Firm enjoys growth in the second quarter thanks to hot housing market
Angel Oak Mortgage, a lender that focuses on acquiring and investing in first lien non-QM loans, has reported its second-quarter financial results – showing strong demand for non-QM lending.
Angel Oak posted a net income of $2.2 million ($0.13 per share) for the quarter ending June 30. Year to date, Angel Oak has generated a net income of $11.7 million ($0.72 per share). The company also raised $176.8 million from its initial public offering.
Angel Oak president and CEO Robert Williams said that the company continue to benefit from the robust housing market and growing demand for non-QM loans.
“This [non-QM] is a new and fresh investment opportunity and provides access to a best-in-class mortgage originator that has been built over the past 12 years,” he said.
Read more: Non-QM – the comeback product of the year
According to its release, Angel Oak purchased $395.5 million of residential mortgage loans in Q2 and an additional $186 million through August 12, growing its portfolio to $1.3 billion. After the IPO, the firm also acquired $500.7 million of other RMBS to quickly deploy the IPO capital into earning assets.
Read more: Angel Oak plans to be at the forefront of non-QM growth
“The Angel Oak platform that supports our efforts continues to produce high-quality originations, and, in the second quarter, we acquired $395.5 million of new loans, with steady yields even as interest rates have shifted. Finally, we were also very pleased to have completed our IPO in June, in which we raised $176.8 million of capital to fuel further growth in the coming quarters, and we thank our investors and capital markets partners for their support,” Williams said.
