季度运营费用总计为 520 万美元，扣除非现金股票补偿和证券化相关项目后为 340 万美元。管理层提到，由于购置活动增加，专业服务和贷款尽职调查成本上升，以及与市场计划相关的费用，证券化成本在约 3 亿美元的小型交易中约为 50 个基点，仍对交易规模敏感。</p>
</div><h2>Guidance: Steady Securitizations, Conservative Leverage and Targeted ROEs</h2>
<div class="lb-trans"><h2>指导方针：稳定的证券化、保守的杠杆和目标投资回报率</h2>
</div><p>Looking ahead, Angel Oak aims to maintain a disciplined securitization cadence of roughly one deal per quarter while keeping operating expenses, liquidity levels and leverage ratios broadly in line with current levels. Management reiterated long-term ROE targets in the mid-teens, with current executions closer to low-teens, and plans to stay selective on loan purchases, relying on strong credit profiles, a 6.1% portfolio coupon funded at about 4.5% and robust financing capacity to drive accretive growth.</p>
<div class="lb-trans"><p>展望未来，Angel Oak 旨在保持每季度大约一笔交易的有序证券化节奏，同时保持运营费用、流动性水平和杠杆比率大致与当前水平一致。管理层重申长期投资回报率目标在中十几%，当前执行接近低十几%，并计划在贷款购买上保持选择性，依赖强大的信用状况、6.1% 的投资组合票息，融资成本约为 4.5% 以及强大的融资能力来推动增值增长。</p>
</div><p>Angel Oak Mortgage’s latest earnings call painted a picture of a platform whose core earnings and credit discipline are intact, even as market marks dent GAAP results and book value. Investors will need to weigh the strength in net interest income, securitization execution and liquidity against compressed ROE expectations and valuation volatility, but management’s steady tone suggests confidence in navigating through the current rate cycle.</p>
<div class="lb-trans"><p>Angel Oak Mortgage 最近的财报电话会议描绘了一个核心收益和信用纪律保持完好的平台，尽管市场标记影响了 GAAP 结果和账面价值。投资者需要权衡净利息收入、证券化执行和流动性的强度与压缩的投资回报率预期和估值波动，但管理层稳定的语气表明对当前利率周期的应对充满信心。</p>
</div>

Angel Oak Mortgage 财报电话会议在增长与波动之间取得平衡