Angel Oak Mortgage suffers net loss amid volatile market

Angel Oak Mortgage, a real estate firm investing in non-QM loans, has revealed its financial results for the first quarter of 2022, reflecting heightened market volatility.

The Atlanta-based non-QM lender reported a net loss of $43.5 million for the first quarter ending March 31. Consequently, its GAAP book value fell to $16.80 per share in Q1 2022 from $19.47 per share in Q4 2021.

“The first quarter of 2022 was challenging with historic volatility both in nominal interest rates and in the widening of interest rate spreads,” said company president and CEO Robert Williams. “This affected unrealized mark-to-market valuations of our whole loan portfolio, securitized loans, and retained RMBS, driving a negative impact to our book value.”