Angel Oak Mortgage REIT posts slim Q2 profit

Angel Oak Mortgage REIT eked out a profit in the second quarter but missed Wall Street expectations partially due to a note offering. 

The non-qualified mortgage player Tuesday reported net income of $767,000 for the period, well below an S&P Capital IQ consensus mean estimate of $6.34 million. The real estate investment trust’s quarterly results have see-sawed in recent quarters, from a $273,000 loss the same time a year ago, to a $20.5 million profit at the end of March. 

Angel Oak’s busy spring included two securitizations and the purchase of $147 million in loans including home equity lines of credit. The company in May also closed a $42.5 million offering of 9.750% senior notes due 2030, and proceeds covered non-QM acquisitions and general corporate purposes.

The note offering…