Angel Oak Mortgage, Inc. (NYSE:AOMR) Q4 2022 Earnings Call Transcript

Sreeni Prabhu: Yeah. I’ll take that one. Yeah. I mean, there’s a lot of conversations about the Angel Oak Mortgage Company. Just to reiterate, we had two mortgage companies. So one is important for this discussion and one was just a business venture we had. So we had a retail mortgage originator, which was largely an agency mortgage originator. And that’s where we had some of our licenses. And that’s the business that we dramatically reduced because that was not a non-core function. We made good amount of money in 2021 and market got really tough in 2022 and that was not the business we really wanted to be in. On terms of non-QM, which really came from our wholesale mortgage originator, which is mortgage solution really the majority of infrastructure is exactly the same.

It’s not any different. We made obviously every mortgage company has gone through cost cuttings, but we really have not much risk on balance sheet. We’re originating a volume here and flowing through coupons are approaching 9% as we speak. But volumes have dropped. They’re probably going to end up being half of what they were early last year. But what we’re focused on right now in the mortgage company is not volume, it’s more volume and credit. And that’s what we are focused on, but not many changes from that perspective.

Matthew Howlett: Great. Thanks, everyone.

Operator: Thank you. There are no further questions at this time. I’d like to turn the call back to management for closing remarks. Thank you.

Sreeni Prabhu: Thank you, everyone for your time and interest in Angel Oak Mortgage REIT. We look forward to connecting with you again next quarter, please feel free to reach out to us and we invite you to our offices anytime you guys would love this. Thank you so much. Bye.

Operator: Thank you very much. Ladies and gentlemen, this does conclude today’s call. Thank you very much for your time. You may now disconnect your lines.