Mon, Mar 24, 8:31 PM (33 days ago)
### Summary of Financial Performance **Revenue:** - **2024:** $110.4 million - **2023:** $96.0 million **Net Income:** - **2024:** $28.75 million - **2023:** $33.714 million **Net Interest Income:** - **2024:** $36.925 million - **2023:** $28.901 million **Distributable Earnings:** - **2024:** $7.030 million - **2023:** $(28.086) million ### Strategic Overview **Strategy:** - Focus on acquiring and investing in first lien non-QM loans and other mortgage-related assets. - Objective: Generate attractive risk-adjusted returns through cash distributions and capital appreciation. **Manager:** - Externally managed by Falcons I, LLC, an affiliate of Angel Oak Capital. - Benefits from Angel Oak’s vertically integrated platform and in-house expertise. ### Future Outlook **Market Conditions:** - **2024:** Federal funds rate cuts and mixed economic indicators. - **2025:** Uncertainty in rate cuts and potential impact of new U.S. presidential administration. **Portfolio:** - **2024:** $2.2 billion portfolio consisting predominantly of residential mortgage loans. - **2023:** $2.1 billion portfolio. ### Risk Factors **Market Position Changes:** - Competition from other REITs and specialty finance companies. - Dependence on Angel Oak Mortgage Lending for non-QM loans. **Financial Condition:** - Significant debt and leverage, which increases risk of loss. - Dependence on external sources of capital for growth. **Market Position:** - Competitive landscape with other institutional investors. - Potential impact of regulatory changes and economic conditions. ### Note The amounts are usually in thousands, 000s.