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“Fortunately, our execution in late-2022 in accordance with our strategic plan to reposition our portfolio, improve liquidity, and reduce risk, allowed AOMR to weather the continued volatility,” Prabhu said in the company’s financial report. “We are pleased with our results.”
During the quarter, Angel Oak achieved a 3.3% increase in GAAP book value and a 2.1% increase in economic book value compared to the previous quarter.
“We were able to take advantage of the stronger securitization market in January to participate in the closing of the AOMT 2023-1 securitization, which drove positive economics and strengthened our portfolio, and we look forward to executing our next securitization shortly,” Prabhu added.
“Additionally, I am pleased to say that we have resumed purchasing newly originated, higher-coupon loans. I am confident in our strategy and our team, and I look forward to demonstrating the earnings power of our portfolio in the coming quarters.”
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