0001766478falseQ3202312/31P12M00017664782023-01-012023-09-3000017664782023-11-07xbrli:shares0001766478aomr:LoansReceivableResidentialMember2023-09-30iso4217:USD0001766478aomr:LoansReceivableResidentialMember2022-12-310001766478aomr:LoansReceivableResidentialSecuritizationTrustMember2023-09-300001766478aomr:LoansReceivableResidentialSecuritizationTrustMember2022-12-310001766478aomr:LoansReceivableCommercialMember2023-09-300001766478aomr:LoansReceivableCommercialMember2022-12-310001766478us-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300001766478us-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310001766478us-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300001766478us-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310001766478us-gaap:USTreasurySecuritiesMember2023-09-300001766478us-gaap:USTreasurySecuritiesMember2022-12-3100017664782023-09-3000017664782022-12-310001766478us-gaap:NonrecourseMember2023-09-300001766478us-gaap:NonrecourseMember2022-12-310001766478us-gaap:NonrelatedPartyMember2023-09-300001766478us-gaap:NonrelatedPartyMember2022-12-310001766478us-gaap:RelatedPartyMember2023-09-300001766478us-gaap:RelatedPartyMember2022-12-31iso4217:USDxbrli:shares00017664782023-07-012023-09-3000017664782022-07-012022-09-3000017664782022-01-012022-09-300001766478us-gaap:CommonStockMember2023-06-300001766478us-gaap:AdditionalPaidInCapitalMember2023-06-300001766478us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001766478us-gaap:RetainedEarningsMember2023-06-3000017664782023-06-300001766478us-gaap:RetainedEarningsMember2023-07-012023-09-300001766478us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001766478us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001766478us-gaap:CommonStockMember2023-09-300001766478us-gaap:AdditionalPaidInCapitalMember2023-09-300001766478us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001766478us-gaap:RetainedEarningsMember2023-09-300001766478us-gaap:PreferredStockMember2022-06-300001766478us-gaap:CommonStockMember2022-06-300001766478us-gaap:AdditionalPaidInCapitalMember2022-06-300001766478us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001766478us-gaap:RetainedEarningsMember2022-06-3000017664782022-06-300001766478us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001766478us-gaap:RetainedEarningsMember2022-07-012022-09-300001766478us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001766478us-gaap:PreferredStockMember2022-09-300001766478us-gaap:CommonStockMember2022-09-300001766478us-gaap:AdditionalPaidInCapitalMember2022-09-300001766478us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001766478us-gaap:RetainedEarningsMember2022-09-3000017664782022-09-300001766478us-gaap:CommonStockMember2022-12-310001766478us-gaap:AdditionalPaidInCapitalMember2022-12-310001766478us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001766478us-gaap:RetainedEarningsMember2022-12-310001766478us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001766478us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001766478us-gaap:RetainedEarningsMember2023-01-012023-09-300001766478us-gaap:PreferredStockMember2021-12-310001766478us-gaap:CommonStockMember2021-12-310001766478us-gaap:AdditionalPaidInCapitalMember2021-12-310001766478us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001766478us-gaap:RetainedEarningsMember2021-12-3100017664782021-12-310001766478us-gaap:CommonStockMember2022-01-012022-09-300001766478us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300001766478us-gaap:RetainedEarningsMember2022-01-012022-09-300001766478us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001766478us-gaap:NonrelatedPartyMember2023-01-012023-09-300001766478us-gaap:NonrelatedPartyMember2022-01-012022-09-300001766478us-gaap:RelatedPartyMember2023-01-012023-09-300001766478us-gaap:RelatedPartyMember2022-01-012022-09-300001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-09-300001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001766478us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-09-300001766478us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001766478us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-07-012023-09-300001766478us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-07-012022-09-300001766478us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-09-300001766478us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-09-30xbrli:pureaomr:loan0001766478aomr:LoansReceivableCommercialMember2023-07-032023-07-030001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesWholePoolAgencyMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesWholePoolAgencyMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMezzanineMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMezzanineMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustSubordinateMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustSubordinateMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustInterestOnlyExcessMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustInterestOnlyExcessMember2023-09-300001766478us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberaomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustRetainedMember2023-09-300001766478us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberaomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustRetainedMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesWholePoolAgencyFannieMaeMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesWholePoolAgencyFannieMaeMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesWholePoolAgencyFreddieMacMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesWholePoolAgencyFreddieMacMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesWholePoolAgencyMember2023-09-300001766478us-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustSubordinateMember2023-09-300001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustSubordinateMember2023-09-300001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustInterestOnlyExcessMember2023-09-300001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustInterestOnlyExcessMember2023-09-300001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMember2023-09-300001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMember2023-09-300001766478us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberaomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustRetainedMembersrt:ConsolidationEliminationsMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMezzanineMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMezzanineMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustSubordinateMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustSubordinateMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustInterestOnlyExcessMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustInterestOnlyExcessMember2022-12-310001766478us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberaomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustRetainedMember2022-12-310001766478us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberaomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustRetainedMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesWholePoolAgencyFannieMaeMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesWholePoolAgencyFannieMaeMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesWholePoolAgencyFreddieMacMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesWholePoolAgencyFreddieMacMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesWholePoolAgencyMember2022-12-310001766478us-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustSubordinateMember2022-12-310001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustSubordinateMember2022-12-310001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustInterestOnlyExcessMember2022-12-310001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustInterestOnlyExcessMember2022-12-310001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMember2022-12-310001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMember2022-12-310001766478us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberaomr:ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustRetainedMembersrt:ConsolidationEliminationsMember2022-12-310001766478us-gaap:USTreasurySecuritiesMember2023-01-012023-09-300001766478us-gaap:CollateralPledgedMemberaomr:GlobalInvestmentBank3Member2023-09-300001766478us-gaap:CollateralPledgedMember2022-12-310001766478us-gaap:NotesPayableToBanksMemberaomr:SecuredOvernightFinancingRateSOFRMemberaomr:MultinationalBank1Memberus-gaap:LineOfCreditMember2023-01-012023-09-300001766478us-gaap:NotesPayableToBanksMemberaomr:MultinationalBank1Memberus-gaap:LineOfCreditMember2023-09-300001766478us-gaap:NotesPayableToBanksMemberaomr:MultinationalBank1Memberus-gaap:LineOfCreditMember2022-12-310001766478us-gaap:NotesPayableToBanksMembersrt:MinimumMemberaomr:SecuredOvernightFinancingRateSOFRMemberus-gaap:LineOfCreditMemberaomr:GlobalInvestmentBank2Member2023-01-012023-09-300001766478srt:MaximumMemberus-gaap:NotesPayableToBanksMemberaomr:SecuredOvernightFinancingRateSOFRMemberus-gaap:LineOfCreditMemberaomr:GlobalInvestmentBank2Member2023-01-012023-09-300001766478us-gaap:NotesPayableToBanksMemberus-gaap:LineOfCreditMemberaomr:GlobalInvestmentBank2Member2023-09-300001766478us-gaap:NotesPayableToBanksMemberus-gaap:LineOfCreditMemberaomr:GlobalInvestmentBank2Member2022-12-310001766478us-gaap:NotesPayableToBanksMembersrt:MinimumMemberaomr:SecuredOvernightFinancingRateSOFRMemberus-gaap:LineOfCreditMemberaomr:GlobalInvestmentBank3Member2023-01-012023-09-300001766478srt:MaximumMemberus-gaap:NotesPayableToBanksMemberaomr:SecuredOvernightFinancingRateSOFRMemberus-gaap:LineOfCreditMemberaomr:GlobalInvestmentBank3Member2023-01-012023-09-300001766478us-gaap:NotesPayableToBanksMemberus-gaap:LineOfCreditMemberaomr:GlobalInvestmentBank3Member2023-09-300001766478us-gaap:NotesPayableToBanksMemberus-gaap:LineOfCreditMemberaomr:GlobalInvestmentBank3Member2022-12-310001766478us-gaap:NotesPayableToBanksMemberaomr:InstitutionalInvestorsAAndBMemberaomr:SecuredOvernightFinancingRateSOFRMemberus-gaap:LineOfCreditMember2023-01-012023-09-300001766478us-gaap:NotesPayableToBanksMemberaomr:InstitutionalInvestorsAAndBMemberus-gaap:LineOfCreditMember2022-12-310001766478us-gaap:NotesPayableToBanksMembersrt:MinimumMemberaomr:RegionalBank1Memberaomr:SecuredOvernightFinancingRateSOFRMemberus-gaap:LineOfCreditMember2023-01-012023-09-300001766478srt:MaximumMemberus-gaap:NotesPayableToBanksMemberaomr:RegionalBank1Memberaomr:SecuredOvernightFinancingRateSOFRMemberus-gaap:LineOfCreditMember2023-01-012023-09-300001766478us-gaap:NotesPayableToBanksMemberaomr:RegionalBank1Memberus-gaap:LineOfCreditMember2022-12-310001766478us-gaap:NotesPayableToBanksMemberus-gaap:LineOfCreditMember2023-09-300001766478us-gaap:NotesPayableToBanksMemberus-gaap:LineOfCreditMember2022-12-310001766478us-gaap:NotesPayableToBanksMemberaomr:SecuredOvernightFinancingRateSOFRMemberaomr:MultinationalBank1Memberus-gaap:LineOfCreditMember2023-01-252023-01-250001766478aomr:SecuredOvernightFinancingRateSOFRIndexSpreadMemberus-gaap:NotesPayableToBanksMemberaomr:MultinationalBank1Memberus-gaap:LineOfCreditMember2023-07-252023-07-250001766478us-gaap:NotesPayableToBanksMemberaomr:SecuredOvernightFinancingRateSOFRMemberus-gaap:LineOfCreditMemberaomr:GlobalInvestmentBank3Member2022-12-192022-12-190001766478aomr:SecuredOvernightFinancingRateSOFRIndexSpreadMemberus-gaap:NotesPayableToBanksMemberus-gaap:LineOfCreditMemberaomr:GlobalInvestmentBank3Member2022-12-192022-12-190001766478aomr:SecuredOvernightFinancingRateSOFRIndexSpreadMemberus-gaap:NotesPayableToBanksMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMemberaomr:GlobalInvestmentBank3Member2023-11-072023-11-070001766478us-gaap:NotesPayableToBanksMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMemberaomr:GlobalInvestmentBank3Member2023-11-070001766478us-gaap:NotesPayableToBanksMemberaomr:SecuredOvernightFinancingRateSOFRMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMemberaomr:GlobalInvestmentBank3Member2023-11-072023-11-070001766478aomr:MasterRepurchaseAgreementsMemberaomr:InstitutionalInvestorsAAndBMember2022-10-04aomr:facilityaomr:affiliate0001766478aomr:MasterRepurchaseAgreementsMemberaomr:InstitutionalInvestorsAAndBMember2022-10-042022-10-040001766478us-gaap:CashAndCashEquivalentsMember2023-09-300001766478us-gaap:CashAndCashEquivalentsMember2022-12-310001766478us-gaap:ResidentialMortgageBackedSecuritiesMember2023-01-012023-09-300001766478us-gaap:ResidentialMortgageBackedSecuritiesMember2022-01-012022-12-3100017664782022-01-012022-12-310001766478aomr:InterestRateFutureMember2023-09-300001766478aomr:InterestRateFutureMember2022-12-310001766478aomr:ToBeAnnouncedTBAsMember2023-09-300001766478aomr:ToBeAnnouncedTBAsMember2022-12-310001766478aomr:InterestRateFutureMemberus-gaap:NondesignatedMember2023-09-30aomr:contract0001766478aomr:InterestRateFutureMemberus-gaap:NondesignatedMemberus-gaap:LongMember2023-09-300001766478aomr:InterestRateFutureMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2023-09-300001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:NondesignatedMember2023-09-300001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:NondesignatedMemberus-gaap:LongMember2023-09-300001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2023-09-300001766478aomr:InterestRateFutureMemberus-gaap:NondesignatedMember2022-12-310001766478aomr:InterestRateFutureMemberus-gaap:NondesignatedMemberus-gaap:LongMember2022-12-310001766478aomr:InterestRateFutureMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2022-12-310001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:NondesignatedMember2022-12-310001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:NondesignatedMemberus-gaap:LongMember2022-12-310001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2022-12-310001766478aomr:InterestRateFutureMemberus-gaap:NondesignatedMember2023-07-012023-09-300001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:NondesignatedMember2023-07-012023-09-300001766478aomr:InterestRateFutureMemberus-gaap:NondesignatedMember2022-07-012022-09-300001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:NondesignatedMember2022-07-012022-09-300001766478aomr:InterestRateFutureMemberus-gaap:NondesignatedMember2023-01-012023-09-300001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:NondesignatedMember2023-01-012023-09-300001766478aomr:InterestRateFutureMemberus-gaap:NondesignatedMember2022-01-012022-09-300001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:NondesignatedMember2022-01-012022-09-300001766478us-gaap:FairValueInputsLevel1Memberaomr:LoansReceivableResidentialMember2023-09-300001766478us-gaap:FairValueInputsLevel2Memberaomr:LoansReceivableResidentialMember2023-09-300001766478us-gaap:FairValueInputsLevel3Memberaomr:LoansReceivableResidentialMember2023-09-300001766478us-gaap:FairValueInputsLevel1Memberaomr:LoansReceivableResidentialMortgageLoansInSecuritizationTrustsMember2023-09-300001766478us-gaap:FairValueInputsLevel2Memberaomr:LoansReceivableResidentialMortgageLoansInSecuritizationTrustsMember2023-09-300001766478us-gaap:FairValueInputsLevel3Memberaomr:LoansReceivableResidentialMortgageLoansInSecuritizationTrustsMember2023-09-300001766478aomr:LoansReceivableResidentialMortgageLoansInSecuritizationTrustsMember2023-09-300001766478us-gaap:FairValueInputsLevel1Memberaomr:LoansReceivableCommercialMember2023-09-300001766478aomr:LoansReceivableCommercialMemberus-gaap:FairValueInputsLevel2Member2023-09-300001766478aomr:LoansReceivableCommercialMemberus-gaap:FairValueInputsLevel3Member2023-09-300001766478us-gaap:FairValueInputsLevel1Memberaomr:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel2Member2023-09-300001766478us-gaap:FairValueInputsLevel3Memberaomr:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-09-300001766478aomr:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-09-300001766478us-gaap:FairValueInputsLevel1Memberaomr:AgencyWholePoolLoanSecuritiesMember2023-09-300001766478us-gaap:FairValueInputsLevel2Memberaomr:AgencyWholePoolLoanSecuritiesMember2023-09-300001766478us-gaap:FairValueInputsLevel3Memberaomr:AgencyWholePoolLoanSecuritiesMember2023-09-300001766478aomr:AgencyWholePoolLoanSecuritiesMember2023-09-300001766478us-gaap:FairValueInputsLevel1Memberaomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMember2023-09-300001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMemberus-gaap:FairValueInputsLevel2Member2023-09-300001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMemberus-gaap:FairValueInputsLevel3Member2023-09-300001766478us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMember2023-09-300001766478us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-09-300001766478us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-09-300001766478us-gaap:FairValueInputsLevel1Memberus-gaap:FutureMember2023-09-300001766478us-gaap:FutureMemberus-gaap:FairValueInputsLevel2Member2023-09-300001766478us-gaap:FutureMemberus-gaap:FairValueInputsLevel3Member2023-09-300001766478us-gaap:FutureMember2023-09-300001766478us-gaap:FairValueInputsLevel1Memberaomr:ToBeAnnouncedTBAsMember2023-09-300001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:FairValueInputsLevel2Member2023-09-300001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:FairValueInputsLevel3Member2023-09-300001766478aomr:ToBeAnnouncedTBAsMember2023-09-300001766478us-gaap:FairValueInputsLevel1Member2023-09-300001766478us-gaap:FairValueInputsLevel2Member2023-09-300001766478us-gaap:FairValueInputsLevel3Member2023-09-300001766478srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMemberaomr:LoansReceivableResidentialMember2023-09-300001766478srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMemberaomr:LoansReceivableResidentialMember2023-09-300001766478us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMemberaomr:LoansReceivableResidentialMember2023-09-300001766478srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberaomr:LoansReceivableResidentialMemberus-gaap:MeasurementInputDefaultRateMember2023-09-300001766478srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberaomr:LoansReceivableResidentialMemberus-gaap:MeasurementInputDefaultRateMember2023-09-300001766478us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberaomr:LoansReceivableResidentialMemberus-gaap:MeasurementInputDefaultRateMember2023-09-300001766478srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMemberaomr:LoansReceivableResidentialMember2023-09-300001766478srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMemberaomr:LoansReceivableResidentialMember2023-09-300001766478us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMemberaomr:LoansReceivableResidentialMember2023-09-300001766478srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberaomr:MeasurementInputExpectedRemainingLifeMemberaomr:LoansReceivableResidentialMember2023-09-300001766478srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberaomr:MeasurementInputExpectedRemainingLifeMemberaomr:LoansReceivableResidentialMember2023-09-300001766478us-gaap:FairValueInputsLevel3Memberaomr:MeasurementInputExpectedRemainingLifeMembersrt:WeightedAverageMemberaomr:LoansReceivableResidentialMember2023-09-300001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Member2023-09-300001766478srt:MinimumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMember2023-09-300001766478srt:MaximumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMember2023-09-300001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMember2023-09-300001766478srt:MinimumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2023-09-300001766478srt:MaximumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2023-09-300001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMember2023-09-300001766478srt:MinimumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2023-09-300001766478srt:MaximumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2023-09-300001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMember2023-09-300001766478srt:MinimumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberaomr:MeasurementInputExpectedRemainingLifeMember2023-09-300001766478srt:MaximumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberaomr:MeasurementInputExpectedRemainingLifeMember2023-09-300001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberaomr:MeasurementInputExpectedRemainingLifeMembersrt:WeightedAverageMember2023-09-300001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:NonrecourseMember2023-09-300001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:NonrecourseMember2022-12-310001766478us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001766478us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001766478us-gaap:FairValueInputsLevel1Memberaomr:LoansReceivableResidentialMember2022-12-310001766478us-gaap:FairValueInputsLevel2Memberaomr:LoansReceivableResidentialMember2022-12-310001766478us-gaap:FairValueInputsLevel3Memberaomr:LoansReceivableResidentialMember2022-12-310001766478us-gaap:FairValueInputsLevel1Memberaomr:LoansReceivableResidentialMortgageLoansInSecuritizationTrustsMember2022-12-310001766478us-gaap:FairValueInputsLevel2Memberaomr:LoansReceivableResidentialMortgageLoansInSecuritizationTrustsMember2022-12-310001766478us-gaap:FairValueInputsLevel3Memberaomr:LoansReceivableResidentialMortgageLoansInSecuritizationTrustsMember2022-12-310001766478aomr:LoansReceivableResidentialMortgageLoansInSecuritizationTrustsMember2022-12-310001766478us-gaap:FairValueInputsLevel1Memberaomr:LoansReceivableCommercialMember2022-12-310001766478aomr:LoansReceivableCommercialMemberus-gaap:FairValueInputsLevel2Member2022-12-310001766478aomr:LoansReceivableCommercialMemberus-gaap:FairValueInputsLevel3Member2022-12-310001766478us-gaap:FairValueInputsLevel1Memberaomr:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel2Member2022-12-310001766478us-gaap:FairValueInputsLevel3Memberaomr:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-12-310001766478aomr:ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-12-310001766478us-gaap:FairValueInputsLevel1Memberaomr:AgencyWholePoolLoanSecuritiesMember2022-12-310001766478us-gaap:FairValueInputsLevel2Memberaomr:AgencyWholePoolLoanSecuritiesMember2022-12-310001766478us-gaap:FairValueInputsLevel3Memberaomr:AgencyWholePoolLoanSecuritiesMember2022-12-310001766478aomr:AgencyWholePoolLoanSecuritiesMember2022-12-310001766478us-gaap:FairValueInputsLevel1Memberaomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMember2022-12-310001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMemberus-gaap:FairValueInputsLevel2Member2022-12-310001766478aomr:CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMemberus-gaap:FairValueInputsLevel3Member2022-12-310001766478us-gaap:FairValueInputsLevel1Memberus-gaap:FutureMember2022-12-310001766478us-gaap:FutureMemberus-gaap:FairValueInputsLevel2Member2022-12-310001766478us-gaap:FutureMemberus-gaap:FairValueInputsLevel3Member2022-12-310001766478us-gaap:FutureMember2022-12-310001766478us-gaap:FairValueInputsLevel1Memberaomr:ToBeAnnouncedTBAsMember2022-12-310001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:FairValueInputsLevel2Member2022-12-310001766478aomr:ToBeAnnouncedTBAsMemberus-gaap:FairValueInputsLevel3Member2022-12-310001766478aomr:ToBeAnnouncedTBAsMember2022-12-310001766478us-gaap:FairValueInputsLevel1Member2022-12-310001766478us-gaap:FairValueInputsLevel2Member2022-12-310001766478us-gaap:FairValueInputsLevel3Member2022-12-310001766478srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMemberaomr:LoansReceivableResidentialMember2022-12-310001766478srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMemberaomr:LoansReceivableResidentialMember2022-12-310001766478us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMemberaomr:LoansReceivableResidentialMember2022-12-310001766478srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberaomr:LoansReceivableResidentialMemberus-gaap:MeasurementInputDefaultRateMember2022-12-310001766478srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberaomr:LoansReceivableResidentialMemberus-gaap:MeasurementInputDefaultRateMember2022-12-310001766478us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberaomr:LoansReceivableResidentialMemberus-gaap:MeasurementInputDefaultRateMember2022-12-310001766478srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMemberaomr:LoansReceivableResidentialMember2022-12-310001766478srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMemberaomr:LoansReceivableResidentialMember2022-12-310001766478us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMemberaomr:LoansReceivableResidentialMember2022-12-310001766478srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberaomr:MeasurementInputExpectedRemainingLifeMemberaomr:LoansReceivableResidentialMember2022-12-310001766478srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberaomr:MeasurementInputExpectedRemainingLifeMemberaomr:LoansReceivableResidentialMember2022-12-310001766478us-gaap:FairValueInputsLevel3Memberaomr:MeasurementInputExpectedRemainingLifeMembersrt:WeightedAverageMemberaomr:LoansReceivableResidentialMember2022-12-310001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Member2022-12-310001766478srt:MinimumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMember2022-12-310001766478srt:MaximumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMember2022-12-310001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMember2022-12-310001766478srt:MinimumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2022-12-310001766478srt:MaximumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2022-12-310001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMember2022-12-310001766478srt:MinimumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2022-12-310001766478srt:MaximumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2022-12-310001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMember2022-12-310001766478srt:MinimumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberaomr:MeasurementInputExpectedRemainingLifeMember2022-12-310001766478srt:MaximumMemberaomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberaomr:MeasurementInputExpectedRemainingLifeMember2022-12-310001766478aomr:LoansReceivableResidentialSecuritizationTrustMemberus-gaap:FairValueInputsLevel3Memberaomr:MeasurementInputExpectedRemainingLifeMembersrt:WeightedAverageMember2022-12-310001766478srt:AffiliatedEntityMemberaomr:LoansPurchasedFromAffiliatesMemberaomr:LoansReceivableResidentialMember2023-01-012023-09-300001766478srt:AffiliatedEntityMemberaomr:LoansPurchasedFromAffiliatesMemberaomr:LoansReceivableResidentialMember2023-09-300001766478srt:AffiliatedEntityMemberaomr:LoansPurchasedFromAffiliatesMemberaomr:LoansReceivableResidentialMember2022-01-012022-12-310001766478srt:AffiliatedEntityMemberaomr:LoansPurchasedFromAffiliatesMemberaomr:LoansReceivableResidentialMember2022-12-310001766478srt:AffiliatedEntityMemberaomr:ManagementAgreementMember2021-06-210001766478srt:AffiliatedEntityMemberaomr:ManagementAgreementMember2021-06-212021-06-21aomr:calendarQuarter0001766478aomr:GlobalInvestmentBank3Member2023-09-300001766478us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-06-300001766478us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300001766478us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-07-012023-09-300001766478us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-07-012022-09-300001766478us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-09-300001766478us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-09-300001766478us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310001766478us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001766478us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-09-300001766478us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-09-300001766478aomr:AOMT20231Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-03-310001766478us-gaap:InvestmentAffiliatedIssuerControlledMemberaomr:AOMT20235Member2023-09-300001766478us-gaap:RestrictedStockMember2023-07-012023-09-300001766478us-gaap:RestrictedStockMember2023-01-012023-09-300001766478us-gaap:PerformanceSharesMember2023-07-012023-09-300001766478us-gaap:PerformanceSharesMember2023-01-012023-09-300001766478us-gaap:RestrictedStockMember2022-07-012022-09-300001766478us-gaap:RestrictedStockMember2022-01-012022-09-300001766478aomr:MarketBasedPerformanceStockMember2022-01-012022-09-300001766478us-gaap:SubsequentEventMember2023-11-072023-11-07
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 001-40495
Angel Oak Mortgage REIT, Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
| Maryland | | 37-1892154 |
| (State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
3344 Peachtree Road Northeast, Suite 1725, Atlanta, Georgia 30326
(Address of Principal Executive Offices and Zip Code)
404-953-4900
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, $0.01 par value | AOMR | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | |
| Large accelerated filer | ☐ | | Accelerated filer | ☐ | | Non-accelerated filer | ☒ |
| | | | | | | |
| Smaller reporting company | ☒ | | Emerging growth company | ☐ | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The registrant had 24,965,274 shares of common stock, $0.01 par value per share, outstanding as of November 8, 2023.
ANGEL OAK MORTGAGE REIT, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
| | | | | |
| Part I - FINANCIAL INFORMATION | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Part II. Other Information | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except for share data)
| | | | | | | | | | | |
| As of: |
| September 30, 2023 | | December 31, 2022 |
| ASSETS | | | |
| Residential mortgage loans - at fair value | $ | 284,383 | | | $ | 770,982 | |
| Residential mortgage loans in securitization trusts - at fair value | 1,194,119 | | | 1,027,442 | |
| Commercial mortgage loans - at fair value | 5,219 | | | 9,458 | |
| RMBS - at fair value | 579,985 | | | 1,055,338 | |
| CMBS - at fair value | 6,338 | | | 6,111 | |
| U.S. Treasury securities - at fair value | 149,906 | | | — | |
| Cash and cash equivalents | 41,894 | | | 29,272 | |
| Restricted cash | 1,068 | | | 10,589 | |
| Principal and interest receivable | 4,691 | | | 17,497 | |
| Unrealized appreciation on TBAs and interest rate futures contracts - at fair value | 7,857 | | | 14,756 | |
| Other assets | 20,140 | | | 4,767 | |
| Total assets | $ | 2,295,600 | | | $ | 2,946,212 | |
| | | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
| LIABILITIES | | | |
| Notes payable | $ | 197,797 | | | $ | 639,870 | |
| Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts (see Note 2) | 1,161,296 | | | 1,003,485 | |
| Securities sold under agreements to repurchase | 188,101 | | | 52,544 | |
| Due to broker | 511,953 | | | 1,006,022 | |
| | | |
| | | |
| Accrued expenses | 1,540 | | | 1,288 | |
| Accrued expenses payable to affiliate | 985 | | | 2,006 | |
| Interest payable | 671 | | | 2,551 | |
| | | |
| Management fee payable to affiliate | 1,455 | | | 1,967 | |
| Total liabilities | $ | 2,063,798 | | | $ | 2,709,733 | |
| | | |
| Commitments and contingencies | | | |
| | | |
| STOCKHOLDERS’ EQUITY | | | |
| | | |
Common stock, $0.01 par value. As of September 30, 2023: 350,000,000 shares authorized, 24,955,566 shares issued and outstanding. As of December 31, 2022: 350,000,000 shares authorized, 24,925,357 shares issued and outstanding. | $ | 249 | | | $ | 249 | |
| Additional paid-in capital | 476,574 | | | 475,379 | |
| Accumulated other comprehensive loss | (8,172) | | | (21,127) | |
| Retained earnings (deficit) | (236,849) | | | (218,022) | |
| Total stockholders’ equity | $ | 231,802 | | | $ | 236,479 | |
| Total liabilities and stockholders’ equity | $ | 2,295,600 | | | $ | 2,946,212 | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.
2
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
(in thousands, except for share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended | | |
| September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 | | | | |
| INTEREST INCOME, NET | | | | | | | | | | | |
| Interest income | $ | 23,900 | | | $ | 30,148 | | | $ | 71,403 | | | $ | 86,959 | | | | | |
| Interest expense | 16,490 | | | 18,408 | | | 50,742 | | | 41,849 | | | | | |
| NET INTEREST INCOME | 7,410 | | | 11,740 | | | 20,661 | | | 45,110 | | | | | |
| | | | | | | | | | | |
| REALIZED AND UNREALIZED GAINS (LOSSES), NET | | | | | | | | | | | |
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS | (12,044) | | | 17,290 | | | (27,056) | | | 56,423 | | | | | |
| Net unrealized gain (loss) on trading securities, mortgage loans, debt at fair value option (see Note 2), and derivative contracts | 17,299 | | | (100,855) | | | 27,868 | | | (255,021) | | | | | |
| TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET | 5,255 | | | (83,565) | | | 812 | | | (198,598) | | | | | |
| | | | | | | | | | | |
| EXPENSES | | | | | | | | | | | |
| Operating expenses | 1,370 | | | 2,764 | | | 5,788 | | | 9,525 | | | | | |
| Operating expenses incurred with affiliate | 599 | | | 2,141 | | | 1,672 | | | 3,834 | | | | | |
| Due diligence and transaction costs | 115 | | | 213 | | | 136 | | | 1,502 | | | | | |
| Stock compensation | 447 | | | 3,340 | | | 1,195 | | | 5,179 | | | | | |
| Securitization costs | 416 | | | 1,115 | | | 2,326 | | | 3,134 | | | | | |
| Management fee incurred with affiliate | 1,445 | | | 1,951 | | | 4,460 | | | 5,830 | | | | | |
| Total operating expenses | 4,392 | | | 11,524 | | | 15,577 | | | 29,004 | | | | | |
| | | | | | | | | | | |
| INCOME (LOSS) BEFORE INCOME TAXES | 8,273 | | | (83,349) | | | 5,896 | | | (182,492) | | | | | |
| Income tax expense (benefit) | — | | | — | | | 781 | | | (3,457) | | | | | |
| NET INCOME (LOSS) | $ | 8,273 | | | $ | (83,349) | | | $ | 5,115 | | | $ | (179,035) | | | | | |
| Preferred dividends | — | | | (4) | | | — | | | (11) | | | | | |
| NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS | $ | 8,273 | | | $ | (83,353) | | | $ | 5,115 | | | $ | (179,046) | | | | | |
| Other comprehensive income (loss) | (1,607) | | | (10,227) | | | 12,955 | | | (11,979) | | | | | |
| TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 6,666 | | | $ | (93,580) | | | $ | 18,070 | | | $ | (191,025) | | | | | |
| | | | | | | | | | | |
| Basic earnings (loss) per common share | $ | 0.33 | | | $ | (3.40) | | | $ | 0.20 | | | $ | (7.30) | | | | | |
| Diluted earnings (loss) per common share | $ | 0.33 | | | $ | (3.40) | | | $ | 0.20 | | | $ | (7.30) | | | | | |
| | | | | | | | | | | |
| Weighted average number of common shares outstanding: | | | | | | | | | | | |
| Basic | 24,768,921 | | | 24,505,438 | | | 24,706,568 | | | 24,534.967 | | | | |
| Diluted | 24,957,668 | | | 24,505,438 | | | 24,933,833 | | | 24,534.967 | | | | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.
3
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| Common Stock at Par | | Additional Paid-in Capital | | Accumulated Other Comprehensive (Loss) Income | | Retained Earnings (Deficit) | | Total Stockholders’ Equity |
| Stockholders’ equity as of June 30, 2023 | $ | 249 | | | $ | 476,127 | | | $ | (6,565) | | | $ | (237,135) | | | $ | 232,676 | |
Dividends paid on common stock ($0.32 per share) | — | | | — | | | — | | | (7,987) | | | (7,987) | |
| Stock compensation | — | | | 447 | | | — | | | — | | | 447 | |
| Unrealized gain on RMBS and CMBS | — | | | — | | | (1,607) | | | — | | | (1,607) | |
| Net income (loss) | — | | | — | | | — | | | 8,273 | | | 8,273 | |
Stockholders’ equity as of September 30, 2023 | $ | 249 | | | $ | 476,574 | | | $ | (8,172) | | | $ | (236,849) | | | $ | 231,802 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2022 |
| Preferred Stock | | Common Stock at Par | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings (Deficit) | | Total Stockholders’ Equity |
Stockholders’ equity as of June 30, 2022 | $ | 101 | | | $ | 249 | | | $ | 472,356 | | | $ | 1,248 | | | $ | (106,670) | | | 367,284 | |
| Repurchase of common stock | — | | | — | | | (866) | | | — | | | — | | | (866) | |
Stock compensation | — | | | — | | | 3,340 | | | — | | | — | | | 3,340 | |
| Dividends declared - preferred | — | | | — | | | — | | | — | | | (4) | | | (4) | |
| Unrealized gain on RMBS and CMBS | — | | | — | | | — | | | (10,227) | | | — | | | (10,227) | |
| Dividends paid on common stock | — | | | — | | | — | | | — | | | (11,221) | | | (11,221) | |
| Net income (loss) | — | | | — | | | — | | | — | | | (83,349) | | | (83,349) | |
Stockholders’ equity as of September 30, 2022 | $ | 101 | | | $ | 249 | | | $ | 474,830 | | | $ | (8,979) | | | $ | (201,244) | | | $ | 264,957 | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.
4
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine Months Ended September 30, 2023 |
| | | Common Stock at Par | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings (Deficit) | | Total Stockholders’ Equity |
| Stockholders’ equity as of December 31, 2022 | | | $ | 249 | | | $ | 475,379 | | | $ | (21,127) | | | $ | (218,022) | | | 236,479 | |
Stock compensation | | | — | | | 1,195 | | | — | | | — | | | 1,195 | |
| Unrealized gain on RMBS and CMBS | | | — | | | — | | | 12,955 | | | — | | | 12,955 | |
Dividends paid on common stock ($0.32 per share) | | | — | | | — | | | — | | | (23,942) | | | (23,942) | |
| Net income (loss) | | | — | | | — | | | — | | | 5,115 | | | 5,115 | |
| Stockholders’ equity as of September 30, 2023 | | | $ | 249 | | | $ | 476,574 | | | $ | (8,172) | | | $ | (236,849) | | | $ | 231,802 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2022 |
| Preferred Stock | | Common Stock at Par | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings (Deficit) | | Total Stockholders’ Equity |
| Stockholders’ equity as of December 31, 2021 | $ | 101 | | | $ | 252 | | | $ | 476,510 | | | $ | 3,000 | | | $ | 11,527 | | | 491,390 | |
| Repurchases of common stock | — | | | (3) | | | (6,859) | | | — | | | — | | | (6,862) | |
Stock compensation | — | | | — | | | 5,179 | | | — | | | — | | | 5,179 | |
| Dividends declared - preferred | — | | | — | | | — | | | — | | | (11) | | | (11) | |
| Unrealized loss on RMBS and CMBS | — | | | — | | | — | | | (11,979) | | | — | | | (11,979) | |
| Dividends paid on common stock | — | | | — | | | — | | | — | | | (33,725) | | | (33,725) | |
| Net income (loss) | — | | | — | | | — | | | — | | | (179,035) | | | (179,035) | |
| Stockholders’ equity as of September 30, 2022 | $ | 101 | | | $ | 249 | | | $ | 474,830 | | | $ | (8,979) | | | $ | (201,244) | | | $ | 264,957 | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.
5
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
| | | | | | | | | | | |
| Nine Months Ended |
| September 30, 2023 | | September 30, 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | |
| Net income (loss) | $ | 5,115 | | | $ | (179,035) | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | |
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS | 27,056 | | | (56,423) | |
| Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts | (27,868) | | | 255,021 | |
| Accretion of discount on U.S. Treasury securities | (1,201) | | | — | |
| Amortization of debt issuance costs | 1,040 | | | 1,099 | |
| Net amortization of premiums and discounts on mortgage loans | 2,199 | | | 8,231 | |
| Accretion of non-recourse securitized obligation discount | 1,251 | | | |
Stock compensation | 1,195 | | | 5,179 | |
| Net change in: | | | |
| Purchases of residential mortgage loans from non-affiliates | (5,469) | | | (427,940) | |
| Purchases of residential mortgage loans from affiliates | (89,673) | | | (567,324) | |
| Principal payments on residential mortgage loans in securitization trusts | 74,179 | | | 177,846 | |
| Principal payments on residential mortgage loans | 30,950 | | | 71,210 | |
| Collateral due to counterparties | — | | | (200) | |
| Margin received from interest rate futures contracts and TBAs | 12,602 | | | 75,689 | |
| Sale of residential mortgage loans into affiliate’s securitization trust | 313,438 | | | — | |
| Principal and interest receivable on residential mortgage loans | 12,806 | | | (12,689) | |
| | | |
| Other assets | (15,373) | | | 467 | |
| Accrued expenses | (528) | | | 3,084 | |
| Accrued expenses - affiliate | (1,021) | | | 1,634 | |
| Interest payable | (1,880) | | | 3,169 | |
Management fee payable to affiliate | (512) | | | 161 | |
| Income tax expense (benefit) | 781 | | | (3,457) | |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 339,087 | | | (644,278) | |
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.
6
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
| | | | | | | | | | | |
| Nine Months Ended |
| September 30, 2023 | | September 30, 2022 |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | |
| Purchases of investments in RMBS, available for sale | (1,006,023) | | | (1,140,153) | |
| Purchases of investments in RMBS, trading | (853,934) | | | — | |
| Sale of investments in RMBS, available for sale | 1,006,196 | | | 1,524,129 | |
| Sale of investments in RMBS, trading | 832,542 | | | — | |
| Purchase of investment in U.S. Treasury securities | (848,617) | | | (349,992) | |
| Maturity of U.S. Treasury securities | 700,000 | | | 600,000 | |
| Principal payments on RMBS | 816 | | | 13,219 | |
| | | |
| Purchases of commercial mortgage loans | — | | | (3,180) | |
| Sale of commercial mortgage loans | 4,326 | | | 11,026 | |
| Principal payments on commercial mortgage loans | 26 | | | 44 | |
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (164,668) | | | 655,093 | |
| | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | |
| Dividends paid to common stockholders | (23,942) | | | (33,725) | |
| Dividends paid to preferred shareholders | — | | | (11) | |
| Repurchases of common stock | — | | | (6,862) | |
| | | |
| | | |
| | | |
| Principal payments on non-recourse securitization obligation | (74,179) | | | (177,111) | |
| Cash paid for debt issuance costs | — | | | (457) | |
| Proceeds from securitization | 233,319 | | | 675,360 | |
| Net proceeds from (payments on) securities sold under agreements to repurchase | 135,557 | | | (543,727) | |
| Net proceeds from (payments on) notes payable | (442,073) | | | 52,913 | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (171,318) | | | (33,620) | |
| | | |
| CHANGE IN CASH AND RESTRICTED CASH | 3,101 | | | (22,805) | |
CASH AND RESTRICTED CASH, beginning of period (1) | 39,861 | | | 52,309 | |
CASH AND RESTRICTED CASH, end of period (1) | $ | 42,962 | | | $ | 29,504 | |
| | | |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | |
| Cash paid during the period for interest | $ | 48,862 | | | $ | 38,535 | |
| | | |
(1) Cash, cash equivalents, and restricted cash as of September 30, 2023 included cash and cash equivalents of $41.9 million and restricted cash of $1.1 million, and as of September 30, 2022 included cash and cash equivalents of $29.3 million and restricted cash of $10.6 million.
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.
7
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
1. Organization and Basis of Presentation
Angel Oak Mortgage REIT, Inc. (together with its subsidiaries the “Company”), is a real estate finance company focused on acquiring and investing in first lien non-qualified residential mortgage (“non-QM”) loans and other mortgage‑related assets in the U.S. mortgage market. The Company’s strategy is to make credit-sensitive investments primarily in newly-originated first lien non‑QM loans that are primarily made to higher‑quality non‑QM loan borrowers and primarily sourced from the proprietary mortgage lending platform of its affiliate, Angel Oak Mortgage Solutions LLC (together with other non-operational affiliated originators, “Angel Oak Mortgage Lending”), which currently operates primarily through a wholesale channel and has a national origination footprint. The Company may also invest in other residential mortgage loans, residential mortgage‑backed securities (“RMBS”), and other mortgage‑related assets. The Company’s objective is to generate attractive risk‑adjusted returns for its stockholders, through cash distributions and capital appreciation, across interest rate and credit cycles.
The Company is a Maryland corporation incorporated on March 20, 2018. The Company achieves certain of its investment objectives by investing a portion of its assets in its wholly‑owned taxable REIT subsidiary, Angel Oak Mortgage REIT TRS, LLC (“AOMR TRS”), a Delaware limited liability company formed on March 21, 2018, which invests its assets in Angel Oak Mortgage Fund TRS, a Delaware statutory trust formed on June 15, 2018.
The Company is traded on the New York Stock Exchange under the ticker symbol AOMR.
The Operating Partnership
On February 5, 2020, the Company formed Angel Oak Mortgage Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), through which substantially all of its assets are held and substantially all of its operations are conducted, either directly or through subsidiaries. The Company holds all of the limited partnership interests in the Operating Partnership and indirectly holds the sole general partnership interest in the Operating Partnership through the general partner, which is the Company’s wholly-owned subsidiary.
The Company’s Manager and REIT status
The Company is externally managed and advised by Falcons I, LLC (the “Manager”), a Securities and Exchange Commission-registered investment adviser and an affiliate of Angel Oak Capital Advisors, LLC (“Angel Oak Capital”). The Company has elected to be taxed as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2019.
Interim Financial Statements
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report on Form 10-K”).
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. The condensed consolidated financial statements include the accounts of the Company and its wholly‑owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., fair value changes due to inputs and underlying assumptions as described in Note 10 — Fair Value Measurements, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from the Company’s estimates and the differences could be material.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
New Accounting Standards and Interpretations
As of September 30, 2023, there were no new accounting standards or interpretations adopted by the Company that had a material effect on its condensed consolidated financial statements.
Reclassifications
Certain amounts reported in prior periods in the condensed consolidated financial statements have been reclassified to conform to the current year’s presentation. For comparative purposes, and to simplify the presentation of the Company’s condensed consolidated balance sheet, the deferred tax asset has been reclassified to “other assets” on the condensed consolidated balance sheet as of December 31, 2022. See Note 14 — Other Assets.
Certain comparative period amounts have been reclassified for consistency with current period presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the Condensed Consolidated Statements of Cash Flows for the nine months-ended September 30, 2022, to identify amortization of debt issuance costs, net amortization of premiums and discounts of mortgage loans, and principal payments on residential mortgage loans in securitization trusts.
Summary of Significant Accounting Policies
The Company’s summary of significant accounting policies as set forth in its Annual Report on Form 10-K remain unchanged. During the nine months ended September 30, 2023, the Company elected a new accounting classification regarding certain of its investments in debt securities, as further described below, as the Company classifies securities on a trade-by-trade basis upon purchase. The Company did not transfer any securities between classifications.
The Company classifies its investments in debt securities in accordance with Accounting Standards Codification 320 - Investments - Debt Securities (“ASC 320”) as “trading,” “available for sale,” or “held to maturity”. Historically, the Company had classified all of its investments in debt securities as available for sale (“AFS”). In the first quarter of 2023, the Company began designating its purchases of Freddie Mac and Fannie Mae-issued whole pool agency residential mortgage-backed securities (“Whole Pool Agency RMBS”) and purchases of U.S. Treasury securities as trading securities.
2. Variable Interest Entities
Since its inception, the Company has utilized Variable Interest Entities (“VIEs”) for the purpose of securitizing whole mortgage loans to obtain long-term non-recourse financing. The Company evaluates its interest in each VIE to determine if it is the primary beneficiary. Below are descriptions of VIEs for which the Company is and is not the primary beneficiary.
VIEs for Which the Company is the Primary Beneficiary
The Company entered into securitization transactions where it was determined that the Company was the primary beneficiary, as, with respect to each securitization vehicle, it controls the class of securities with call rights, or “controlling class” of securities, the XS tranche. The Company was the sole entity to contribute residential whole mortgage loans to these securitization vehicles.
The retained beneficial interest in VIEs for which the Company is the primary beneficiary is the subordinated tranches of the securitization and further interests in additional interest‑only tranches. The table below sets forth the fair values of the assets and liabilities recorded in the condensed consolidated balance sheets related to these consolidated VIEs as of September 30, 2023 and December 31, 2022:
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
| | | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 | |
| Assets: | | (in thousands) | |
| Residential mortgage loans in securitization trusts - cost | | $ | 1,409,089 | | | $ | 1,193,879 | | |
| Fair value adjustment | | (214,970) | | | (166,437) | | |
| Residential mortgage loans in securitization trusts - at fair value | | $ | 1,194,119 | | | $ | 1,027,442 | | |
| | | | | |
Liabilities (1): | | | | | |
| Non-recourse securitization obligations, collateralized by residential mortgage loans - principal balance, amortized cost | | $ | 434,227 | | | $ | 474,070 | | |
| Less: debt issuance costs capitalized | | (105) | | | (1,145) | | |
| Non-recourse securitization obligations, collateralized by residential mortgage loans, amortized cost, net | | $ | 434,122 | | | $ | 472,925 | | |
| | | | | |
Non-recourse securitization obligations, collateralized by residential mortgage loans - principal balance, net of discount, subject to fair value adjustment | | $ | 836,130 | | | $ | 611,114 | | |
| Fair value adjustment | | (108,956) | | | (80,554) | | |
| Non-recourse securitization obligations, collateralized by residential mortgage loans - at fair value, net | | $ | 727,174 | | | $ | 530,560 | | |
| | | | | |
| Total non-recourse securitization obligations, collateralized by residential mortgage loans, net | | $ | 1,161,296 | | | $ | 1,003,485 | | |
(1) Debt issuance costs for non-recourse securitization obligations electing the fair value option are recorded to expense upon issuance of the securitization. Debt issuance costs incurred with the issuances of non-recourse securitization obligations for which the fair value option was not elected are presented at amortized cost.
Income and expense amounts related to the consolidated VIEs recorded in the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2023 and 2022 is set forth as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2023 | | Three Months Ended September 30, 2022 | | Nine Months Ended September 30, 2023 | | Nine Months Ended September 30, 2022 |
| | (in thousands) | | | | |
| Interest income | | $ | 15,733 | | | $ | 12,759 | | | $ | 41,213 | | | $ | 34,646 | |
Interest expense, non-recourse liabilities (1) | | (10,956) | | | (6,983) | | | (26,121) | | | (17,245) | |
| Net interest income | | $ | 4,777 | | | $ | 5,776 | | | $ | 15,092 | | | $ | 17,401 | |
| Net unrealized gain (loss) on mortgage loans in securitization trusts - at fair value | | (16,863) | | | (73,178) | | | (9,404) | | | (152,931) | |
| Unrealized gain (loss) on mark-to-market of non-recourse securitization obligation - at fair value | | 22,183 | | | 34,357 | | | 3,620 | | | 67,030 | |
Securitization costs | | (416) | | | (1,115) | | | (2,326) | | | (3,405) | |
| Realized losses and operating expenses | | (967) | | | (247) | | | (2,163) | | | (695) | |
Net gain/(loss) from consolidated VIEs | | $ | 8,714 | | | $ | (34,407) | | | $ | 4,819 | | | $ | (72,600) | |
(1) Interest expense includes amortization of debt issuance expense and accretion of non-recourse securitization obligation discount.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
VIEs for Which the Company is Not the Primary Beneficiary
The Company sponsored or participated along with other affiliates and entities managed by Angel Oak Capital in the formation of various entities that were considered to be VIEs. These VIEs were formed to facilitate securitization issuances that were comprised of secured residential whole loans and/or small balance commercial loans contributed to securitization trusts.
These securities were issued as a result of the unconsolidated securitizations where the Company retained bonds from the issuances of securitizations issued by a depositor that the Company does not control. The Company determined that it was not then and is not now the primary beneficiary of any of these securitization entities, and thus has not consolidated the operating results or statements of financial position of any of these entities. The Company performs ongoing reassessments of all VIEs in which the Company has participated since its inception as to whether changes in the facts and circumstances regarding the Company’s involvement with a VIE would cause the Company’s consolidation conclusion to change, and the Company’s assessment of these VIEs remains unchanged.
The securities received in the securitization transactions were classified as “available for sale” upon receipt and are included in “RMBS - at fair value” and “CMBS - at fair value” on the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, and details on the accounting treatment and fair value methodology of the securities can be found in Note 10 — Fair Value Measurements. See also Note 5 — Investment Securities, for the fair value of AOMT securities held by the Company, and Note 14 - Other Assets, for investments in MOAs, as of September 30, 2023 and December 31, 2022 that were retained by the Company as a result of these securitization transactions.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
3. Residential Mortgage Loans
Residential mortgage loans are mortgage loans on residences located in various states with concentrations in California, Florida, Texas, and Georgia. Residential mortgage loans are measured at fair value. The following table sets forth the cost, unpaid principal balance, net premium on mortgage loans purchased, fair value, weighted average interest rate, and weighted average remaining maturity of the Company’s residential mortgage loan portfolio as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
| | ($ in thousands) |
| Cost | | $ | 313,297 | | | $ | 886,661 | |
| | | | |
| Unpaid principal balance | | $ | 307,638 | | | $ | 864,171 | |
| Net premium on mortgage loans purchased | | 5,659 | | | 22,489 | |
| Change in fair value | | (28,914) | | | (115,678) | |
| Fair value | | $ | 284,383 | | | $ | 770,982 | |
| | | | |
| Weighted average interest rate | | 5.83 | % | | 4.80 | % |
| | | | |
| Weighted average remaining maturity (years) | | 29 | | 30 |
At times, various forms of margin maintenance on residential mortgage loans may be required by certain financing facility counterparties. See Note 6 — Notes Payable.
The following table sets forth data regarding the number of consumer mortgage loans secured by residential real property 90 or more days past due and also those in formal foreclosure proceedings, and the recorded investment and unpaid principal balance of such loans as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | |
| As of: | | September 30, 2023 | | December 31, 2022 |
| | ($ in thousands) |
| Number of mortgage loans 90 or more days past due | | 3 | | | 11 | |
| Recorded investment in mortgage loans 90 or more days past due | | $ | 2,001 | | | $ | 7,230 | |
| Unpaid principal balance of loans 90 or more days past due | | $ | 1,938 | | | $ | 7,043 | |
| | | | |
| Number of mortgage loans in foreclosure | | 8 | | | 2 | |
| Recorded investment in mortgage loans in foreclosure | | $ | 6,665 | | | $ | 820 | |
| Unpaid principal balance of loans in foreclosure | | $ | 6,462 | | | $ | 849 | |
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
4. Commercial Mortgage Loans
Commercial mortgage loans are mortgage loans on commercial properties located in various states with concentrations in California and Tennessee. Commercial mortgage loans are measured at fair value. The following table sets forth the cost, unpaid principal balance, fair value, weighted average interest rate, and weighted average remaining maturity of the Company’s commercial mortgage loan portfolio as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
| | ($ in thousands) |
| Cost | | $ | 5,602 | | | $ | 9,928 | |
| | | | |
| Unpaid principal balance | | $ | 5,606 | | | $ | 9,928 | |
| | | | |
| Change in fair value | | (387) | | | (470) | |
| Fair value | | $ | 5,219 | | | $ | 9,458 | |
| | | | |
| Weighted average interest rate | | 6.24 | % | | 7.03 | % |
| | | | |
| Weighted average remaining maturity (years) | | 12 | | 8 |
The net discount on commercial mortgage loans was fully amortized as of December 31, 2022. On July 3, 2023, a commercial mortgage loan was sold for $4.6 million representing the full outstanding principal balance and carrying amount, and accrued costs and fees. There were no commercial mortgage loans more than 90 days overdue or in foreclosure as of September 30, 2023 or December 31, 2022.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
5. Investment Securities
As of September 30, 2023, investment securities were comprised of non‑agency RMBS (“AOMT RMBS”), Whole Pool Agency RMBS, commercial mortgage backed securities (“CMBS”), and U.S. Treasury securities. The U.S. Treasury securities held by the Company as of September 30, 2023 subsequently matured on October 12, 2023. The Company did not hold any U.S. Treasury securities as of December 31, 2022.
The following table sets forth a summary of AOMT RMBS, Whole Pool Agency RMBS, and AOMT CMBS at cost as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| (in thousands) |
| AOMT RMBS | $ | 67,479 | | | $ | 69,922 | |
| Whole Pool Agency RMBS | $ | 511,953 | | | $ | 1,006,022 | |
| CMBS | $ | 6,319 | | | $ | 6,329 | |
The following table sets forth certain information about the Company’s investments in RMBS and CMBS at fair value as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | |
| Real Estate Securities at Fair Value | | Securities Sold Under Agreements to Repurchase | | Allocated Capital |
| September 30, 2023: | (in thousands) |
AOMT RMBS (1) | | | | | |
| | | | | |
| Mezzanine | $ | 10,429 | | | $ | (1,029) | | | $ | 9,400 | |
| Subordinate | 52,159 | | | (21,384) | | | 30,775 | |
| Interest Only/Excess | 12,665 | | | (1,944) | | | 10,721 | |
Retained RMBS in VIEs (2) | — | | | (15,504) | | | (15,504) | |
| Total AOMT RMBS | $ | 75,253 | | | $ | (39,861) | | | $ | 35,392 | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Whole Pool Agency RMBS | | | | | |
| Fannie Mae | $ | 504,732 | | | $ | — | | | $ | 504,732 | |
| Freddie Mac | — | | | — | | | — | |
| Whole Pool Total Agency RMBS | $ | 504,732 | | | $ | — | | | $ | 504,732 | |
Total RMBS | $ | 579,985 | | | $ | (39,861) | | | $ | 540,124 | |
| | | | | |
| AOMT CMBS | | | | | |
| Subordinate | $ | 2,933 | | | $ | — | | | $ | 2,933 | |
| Interest Only/Excess | 3,405 | | | — | | | 3,405 | |
| Total AOMT CMBS | $ | 6,338 | | | $ | — | | | $ | 6,338 | |
(1) AOMT RMBS held as of September 30, 2023 included both retained tranches of securitizations in which the Company participated where the Company was not deemed to be the primary beneficiary, and additional securities issued by affiliates of Angel Oak Capital which were purchased in secondary market transactions.
(2) A portion of repurchase debt includes borrowings against retained bonds received from securitizations involving consolidated VIEs. These bonds have a fair value of $122.7 million. The Company reflects the underlying assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its condensed consolidated balance sheets rather than the bonds, due to the accounting rules around this type of securitization.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | Real Estate Securities at Fair Value | | Securities Sold Under Agreements to Repurchase | | Allocated Capital |
| December 31, 2022: | | (in thousands) |
AOMT RMBS (1) | | | | | | |
| | | | | | |
| Mezzanine | | $ | 1,958 | | | $ | (1,470) | | | $ | 488 | |
| Subordinate | | 49,578 | | | (24,982) | | | 24,596 | |
| Interest Only/Excess | | 10,424 | | | (1,506) | | | 8,918 | |
Retained RMBS in VIEs (2) | | — | | | (24,586) | | | (24,586) | |
| Total AOMT RMBS | | $ | 61,960 | | | $ | (52,544) | | | $ | 9,416 | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Whole Pool Agency RMBS | | | | | | |
| Fannie Mae | | $ | 501,458 | | | $ | — | | | $ | 501,458 | |
| Freddie Mac | | 491,920 | | | — | | | 491,920 | |
| Whole Pool Total Agency RMBS | | $ | 993,378 | | | $ | — | | | $ | 993,378 | |
| Total RMBS | | $ | 1,055,338 | | | $ | (52,544) | | | $ | 1,002,794 | |
| | | | | | |
| AOMT CMBS | | | | | | |
| Subordinate | | $ | 2,901 | | | $ | — | | | $ | 2,901 | |
| Interest Only/Excess | | 3,210 | | | — | | | 3,210 | |
| Total AOMT CMBS | | $ | 6,111 | | | $ | — | | | $ | 6,111 | |
(1) AOMT RMBS held as of December 31, 2022 included both retained tranches of securitizations in which the Company participated where the Company was not deemed to be the primary beneficiary, and additional securities issued by affiliates of Angel Oak Capital which were purchased in secondary market transactions.
(2) A portion of repurchase debt includes borrowings against retained bonds received from securitizations involving consolidated VIEs. These bonds have a fair value of $110.5 million. The Company reflects the underlying assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its condensed consolidated balance sheets rather than the bonds, due to the accounting rules around this type of securitization.
The following table sets forth certain information about the Company’s investments in U.S. Treasury securities as of
September 30, 2023 (1):
| | | | | | | | | | | | | | | | | | | | |
| Date | Face Value | Unamortized Discount, net | Amortized Cost | Unrealized Gain (Loss) | Fair Value | Net Effective Yield |
| ($ in thousands) |
| | | | | | |
| | | | | | |
| | | | | | |
| September 30, 2023 | $ | 150,000 | | $ | 182 | | $ | 149,818 | | $ | 88 | | $ | 149,906 | | 5.36 | % |
(1) There were no U.S. Treasury securities held as of December 31, 2022.
6. Notes Payable
The Company has the ability to finance residential and commercial whole loans utilizing repurchase agreements with various counterparties (“notes payable”), as further described below. Outstanding borrowings bear interest at floating rates depending on the lending counterparty, the collateral pledged, and the rate in effect for each interest period, as the same may change from time to time at the end of each interest period. Some agreements include upfront fees, fees on unused balances, covenants and concentration limits on types of collateral pledged. Each of these vary based on the counterparty. One of these agreements, as noted below, is a “static pool” financing facility, where the lender has agreed to finance a certain pool of loans contributed to such financing facility, which does not allow for any revolving financing terms.
Occasionally, a lender may require cash collateral to be posted as margin collateral on such agreements. As of September 30, 2023, cash collateral for margin maintenance requirements of approximately $0.8 million was held for the benefit of Global Investment Bank 3 within “restricted cash” on the condensed consolidated balance sheet. The majority of this restricted cash balance is in an economic interest rate hedging account under the control of Global Investment Bank 3, and may be drawn by Global Investment Bank 3 at its discretion. As of December 31, 2022, cash collateral for margin maintenance requirements by whole loan financing counterparties was $5.6 million within “restricted cash” on the condensed consolidated balance sheet, of which $3.8 million was held in a segregated restricted cash account and
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
released to the Company by the applicable lender subsequent to December 31, 2022; the remainder of which was held in the economic interest rate hedging account referred to above.
The following table sets forth the details of the Company’s notes payable and drawn amounts for whole loan purchases as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Interest
Rate Pricing
Spread | | Drawn Amount |
| Note Payable | | Base Interest Rate | | | September 30, 2023 | | December 31, 2022 |
| | | | | | ($ in thousands) |
Multinational Bank 1 (1) | | Average Daily SOFR | | 2.10% | | $ | 189,066 | | | $ | 352,038 | |
| | | | | | | | |
Global Investment Bank 2 (2) | | 1 month SOFR | | 2.20% - 3.45% | | — | | | — | |
Global Investment Bank 3 (3) | | Compound SOFR | | 2.80% - 4.50% | | 8,731 | | | 119,137 | |
| | | | | | | | |
Institutional Investors A and B (4) | | 1 month Term SOFR | | 3.50% | | N/A | | 168,695 | |
| | | | | | | | |
Regional Bank 1 (5) | | 1 month SOFR | | 2.50% - 3.50% | | N/A | | — | |
| Total | | | | | | $ | 197,797 | | | $ | 639,870 | |
(1) On January 25, 2023, this financing facility was extended through July 25, 2023 in accordance with the terms of the agreement, which contemplates six-month renewals. On July 25, 2023, the Company extended this financing facility through January 25, 2024, with an interest rate pricing spread of 2.10%.
(2) This financing facility expires on February 2, 2024.
(3) This static pool financing facility expires on December 19, 2023. The interest rate pricing spread per the agreement began at 2.80% for the first three months following December 19, 2022, exclusive of a 20 basis points index spread adjustment, and increases by an additional 50 basis points every three months thereafter; however, the facility does not, in general, contain “mark to market” provisions. The agreement requires an economic interest rate hedging account (“interest rate futures account”) to be maintained to the reasonable satisfaction of Global Investment Bank 3, as described above, which account is for its benefit and under its sole control. On November 7, 2023, this facility was renewed for a twelve month term through November 7, 2024 and was converted from static pool financing to a revolving facility with mark to market features. The amended facility has a maximum borrowing capacity of $200 million with a base interest rate pricing spread of 180 basis points plus a 20 basis points index spread adjustment (see Note 16 — Subsequent Events).
(4) On October 4, 2022, the Company and a subsidiary entered into two separate master repurchase facilities with two affiliates of an institutional investor (“Institutional Investors A and B”) regarding a specific pool of whole loans with financing of approximately $168.7 million on approximately $239.3 million of unpaid principal balance. The master repurchase agreements were set to expire on January 4, 2023, subject to a one-time option to extend for three months, which the Company did not utilize. The Company repaid this financing facility in full on January 4, 2023. The Company held restricted cash pertaining to this lender’s cash collateral requirements included in “restricted cash” on the Company’s condensed consolidated balance sheet as of December 31, 2022, as described above, which was released on January 4, 2023.
(5) This agreement expired by its terms on March 16, 2023.
The following table sets forth the total unused borrowing capacity of each financing line as of September 30, 2023:
| | | | | | | | | | | | | | | | | | | | |
| Note Payable | | Borrowing Capacity | | Balance Outstanding | | Available Financing |
| | (in thousands) |
Multinational Bank 1 (1) | | $ | 600,000 | | | $ | 189,066 | | | $ | 410,934 | |
| | | | | | |
Global Investment Bank 2 (1) | | 250,000 | | | — | | | 250,000 | |
Global Investment Bank 3 (2) | | 8,731 | | | 8,731 | | | — | |
| | | | | | |
| Total | | $ | 858,731 | | | $ | 197,797 | | | $ | 660,934 | |
(1) Although available financing is uncommitted, the Company’s unused borrowing capacity is available if it has eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements.
(2) As of September 30, 2023, this financing facility had no unused borrowing capacity as the outstanding borrowings were based on a static pool of mortgage loans.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
7. Due to Broker
The “Due to broker” account on the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, in the amounts of $512.0 million and $1.0 billion,respectively, relates to the purchase of Whole Pool Agency RMBS at quarter-end in the third and fourth quarters of 2023 and 2022, respectively. Purchases are accounted for on a trade date basis, and, at times, there may be a timing difference between the trade date and the settlement date of a trade. The trade dates of these purchases were prior to the applicable quarter-end dates. These trades settled on October 12, 2023 and January 13, 2023, respectively, at which time these assets were simultaneously sold.
The purchase transactions for the unsettled Whole Pool Agency RMBS are excluded from the condensed consolidated statements of cash flows as they are noncash transactions.
8. Securities Sold Under Agreements to Repurchase
Transactions involving securities sold under agreements to repurchase are treated as collateralized financial transactions, and are recorded at their contracted repurchase amounts. Margin (if required) for securities sold under agreements to repurchase represents margin collateral amounts held to ensure that the Company has sufficient coverage for securities sold under agreements to repurchase in case of adverse price changes. Restricted cash of margin collateral for securities sold under agreements to repurchase was $0.3 million and $3.9 million as of September 30, 2023 and December 31, 2022, respectively.
The following table summarizes certain characteristics of the Company’s repurchase agreements as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | | | | | |
| Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) |
| | ($ in thousands) | | | | |
AOMT RMBS (1) | | $ | 39,861 | | | 7.08 | % | | 15 |
| U.S. Treasury securities | | 148,240 | | | 5.40 | % | | 11 |
| Total | | $ | 188,101 | | | 5.76 | % | | 12 |
| | | | | | |
| December 31, 2022 | | | | | | |
| Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) |
| | ($ in thousands) | | | | |
| | | | | | |
AOMT RMBS (1) | | 52,544 | | | 6.07 | % | | 13 |
| Total | | $ | 52,544 | | | 6.07 | % | | 13 |
(1) A portion of repurchase debt outstanding as of both September 30, 2023 and December 31, 2022 includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). See Note 5 — Investment Securities.
The repurchase debt against the U.S. Treasury securities was repaid in full upon the maturity of the U.S. Treasury securities.
Although the transactions under repurchase agreements represent committed borrowings until maturity, the lenders retain the right to mark the underlying collateral at fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls.
9. Derivative Financial Instruments
In the normal course of business, the Company enters into derivative financial instruments to manage its exposure to market risk, including interest rate risk and prepayment risk on its whole loan investments. The derivatives in which the Company invests, and the market risk that the economic hedge is intended to mitigate are further discussed below. Derivative instruments as of September 30, 2023 and December 31, 2022 included both To-Be-Announced (“TBA”) securities and interest rate futures contracts. Restricted cash relating to interest rate futures margin collateral in interest rate futures accounts under the Company’s sole control as of September 30, 2023 and December 31, 2022 included $0.3 million and $1.1 million, respectively. There was no TBA margin collateral required as of either September 30, 2023 or December 31, 2022.
The Company uses interest rate futures as economic hedges to hedge a portion of its interest rate risk exposure. Interest rate risk is sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, as well as other factors. The Company’s credit risk with respect to economic hedges is the risk of default on its investments that result from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The Company may at times hold TBAs in order to mitigate its interest rate risk on certain specified mortgage-backed securities. Amounts or obligations owed by or to the Company are subject to the right of set-off with the TBA counterparty. As part of executing these trades, the Company may enter into agreements with its TBA counterparties that govern the transactions for the TBA purchases or sales made, including margin maintenance, payment and transfer, events of default, settlements, and various other provisions.
Changes in the value of derivatives designed to protect against mortgage-backed securities fair value fluctuations, or economic hedging gains and losses, are reflected in the tables below. All realized and unrealized gains and losses on derivative contracts are recognized in earnings, in “net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS” for realized gains and losses, and “net unrealized gain (loss) on trading securities, mortgage loans, debt at fair value option, and derivative contracts” for unrealized gains and losses.
The Company considers the notional amounts, categorized by primary underlying risk, to be representative of the volume of its derivative activities.
The following table sets forth the derivative instruments presented on the condensed consolidated balance sheets and notional amounts as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Notional Amounts |
| As of: | | Derivatives Not Designated as Hedging Instruments | | Number of Contracts | | Assets | | Liabilities | | Long Exposure | | Short Exposure |
| | | | | | ($ in thousands) |
| September 30, 2023 | | Interest rate futures | | 1,099 | | $ | 691 | | | $ | — | | | $ | — | | | $ | 109,900 | |
| September 30, 2023 | | TBAs | | N/A | | $ | 7,166 | | | $ | — | | | $ | — | | | $ | 523,900 | |
| | | | | | | | | | | | |
| December 31, 2022 | | Interest rate futures | | 4,928 | | $ | 2,211 | | | $ | — | | | $ | — | | | $ | 492,800 | |
| December 31, 2022 | | TBAs | | N/A | | $ | 12,545 | | | $ | — | | | $ | — | | | $ | 1,041,700 | |
The gains and losses arising from these derivative instruments in the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2023 and September 30, 2022 are set forth as follows:
| | | | | | | | | | | | | | | | | | | | |
| | Derivatives Not Designated as Hedging Instruments | | Net Realized Gains (Losses) on Derivative Instruments | | Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments |
| | | | (in thousands) |
| Three Months Ended September 30, 2023 | | Interest rate futures | | $ | 2,828 | | | $ | (364) | |
| Three Months Ended September 30, 2023 | | TBAs | | $ | 7,421 | | | $ | 4,927 | |
| | | | | | |
| Three Months Ended September 30, 2022 | | Interest rate futures | | $ | 17,692 | | | $ | 6,027 | |
| Three Months Ended September 30, 2022 | | TBAs | | $ | (10,147) | | | $ | 10,180 | |
| | | | | | | | | | | | | | | | | | | | |
| | Derivatives Not Designated as Hedging Instruments | | Net Realized Gains (Losses) on Derivative Instruments | | Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments |
| | | | (in thousands) |
| Nine Months Ended September 30, 2023 | | Interest rate futures | | $ | 8,599 | | | $ | (2,416) | |
| Nine Months Ended September 30, 2023 | | TBAs | | $ | 4,900 | | | $ | (5,379) | |
| | | | | | |
| Nine Months Ended September 30, 2022 | | Interest rate futures | | $ | 66,805 | | | $ | 7,349 | |
| Nine Months Ended September 30, 2022 | | TBAs | | $ | 3,032 | | | $ | (506) | |
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
10. Fair Value Measurements
For financial reporting purposes, we follow a fair value hierarchy established under GAAP that is used to determine the fair value of financial instruments. This hierarchy prioritizes relevant market inputs in order to determine an “exit price” at the measurement date, or the price at which an asset could be sold or a liability could be transferred in an orderly process that is not a forced liquidation or distressed sale. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices for an asset or liability that are obtained through corroboration with observable market data. Level 3 inputs are unobservable inputs (e.g., our own data or assumptions) that are used when there is little, if any, relevant market activity for the asset or liability required to be measured at fair value.
In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured.
As of September 30, 2023, our valuation policy and processes had not changed from those described in our consolidated financial statements for the year ended December 31, 2022 included in the Annual Report on Form 10-K. Included in Note 11 — Fair Value Measurements to the Consolidated Financial Statements for the year ended December 31, 2022 included in the Annual Report on Form 10-K is a detailed description of our other financial instruments measured at fair value and their significant inputs, as well as the general classification of such instruments pursuant to the Level 1, Level 2, and Level 3 valuation hierarchy.
The fair value of cash, restricted cash, principal and interest receivable, other assets (excluding investments in majority-owned affiliates), notes payable, securities sold under agreements to repurchase, amounts due to broker and accrued expenses (including those payable to an affiliate and management fees payable to an affiliate), and interest payable approximate their carrying values due to the nature of these assets and liabilities.
The Company’s “investments in majority-owned affiliates” included in other assets (see Note 14 — Other Assets) and a portion of “non-recourse securitization obligations, collateralized by residential mortgage loans” are held at amortized cost. The fair value of these assets and liabilities is disclosed further below in the section titled “Assets and Liabilities Held at Amortized Cost - Fair Value Disclosure”.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of September 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| | (in thousands) |
| Assets, at fair value | | | | | | | | |
| Residential mortgage loans | | $ | — | | | $ | 277,373 | | | $ | 7,010 | | | $ | 284,383 | |
| Residential mortgage loans in securitization trusts | | — | | | 1,185,006 | | | 9,113 | | | 1,194,119 | |
| Commercial mortgage loans | | — | | | 5,219 | | | — | | | 5,219 | |
| | | | | | | | |
| Investments in securities | | | | | | | | |
Non-Agency RMBS (1) | | — | | | 75,253 | | | — | | | 75,253 | |
| Whole Pool Agency RMBS | | — | | | 504,731 | | | — | | | 504,731 | |
AOMT CMBS (1) | | — | | | 6,338 | | | — | | | 6,338 | |
| U.S Treasury Securities | | 149,906 | | | — | | | — | | | 149,906 | |
Unrealized appreciation on interest rate futures contracts | | 691 | | | — | | | — | | | 691 | |
| Unrealized appreciation on TBAs | | 7,166 | | | — | | | — | | | 7,166 | |
| Total assets, at fair value | | $ | 157,763 | | | $ | 2,053,920 | | | $ | 16,123 | | | $ | 2,227,806 | |
| | | | | | | | |
| Liabilities, at fair value | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Non-recourse securitization obligation, collateralized by residential mortgage loans (2) | | — | | | 727,174 | | | — | | | 727,174 | |
| Total liabilities, at fair value | | $ | — | | | $ | 727,174 | | | $ | — | | | $ | 727,174 | |
(1) Non‑Agency RMBS held as of September 30, 2023 included both retained tranches of securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions. All AOMT CMBS held as of September 30, 2023 were comprised of a small-balance commercial loan securitization issuance in which the Company participated.
(2) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above. See below for the disclosure of the full debt at fair value.
Transfers from Level 2 to Level 3 were comprised of residential loans more than 90 days overdue (including those in foreclosure). Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. These transfers were not material.
We use third‑party valuation firms who utilize proprietary methodologies to value our residential and commercial loans. These firms generally use both market comparable information and discounted cash flow modeling techniques to determine the fair value of our Level 3 assets. Use of these techniques requires determination of relevant input and assumptions, some of which represent significant unobservable inputs such as anticipated credit losses, prepayment rates, default rates, or other valuation assumptions. Accordingly, a significant increase or decrease in any of these inputs in isolation may result in a significantly lower or higher fair value measurement.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following table sets forth information regarding the Company’s significant Level 3 inputs as of September 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Input Values |
| Asset | | Fair Value | | Unobservable Input | | Range | | Average |
| | ($ in thousands) | | | | | | |
| Residential mortgage loans, at fair value | | $ | 7,010 | | | Prepayment rate (annual CPR) | | 8.99% - 9.19% | | 9.09% |
| | | | Default rate | | 16.57% - 24.37% | | 20.47% |
| | | | Loss severity | | (0.25)% - 10.00% | | 1.77% |
| | | | Expected remaining life | | 0.63 - 2.89 years | | 2.11 years |
| | | | | | | | |
| Residential mortgage loans in securitization trust, at fair value | | $ | 9,113 | | | Prepayment rate (annual CPR) | | 2.79% - 12.53% | | 7.82% |
| | | | Default rate | | 9.22% - 25.78% | | 15.37% |
| | | | Loss severity | | (0.16)% - 12.81% | | 6.66% |
| | | | Expected remaining life | | 1.32 - 3.84 years | | 2.38 years |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Assets and Liabilities Held at Amortized Cost — Fair Value Disclosure
Portion of Non-Recourse Securitization Obligations, Collateralized by Residential Mortgage Loans — Held at Amortized Cost
To determine the fair value of the Company’s non-recourse securitization obligations, collateralized by residential mortgage loans, net, held at amortized cost, the Company uses the same method of valuation as described in the Annual Report on Form 10-K, Note 11 — Fair Value for both the portion of the obligation measured at fair value and the portion of the obligation held at amortized cost, for which fair value is disclosed below.
As of September 30, 2023, the total amortized cost basis and fair value of our non-recourse securitization obligations was $1.4 billion and $1.1 billion, respectively, a difference of approximately $297.9 million (which includes AOMT 2022-1, AOMT 2022-4, and AOMT 2023-4, which are marked to fair value; and AOMT 2021-7 and AOMT 2021-4, which are carried at amortized cost, as the fair value option was not elected at the time of the creation of these obligations). The fair value solely attributable to AOMT 2021-4 and 2021-7 is approximately $121.4 million less than the amortized cost. The difference between the amortized cost basis value and the fair value is derived from the difference between the period-end market pricing of the underlying bonds, as referred to above, and the amortized cost of the obligation. The fair value of the non-recourse securitization debt is not indicative of the amounts at which we could settle this debt.
As of December 31, 2022, the total amortized cost basis and fair value of our non-recourse securitization obligations was $1.1 billion and $914.3 million, respectively, a difference of approximately $170.9 million (which includes AOMT 2022-1 and AOMT 2022-4, which are marked to fair value; and AOMT 2021-7, and AOMT 2021-4, which are carried at amortized cost, as the fair value option was not elected at the time of the creation of these obligations). The difference between the amortized cost and fair value solely attributable to AOMT 2021-4 and 2021-7 is approximately $90.3 million. The difference between the amortized cost basis value and the fair value is derived from the difference between the period-end market pricing of the underlying bonds, as referred to above, and the amortized cost of the obligation. The fair value of the non-recourse securitization debt is not indicative of the amounts at which we could settle this debt.
Investments in Majority-Owned Affiliates
To determine the fair value of the Company’s investments in majority-owned affiliates, which are held at amortized cost and included in “other assets”, the Company uses the prices of the underlying bonds in the investments to determine fair value. The Company utilizes PriceServe, Bank of America’s independent fixed income pricing service, as the primary valuation source for these bonds. PriceServe obtains its price quotes from actual sales or quotes for sale of the same or similar securities and/or provides model‑based valuations that consider inputs derived from recent market activity including default rates, conditional prepayment rates, loss severity, expected yield to maturity, baseline discount margin/yield, recovery assumptions, tranche type, collateral coupon, age and loan size, and other inputs specific to each security. We believe that these quotes are most reflective of the price that would be achieved if the bonds were sold to an independent third party on the date of the condensed consolidated financial statements.
The amortized cost and fair value of these investments as of September 30, 2023 was approximately $14.7 million and $13.3 million, respectively.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| | (in thousands) |
| Assets, at fair value | | | | | | | | |
| Residential mortgage loans | | $ | — | | | $ | 763,786 | | | $ | 7,196 | | | $ | 770,982 | |
| Residential mortgage loans in securitization trusts | | — | | | 1,018,686 | | | 8,756 | | | 1,027,442 | |
| Commercial mortgage loans | | — | | | 9,458 | | | — | | | 9,458 | |
| Investments in securities | | | | | | | | |
Non-Agency RMBS (1) | | — | | | 61,960 | | | — | | | 61,960 | |
| Whole Pool Agency RMBS | | — | | | 993,378 | | | — | | | 993,378 | |
AOMT CMBS (1) | | — | | | 6,111 | | | — | | | 6,111 | |
Unrealized appreciation on interest rate futures contracts | | 2,211 | | | — | | | — | | | 2,211 | |
| Unrealized appreciation on TBAs | | 12,545 | | | — | | | — | | | 12,545 | |
| Total assets, at fair value | | $ | 14,756 | | | $ | 2,853,379 | | | $ | 15,952 | | | $ | 2,884,087 | |
| | | | | | | | |
| Liabilities, at fair value | | | | | | | | |
Non-recourse securitization obligation, collateralized by residential mortgage loans (2) | | $ | — | | | $ | 530,560 | | | $ | — | | | $ | 530,560 | |
| Total liabilities, at fair value | | $ | — | | | $ | 530,560 | | | $ | — | | | $ | 530,560 | |
(1) Non‑Agency RMBS held as of December 31, 2022 included both retained tranches of AOMT securitizations in which the Company participated, additional AOMT securities purchased in secondary market transactions, and other RMBS purchased in secondary market transactions. All AOMT CMBS held as of December 31, 2022 was comprised of a small-balance commercial loan securitization issuance in which the Company participated.
(2) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above.
Transfers from Level 2 to Level 3 were comprised of residential loans more than 90 days overdue (including those in foreclosure) and commercial mortgage loans in special servicing or otherwise considered “non‑performing” by the Company’s third‑party valuation providers. Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. These transfers were not material.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
We use third‑party valuation firms who utilize proprietary methodologies to value our residential and commercial loans. These firms generally use both market comparable information and discounted cash flow modeling techniques to determine the fair value of our Level 3 assets. Use of these techniques requires determination of relevant input and assumptions, some of which represent significant unobservable inputs such as anticipated credit losses, prepayment rates, default rates, or other valuation assumptions. Accordingly, a significant increase or decrease in any of these inputs in isolation may result in a significantly lower or higher fair value measurement.
The following table sets forth information regarding the Company’s significant Level 3 inputs as of December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Input Values |
| Asset | | Fair Value | | Unobservable Input | | Range | | Average |
| | ($ in thousands) | | | | | | |
| Residential mortgage loans, at fair value | | $ | 7,196 | | | Prepayment rate (annual CPR) | | 4.92% - 14.99% | | 9.39% |
| | | | Default rate | | 4.56% - 24.36% | | 11.43% |
| | | | Loss severity | | (0.25)% - 12.54% | | 7.84% |
| | | | Expected remaining life | | 0.62 - 3.43 years | | 2.75 years |
| | | | | | | | |
| Residential mortgage loans in securitization trust, at fair value | | $ | 8,756 | | | Prepayment rate (annual CPR) | | 3.24% - 14.55% | | 7.84% |
| | | | Default rate | | 7.42% - 35.78% | | 19.07% |
| | | | Loss severity | | 0% - 10.00% | | 9.23% |
| | | | Expected remaining life | | 1.42 - 3.72 years | | 2.32 years |
11. Related Party Transactions
Residential Mortgage Loan Purchases
The Company has residential loan purchase agreements with various affiliates of the Company. The purchase price of the loans is generally equal to the outstanding principal of the mortgage, adjusted by a premium or discount, depending on market conditions. The Company purchases the mortgage loans on a servicing released basis.
The following table sets forth certain financial information pertaining to whole loan activity purchased from affiliates during the nine month period ended September 30, 2023 and 12 month period ended December 31, 2022:
| | | | | | | | | | | |
| As of and for the Year-to-Date/Year Ended: | Amount of Loans Purchased from Affiliates during the Year-to-Date/Year Ended | Number of Loans Purchased from Affiliates during the Year-to-Date/Year Ended | Number of Loans Purchased from Affiliates, Owned and Held as of the Periods Ended(1) |
| ($ in thousands) |
| September 30, 2023 | $ | 89,673 | | 232 | | 593 | |
| | | |
| December 31, 2022 | $ | 567,324 | | 1,141 | | 845 | |
(1) Excludes loans held in residential mortgage loans in securitization trust, at fair value
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Securitization Transactions and Majority-Owned Affiliate
From time to time, the Company participates in securitization transactions with other affiliates of Angel Oak Capital. See Note 2 — Variable Interest Entities, “VIEs for Which the Company is Not the Primary Beneficiary” and Note 14 — Other Assets.
Management Fee
The Company’s management agreement, effective as of June 21, 2021, by and among the Company, the Operating Partnership, and the Manager (the “Management Agreement”), provides that the Company will pay the Manager, in arrears, an aggregate fixed management fee equal to 1.5% per annum of the Company’s Equity (as is defined in the Management Agreement).
Incentive Fee
Under the Management Agreement, the Manager is also entitled to an incentive fee, which is calculated and payable in cash with respect to each calendar quarter (or part thereof that the Management Agreement is in effect) in arrears in an amount, not less than zero, equal to the excess of (1) the product of (a) 15% and (b) the excess of (i) the Company’s Distributable Earnings (as defined in the Management Agreement) for the previous 12-month period, over (ii) the product of (A) the Company’s Equity (as defined in the Management Agreement) in the previous 12-month period, and (B) 8% per annum, over (2) the sum of any incentive fee earned by the Manager with respect to the first three calendar quarters of such previous 12-month period. To date, the incentive fee has not been earned and no expense recognized in the Company’s financial statements.
Operating Expense Reimbursements
The Company is also required to pay the Manager reimbursements for certain general and administrative expenses pursuant to the Management Agreement. Accrued expenses payable to affiliate and operating expenses incurred with affiliate are substantially comprised of payroll reimbursements to an affiliate of the Manager.
12. Commitments and Contingencies
The Company, from time to time, may be party to litigation relating to claims arising in the normal course of business. As of September 30, 2023, the Company was not aware of any legal claims that could materially impact its financial condition. As of September 30, 2023, the Company had no unfunded commitments.
The Company has a loan release obligation on the facility with Global Investment Bank 3 that is eligible for up to a 100% reduction based on certain criteria that may extended beyond the current term of the financing facility. The maximum potential liability is $0.7 million, which has not been recorded in the condensed consolidated financial statements as the actual liability is not currently determinable.
The Company has entered into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. As of September 30, 2023, the Company has a total purchase commitments of $113 million related to both Angel Oak Mortgage Lending and third parties. These commitments represent off-balance sheet risk where the Company may be required to extend credit.
13. Accumulated Other Comprehensive Income/(Loss)
The following table sets forth the net unrealized gain/(loss) on AFS securities for the three months ended September 30, 2023 and 2022, which is the sole component of the changes in the Company’s Accumulated Other Comprehensive Income/(Loss) (“AOCI”) for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | |
| Three Months Ended September 30, 2023 | | Three Months Ended September 30, 2022 |
| (in thousands) |
| AOCI balance, beginning of period | $ | (6,565) | | | $ | 1,248 | |
| | | |
| | | |
| Net unrealized gain/(loss) on AFS securities | (1,607) | | | (10,227) | |
| AOCI balance, end of period | $ | (8,172) | | | $ | (8,979) | |
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, 2023 | | Nine Months Ended September 30, 2022 |
| (in thousands) |
| AOCI balance, beginning of period | $ | (21,127) | | | $ | 3,000 | |
| | | |
| | | |
| Net unrealized gain/(loss) on AFS securities | 12,955 | | | (11,979) | |
| AOCI balance, end of period | $ | (8,172) | | | $ | (8,979) | |
14. Other Assets
The following table sets forth the detail of other assets included in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
| | ($ in thousands) |
Investments in Majority-Owned Affiliates | | $ | 14,701 | | | $ | — | |
| Deferred tax asset | | 3,457 | | | 3,457 | |
| Prepaid expenses | | 1,697 | | | 1,310 | |
| Protective advances and other assets | | 285 | | — | |
| Total other assets | | $ | 20,140 | | | $ | 4,767 | |
Investments in Majority-Owned Affiliates (“MOA”)
In the first and third quarters of 2023, the Company participated in securitization transactions AOMT 2023-1 and AOMT 2023-5, which involved MOAs in which the Company received a 41.21% investment and 34.42% investment, respectively, in each case proportional to its share of the unpaid principal balance of the residential whole loans contributed to the securitizations. The purpose of the MOAs is to retain and hold risk retention bonds issued by the securitization trust. Each MOA is a limited liability company and is accounted for as an equity method investment and held at amortized cost. The investment will be tested for impairment at least annually utilizing undiscounted cash flows of the underlying risk retention bonds. See Note 10 — Fair Value Measurements.
15. Equity and Earnings per Share (“EPS”)
In the calculations of basic and diluted earnings per common share for the three and nine month periods ended September 30, 2023 and 2022, the Company included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances.
For the three and nine month periods ended September 30, 2023, there were 186,645 anti-dilutive outstanding restricted stock awards and 95,832 performance shares, although the market-based “total stockholder return” conditions for performance share units had not been achieved and thus these units were not included in the diluted weighted average common shares outstanding.
For the three and nine month periods ended September 30, 2022, there were 425,461 outstanding restricted stock awards that were anti-dilutive and thus not included in the diluted weighted average common shares outstanding. There were 56,978 market-based performance share units outstanding as of September 30, 2022.
Angel Oak Mortgage REIT, Inc.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following table sets forth the calculation of basic and diluted earnings per share for the three months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | |
| | September 30, 2023 | | September 30, 2022 |
| | (in thousands, except share and per share data) |
| Basic Earnings (Loss) per Common Share: | | | | |
| Net income (loss) to common stockholders | | $ | 8,273 | | | $ | (83,353) | |
| Dividends allocated to participating securities | | (60) | | | — | |
| Net income (loss) to common stockholders - basic | | $ | 8,213 | | | $ | (83,353) | |
| Basic weighted average common shares outstanding | | 24,768,921 | | | 24,505,438 | |
| Basic earnings (loss) per common share | | $ | 0.33 | | | $ | (3.40) | |
| | | | |
| Diluted Earnings (Loss) per Common Share: | | | | |
| Net income (loss) to common stockholders - basic | | $ | 8,273 | | | $ | (83,353) | |
| Dividends allocated to participating securities | | (60) | | | — | |
| Net income (loss) to common stockholders - diluted | | $ | 8,213 | | | $ | (83,353) | |
| Basic weighted average common shares outstanding | | 24,768,921 | | | 24,505,438 | |
| Net effect of dilutive equity awards | | 188,747 | | | — | |
| Diluted weighted average common shares outstanding | | 24,957,668 | | | 24,505,438 | |
| Diluted earnings (loss) per common share | | $ | 0.33 | | | $ | (3.40) | |
The following table sets forth the calculation of basic and diluted earnings per share for the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | |
| | September 30, 2023 | | September 30, 2022 |
| | (in thousands, except share and per share data) |
| Basic Earnings (Loss) per Common Share: | | | | |
| Net income (loss) to common stockholders | | $ | 5,115 | | | $ | (179,046) | |
| Dividends allocated to participating securities | | (123) | | | — | |
| Net income (loss) to common stockholders - basic | | $ | 4,992 | | | $ | (179,046) | |
| Basic weighted average common shares outstanding | | 24,706,568 | | | 24,534,967 | |
| Basic earnings (loss) per common share | | $ | 0.20 | | | $ | (7.30) | |
| | | | |
| Diluted Earnings (Loss) per Common Share: | | | | |
| Net income (loss) to common stockholders - basic | | $ | 5,115 | | | $ | (179,046) | |
| Dividends allocated to participating securities | | (123) | | | — | |
| Net income (loss) to common stockholders - diluted | | $ | 4,992 | | | $ | (179,046) | |
| Basic weighted average common shares outstanding | | 24,706,568 | | | 24,534,967 | |
| Net effect of dilutive equity awards | | 227,265 | | | — | |
| Diluted weighted average common shares outstanding | | 24,933,833 | | | 24,534,967 | |
| Diluted earnings (loss) per common share | | $ | 0.20 | | | $ | (7.30) | |
16. Subsequent Events
On November 7, 2023, we converted our loan financing facility with Global Investment Bank 3 from static pool financing to a revolving facility with mark to market features. The amended facility has a maximum borrowing capacity of $200 million with a base interest rate pricing spread of 180 basis points plus a 20 basis points index spread adjustment and an expiration date of November 7, 2024.
On November 8, 2023, the Company declared a dividend of $0.32 per share of common stock, to be paid on November 30, 2023 to common stockholders of record as of November 22, 2023.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s discussion and analysis of financial condition and results of operations is intended to help the reader understand the results of operations and financial condition of Angel Oak Mortgage REIT, Inc. The following should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto. References herein to our “Company,” “we,” “us,” or “our” refer to Angel Oak Mortgage REIT, Inc. and its subsidiaries unless the context requires otherwise. Unless otherwise indicated, the term “Angel Oak” refers collectively to Angel Oak Capital Advisors, LLC (“Angel Oak Capital”) and its affiliates, including Falcons I, LLC, our external manager (our “Manager”), Angel Oak Companies, LP (“Angel Oak Companies”), and the proprietary mortgage lending platform of its affiliate, Angel Oak Mortgage Solutions LLC (together with other non-operational affiliated originators, “Angel Oak Mortgage Lending”).
Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described under Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report on Form 10-K”). Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in other reports we file with the Securities and Exchange Commission (the “SEC”). We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Factors that could have a material adverse effect on future results and performance relative to those set forth in or implied by the related forward-looking statements, as well as on our business, financial condition, liquidity, results of operations and prospects, include, but are not limited to:
•the effects of adverse conditions or developments in the financial markets and the economy upon our ability to acquire target assets such as non-qualified residential mortgage (“non-QM”) loans, particularly those sourced from Angel Oak’s proprietary mortgage lending platform, Angel Oak Mortgage Lending;
•the level and volatility of prevailing interest rates and credit spreads;
•changes in our industry, inflation, interest rates, the debt or equity markets, the general economy (or in specific regions) or the residential real estate finance and real estate markets specifically;
•changes in our business strategies or target assets;
•general volatility of the markets in which we invest;
•changes in the availability of attractive loan and other investment opportunities, including non-QM loans sourced from Angel Oak Mortgage Lending platforms;
•the ability of our Manager to locate suitable investments for us, manage our portfolio, and implement our strategy;
•our ability to obtain and maintain financing arrangements on favorable terms, or at all;
•the adequacy of collateral securing our investments and a decline in the fair value of our investments;
•the timing of cash flows, if any, from our investments;
•our ability to profitably execute securitization transactions;
•the operating performance, liquidity, and financial condition of borrowers;
•increased rates of default and/or decreased recovery rates on our investments;
•changes in prepayment rates on our investments;
•the departure of any of the members of senior management of our Company, our Manager, or Angel Oak;
•the availability of qualified personnel;
•conflicts with Angel Oak, including our Manager and its personnel, including our officers, and entities managed by Angel Oak;
•events, contemplated or otherwise, such as acts of God, including hurricanes, earthquakes, and other natural disasters, including those resulting from global climate change, pandemics, acts of war or terrorism, escalation of military conflicts (such as the Russian invasion of Ukraine), and others that may cause unanticipated and uninsured performance declines, disruptions in markets, and/or losses to us or the owners and operators of the real estate securing our investments;
•impact of and changes in governmental regulations, tax laws and rates, accounting principles and policies and similar matters;
•the level of governmental involvement in the U.S. mortgage market;
•future changes with respect to the Federal National Mortgage Association (“Fannie Mae”) or Federal Home Loan Mortgage Corporation (“Freddie Mac” and collectively with Fannie Mae, the “GSEs”) in the mortgage market and related events, including the lack of certainty as to the future roles of these entities and the U.S. Government in the mortgage market and changes to legislation and regulations affecting these entities;
•effects of hedging instruments on our target assets and our returns, and the degree to which our hedging strategies may or may not protect us from interest rate volatility;
•our ability to make distributions to our stockholders in the future at the level contemplated by our stockholders or the market generally, or at all;
•our ability to continue to qualify as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes; and
•our ability to maintain our exclusion from regulation as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this report and in the Annual Report on Form 10-K. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our management’s views only as of the date such statements are made. The risks summarized under Item 1A. “Risk Factors” in the Annual Report on Form 10-K could cause actual results and performance to differ materially from those set forth in or implied by our forward-looking statements. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us.
General
Angel Oak Mortgage REIT, Inc. is a real estate finance company focused on acquiring and investing in first lien non-QM loans and other mortgage-related assets in the U.S. mortgage market. Our strategy is to make credit-sensitive investments primarily in newly-originated first lien non-QM loans that are primarily made to higher-quality non-QM loan borrowers and primarily sourced from Angel Oak’s proprietary mortgage lending platform, Angel Oak Mortgage Lending, which currently operates primarily through a wholesale channel and has a national origination footprint. We also may invest in other residential mortgage loans, RMBS, and other mortgage-related assets, which, collectively with non-QM loans, we refer to as our target assets. Further, we also may identify and acquire our target assets through the secondary market when market conditions and asset prices are conducive to making attractive purchases. Our objective is to generate attractive risk-adjusted returns for our stockholders, through cash distributions and capital appreciation, across interest rate and credit cycles.
We are externally managed and advised by our Manager, Falcons I, LLC, a registered investment adviser under the Investment Advisers Act of 1940 and an affiliate of Angel Oak Capital, a leading alternative credit manager with market leadership in mortgage credit that includes asset management, lending and capital markets. Angel Oak Mortgage Lending is a market leader in non‑QM loan production and, as of September 30, 2023, had originated over $18.2 billion in total non‑QM loan volume since its inception in 2011.
Through our relationship with our Manager, we benefit from Angel Oak’s vertically integrated platform and in‑house expertise, providing us with the resources that we believe are necessary to generate attractive risk‑adjusted returns for our stockholders. Angel Oak Mortgage Lending provides us with proprietary access to non‑QM loans, as well as transparency over the underwriting process and the ability to acquire loans with our desired credit and return profile. We believe our ability to identify and acquire target assets through the secondary market is bolstered by Angel Oak’s experience in the mortgage industry and expertise in structured credit investments. In addition, we believe we have significant competitive advantages due to Angel Oak’s analytical investment tools, extensive relationships in the financial community, financing and capital structuring skills, investment surveillance capabilities, and operational expertise.
We elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2019. Commencing with our taxable year ended December 31, 2019, we believe that we have been organized and operated, and we intend to continue to operate in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986 (the “Code”). Our qualification as a REIT, and maintenance of such qualification, depends on our ability to meet, on a continuing basis, various complex requirements under the Code relating to, among other things, the sources of our gross income, the composition and values of our assets, our distribution levels, and the concentration of ownership of our stock. We also intend to operate our business in a manner that
will allow us to maintain our exclusion from regulation as an investment company under the Investment Company Act. Our common stock commenced trading on the New York Stock Exchange on June 17, 2021.
We expect to derive our returns primarily from the difference between the interest we earn on loans we make and our cost of capital, as well as the returns from bonds, including risk retention securities, that are retained after securitizing the underlying loan collateral.
Trends and Recent Developments
Overall macroeconomic environment and its effect on us
Investors maintained a close watch on key inflation, employment, and housing data during the third quarter of 2023 while the Federal Reserve Bank (“Fed”) continued to work toward a potential “soft landing” following cumulative federal funds rate increases of 5.25% since March of 2022. The Fed increased the federal funds rate by 25 basis points in July 2023 before skipping a rate increase at its September 2023 meeting; despite this skip, the Fed signaled that rates are likely to stay at this level for longer, which drove an increase in medium-term and long-term treasury yields. With that said, interest rate and spread volatility has generally lessened as we have progressed through 2023. For now, the Fed and investors alike continue to monitor economic data for consistent and/or sustained signs that suggest federal funds rate movements in either direction.
Commensurate with federal funds rate increases, residential mortgage rates have increased to nearly 8% for a 30 year-fixed mortgage, marking their highest level since 2002. Two years ago, the average 30-year fixed residential mortgage rate was roughly 3%. Though current mortgage rates are below average rates in the decades leading up to 2002, suppressed home sales activity suggests that borrowers are still in the process of acclimating to the accelerated increase in rates.
The two-year and five-year Treasury yields experienced modest increases of approximately 17 basis points and 47 basis points, respectively, during the third quarter. However, spreads were more stable in line with the aforementioned reductions in volatility, which mitigated the overall mark-to-market impact on the value of our portfolio. These movements drove a net decrease of approximately 123 basis points in the weighted average price of our residential whole loans portfolio during the third quarter (excluding newly-originated loans purchased during the quarter). Additionally, we have increased the weighted average coupon of our residential whole loans portfolio by 99 basis points since the end of the second quarter to 5.83% as of the third quarter of 2023. Since the quarter ended September 30, 2023, additional loan purchases and purchase commitments have increased the weighted average coupon of our residential whole loans portfolio by an additional 54 basis points to 6.37% as of November 6,2023. We expect to continue to purchase newly originated loans, which should continue to improve portfolio valuations and securitization execution.
Our investment performance
Net Interest Margin (“NIM”). We held fewer target assets in the first nine months of 2023 as compared to the comparable period of 2022, thereby generating less interest income. Though our borrowings decreased as well, higher variable interest rates caused our interest expense to increase.
Net realized loss. Our net realized loss for the nine months ended September 30, 2023 was primarily due to realized losses on the sale of whole loans into the AOMT 2023-1 and AOMT 2023-5 securitizations during the first and third quarter of 2023, respectively. Because these securitizations did not result in the consolidation of VIE entities, we recognized a loss on the sale of these loans; however, the realized loss was less than the previous period’s unrealized loss for these loans, which drove overall positive economics for the securitizations. Additionally, our net realized gains on the economic hedges of our interest rate futures and TBAs were lower in the first nine months of 2023 as compared to the first nine months of 2022, as the magnitude of the impact from rate and spread m
ovement has been lower in 2023 than it was in 2022.
Net unrealized gain. Our net unrealized gain in the first nine months of 2023 was primarily due to the reversal of the unrealized loss (and thereby the recognition of net realized loss discussed above) on the sale of residential mortgage loans into the AOMT 2023-1 and AOMT 2023-5 securitizations, offset by unrealized losses associated with valuations of securitized loans and whole pool loans. The comparable period of 2022 saw unrealized losses related to valuation of residential and securitized loans.
Whole loans and securitization activity
During the three month period ended September 30, 2023, we purchased $78.1 million of newly-originated, current market coupon non-QM residential mortgage loans, with a weighted average coupon of 8.34%, weighted average loan-to-value of 71.65% and weighted average credit score of 753.
In January 2023, we participated in AOMT 2023-1, an approximately $580 million scheduled principal balance securitization backed by a pool of residential mortgage loans, to which we contributed loans with a scheduled unpaid balance of approximately $241.3 million. On June 29, 2023, we issued AOMT 2023-4, securitizing a total of approximately $285 million on unpaid principal balance of seasoned non-QM Mortgage loans. On August 22, 2023, we participated in AOMT 2023-5, an approximately $260.6 million scheduled
principal balance securitization backed by a pool of residential mortgage loans, to which we contributed loans with a scheduled principal balance of approximately $93.8 million.
We issued AOMT 2023-4 as the sole participant in the securitization. We own and hold the call rights on the XS tranche of bonds, which is the "controlling class" of the bonds, and are the sole member of the Depositor entity in the 2023-4 securitization. Given the accounting rules surrounding these types of transactions, we have consolidated the AOMT 2023-4 securitization, maintaining the residential mortgage loans held in the securitization trust and the related financing obligation thereto on our condensed consolidated balance sheet as of the applicable balance sheet date.
AOMT 2023-1 and AOMT 2023-5 were securitization transactions entered into with other Angel Oak affiliates, for which we are not considered to be a "primary beneficiary" of the applicable securitization vehicle. Therefore, the bonds retained from these securitizations, as well as from our securitizations prior to 2021, are held on our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2021. We may strategically enter into similar securitization transactions in the future.
Whole loan financing facilities activity
We continuously evaluate our lender base and may enter into new agreements and / or exit agreements as we deem prudent, in accordance with our core financial strategy of purchasing whole loans and financing them until securitized. Our whole loan financing activity during the nine months ended September 30, 2023 maintained our lender base as of December 31, 2022, with the exception of the expiration of an unused line of credit with a regional bank in the first quarter of 2023 and the repayment of Institutional Investors A and B in the first quarter of 2023. This loan financing facility has been extended to January 25, 2024 and as of July 25, 2023, the interest rate pricing spread decreased to 2.10%. Additionally, subsequent to September 30, 2023, the Company converted its loan financing facility with Global Investment Bank 3 from static pool financing to a revolving facility with mark to market features. The interest rate spread on this facility decreased to 2.00% and the economic interest rate hedging account requirement was eliminated. The advance rate for performing non-seasoned loans to 85%.
Key Financial Metrics
As a real estate finance company, we believe the key financial measures and indicators for our business are Distributable Earnings, Distributable Earnings Return on Average Equity, Book Value per Share of Common Stock, and Economic Book Value per Share of Common Stock.
Distributable Earnings
Distributable Earnings is a non‑GAAP measure and is defined as net income (loss) allocable to common stockholders as calculated in accordance with generally accepted accounting principles in the United States of America (“GAAP”), excluding (1) unrealized gains and losses on our aggregate portfolio, (2) impairment losses, (3) extinguishment of debt, (4) non-cash equity compensation expense, (5) the incentive fee earned by our Manager, (6) realized gains or losses on swap terminations and (7) certain other nonrecurring gains or losses. We believe that the presentation of Distributable Earnings provides investors with a useful measure to facilitate comparisons of financial performance among our REIT peers, but has important limitations. We believe Distributable Earnings as described above helps evaluate our financial performance without the impact of certain transactions but is of limited usefulness as an analytical tool. As a REIT, we are generally required to distribute at least 90% of our annual REIT taxable income and to pay U.S. federal income tax at the regular corporate rate to the extent that we annually distribute less than 100% of such taxable income. Given these requirements and our belief that dividends are generally one of the principal reasons that stockholders invest in our common stock, generally we intend to attempt to pay dividends to our stockholders in an amount equal to our REIT taxable income, if and to the extent authorized by our Board of Directors. Distributable Earnings is one of a number of factors considered by our Board of Directors in declaring dividends and, while not a direct measure of REIT taxable income, over time, the measure can be considered a useful indicator of our dividends. Distributable Earnings should not be viewed in isolation and is not a substitute for net income computed in accordance with GAAP. Our methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our Distributable Earnings may not be comparable to similar measures presented by other REITs.
We also use Distributable Earnings to determine the incentive fee, if any, payable to our Manager pursuant to the management agreement (the “Management Agreement”) that we and Angel Oak Mortgage Operating Partnership, LP (the “Operating Partnership”) entered into with our Manager upon the completion of our IPO on June 21, 2021. For information on the fees that are payable to our Manager under the Management Agreement, see “Note 11 – Related Party Transactions” in our unaudited condensed consolidated financial statements included in this report.
The table below sets forth a reconciliation of net income (loss) allocable to common stockholders, calculated in accordance with GAAP, to Distributable Earnings for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 |
| (in thousands) |
| Net income (loss) allocable to common stockholders | $ | 8,273 | | | $ | (83,353) | | | $ | 5,115 | | | $ | (179,046) | |
| Adjustments: | | | | | | | |
| | | | | | | |
| Net unrealized (gains) losses on derivatives | (4,563) | | | (10,936) | | | 7,794 | | | (1,570) | |
| Net unrealized (gains) losses on trading securities | 4,857 | | | — | | | 7,134 | | | — | |
| Net unrealized (gains) losses on residential loans in securitization trusts and non-recourse securitization obligation | (5,319) | | | 38,822 | | | 5,784 | | | 79,298 | |
| Net unrealized (gains) losses on residential loans | (12,338) | | | 73,195 | | | (48,497) | | | 176,320 | |
| Net unrealized (gains) losses on commercial loans | 64 | | | (226) | | | (83) | | | 759 | |
| | | | | | | |
| | | | | | | |
| Non-cash equity compensation expense | 447 | | | 3,340 | | | 1,195 | | | 5,179 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Distributable Earnings | $ | (8,579) | | | $ | 20,842 | | | $ | (21,558) | | | $ | 80,940 | |
Distributable Earnings Return on Average Equity
Distributable Earnings Return on Average Equity is a non-GAAP measure and is defined as annual or annualized Distributable Earnings divided by average total stockholders’ equity. We believe that the presentation of Distributable Earnings Return on Average Equity provides investors with a useful measure to facilitate comparisons of financial performance among our REIT peers, but has important limitations. Additionally, we believe Distributable Earnings Return on Average Equity provides investors with additional detail on the Distributable Earnings generated by our invested equity capital. We believe Distributable Earnings Return on Average Equity as described above helps evaluate our financial performance without the impact of certain transactions but is of limited usefulness as an analytical tool. Therefore, Distributable Earnings Return on Average Equity should not be viewed in isolation and is not a substitute for net income computed in accordance with GAAP. Our methodology for calculating Distributable Earnings Return on Average Equity may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our Distributable Earnings Return on Average Equity may not be comparable to similar measures presented by other REITs. Set forth below is our computation of Distributable Earnings Return on Average Equity for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 |
| (in thousands) |
| Annualized Distributable Earnings | $ | (34,315) | | | $ | 83,368 | | | $ | (28,747) | | | $ | 107,920 | |
| Average total common stockholders' equity | $ | 232,575 | | | $ | 316,070 | | | $ | 236,629 | | | $ | 386,191 | |
| Distributable Earnings Return on Average Equity | (14.8) | % | | 26.4 | % | | (12.1) | % | | 27.9 | % |
Book Value per Share of Common Stock
The following table sets forth the calculation of our book value per share of common stock as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | |
| September 30, 2023 | | | | | | December 31, 2022 |
| (in thousands except for share and per share data) |
| Total stockholders’ equity | $ | 231,802 | | | | | | | $ | 236,479 | |
| | | | | | | |
| | | | | | | |
| Number of shares of common stock outstanding at period end | 24,955,566 | | | | | | | 24,925,357 | |
| Book value per share of common stock | $ | 9.29 | | | | | | | $ | 9.49 | |
Economic Book Value per Share of Common Stock
“Economic book value” is a non-GAAP financial measure of our financial position. To calculate our economic book value, the portions of our non-recourse financing obligation held at amortized cost are adjusted to fair value. These adjustments are also reflected in the table below in our end of period total stockholders’ equity. Management considers economic book value to provide investors with a useful
supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for our legally held retained bonds, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for book value per share of common stock or stockholders’ equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.
The following table sets forth a reconciliation from GAAP total stockholders’ equity and book value per share of common stock to economic book value and economic book value per share of common stock as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | |
| September 30, 2023 | | | | | | December 31, 2022 |
| (in thousands except for share and per share data) |
| GAAP total stockholders’ equity | $ | 231,802 | | | | | | | $ | 236,479 | |
| | | | | | | |
| | | | | | | |
| Adjustments: | | | | | | | |
| Fair value adjustment for securitized debt held at amortized cost | 97,592 | | | | | | | 90,348 | |
| Stockholders’ equity including economic book value adjustments | $ | 329,394 | | | | | | | $ | 326,827 | |
| | | | | | | |
| Number of shares of common stock outstanding at period end | 24,955,566 | | | | | | | 24,925,357 | |
| Book value per share of common stock | $ | 9.29 | | | | | | | $ | 9.49 | |
| Economic book value per share of common stock | $ | 13.20 | | | | | | | $ | 13.11 | |
Results of Operations
Three Months Ended September 30, 2023 and 2022
The following table sets forth a summary of our results of operations for the three months ended September 30, 2023 and 2022:
| | | | | | | | | | | |
| Three Months Ended |
| September 30, 2023 | | September 30, 2022 |
| (in thousands) |
| INTEREST INCOME, NET | | | |
| Interest income | $ | 23,900 | | | $ | 30,148 | |
| Interest expense | 16,490 | | | 18,408 | |
| NET INTEREST INCOME | $ | 7,410 | | | $ | 11,740 | |
| | | |
| REALIZED AND UNREALIZED GAINS (LOSSES), NET | | | |
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS | $ | (12,044) | | | $ | 17,290 | |
| Net unrealized gain (loss) on trading securities, mortgage loans, debt at fair value option (see Financial Statements — Note 2), and derivative contracts | 17,299 | | | (100,855) | |
| TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET | $ | 5,255 | | | $ | (83,565) | |
| | | |
| EXPENSES | | | |
| Operating expenses | $ | 1,370 | | | $ | 2,764 | |
| Operating expenses incurred with affiliate | 599 | | | 2,141 | |
| Due diligence and transaction costs | 115 | | | 213 | |
| Stock compensation | 447 | | | 3,340 | |
| Securitization costs | 416 | | | 1,115 | |
| Management fee incurred with affiliate | 1,445 | | | 1,951 | |
| Total operating expenses | $ | 4,392 | | | $ | 11,524 | |
| | | |
| INCOME (LOSS) BEFORE INCOME TAXES | $ | 8,273 | | | $ | (83,349) | |
| Income tax expense (benefit) | — | | | — | |
| NET INCOME (LOSS) | $ | 8,273 | | | $ | (83,349) | |
| Preferred dividends | — | | | (4) | |
| NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS | $ | 8,273 | | | $ | (83,353) | |
| Other comprehensive income (loss) | (1,607) | | | (10,227) | |
| TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 6,666 | | | $ | (93,580) | |
Net Interest Income
The following table sets forth the components of net interest income for the three months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| September 30, 2023 | | September 30, 2022 |
| (in thousands) |
| Interest income | Interest income / expense | | | Average balance | | Interest income / expense | | Average balance |
| Residential mortgage loans | $ | 4,272 | | | | $ | 289,916 | | | $ | 13,162 | | | $ | 1,106,402 | |
| Residential mortgage loans in securitization trusts | 15,208 | | | | 1,228,074 | | | 12,759 | | | 1,123,361 | |
| Commercial mortgage loans | 58 | | | | 6,329 | | | 309 | | | 11,412 | |
| RMBS and Majority-Owned Affiliate | 3,067 | | | | 171,128 | | | 3,418 | | | 402,899 | |
| CMBS | 147 | | | | 6,453 | | | 423 | | | 9,051 | |
| U.S. Treasury securities | 541 | | | | 46,607 | | | — | | | — | |
| Other interest income | 607 | | | | 42,669 | | | 77 | | | 27,636 | |
| Total interest income | 23,900 | | | | | | 30,148 | | | |
| Interest expense | | | | | | | | |
| Notes payable | 4,117 | | | | 205,915 | | | 10,364 | | | 948,845 | |
| Non-recourse securitization obligation, collateralized by residential mortgage loans | 10,956 | | | | 1,191,406 | | | 7,467 | | | 1,082,841 | |
| Repurchase facilities | 1,417 | | | | 87,279 | | | 577 | | | 50,988 | |
| Total interest expense | 16,490 | | | | | | 18,408 | | | |
| Net interest income | $ | 7,410 | | | | | | $ | 11,740 | | | |
Net interest income for the three months ended September 30, 2023 and 2022 was $7.4 million and $11.7 million, respectively. Net interest income decreased in the three months ended September 30, 2023 as compared to the same period in 2022, primarily due to the composition of the portfolio during September 30, 2023 having a lower average balance of residential mortgage loans and RMBS, which resulted in decreased interest income from these asset classes, partially offset by interest income generated from residential mortgage loans in securitization trusts. Meanwhile, interest expense decreased in the three months ended September 30, 2023 as compared to the same period in 2022 due to a lower average balance of notes payable offset by increases in the floating interest rates associated with this debt.
Total Realized and Unrealized Gains (Losses)
The components of total realized and unrealized gains (losses), net for the three months ended September 30, 2023 and 2022 are set forth as follows:
| | | | | | | | | | | |
| Three Months Ended |
| September 30, 2023 | | September 30, 2022 |
| (in thousands) |
| Realized and unrealized gain (loss) on residential mortgage loans in securitization trust, net of non-recourse securitization obligation | $ | 4,352 | | | $ | (39,567) | |
| Realized gain (loss) on RMBS | (598) | | | 10,972 | |
| Realized and unrealized gain (loss) on Whole Pool Agency RMBS | (12,367) | | | — | |
| Realized gain (loss) on CMBS | (101) | | | 280 | |
| Realized gain (loss) on interest rate futures | 2,828 | | | 17,692 | |
| Realized and unrealized gain (loss) on TBAs | 12,349 | | | (5,229) | |
| Realized and unrealized gain (loss) on residential mortgage loans | (856) | | | (73,526) | |
| Realized and unrealized gain (loss) on commercial mortgage loans | (35) | | | (204) | |
| Realized and unrealized loss on U.S. Treasury securities | 47 | | | — | |
| Unrealized appreciation (depreciation) on interest rate futures | (364) | | | 6,017 | |
| Total realized and unrealized gains (losses), net | $ | 5,255 | | | $ | (83,565) | |
For the three months ended September 30, 2023 and 2022, total realized and unrealized gains and (losses), net resulted in net gains of $5.3 million and net losses $83.6 million, respectively. During the three months ended September 30, 2023, the key driver of the net gain was the valuation of our residential mortgage loans in securitization trust, net of non-recourse securitization obligation portfolio. During the three months ended September 30, 2022, market volatility resulting in widening interest rate spreads caused the valuation of our portfolio of mortgage loans to decrease, which further resulted in total realized and unrealized losses that were only partially offset by net gains from TBAs and futures contracts.
Expenses
Operating Expenses
For the three months ended September 30, 2023 and 2022, our operating expenses were $1.4 million and $2.8 million, respectively. Our operating expenses decreased compared to the comparative period due to cost savings actions such as in-sourcing of key accounting functions, vendor contract negotiations, and a decrease in servicing fees associated with servicing our whole loans portfolios.
Operating Expenses Incurred with Affiliate
For the three months ended September 30, 2023 and 2022, our operating expenses incurred with affiliate were $0.6 million and $2.1 million, respectively. These expenses, which are substantially comprised of payroll reimbursements to our Manager, decreased during the comparative period primarily due to the separation of our former chief executive officer in September 2022.
Due Diligence and Transaction Costs
For the three months ended September 30, 2023 and 2022, our due diligence and transaction costs were $115 thousand and $213 thousand, respectively. Our due diligence and transaction expenses decreased over the comparative period as we purchased fewer whole loans during the three months ended September 30, 2023 than the three months ended September 30, 2022.
Stock Compensation
For the three months ended September 30, 2023 and 2022, our stock compensation expense was $0.4 million and $3.3 million, respectively. Our stock compensation expense decreased for the three months ended September 30, 2023, due to stock forfeitures as well as a one-time severance expense in the comparative period of 2022 associated with the departure of our former chief executive officer. Other restricted stock awards vest over one, three, or four years (depending on the tranche of award), commencing on the one-year anniversary of the grant date.
Securitization Costs
For the three months ended September 30, 2023 and 2022, we incurred $0.4 million and $1.1 million of securitization expense, respectively. The expense incurred during the three months ended September 30, 2023 is related to the AOMT 2023-5 securitization. The securitization costs incurred for the comparable period in 2022 were associated with the AOMT 2022-4 securitization.
Management Fee Incurred with Affiliate
For the three months ended September 30, 2023 and 2022, our management fee incurred with affiliate was $1.4 million and $2.0 million, respectively. The decrease is due to the decrease in our average Equity (as defined in the Management Agreement) for the three months ended September 30, 2023 as compared to the same period in 2022. The Management Agreement includes an adjustment to “Equity” (as defined in the Management Agreement) for Distributable Earnings , which is the primary departure from equity as calculated in accordance with GAAP.
Nine Months Ended September 30, 2023 and 2022
The following table sets forth a summary of our results of operations for the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | |
| Nine Months Ended |
| September 30, 2023 | | September 30, 2022 |
| (in thousands) |
| INTEREST INCOME, NET | | | |
| Interest income | $ | 71,403 | | | $ | 86,959 | |
| Interest expense | 50,742 | | | 41,849 | |
| NET INTEREST INCOME | 20,661 | | | 45,110 | |
| | | |
| REALIZED AND UNREALIZED GAINS (LOSSES), NET | | | |
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS | (27,056) | | | 56,423 | |
| Net unrealized gain (loss) on trading securities, mortgage loans, debt at fair value option (see Note 2), and derivative contracts | 27,868 | | | (255,021) | |
| TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET | 812 | | | (198,598) | |
| | | |
| EXPENSES | | | |
| Operating expenses | 5,788 | | | 9,525 | |
| Operating expenses incurred with affiliate | 1,672 | | | 3,834 | |
| Due diligence and transaction costs | 136 | | | 1,502 | |
| Stock compensation | 1,195 | | | 5,179 | |
| Securitization costs | 2,326 | | | 3,134 | |
| Management fee incurred with affiliate | 4,460 | | | 5,830 | |
| Total operating expenses | 15,577 | | | 29,004 | |
| | | |
| INCOME (LOSS) BEFORE INCOME TAXES | 5,896 | | | (182,492) | |
| Income tax expense (benefit) | 781 | | | (3,457) | |
| NET INCOME (LOSS) | 5,115 | | | (179,035) | |
| Preferred dividends | — | | | (11) | |
| NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS | $ | 5,115 | | | $ | (179,046) | |
| Other comprehensive income (loss) | 12,955 | | | (11,979) | |
| TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 18,070 | | | $ | (191,025) | |
Net Interest Income
The following table sets forth the components of net interest income for the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended |
| September 30, 2023 | | September 30, 2022 |
| (in thousands) |
| Interest income | Interest income / expense | | | Average balance | | Interest income / expense | | Average balance |
| Residential mortgage loans | $ | 18,457 | | | | $ | 467,538 | | | $ | 39,171 | | | $ | 1,148,332 | |
| Residential mortgage loans in securitization trusts | 39,753 | | | | 1,106,621 | | | 33,599 | | | 995,000 | |
| Commercial mortgage loans | 458 | | | | 8,215 | | | 951 | | | 17,164 | |
| RMBS | 9,225 | | | | 164,244 | | | 12,692 | | | 381,085 | |
| CMBS | 790 | | | | 6,394 | | | 423 | | | 9,663 | |
| U.S. Treasury securities | 1,201 | | | | 45,506 | | | 8 | | | 59,999 | |
| Other interest income | 1,519 | | | | 37,482 | | | 115 | | | 46,157 | |
| Total interest income | 71,403 | | | | | | 86,959 | | | |
| Interest expense | | | | | | | | |
| Notes payable | 21,222 | | | | 366,032 | | | 23,022 | | | 975,913 | |
| Non-recourse securitization obligation, collateralized by residential mortgage loans | 26,121 | | | | 1,080,156 | | | 17,874 | | | 954,344 | |
| Repurchase facilities | 3,399 | | | | 89,726 | | | 953 | | | 185,685 | |
| Total interest expense | 50,742 | | | | | | 41,849 | | | |
| Net interest income | $ | 20,661 | | | | | | $ | 45,110 | | | |
Net interest income for the nine months ended September 30, 2023 and 2022 was $20.7 million and $45.1 million, respectively. Net interest income decreased in the nine months ended September 30, 2023 as compared to the same period in 2022, primarily due to the composition of our portfolio during September 30, 2023 having a lower average balance of residential mortgage loans and RMBS, which resulted in decreased interest income from these asset classes, partially offset by interest income generated from residential mortgage loans in securitization trusts. Meanwhile, interest expense on non-recourse securitization obligations, collateralized by residential mortgage loans increased due to an increase in the average balance and securitization spread associated with these assets in the nine months ended September 30, 2023 as compared to the same period in 2022, which resulted in an increased interest expense on lower interest income during the nine months ended September 30, 2023 as compared to the comparative period.
Total Realized and Unrealized Gains (Losses)
The components of total realized and unrealized gains (losses), net for the nine months ended September 30, 2023 and 2022 are set forth as follows:
| | | | | | | | | | | |
| Nine Months Ended |
| September 30, 2023 | | September 30, 2022 |
| (in thousands) |
| | | |
| Realized and unrealized gain (loss) on residential mortgage loans in securitization trust, net of non-recourse securitization obligation | $ | (7,948) | | | $ | (82,642) | |
| Realized loss on RMBS, net | (1,545) | | | (16,884) | |
| Unrealized gain (loss) on Whole Pool Agency RMBS | (12,627) | | | — | |
| Realized gain (loss) on CMBS | (241) | | | 34 | |
| Realized gain (loss) on interest rate futures | 8,599 | | | 60,745 | |
| Realized and unrealized gain (loss) on TBAs | (479) | | | 14,171 | |
| Realized and unrealized (loss) gain on residential mortgage loans | 17,268 | | | (180,152) | |
| Realized and unrealized (loss) gain on commercial mortgage loans | 113 | | | (1,209) | |
| Realized and unrealized loss on U.S. Treasury securities | 88 | | | — | |
| Unrealized appreciation on interest rate futures | (2,416) | | | 7,339 | |
| Total realized and unrealized gains (losses), net | $ | 812 | | | $ | (198,598) | |
| | | |
For the nine months ended September 30, 2023 and 2022, total realized and unrealized gains (losses), net resulted in a net gain position of $0.8 million and net loss $198.6 million, respectively. During the nine months ended September 30, 2023, continued market volatility resulting in widening interest rate spreads caused the valuation of our residential mortgage loans in securitization trust and whole pool agency RMBS to decrease, which was offset by gains in our residential mortgage loans portfolio and interest rate futures. In the nine months ended September 30, 2022, the net realized and unrealized loss was primarily due to extreme interest rate and spread volatility as the Fed began its rate hike cycle, leading to large unrealized losses on residential mortgage loans and residential mortgage loans in securitization trust and realized losses on RMBS.
Expenses
Operating Expenses
For the nine months ended September 30, 2023 and 2022, our operating expenses were $5.8 million and $9.5 million, respectively. Our operating expenses decreased during the comparative period due to cost savings actions such as in-sourcing of key accounting functions, vendor contract negotiations, and a decrease in servicing fees associated with servicing our whole loan portfolio.
Operating Expenses Incurred with Affiliate
For the nine months ended September 30, 2023 and 2022, our operating expenses incurred with affiliate were $1.7 million and $3.8 million, respectively. These expenses, which are substantially comprised of payroll reimbursements to our Manager, decreased during the comparative period primarily due to the separation of our former chief executive officer.
Due Diligence and Transaction Costs
For the nine months ended September 30, 2023 and 2022, our due diligence and transaction costs were $136 thousand and $1.5 million, respectively. Our due diligence and transaction expenses decreased over the comparative period as we purchased fewer whole loans during the nine months ended September 30, 2023 than the nine months ended September 30, 2022.
Stock Compensation
For the nine months ended September 30, 2023 and 2022 our stock compensation expense was $1.2 million and $5.2 million, respectively. Our stock compensation expense decreased for the nine months ended September 30, 2023, due to stock forfeitures as well as no 2023 stock compensation expense related to our former chief executive officer. Additionally, the nine months ended September 30, 2023 did not include a one-time severance expense associated with the departure of our former chief executive officer Other restricted stock awards vest over one, three, or four years (depending on the tranche of award), commencing on the one-year anniversary of the grant date.
Securitization Costs
Securitization costs of $2.3 million were incurred for the nine months ended September 30, 2023 in connection with the AOMT 2023-1, AOMT 2023-4, and AOMT 2023-5 securitization transactions. There were $3.1 million of securitization costs incurred for the comparable period in 2022, associated with the AOMT 2022-1 and AOMT 2022-4 securitizations.
Management Fee Incurred with Affiliate
For the nine months ended September 30, 2023 and 2022, our management fee incurred with affiliate was $4.5 million and $5.8 million, respectively. The decrease is due to the decrease in our average Equity as defined in the Management Agreement for the nine months ended September 30, 2023 as compared to the same period in 2022. The Management Agreement includes an adjustment to “Equity” as defined in the Management Agreement for Distributable Earnings, which is the primary departure from equity as calculated in accordance with GAAP.
Our Portfolio
As of September 30, 2023, our portfolio consisted of approximately $2.1 billion of residential mortgage loans, RMBS, and other target assets. Certain of these portfolio assets are located in states such as Florida and California where natural disasters such as hurricanes and earthquakes may occasionally occur. We require all of our collateral to be adequately insured. The graphs in the subsequent detail of residential mortgage loans, residential mortgage loans held in securitization trusts, and residential mortgage loans underlying RMBS issuances show the percentage of residential mortgage loans held in each state where there is a concentration of loans.
The following table sets forth additional information regarding our portfolio, including the manner in which our equity capital was allocated among investment types, as of September 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value | | Collateralized Debt | | Allocated Capital | | % of Total Capital |
| Portfolio: | ($ in thousands) |
| Residential mortgage loans | $ | 284,383 | | | $ | 197,797 | | | $ | 86,586 | | | 37.4 | % |
| Residential mortgage loans in securitization trust | 1,194,119 | | | 1,161,296 | | | $ | 32,823 | | | 14.1 | % |
| Commercial mortgage loans | 5,219 | | | — | | | 5,219 | | | 2.3 | % |
| Total whole loan portfolio | $ | 1,483,721 | | | $ | 1,359,093 | | | $ | 124,628 | | | 53.8 | % |
| | | | | | | |
| Investment securities | | | | | | | |
| RMBS | $ | 579,985 | | | $ | 39,861 | | | $ | 540,124 | | | 233.0 | % |
| CMBS | 6,338 | | | — | | | 6,338 | | | 2.7 | % |
| U.S. Treasury securities | 149,906 | | | 148,240 | | | 1,666 | | | 0.7 | % |
| Total investment securities | $ | 736,229 | | | $ | 188,101 | | | $ | 548,128 | | | 236.4 | % |
| | | | | | | |
Investments in Majority-Owned Affiliates | $ | 14,701 | | | | | $ | 14,701 | | | 6.3 | % |
| | | | | | | |
| Total investment portfolio | $ | 2,234,650 | | | $ | 1,547,194 | | | $ | 687,456 | | | 296.6 | % |
Target assets (1) | $ | 2,070,044 | | | $ | 1,398,954 | | | $ | 671,089 | | | 289.5 | % |
| | | | | | | |
| Cash | $ | 41,894 | | | $ | — | | | $ | 41,894 | | | 18.0 | % |
Other assets and liabilities (2) | (497,548) | | | — | | | (497,548) | | | (214.6) | % |
| Total | $ | 1,778,996 | | | $ | 1,547,194 | | | $ | 231,802 | | | 100.0 | % |
(1) “Target assets” as defined by us excludes U.S. Treasury securities, and includes our investment in a Majority-Owned Affiliate.
(2) Other assets and liabilities presented is calculated as a net liability substantially comprised of $512.0 million due to broker for our quarter-end purchase of certain Freddie Mac and Fannie Mae-issued whole pool agency residential mortgage-backed securities (“Whole Pool Agency RMBS”), and excluding the portion of “other assets” which includes our investment in a Majority-Owned Affiliate, which is considered a target asset.
As of December 31, 2022, our portfolio consisted of approximately $2.9 billion of residential mortgage loans, RMBS, and other target assets. The following table sets forth additional information regarding our portfolio including the manner in which our equity capital was allocated among investment types, as of December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value | | Collateralized Debt | | Allocated Capital | | % of Total Capital |
| Portfolio: | ($ in thousands) |
| Residential mortgage loans | $ | 770,982 | | | $ | 639,870 | | | $ | 131,112 | | | 55.4 | % |
| Residential mortgage loans in securitization trust | 1,027,442 | | | 1,003,485 | | | 23,957 | | | 10.1 | % |
| Commercial mortgage loans | 9,458 | | | — | | | 9,458 | | | 4.0 | % |
| Total whole loan portfolio | $ | 1,807,882 | | | $ | 1,643,355 | | | $ | 164,527 | | | 69.5 | % |
| | | | | | | |
| Investment securities | | | | | | | |
| RMBS | $ | 1,055,338 | | | 52,544 | | | $ | 1,002,794 | | | 424.1 | % |
| CMBS | 6,111 | | | — | | | 6,111 | | | 2.6 | % |
| | | | | | | |
| Total investment securities | $ | 1,061,449 | | | $ | 52,544 | | | $ | 1,008,905 | | | 426.7 | % |
| | | | | | | |
| Total investment portfolio | $ | 2,869,331 | | | $ | 1,695,899 | | | $ | 1,173,432 | | | 496.2 | % |
Target assets (1) | $ | 2,869,331 | | | $ | 1,695,899 | | | $ | 1,173,432 | | | 496.2 | % |
| | | | | | | |
| Cash | $ | 29,272 | | | $ | — | | | $ | 29,272 | | | 12.4 | % |
Other assets and liabilities (2) | (966,225) | | | — | | | (966,225) | | | (408.6) | % |
| Total | $ | 1,932,378 | | | $ | 1,695,899 | | | $ | 236,479 | | | 100.0 | % |
(1) “Target assets” as presented above comprises the total investment portfolio, as there were no U.S. Treasury securities held as of December 31, 2022.
(2) Other assets and liabilities presented is calculated as a net liability substantially comprised of $1.01 billion due to broker for our quarter-end purchase of certain Whole Pool Agency RMBS.
Residential Mortgage Loans
The following table sets forth additional information on the residential mortgage loans in our portfolio as of September 30, 2023:
| | | | | | | | | | | |
| Portfolio Range | | Portfolio Weighted Average |
| ($ in thousands) |
| Unpaid principal balance (“UPB”) | $0 - $3,410 | | $517 |
| Interest rate | 2.99% - 12.5% | | 5.83% |
| Maturity date | 9/27/2048 - 8/25/2063 | | September 2053 |
| FICO score at loan origination | 612 - 817 | | 744 |
| LTV at loan origination | 17.6% - 90% | | 69.67% |
| DTI at loan origination | 2.6% - 59.10% | | 31.90% |
| Percentage of first lien loans | N/A | | 100% |
| Percentage of loans 90+ days delinquent (based on UPB) | N/A | | 2.70% |
The following table sets forth additional information on the residential mortgage loans in our portfolio as of December 31, 2022:
| | | | | | | | | | | |
| Portfolio Range | | Portfolio Weighted Average |
| ($ in thousands) |
| UPB | $59 - $3,441 | | $496 |
| Interest rate | 2.88% - 9.99% | | 4.80% |
| Maturity date | 9/21/2036 - 6/20/2062 | | February 2053 |
| FICO score at loan origination | 575 - 823 | | 737 |
| LTV at loan origination | 8% - 95% | | 70% |
| DTI at loan origination | 1.20% - 59.06% | | 31.26% |
| Percentage of first lien loans | N/A | | 100% |
| Percentage of loans 90+ days delinquent (based on UPB) | N/A | | 0.91% |
The following charts illustrate the distribution of the credit scores and interest rates by the number of loans in our residential mortgage loan portfolio as of September 30, 2023:
The following charts illustrate the distribution of the credit scores and interest rates by the number of loans in our residential mortgage loan portfolio as of December 31, 2022:
The following charts illustrate additional characteristics of our residential mortgage loans in our portfolio that we owned directly as of September 30, 2023, based on the product profile, borrower profile, and geographic location (percentages are based on the aggregate unpaid principal balance of such loans):
Characteristics of Our Residential Mortgage Loans as of September 30, 2023:
No state in “Other” represents more than a 3% concentration of the residential mortgage loans in our portfolio that we owned directly as of September 30, 2023. Numbers presented may add to more than 100% due to rounding.
The following charts illustrate additional characteristics of the residential mortgage loans in our portfolio that we owned directly as of December 31, 2022, based on the product profile, borrower profile, and geographic location (percentages are based on the aggregate unpaid principal balance of such loans):
Characteristics of Our Residential Mortgage Loans as of December 31, 2022:
No state in “Other” represents more than a 3% concentration of the residential mortgage loans in our portfolio that we owned directly as of December 31, 2022. Numbers presented may add to more than 100% due to rounding.
Residential Mortgage Loans Held in Securitization Trusts
The following table sets forth the information regarding the underlying collateral of our residential mortgage loans held in securitization trusts as of September 30, 2023:
| | | | | |
| ($ in thousands) |
| UPB | $1,361,688 |
| Number of loans | 3,152 |
| Weighted average loan coupon | 4.67% |
| Average loan amount | 434 |
| Weighted average LTV at loan origination and deal date | 69% |
| Weighted average credit score at loan origination and deal date | 742 |
Current 3-month constant prepayment rate (“CPR”) (1) | 5.6% |
| Percentage of loans 90+ days delinquent (based on UPB) | 0.8% |
(1) CPR is a method of expressing the prepayment rate for a mortgage pool that assumes that a constant fraction of the remaining principal is prepaid each month or year.
The following chart illustrates the geographic distribution of the underlying collateral of our residential mortgage loans held in securitization trusts as of September 30, 2023 (percentages are based on the aggregate unpaid principal balance of such loans):
No state in “Other” represents more than a 4% concentration of the underlying collateral of our residential mortgage loans held in securitization trusts as of September 30, 2023. Numbers presented may add to more than 100% due to rounding.
The following table sets forth the information regarding the underlying collateral of our residential mortgage loans held in securitization trusts as of December 31, 2022:
| | | | | |
| ($ in thousands) |
| UPB | $1,151,332 |
| Number of loans | 2,664 |
| Weighted average loan coupon | 4.72% |
| Average loan amount | $434 |
| Weighted average LTV at loan origination and deal date | 69% |
| Weighted average credit score at loan origination and deal date | 743 |
| Current 3-month CPR | 5.4% |
| Percentage of loans 90+ days delinquent (based on UPB) | —% |
The following chart illustrates the geographic distribution of the underlying collateral of our residential mortgage loans held in securitization trusts as of December 31, 2022 (percentages are based on the aggregate unpaid principal balance of such loans):
No state in “Other” represents more than a 3% concentration of the underlying collateral of our residential mortgage loans held in securitization trusts as of December 31, 2022. Numbers presented may add to more than 100% due to rounding.
Commercial Mortgage Loans
The following table provides additional information on the commercial mortgage loans in our portfolio as of September 30, 2023:
| | | | | | | | | | | |
| Portfolio Range | | Portfolio Weighted Average |
| ($ in thousands) |
| UPB | $241 - $3,162 | | $1,120 |
| Interest rate | 5.50% - 8.38% | | 6.24% |
| Loan term | 8.10 - 26.44 years | | 12.47 years |
| LTV at loan origination | 50.0% - 75.0% | | 58.10% |
The following table provides additional information on the commercial mortgage loans in our portfolio as of December 31, 2022:
| | | | | | | | | | | |
| Portfolio Range | | Portfolio Weighted Average |
| ($ in thousands) |
| UPB | $242 - $4,300 | | $1,656 |
| Interest rate | 5.50% - 8.38% | | 7.03% |
| Loan term | 0.42 - 27.18 years | | 7.68 years |
| LTV at loan origination | 46.7% - 75.0% | | 50.90% |
The following charts illustrate the geographic location of the commercial mortgage loans in our portfolio that we owned directly as of September 30, 2023 and December 31, 2022 (percentages are based on the aggregate unpaid principal balance of such loans):
Geographic Diversification of Our Commercial Mortgage Loans as of September 30, 2023:
Numbers presented may add to more than 100% due to rounding.
Geographic Diversification of Our Commercial Mortgage Loans as of December 31, 2022:
Note: Numbers presented may add to more than 100% due to rounding.
RMBS
We have participated in numerous securitization transactions pursuant to which we contributed to a securitization trust under the purview of AOMT I, LLC, non‑QM loans that we had accumulated and held on our balance sheet. These loans were purchased from affiliated and unaffiliated entities. In return, we received bonds from these securitization trusts, and cash. At times, we were allocated certain risk retention securities as part of these transactions. Risk retention securities represent at least 5% of a horizontal or vertical slice of the bonds issued as part of the transaction.
Certain information regarding the mortgage loans underlying our portfolio of RMBS issued in such securitization transactions is set forth below as of September 30, 2023, unless otherwise stated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AOMT 2019-2 | | AOMT 2019-4 | | AOMT 2019-6 | | AOMT 2020-3 | | AOMT 2023-1 (5) | | AOMT 2023-5 (5) |
| ($ in thousands) | | | | |
| UPB of loans | $102,501 | | $103,551 | | $137,598 | | $170,477 | | $556,632 | | $253,456 |
| Number of loans | 354 | | 374 | | 508 | | 524 | | 1,036 | | 523 |
| Weighted average loan coupon | 7.00 | % | | 7.00 | % | | 6.40 | % | | 5.80 | % | | 5.20 | % | | 5.30 | % |
| Average loan amount | $290 | | $277 | | $271 | | $325 | | $537 | | $485 |
| Weighted average LTV at loan origination and deal date | 71.30 | % | | 70.70 | % | | 68.40 | % | | 74.10 | % | | 69.70 | % | | 70.20 | % |
| Weighted average credit score at loan origination and deal date | 697 | | 701 | | 718 | | 720 | | 729 | | 735 |
Current 3-month CPR (1) (6) | 31.20 | % | | 21.70 | % | | 6.50 | % | | 12.40 | % | | 6.60 | % | | 27.30 | % |
| 90+ day delinquency (as a % of UPB) | 12.90 | % | | 8.10 | % | | 3.50 | % | | 3.40 | % | | 1.20 | % | | 0.10 | % |
| 90+ Delinquency (as a % of Original Balance) | 2.00 | % | | 1.50 | % | | 1.00 | % | | 1.20 | % | | 1.40 | % | | 0.40 | % |
Weighted Average LTV of 90+ Delinquent Loans (FHFA HPI Estimate) (2) | 51.30 | % | | 48.50 | % | | 55.10 | % | | 74.10 | % | | 73.70 | % | | 81.90 | % |
Fair value of first loss piece (3) | $11,700 | | $3,568 | | $1,927 | | $20,619 | | $4,472 | | $2,867 |
Investment thickness (4) | 33.91 | % | | 15.37 | % | | 9.30 | % | | 18.20 | % | | 3.49 | % | | 10.13 | % |
(1) CPR is a method of expressing the prepayment rate for a mortgage pool that assumes that a constant fraction of the remaining principal is prepaid each month or year.
(2AOMT 2020-3 does not have LTV or Federal Housing Finance Agency Home Price Index Estimates (“FHFA HPI Estimates”); accordingly, original LTV is used.
(3) Represents the fair value of the securities we hold in the first loss tranche in each securitization.
(4) Represents the average size of the subordinate securities we own as investments in each securitization relative to the average overall size of the securitization.
(5) The fair value of the first loss pieces presented for AOMT 2023-1 and AOMT 2023-5 is the total at risk for the Majority-Owned Affiliate.
(6) AOMT 2023-5 reflects one-month CPR
Certain information regarding the mortgage loans underlying our portfolio of RMBS issued in AOMT securitization transactions is set forth below as of December 31, 2022, unless otherwise stated:
| | | | | | | | | | | | | | | | | | | | | | | |
| AOMT 2019-2 | | AOMT 2019-4 | | AOMT 2019-6 | | AOMT 2020-3 |
| ($ in thousands) |
| UPB of loans | $119,217 | | $120,242 | | $148,148 | | $189,763 |
| Number of loans | 409 | | 421 | | 555 | | 578 |
| Weighted average loan coupon | 7.00 | % | | 7.07 | % | | 6.40 | % | | 5.83 | % |
| Average loan amount | $291 | | $286 | | $267 | | $328 |
| Weighted average LTV at loan origination and deal date | 73 | % | | 72 | % | | 69 | % | | 74 | % |
| Weighted average credit score at loan origination and deal date | 696 | | 699 | | 717 | | 720 |
Current 3-month CPR (1) | 12.14 | % | | 18.30 | % | | 12.32 | % | | 5.56 | % |
| 90+ day delinquency (as a % of UPB) | 11.79 | % | | 11.54 | % | | 3.06 | % | | 4.37 | % |
| 90+ Delinquency (as a % of Original Balance) | 2.30 | % | | 2.30 | % | | 1.00 | % | | 1.90 | % |
Weighted Average LTV of 90+ Delinquent Loans (FHFA HPI Estimate)(2) | 53.00 | % | | 51.40 | % | | 54.40 | % | | 74.10 | % |
Fair value of first loss piece (3) | $12,708 | | $3,669 | | $1,984 | | $20,106 |
Investment thickness (4) | 29.17 | % | | 13.24 | % | | 13.78 | % | | 16.35 | % |
(1) CPR is a method of expressing the prepayment rate for a mortgage pool that assumes that a constant fraction of the remaining principal is prepaid each month or year.
(2) AOMT 2020-3 does not have LTV or FHFA HPI Estimates; as such, original LTV is used.
(3) Represents the fair value of the securities we hold in the first loss tranche in each securitization.
(4) Represents the average size of the subordinate securities we own as investments in each securitization relative to the average overall size of the securitization.
The following table provides certain information with respect to our RMBS portfolio both received in AOMT securitization transactions and acquired from other third parties as of September 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| RMBS | | Repurchase Debt (1) | | Allocated Capital |
| AOMT | | Third Party RMBS | | Total | | AOMT | | Third Party RMBS | | Total | | AOMT | | Third Party RMBS | | Total |
| (in thousands) |
| Mezzanine | $ | 10,429 | | | $ | — | | | $ | 10,429 | | | $ | (1,029) | | | $ | — | | | (1,029) | | | $ | 9,400 | | | $ | — | | | $ | 9,400 | |
| Subordinate | 52,159 | | | — | | | 52,159 | | | (21,384) | | | — | | | (21,384) | | | 30,775 | | | — | | | $ | 30,775 | |
| Interest only / excess | 12,665 | | | — | | | 12,665 | | | (1,944) | | | — | | | (1,944) | | | 10,721 | | | — | | | $ | 10,721 | |
Whole pool (2) | — | | | 504,732 | | | 504,732 | | | — | | | — | | | — | | | — | | | 504,732 | | | $ | 504,732 | |
Retained RMBS in VIEs (3) | — | | | — | | | — | | | (15,504) | | | — | | | (15,504) | | | (15,504) | | | — | | | $ | (15,504) | |
| Total | $ | 75,253 | | | $ | 504,732 | | | $ | 579,985 | | | $ | (39,861) | | | $ | — | | | $ | (39,861) | | | $ | 35,392 | | | $ | 504,732 | | | $ | 540,124 | |
(1) Repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs).
(2) The whole pool RMBS presented as of September 30, 2023 were purchased from a broker to whom the Company owes approximately $512.0 million, payable upon the settlement date of the trade. See Note 7 — Due to Broker in our unaudited condensed consolidated financial statements included in this report.
(3) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $122.7 million, are not reflected in the condensed consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its condensed consolidated balance sheets.
The following table provides certain information with respect to our RMBS portfolio both received in AOMT securitization transactions and acquired from other third parties as of December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| RMBS | | Repurchase Debt (1) | | Allocated Capital |
| AOMT | | Third Party RMBS | | Total | | AOMT | | Third Party RMBS | | Total | | AOMT | | Third Party RMBS | | Total |
| (in thousands) |
| Mezzanine | $ | 1,958 | | | $ | — | | | $ | 1,958 | | | $ | 1,470 | | | $ | — | | | $ | 1,470 | | | $ | 488 | | | $ | — | | | $ | 488 | |
| Subordinate | 49,578 | | | — | | | 49,578 | | | 24,982 | | | — | | | 24,982 | | | 24,596 | | | — | | | $ | 24,596 | |
| Interest only / excess | 10,424 | | | — | | | 10,424 | | | 1,506 | | | — | | | 1,506 | | | 8,918 | | | — | | | $ | 8,918 | |
Whole pool (2) | — | | | 993,378 | | | 993,378 | | | — | | | — | | | — | | | — | | | 993,378 | | | $ | 993,378 | |
Retained RMBS in VIEs (3) | — | | | — | | | — | | | 24,586 | | | — | | | 24,586 | | | (24,586) | | | — | | | (24,586) | |
| Total | $ | 61,960 | | | $ | 993,378 | | | $ | 1,055,338 | | | $ | 52,544 | | | $ | — | | | $ | 52,544 | | | $ | 9,416 | | | $ | 993,378 | | | $ | 1,002,794 | |
(1) Repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs).
(2) The whole pool RMBS presented as of December 31, 2022 were purchased from a broker to whom the Company owes approximately $1.0 billion, payable upon the settlement date of the trade. See Note 7 — Due to Broker in our unaudited condensed consolidated financial statements included in this report.
(3) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). These bonds, with a fair value of $110.5 million, are not reflected in the condensed consolidated balance sheets, as the Company reflects the assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its condensed consolidated balance sheets.
The following table sets forth information with respect to our RMBS ending balances, at fair value, as of September 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Mezzanine | | Subordinate | | Interest Only | | Whole Pool | | Total |
| |
| Beginning fair value | | $ | 9,533 | | | $ | 49,938 | | | $ | 12,438 | | | $ | 388,063 | | | $ | 459,972 | |
| Acquisitions: | | | | | | | | | | |
| Retained bonds received in securitizations | | 1,400 | | | 2,917 | | | 1,040 | | | — | | | 5,357 | |
| Secondary market purchases of AOMT securities | | — | | | — | | | — | | | — | | | — | |
| Third party securities | | — | | | — | | | — | | | 511,953 | | | 511,953 | |
| Effect of principal payments / called deals | | (467) | | | — | | | — | | | (382,917) | | | (383,384) | |
| IO and excess servicing prepayments | | — | | | — | | | (473) | | | — | | | (473) | |
| Changes in fair value, net | | (37) | | | (696) | | | (340) | | | (12,367) | | | (13,440) | |
| Ending fair value | | $ | 10,429 | | | $ | 52,159 | | | $ | 12,665 | | | $ | 504,732 | | | $ | 579,985 | |
| | | | | | | | | | |
| | | | | | | | | | |
The following table sets forth information with respect to our RMBS ending balances, at fair value, as of December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Senior | | Mezzanine | | Subordinate | | Interest Only | | Whole Pool | | Total |
| (in thousands) |
| Beginning fair value | $ | 3,076 | | | $ | 2,178 | | | $ | 90,350 | | | $ | 17,975 | | | $ | 372,055 | | | $ | 485,634 | |
| Acquisitions: | | | | | | | | | | | |
| Secondary market purchases of AOMT securities | — | | | — | | | — | | | — | | | — | | | — | |
| Third party securities | — | | | — | | | — | | | — | | | 3,151,406 | | | 3,151,406 | |
| Effect of principal payments / called deals | (3,041) | | | (171) | | | (29,612) | | | (169) | | | (2,533,834) | | | (2,566,827) | |
| IO and excess servicing prepayments | — | | | — | | | 2,256 | | | (21,256) | | | — | | | (19,000) | |
| Changes in fair value, net | (35) | | | (49) | | | (13,416) | | | 13,874 | | | 3,751 | | | 4,125 | |
| Ending fair value | $ | — | | | $ | 1,958 | | | $ | 49,578 | | | $ | 10,424 | | | $ | 993,378 | | | $ | 1,055,338 | |
The following chart illustrates the geographic diversification of the loans underlying our portfolio of RMBS issued in AOMT securitization transactions as of September 30, 2023 (percentages are based on the aggregate unpaid principal balance of such loans):
Geographic Diversification of Loans Underlying Our Portfolio
of RMBS Issued in AOMT Securitization Transactions
(as of September 30, 2023)
No state in “Other” represents more than a 4% concentration of the loans underlying our portfolio of RMBS issued in AOMT securitization transactions as of September 30, 2023. Numbers presented may add to more than 100% due to rounding.
The following chart illustrates the geographic diversification of the loans underlying our portfolio of RMBS issued in AOMT securitization transactions as of December 31, 2022 (percentages are based on the aggregate unpaid principal balance of such loans):
Geographic Diversification of Loans Underlying Our Portfolio
of RMBS Issued in AOMT Securitization Transactions
(as of December 31, 2022)
No state in “Other” represents more than a 4% concentration of the loans underlying our portfolio of RMBS issued in AOMT securitization transactions as of December 31, 2022. Numbers presented may add to more than 100% due to rounding.
CMBS
In November 2020, we participated in a securitization transaction of a pool of small balance commercial mortgage loans consisting of mortgage loans secured by commercial properties pursuant to which we contributed to AOMT 2020-SBC1 commercial mortgage loans with a carrying value of approximately $31.2 million that we had accumulated and held on our balance sheet, and we received bonds from AOMT 2020-SBC1 with a fair value of approximately $8.9 million.
Certain information regarding the commercial mortgage loans underlying our portfolio of CMBS issued in the AOMT 2020-SBC1 securitization transaction is shown below as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| ($ in thousands) |
| UPB of loans | $112,302 | | $122,432 |
| Number of loans | 146 | | 160 |
| Weighted average loan coupon | 7.4 | % | | 7.4 | % |
| Average loan amount | $769 | | $765 |
| Weighted average LTV at loan origination and deal date | 56.2 | % | | 58.4 | % |
The following table provides certain information with respect to the CMBS we received in connection with the AOMT 2020-SBC1 securitization transactions as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| CMBS | | Repurchase Debt | | Allocated Capital | | CMBS | | Repurchase Debt | | Allocated Capital |
| (in thousands) |
| Senior | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Mezzanine | — | | | — | | | — | | | — | | | — | | | — | |
| Subordinate | 2,933 | | | — | | | 2,933 | | | 2,901 | | | — | | | 2,901 | |
| Interest only / excess | 3,405 | | | — | | | 3,405 | | | 3,210 | | | — | | | 3,210 | |
| Total | $ | 6,338 | | | $ | — | | | $ | 6,338 | | | $ | 6,111 | | | $ | — | | | $ | 6,111 | |
Liquidity and Capital Resources
Overview
Liquidity is a measurement of our ability to meet potential cash requirements, including ongoing commitments to repay borrowings, fund our investments and operating costs, make distributions to our stockholders, and satisfy other general business needs. Our financing sources currently include payments of principal and interest we receive on our investment portfolio, unused borrowing capacity under our in‑place loan financing lines and repurchase facilities, and securitizations of our whole loans. Our financing sources historically have included the foregoing, as well as capital contributions from our investors prior to our IPO, and the proceeds from our IPO and concurrent private placement (which capital has all been deployed). Going forward, we may also utilize other types of borrowings, including bank credit facilities and warehouse lines of credit, among others. We may also seek to raise additional capital through public or private offerings of equity, equity-related, or debt securities, depending upon market conditions. The use of any particular source of capital and funds will depend on market conditions, availability of these sources, and the investment opportunities available to us.
We have used and expect to continue to use loan financing lines to finance the acquisition and accumulation of mortgage loans or other mortgage‑related assets pending their eventual securitization. Upon accumulating an appropriate amount of assets, we have financed and expect to continue to finance a substantial portion of our mortgage loans utilizing fixed-rate term securitization funding that provides long‑term financing for our mortgage loans and locks in our cost of funding, regardless of future interest rate movements.
Securitizations may either take the form of the issuance of securitized bonds or the sale of “real estate mortgage investment conduit” securities backed by mortgage loans or other assets, with the securitization proceeds being used in part to repay pre-existing loan financing lines and repurchase facilities. We have sponsored and participated in securitization transactions with other entities that are managed by Angel Oak, and may continue to do so in the future, along with sponsoring sole securitization transactions in which we are the sole participant and contributor.
We believe these identified sources of financing will be adequate for purposes of meeting our short‑term (within one year) and our longer‑term liquidity needs. We cannot predict with certainty the specific transactions we will undertake to generate sufficient liquidity to meet our obligations as they come due. We will adjust our plans as appropriate in response to changes in our expectations and any potential changes in market conditions.
Description of Existing Financing Arrangements
As of September 30, 2023, we were a party to three warehouse loan financing lines, which permitted borrowings in an aggregate amount of up to $0.9 billion. During the nine months ended September 30, 2023, an unused loan financing facility with a regional bank
expired in accordance with its terms. We also refinanced a static pool financing facility held with institutional investors into a different static pool financing with another lender, and terminated the initial static pool financing facility. Borrowings under warehouse loan financing lines or placed with institutional investors (in general, each a “loan financing facility”) may be used to purchase whole loans for securitization or loans purchased for long‑term investment purposes.
Our financing facilities are generally subject to limits on borrowings related to specific asset pools (“advance rates”) and other restrictive covenants, as is usual and customary. As of September 30, 2023, the advance rates (when required) of our three active lenders ranged from 60% to 92%, depending on the asset type and loan delinquency status. Our most restrictive covenants (when covenants are required by any of our three active lenders) included (1) our minimum tangible net worth must not (i) decline 20% or more in the previous 30 days, 25% or more in the previous 90 days, or 35% or more in the previous year, or, if shorter, in the period from September 30, 2022 to the applicable date of determination, or (ii) fall below $200.0 million of tangible net worth as of September 30, 2022 plus 50% of any capital contribution made or raised after September 30, 2022; (2) our minimum liquidity must not fall below the greatest of (i) the product of 5% and the aggregate repurchase price as of such date of determination, (ii) $10.0 million and (iii) any other amount of liquidity that we have covenanted to maintain in any other note, indenture, loan agreement, guaranty, swap agreement or any other contract, agreement or transaction (including, without limitation, any repurchase agreement, loan and security agreement, or similar credit facility or agreement for borrowed funds); and (3) the maximum ratio of our and our subsidiaries’ total indebtedness to tangible net worth must not be greater than 5:1. Our minimum liquidity requirement as of September 30, 2023 was $10.0 million. Other restrictive covenants with which we were bound to comply during the first quarter of 2023 related to a regional bank financing facility which we allowed to expire by its terms, and included additional requirements around GAAP net income.
A description of each loan financing facility in place during the nine-months ended September 30, 2023 is set forth as follows:
Multinational Bank 1 Loan Financing Facility. On April 13, 2022, we and two of our subsidiaries entered into a master repurchase agreement with a multinational bank (“Multinational Bank 1”). Our subsidiaries are each considered a “Seller” under this agreement. From time to time and pursuant to the agreement, either of our subsidiaries may sell to Multinational Bank 1, and later repurchase, up to $600.0 million aggregate borrowings on mortgage loans.
Pursuant to the terms of the master repurchase agreement, the agreement may be renewed every three months for a maximum six-month term. This loan financing facility has been extended to January 25, 2024, and as of July 25, 2023, the interest rate pricing spread decreased to 2.10%.
The amount expected to be paid by Multinational Bank 1 for each eligible mortgage loan is based on an advance rate as a percentage of either the outstanding principal balance of the mortgage loan or the market value of the mortgage loan, whichever is less. Pursuant to the agreement, Multinational Bank 1 retains the right to determine the market value of the mortgage loans in its sole commercially reasonable discretion. The loan financing line is marked‑to‑market. Additionally, Multinational Bank 1 is under no obligation to purchase the eligible mortgage loans we offer to sell to them. The interest rate on any outstanding balance under the master repurchase agreement that the applicable subsidiary is required to pay Multinational Bank 1 is generally in line with other similar agreements that the Company or one or more of its subsidiaries has entered into, where the interest rate is equal to the sum of (1) a interest rate pricing spread as described above, and (2) the average SOFR for each U.S. Government Securities Business Day (as defined in the master repurchase agreement) beginning on April 11, 2022 and ending on the day that is two U.S. Government Securities Business Days prior to the date the applicable loan is repurchased by the applicable subsidiary.
The obligations of the subsidiaries under the master repurchase agreement are guaranteed by the Company pursuant to a guaranty executed contemporaneously with the master repurchase agreement. In addition, and similar to other repurchase agreements that the Company has entered into, the Company is subject to various financial and other covenants, including those relating to (1) maintenance of a minimum tangible net worth; (2) a maximum ratio of indebtedness to tangible net worth; and (3) minimum liquidity.
The agreement contains margin call provisions that provide Multinational Bank 1 with certain rights in the event of a decline in the market value of the purchased mortgage loans. Under these provisions, Multinational Bank 1 may require us or our subsidiaries to transfer cash sufficient to eliminate any margin deficit resulting from such a decline.
In addition, the agreement contains events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross‑defaults, bankruptcy or insolvency proceedings, and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the agreement and Multinational Bank 1’s right to liquidate the mortgage loans then subject to the agreement.
We and our subsidiaries are also required to pay certain customary fees to Multinational Bank 1 and to reimburse Multinational Bank 1 for certain costs and expenses incurred in connection with its structuring, management, and ongoing administration of the master repurchase agreement.
Global Investment Bank 2 Loan Financing Facility. On February 13, 2020, we and our subsidiary entered into a master repurchase agreement with a global investment bank (“Global Investment Bank 2”). We and our subsidiary are each considered a “Seller” under this agreement. From time to time, we and one of our subsidiaries have amended such master repurchase agreement with Global Investment Bank 2. Pursuant to the agreement, we or our subsidiary may sell to Global Investment Bank 2, and later repurchase, up to
$250.0 million aggregate borrowings on mortgage loans. The agreement is set to terminate on February 2, 2024, unless terminated earlier pursuant to the terms of the agreement.
Prior to the amendment executed on February 4, 2022, the principal amount paid by Global Investment Bank 2 for each mortgage loan was based on a percentage of the market value, cost‑basis value, or unpaid principal balance of the mortgage loan (depending on the type of loan and certain other factors and subject to certain other adjustments). Pursuant to the agreement, Global Investment Bank 2 retained the right to determine the market value of the mortgage loan collateral in its sole good faith discretion. Additionally, Global Investment Bank 2 was under no obligation to purchase the eligible mortgage loans we offered to sell to them. Prior to the February 4, 2022 amendment, upon our or our subsidiary’s repurchase of the mortgage loan, we or our subsidiary were required to repay Global Investment Bank 2 the principal amount related to such mortgage loan plus accrued and unpaid interest at a rate (determined based on the type of loan) equal to the sum of (1) the greater of (A) 0.00% and (B) one‑month LIBOR and (2) a pricing spread generally ranging from 2.00% to 3.25%.
Effective as of February 4, 2022, interest accrues on any outstanding balance under the master repurchase agreement at a rate based on Term SOFR (which is defined as the forward-looking term rate based on the Secured Overnight Financing Rate for a corresponding tenor of one month). Additionally, the agreement was also amended to remove any draw fees and adjust the pricing rate whereby upon the Company’s or the subsidiary’s repurchase of a mortgage loan, the Company or the subsidiary is required to repay Global Investment Bank 2 the principal amount related to such mortgage loan plus accrued and unpaid interest at a rate (determined based on the type of loan) equal to the sum of (A) the greater of (i) 0.00% and (ii) Term SOFR (which is defined as the forward-looking term rate based on the Secured Overnight Financing Rate for a corresponding tenor of one month) and (B) a pricing spread generally ranging from 2.20% to 3.45%.
The agreement requires us to maintain various financial and other covenants, which include requirements surrounding: (1) adjusted tangible net worth; (2) liquidity; and (3) our indebtedness to our adjusted tangible net worth.
The agreement contains margin call provisions that provide Global Investment Bank 2 with certain rights in the event of a decline in the market value or cost‑basis value of the purchased mortgage loans. Under these provisions, Global Investment Bank 2 may require us or our subsidiary to transfer cash sufficient to eliminate any margin deficit resulting from such a decline.
In addition, the agreement contains events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross‑defaults, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the agreement and Global Investment Bank 2’s right to liquidate the mortgage loans then subject to the agreement.
We and our subsidiary are also required to pay certain customary fees to Global Investment Bank 2 and to reimburse Global Investment Bank 2 for certain costs and expenses incurred in connection with its structuring, management and ongoing administration of the agreement.
Global Investment Bank 3 Static Loan Pool Financing. On October 24, 2018, we and one of our subsidiaries entered into a master repurchase agreement with a global investment bank (“Global Investment Bank 3”). We, and our subsidiary, are considered a “Seller” under this agreement. Pursuant to the initial agreement (prior to December 19, 2022, as further described below), we or our subsidiary could sell to Global Investment Bank 3, and later repurchase, up to $200.0 million aggregate borrowings on mortgage loans, although Global Investment Bank 3 was under no obligation to purchase the loans we offered to sell to them. The term of the initial agreement was extended such that it terminates on December 19, 2023, as further described below.
Subsequent to September 30, 2023, the Company converted its loan financing facility with Global Investment Bank 3 from static pool financing to a revolving facility with mark to market features. The amended facility has a maximum borrowing capacity of $200 million with a twelve month term and a termination date of November 7, 2024. The base interest rate spread on this facility was reduced to 1.80%, plus a 0.20% basis points index spread adjustment, and the advance rate for performing non-seasoned loans was increased to 85%. Additionally, the economic interest rate futures account (as defined below) requirement was eliminated.
On December 19, 2022, the facility was amended to increase the facility limit up to $286.0 million, finance a static pool of mortgage loans, and extend the termination date to December 19, 2023; however, the amendment did not extend the revolving period, which ended on December 19, 2022. Additionally, the amendment generally removed “mark to market” provisions and now requires an economic interest rate hedging account (“interest rate futures account”) which account is for the benefit of Global Investment Bank 3 and under its sole control, subject to recoupment to meet hedging margin calls. As of September 30, 2023, the facility limit was $8.7 million.
During 2022, interest accrued at the sum of Compounded SOFR and a SOFR adjustment of 20 basis points (though the SOFR adjustment was later amended by the December 19, 2022 amendment, as further described below). Compounded SOFR is determined on a one-month basis and is defined as a daily rate as determined by Global Investment Bank 3 to be the “USD-SOFR-Compound” rate as defined in the International Swaps and Derivatives Association, Inc. definitions. The December 19, 2022 amendment changed the interest rate spread to 2.80% for the first three months following the amendment date, which increases by an additional 50 basis points every three months thereafter.
Prior to December 19, 2022, the agreement contained margin call provisions that provided Global Investment Bank 3 with certain rights in the event of a decline in the market value of the purchased mortgage loans. Under those provisions, Global Investment Bank 3 could have required us or our subsidiary to transfer cash sufficient to eliminate any margin deficit resulting from such a decline. These margin call
provisions were largely removed pursuant to the amendment executed on December 19, 2022, as described above, and replaced with the interest rate futures account described above, maintained for the benefit of and under the sole control of Global Investment Bank 3. At times, we may hold certain cash collateral resulting from the interest rate futures account as restricted cash under this agreement.
The agreement requires us to maintain various financial and other customary covenants. The agreement also sets forth events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross‑defaults, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the agreement and Global Investment Bank 3’s right to liquidate the mortgage loans then subject to the agreement.
We and our subsidiary are also required to pay certain customary fees to Global Investment Bank 3 and to reimburse Global Investment Bank 3 for certain costs and expenses incurred in connection with its structuring, management, and ongoing administration of the agreement.
Institutional Investors A and B Static Loan Pool Financing. On October 4, 2022, the Company and a subsidiary entered into two separate master repurchase facilities with two affiliates of an institutional investor (“Institutional Investors A and B”) regarding a specific pool of whole loans with financing of approximately $168.7 million on approximately $239.3 million of unpaid principal balance. The master repurchase agreements were set to expire on January 4, 2023, with a one-time three month extension period option. The Company subsequently repaid these financing facilities in full on January 4, 2023, at which time the facilities were terminated pursuant to their terms.
Pursuant to the agreements, interest accrued under the master repurchase agreements at a rate based on one-month Term SOFR (defined as the forward-looking term rate based on the Secured Overnight Financing Rate for a corresponding tenor of one month) and a spread of 3.5%, with one-month Term SOFR subject to a floor of 2.0%.
We and our subsidiary were also required to pay certain customary fees to Institutional Investors A and B, and to reimburse Institutional Investors A and B for certain costs and expenses incurred in connection with the structuring, management, and administration of the agreements.
The agreements contained provisions for a cash collateral account subject to a margin percentage. As of December 31, 2022, the Company held restricted cash pertaining to this lender’s cash collateral requirements included in “restricted cash” of approximately $3.8 million on the Company’s condensed consolidated balance sheet as of December 31, 2022, which was released on January 4, 2023 at which time the facilities were terminated pursuant to their terms.
Regional Bank 1 Loan Financing Facility. On December 21, 2018, we and one of our subsidiaries entered into a master repurchase agreement with a regional bank (“Regional Bank 1”). From time to time, we and our subsidiary have amended such master repurchase agreement with Regional Bank 1. We and our subsidiary were each considered a “Seller” under this agreement. Pursuant to the agreement, we or our subsidiary could sell to Regional Bank 1, and later repurchase, up to $50.0 million aggregate borrowings on mortgage loans. The agreement was amended on March 7, 2022 to extend the term to March 16, 2023. Additionally, the amendment increased the aggregate purchase price limit to $75.0 million from $50.0 million, and beginning March 8, 2022, provided that interest accrued on any new transactions under the loan financing line at a rate based on Term SOFR (which is defined as the forward-looking term rate based on the Secured Overnight Financing Rate for a corresponding tenor of one month) plus an additional pricing spread.
The amount paid by Regional Bank 1 for each mortgage loan was based on the loan type. Pursuant to the agreement, Regional Bank 1 retained the right to determine the market value of the mortgage loan collateral in its sole discretion. The agreement contained margin call provisions that provided Regional Bank 1 with certain rights in the event of a decline in the market value of the purchased mortgage loans. Under these provisions, Regional Bank 1 could have required us or our subsidiary to transfer cash and/or additional eligible mortgage loans with an aggregate market value sufficient to eliminate any margin deficit resulting from such a decline.
The agreement required us to maintain various standard financial covenants similar to the financial covenants required by our active lenders, as described above, along with a GAAP net income-based covenant. In addition, the agreement set forth events of default customary for this type of transaction. The remedies for such events of default were also customary for this type of transaction and included the acceleration of the principal amount outstanding under the agreement and Regional Bank 1’s right to liquidate the mortgage loans then subject to the agreement.
We and our subsidiary were also required to pay certain customary fees to Regional Bank 1 and to reimburse Regional Bank 1 for certain costs and expenses incurred in connection with its structuring, management, and administration of the agreement.
This financing facility was substantially unused, and expired by its terms on March 16, 2023.
The following table sets forth the details of our financing lines as of each of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Interest
Rate Pricing
Spread | | Drawn Amount |
| Note Payable | | Base Interest Rate | | | September 30, 2023 | | December 31, 2022 |
| | | | | | ($ in thousands) |
Multinational Bank 1 (1) | | Average Daily SOFR | | 2.10% | | $ | 189,066 | | | $ | 352,038 | |
| | | | | | | | |
Global Investment Bank 2 (2) | | 1 month SOFR | | 2.20% - 3.45% | | — | | | — | |
Global Investment Bank 3 (3) | | Compound SOFR | | 2.80% - 4.50% | | 8,731 | | | 119,137 | |
| | | | | | | | |
Institutional Investors A and B (4) | | 1 month Term SOFR | | 3.50% | | N/A | | 168,695 | |
| | | | | | | | |
Regional Bank 1 (5) | | 1 month SOFR | | 2.50% - 3.50% | | N/A | | — | |
| Total | | | | | | $ | 197,797 | | | $ | 639,870 | |
(1) On January 25, 2023, this financing facility was extended through July 25, 2023 in accordance with the terms of the agreement, which contemplates six-month renewals. On July 25, 2023, the Company extended this financing facility through January 25, 2024, with an interest rate pricing spread of 2.10%.
(2) This financing facility expires on February 2, 2024.
(3) This static pool financing facility expires on December 19, 2023. The interest rate pricing spread per the agreement began at 2.80% for the first three months following December 19, 2022, exclusive of a 20 basis points index spread adjustment, and increases by an additional 50 basis points every three months thereafter; however, the facility does not, in general, contain “mark to market” provisions. The agreement requires an economic interest rate hedging account (“interest rate futures account”) to be maintained to the reasonable satisfaction of Global Investment Bank 3, as described above, which account is for its benefit and under its sole control. On November 7, 2023, this facility was renewed for a twelve month term with a new expiration date of November 7, 2024 and was converted from static pool financing to a revolving facility with mark to market features. The amended facility has a maximum borrowing capacity of $200 million with an interest rate pricing spread of 180 basis points plus a 20 basis points index spread adjustment (see Note 16 — Subsequent Events).
(4) On October 4, 2022, the Company and a subsidiary entered into two separate master repurchase facilities with two affiliates of an institutional investor (“Institutional Investors A and B”) regarding a specific pool of whole loans with financing of approximately $168.7 million on approximately $239.3 million of unpaid principal balance. The master repurchase agreements were set to expire on January 4, 2023, subject to a one-time option to extend for three months, which the Company did not utilize. The Company repaid this financing facility in full on January 4, 2023. The Company held restricted cash pertaining to this lender’s cash collateral requirements included in “restricted cash” on the Company’s condensed consolidated balance sheet as of December 31, 2022, as described above, which was released on January 4, 2023.
(5) This agreement expired by its terms on March 16, 2023.
The following table sets forth the total unused borrowing capacity of each financing line as of September 30, 2023:
| | | | | | | | | | | | | | | | | | | | |
| Note Payable | | Borrowing Capacity | | Balance Outstanding | | Available Financing |
| | (in thousands) |
Multinational Bank 1 (1) | | $ | 600,000 | | | $ | 189,066 | | | $ | 410,934 | |
Global Investment Bank 2 (1) | | 250,000 | | | — | | | 250,000 | |
Global Investment Bank 3 (2) | | 8,731 | | | 8,731 | | | — | |
| | | | | | |
| Total | | $ | 858,731 | | | $ | 197,797 | | | $ | 660,934 | |
(1) Although available financing is uncommitted, the Company’s unused borrowing capacity is available if it has eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements.
(2) As of September 30, 2023, this financing facility had no unused borrowing capacity as the outstanding borrowings were based on a static pool of mortgage loans.
Short‑Term Repurchase Facilities. In addition to our existing loan financing lines, we employ short‑term repurchase facilities to borrow against U.S. Treasury securities, securities issued by AOMT, Angel Oak’s securitization platform, and other securities we may acquire in accordance with our investment guidelines. The following table sets forth certain characteristics of our short-term repurchase facilities as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | | | | | |
| Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) |
| | ($ in thousands) | | | | |
| U.S. Treasury securities | | $ | 148,240 | | | 5.40 | % | | 11 |
RMBS (1) | | $ | 39,861 | | | 7.08 | % | | 15 |
| Total | | $ | 188,101 | | | 5.76 | % | | 12 |
| | | | | | |
| December 31, 2022 | | | | | | |
| Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) |
| | ($ in thousands) | | | | |
| | | | | | |
RMBS (1) | | 52,544 | | | 6.07 | % | | 13 |
| Total | | $ | 52,544 | | | 6.07 | % | | 13 |
(1) A portion of repurchase debt outstanding as of both September 30, 2023 and December 31, 2022 includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs).
The repurchase debt against the U.S. Treasury securities was repaid in full upon the maturity of the U.S. Treasury securities.
The following table presents the amount of collateralized borrowings outstanding under repurchase facilities as of the end of each quarter, the average amount of collateralized borrowings outstanding under repurchase facilities during the quarter and the highest balance of any month end during the quarter:
| | | | | | | | | | | | | | | | | | | | |
| Quarter End | | Quarter End Balance | | Average Balance in Quarter | | Highest Month-End Balance in Quarter |
| | (in thousands) |
| | | | | | |
| Q4 2021 | | 609,251 | | | 206,897 | | | 609,251 | |
| Q1 2022 | | 477,422 | | | 272,282 | | | 477,422 | |
| Q2 2022 | | 128,365 | | | 92,598 | | | 132,629 | |
| Q3 2022 | | 67,454 | | | 50,988 | | | 67,454 | |
| Q4 2022 | | 52,544 | | | 56,426 | | | 63,357 | |
| Q1 2023 | | 442,214 | | | 180,165 | | | 442,214 | |
Q2 2023 | | 340,701 | | | 101,731 | | | 340,701 | |
Q3 2023 | | 188,101 | | | 87,279 | | | 188,101 | |
We utilize short‑term repurchase facilities on our RMBS portfolio and to finance assets for REIT asset test purposes. Over time, the need to purchase securities for REIT asset test purposes will be reduced as we obtain and participate in additional securitizations and acquire assets directly for investment purposes. We will continue to use repurchase facilities on our RMBS portfolio to add additional leverage which increases the yield on those assets. Our use of repurchase facilities is generally highest at the end of any particular quarter, as shown in the table above, where the quarter-end balance and the highest month-end balance in each quarter are generally equivalent.
Securitization Transactions
In August 2023, we and other affiliated entities participated in a securitization transaction of a pool of residential mortgage loans, approximately 36% of which were mortgage loans originated by our affiliated mortgage origination companies, secured primarily by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2023-5 issued approximately $260.6 million in face value of bonds. Our proportionate share of 34.42% of the retained bonds and investments in MOAs was approximately $8.7 million, including a retained discount on issuance of approximately $2.7 million. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $63.4 million and retained cash of $10.7 million, which was used for operational purposes.
Given the accounting rules surrounding this type of transaction, we derecognized the mortgage loans sold in AOMT 2023-5 and recorded an investment in majority-owned affiliate located within “other assets” on our condensed consolidated balance sheet as of September 30, 2023.
In June 2023, we were the sole participant in a securitization transaction of a pool of residential mortgage loans, approximately 48% of which were mortgage loans originated by third parties and the remainder of which were originated by our affiliated mortgage origination companies, secured exclusively by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2023-4 issued approximately $259.4 million in face value of bonds. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $197.3 million and retained cash of $35.7 million, which was used for new loan purchases and operational purposes.
We are the sole member of the Depositor and also own and hold the call rights on the XS tranche of bonds, which is the “controlling class” of the bonds. Given the accounting rules surrounding this type of transaction, we have consolidated the AOMT 2023-4 securitization on our condensed consolidated balance sheet, maintaining the residential mortgage loans held in the securitization trust and the related financing obligation thereto on our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022.
In January 2023, we and other affiliated entities participated in a securitization transaction of a pool of residential mortgage loans, approximately 59% of which were mortgage loans originated by our affiliated mortgage origination companies, secured primarily by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2023-1 issued approximately $552.9 million in face value of bonds. Our proportionate share of 41.21% of the retained bonds and investments in MOAs was approximately $21.8 million, including a retained discount on issuance of approximately $6.8 million. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $190.1 million and retained cash of $15.9 million, which was used for operational purposes.
Given the accounting rules surrounding this type of transaction, we derecognized the mortgage loans sold in this transaction and recorded an investment in majority-owned affiliate located within “other assets” on our condensed consolidated balance sheet as of September 30, 2023.
In July 2022, we were the sole participant in a securitization transaction of a pool of residential mortgage loans, approximately 48% of which were mortgage loans originated by third parties and the remainder of which were originated by our affiliated mortgage origination companies, secured primarily by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2022-4 issued approximately $177.6 million in face value of bonds. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $152.2 million and retained cash of $2.3 million, which was used for operational purposes.
We are the sole member of the Depositor and also own and hold the call rights on the XS tranche of bonds, which is the “controlling class” of the bonds. Given the accounting rules surrounding this type of transaction, we have consolidated the AOMT 2022-4 securitization on our condensed consolidated balance sheet, maintaining the residential mortgage loans held in the securitization trust and the related financing obligation thereto on our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022.
In February 2022, we were the sole participant in a securitization transaction of a pool of residential mortgage loans, approximately 56% of which were mortgage loans originated by third parties and the remainder of which were originated by our affiliated mortgage origination companies, secured primarily by first liens on one‑to‑four family residential properties. In the transaction, AOMT 2022-1 issued approximately $551.8 million in face value of bonds. We used the proceeds of the securitization transaction to repay outstanding debt of approximately $458.3 million and retained cash of $60.9 million, which was used to acquire additional non‑QM loans, pay down repurchase facilities, and acquire other target assets.
We are the sole member of the Depositor and also own and hold the call rights on the XS tranche of bonds, which is the “controlling class” of the bonds. Given the accounting rules surrounding this type of transaction, we have consolidated the AOMT 2022-1 securitization on our condensed consolidated balance sheet, maintaining the residential mortgage loans held in the securitization trust and the related financing obligation thereto on our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022.
Leverage and Hedging Strategies
We finance our assets with what we believe to be a prudent amount of leverage, which will vary from time to time based upon the particular characteristics of our portfolio, availability of financing, and market conditions.
Subject to maintaining our qualification as a REIT and maintaining our exclusion from regulation as an investment company under the Investment Company Act, we expect to utilize various derivative instruments and other hedging instruments to mitigate interest rate risk, credit risk and other risks. For example, we may enter into hedging transactions with respect to interest rate exposure on one or more of our assets or liabilities. Any such hedging transactions could take a variety of forms, including the use of derivative instruments such as interest rate swap contracts, index swap contracts, interest rate cap or floor contracts, futures or forward contracts, and options.
Cash Availability
Cash and cash equivalents
Our cash balance as of September 30, 2023 was sufficient to meet our liquidity covenants under our financing facilities. We believe that we maintain sufficient cash to fund margin calls on our mark to market financing facilities or our economic hedge agreements, should such margin calls occur. Due to the conversion of our financing facility with Global Investment Bank 3 to a static pool financing facility, which limited our mark-to-market exposure, some of our cash was restricted, as further described below, and held in an economic interest rate hedging account for the benefit of Global Investment Bank 3, for its benefit and under its control.
We may also participate in upcoming securitizations either solely or with other Angel Oak entities. We also have the ability to leverage currently unleveraged securities or whole loan assets, if we deem those actions advisable.
Restricted Cash
Restricted cash of approximately $1.1 million as of September 30, 2023 was comprised of: $0.8 million was held for the benefit of Global Investment Bank 3, the majority of which balance is in an economic interest rate hedging account under the control of Global Investment Bank 3, and may be drawn by Global Investment Bank 3 at its discretion, $0.3 million in interest rate futures margin collateral for the interest rate futures under our sole control; and margin collateral for securities sold under agreements to repurchase of zero.
Restricted cash of approximately $10.6 million as of December 31, 2022 was comprised of: $5.6 million in margin collateral required by certain whole loan financing facility counterparties, the majority of which cash margin required was fully released subsequent to December 31, 2022; $1.1 million in interest rate futures margin collateral; and margin collateral for securities sold under agreements to repurchase of $3.9 million. Our counterparties did not require any margin collateral for TBAs as of December 31, 2022.
Cash Flows
| | | | | | | | | | | | | | |
| | Nine Months Ended |
| | September 30, 2023 | | September 30, 2022 |
| (in thousands) |
| Cash flows provided by (used in) operating activities | | $ | 339,087 | | | $ | (635,830) | |
| Cash flows provided by (used in) investing activities | | $ | (164,668) | | | $ | 502,541 | |
Cash flows provided by (used in) financing activities | | $ | (171,318) | | | $ | (33,620) | |
| Net increase in cash and restricted cash | | $ | 3,101 | | | $ | (22,805) | |
The cash provided by operating activities of $339.1 million for the nine months ended September 30, 2023 as compared to the use of cash of $635.8 million for the nine months ended September 30, 2022 was primarily due to the sale of residential mortgage loans into an affiliate’s securitization trust during the first three months of 2023, while in 2022, we purchased residential mortgage loans.
The use of investing cash flows of $164.7 million for the nine months ended September 30, 2023 as compared to cash provided by investing activities of $502.5 million for the nine months ended September 30, 2022 were primarily due to the timing of purchases and maturities of U.S. Treasury securities in the comparative period.
The use of financing cash flows of $171.3 million for the nine months ended September 30, 2023 as compared to the use of $33.6 million for the nine months ended September 30, 2022 were primarily due to the activity within net borrowings under repurchase agreements and notes payable for the comparative periods, and proceeds from non-recourse securitization transactions in the 2022 comparative period.
Cash Flows - Residential and Commercial Loan Classification
Residential loan activity is recognized in the statement of cash flows as an operating activity, as our residential mortgage loans are generally held for a short period of time with the intent to securitize these loans. Commercial mortgage loan activity is recognized in the statement of cash flows as an investing activity, as our commercial mortgage loan portfolio is generally deemed to be held for investing purposes.
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. A discussion of critical accounting policies and estimates is included in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates” section in the Annual Report on Form 10-K. Our critical accounting policies and estimates have not materially changed since December 31, 2022. Management discusses the ongoing development and selection of these critical accounting policies and estimates with the Audit Committee of our Board of Directors.
We expect quarter-to-quarter GAAP earnings volatility from our business activities. This volatility can occur for a variety of reasons, particularly changes in the fair values of consolidated assets and liabilities. In addition, the amount or timing of our reported earnings may be impacted by technical accounting issues and estimates.
Recent Accounting Pronouncements
Refer to the notes to our condensed consolidated financial statements included in this report for a discussion of recent accounting pronouncements and any expected impact on the Company.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a smaller reporting company, we are not required to provide this information.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. The Company’s disclosure controls and procedures are designed to provide reasonable assurance that information is recorded, processed, summarized, and reported accurately and on a timely basis. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective.
Changes in Internal Control Over Financial Reporting
There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
For a discussion of our potential risks and uncertainties, see the information under Item 1A. “Risk Factors” in the Annual Report on Form 10-K. There have been no material changes to our principal risks that we believe are material to our business, results of operations, and financial condition from the risk factors previously disclosed in the Annual Report on Form 10-K. The risks described in the Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, or future results.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities
There were no issuer purchases of equity securities during the quarter ended September 30, 2023.
Unregistered Sales of Equity Securities
There were no unregistered sales of equity securities during the quarter ended September 30, 2023.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
| | | | | | | | |
| Exhibit Number | | Description |
| 3.1 | | |
| 3.2 | | |
| 3.3 | | |
| 31.1 | † | |
| 31.2 | † | |
| 32.1 | * | |
| 32.2 | * | |
| 101.Def | | Definition Linkbase Document |
| 101.Pre | | Presentation Linkbase Document |
| 101.Lab | | Labels Linkbase Document |
| 101.Cal | | Calculation Linkbase Document |
| 101.Sch | | Schema Document |
| 101.Ins | | Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 0.104 | | The cover page from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline XBRL |
† Filed herewith.
* Exhibit is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized:
ANGEL OAK MORTGAGE REIT, INC.
| | | | | | | | | | | |
| Date: November 8, 2023 | | By: | /s/ Sreeniwas Prabhu |
| | | Sreeniwas Prabhu |
| | | Chief Executive Officer and President |
| | | (Principal Executive Officer) |
| | | |
| Date: November 8, 2023 | | By: | /s/ Brandon R. Filson |
| | | Brandon R. Filson |
| | | Chief Financial Officer and Treasurer |
| | | (Principal Financial and Accounting Officer) |
EXHIBIT 31.1
CHIEF EXECUTIVE OFFICER CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Sreeniwas Prabhu, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 of Angel Oak Mortgage REIT, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 8, 2023
| | |
| /s/ Sreeniwas Prabhu |
| Sreeniwas Prabhu |
| Chief Executive Officer and President |
EXHIBIT 31.2
CHIEF FINANCIAL OFFICER CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Brandon Filson, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 of Angel Oak Mortgage REIT, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 8, 2023
| | |
| /s/ Brandon Filson |
| Brandon Filson |
| Chief Financial Officer and Treasurer |
EXHIBIT 32.1
CERTIFICATION
Pursuant to 18 U.S.C. §1350, the undersigned officer of Angel Oak Mortgage REIT, Inc. (the “Registrant”) hereby certifies that the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 (the “Quarterly Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: November 8, 2023
| | |
| /s/ Sreeniwas Prabhu |
| Sreeniwas Prabhu |
| Chief Executive Officer and President |
The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Quarterly Report or as a separate disclosure document.
EXHIBIT 32.2
CERTIFICATION
Pursuant to 18 U.S.C. §1350, the undersigned officer of Angel Oak Mortgage REIT, Inc. (the “Registrant”) hereby certifies that the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 (the “Quarterly Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: November 8, 2023
| | |
| /s/ Brandon Filson |
| Brandon Filson |
| Chief Financial Officer and Treasurer |
The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Quarterly Report or as a separate disclosure document.
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 07, 2023 |
| Cover [Abstract] |
|
|
| Document Type |
10-Q
|
|
| Document Quarterly Report |
true
|
|
| Document Period End Date |
Sep. 30, 2023
|
|
| Document Transition Report |
false
|
|
| Entity File Number |
001-40495
|
|
| Entity Registrant Name |
Angel Oak Mortgage REIT, Inc.
|
|
| Entity Incorporation, State or Country Code |
MD
|
|
| Entity Tax Identification Number |
37-1892154
|
|
| Entity Address, Address Line One |
3344 Peachtree Road Northeast
|
|
| Entity Address, Address Line Two |
Suite 1725
|
|
| Entity Address, City or Town |
Atlanta
|
|
| Entity Address, State or Province |
GA
|
|
| Entity Address, Postal Zip Code |
30326
|
|
| City Area Code |
404
|
|
| Local Phone Number |
953-4900
|
|
| Title of 12(b) Security |
Common stock, $0.01 par value
|
|
| Trading Symbol |
AOMR
|
|
| Security Exchange Name |
NYSE
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Filer Category |
Non-accelerated Filer
|
|
| Entity Small Business |
true
|
|
| Entity Emerging Growth Company |
false
|
|
| Entity Shell Company |
false
|
|
| Entity Common Stock, Shares Outstanding |
|
24,965,274
|
| Entity Central Index Key |
0001766478
|
|
| Amendment Flag |
false
|
|
| Document Fiscal Period Focus |
Q3
|
|
| Document Fiscal Year Focus |
2023
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionEnd date of current fiscal year in the format --MM-DD.
| Name: |
dei_CurrentFiscalYearEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:gMonthDayItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.
| Name: |
dei_DocumentFiscalPeriodFocus |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fiscalPeriodItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThis is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
| Name: |
dei_DocumentFiscalYearFocus |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:gYearItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true only for a form used as an quarterly report. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form 10-Q
-Number 240
-Section 308
-Subsection a
| Name: |
dei_DocumentQuarterlyReport |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true only for a form used as a transition report. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Forms 10-K, 10-Q, 20-F
-Number 240
-Section 13
-Subsection a-1
| Name: |
dei_DocumentTransitionReport |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 2 such as Street or Suite number
| Name: |
dei_EntityAddressAddressLine2 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
| Name: |
dei_EntityCommonStockSharesOutstanding |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionIndicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
| Name: |
dei_EntityCurrentReportingStatus |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:yesNoItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityFilerCategory |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:filerCategoryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-T
-Number 232
-Section 405
| Name: |
dei_EntityInteractiveDataCurrent |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:yesNoItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityShellCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicates that the company is a Smaller Reporting Company (SRC). Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntitySmallBusiness |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| ASSETS |
|
|
| Cash and cash equivalents |
$ 41,894
|
$ 29,272
|
| Restricted cash |
1,068
|
10,589
|
| Principal and interest receivable |
4,691
|
17,497
|
| Unrealized appreciation on TBAs and interest rate futures contracts - at fair value |
7,857
|
14,756
|
| Other assets |
20,140
|
4,767
|
| Total assets |
2,295,600
|
2,946,212
|
| LIABILITIES |
|
|
| Notes payable |
197,797
|
639,870
|
| Securities sold under agreements to repurchase |
188,101
|
52,544
|
| Due to broker |
511,953
|
1,006,022
|
| Interest payable |
671
|
2,551
|
| Total liabilities |
2,063,798
|
2,709,733
|
| Commitments and contingencies |
|
|
| STOCKHOLDERS’ EQUITY |
|
|
| Common stock, $0.01 par value. As of September 30, 2023: 350,000,000 shares authorized, 24,955,566 shares issued and outstanding. As of December 31, 2022: 350,000,000 shares authorized, 24,925,357 shares issued and outstanding. |
249
|
249
|
| Additional paid-in capital |
476,574
|
475,379
|
| Accumulated other comprehensive loss |
(8,172)
|
(21,127)
|
| Retained earnings (deficit) |
(236,849)
|
(218,022)
|
| Total stockholders’ equity |
231,802
|
236,479
|
| Total liabilities and stockholders’ equity |
2,295,600
|
2,946,212
|
| Nonrelated Party |
|
|
| LIABILITIES |
|
|
| Accrued expenses |
1,540
|
1,288
|
| Related Party |
|
|
| LIABILITIES |
|
|
| Accrued expenses |
985
|
2,006
|
| Management fee payable to affiliate |
1,455
|
1,967
|
| Non-recourse |
|
|
| LIABILITIES |
|
|
| Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts (see Note 2) |
1,161,296
|
1,003,485
|
| Total RMBS |
|
|
| ASSETS |
|
|
| Debt securities, at fair value |
579,985
|
1,055,338
|
| LIABILITIES |
|
|
| Securities sold under agreements to repurchase |
39,861
|
52,544
|
| CMBS |
|
|
| ASSETS |
|
|
| Debt securities, at fair value |
6,338
|
6,111
|
| U.S. Treasury securities |
|
|
| ASSETS |
|
|
| Debt securities, at fair value |
149,906
|
0
|
| LIABILITIES |
|
|
| Securities sold under agreements to repurchase |
148,240
|
|
| Residential mortgage loans |
|
|
| ASSETS |
|
|
| Financing receivable, principal balance |
284,383
|
770,982
|
| Residential mortgage loans in securitization trusts |
|
|
| ASSETS |
|
|
| Financing receivable, principal balance |
1,194,119
|
1,027,442
|
| Commercial mortgage loans |
|
|
| ASSETS |
|
|
| Financing receivable, principal balance |
$ 5,219
|
$ 9,458
|
| X |
- DefinitionInterest, dividends, rents, ancillary and other revenues earned but not yet received by the entity on its investments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_AccruedInvestmentIncomeReceivable |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_AccruedLiabilitiesCurrentAndNoncurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-14
| Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_AdditionalPaidInCapital |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_Assets |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_AssetsAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481830/320-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
| Name: |
us-gaap_AvailableForSaleSecuritiesDebtSecurities |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
| Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionRepresents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.17)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_CommitmentsAndContingencies |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_CommonStockValue |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3
Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-22
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10
| Name: |
us-gaap_DerivativeAssets |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount payable to correspondent broker-dealer.
| Name: |
us-gaap_DueToCorrespondentBrokers |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_EquityAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of interest payable on debt, including, but not limited to, trade payables. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(15)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_InterestPayableCurrentAndNoncurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(14))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_Liabilities |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_LiabilitiesAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(32))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_LineOfCredit |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of fee payable for management of fund or trust. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(12)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
| Name: |
us-gaap_ManagementFeePayable |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmortized cost, after allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(5)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5
| Name: |
us-gaap_NotesReceivableNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of assets classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(17))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_OtherAssets |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_RestrictedCash |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of accumulated undistributed earnings (deficit). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-11
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(17))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionCarrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_SecuredDebt |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10
Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_SecuritiesSoldUnderAgreementsToRepurchase |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2
| Name: |
us-gaap_StockholdersEquity |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_RecourseStatusAxis=us-gaap_NonrecourseMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageBackedSecuritiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CommercialMortgageBackedSecuritiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_USTreasurySecuritiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableResidentialMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableResidentialSecuritizationTrustMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableCommercialMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
| Statement of Financial Position [Abstract] |
|
|
| Common stock, par value (USD per share) |
$ 0.01
|
$ 0.01
|
| Common stock authorized (shares) |
350,000,000
|
350,000,000
|
| Common stock issued (shares) |
24,955,566
|
24,925,357
|
| Common stock outstanding (shares) |
24,955,566
|
24,925,357
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_CommonStockParOrStatedValuePerShare |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_CommonStockSharesAuthorized |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_CommonStockSharesIssued |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_CommonStockSharesOutstanding |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_StatementOfFinancialPositionAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| INTEREST INCOME, NET |
|
|
|
|
| Interest income |
$ 23,900
|
$ 30,148
|
$ 71,403
|
$ 86,959
|
| Interest expense |
16,490
|
18,408
|
50,742
|
41,849
|
| NET INTEREST INCOME |
7,410
|
11,740
|
20,661
|
45,110
|
| REALIZED AND UNREALIZED GAINS (LOSSES), NET |
|
|
|
|
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS |
(12,044)
|
17,290
|
(27,056)
|
56,423
|
| Net unrealized gain (loss) on trading securities, mortgage loans, debt at fair value option (see Note 2), and derivative contracts |
17,299
|
(100,855)
|
27,868
|
(255,021)
|
| TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET |
5,255
|
(83,565)
|
812
|
(198,598)
|
| EXPENSES |
|
|
|
|
| Operating expenses |
1,370
|
2,764
|
5,788
|
9,525
|
| Operating expenses incurred with affiliate |
599
|
2,141
|
1,672
|
3,834
|
| Due diligence and transaction costs |
115
|
213
|
136
|
1,502
|
| Stock compensation |
447
|
3,340
|
1,195
|
5,179
|
| Securitization costs |
416
|
1,115
|
2,326
|
3,134
|
| Management fee incurred with affiliate |
1,445
|
1,951
|
4,460
|
5,830
|
| Total operating expenses |
4,392
|
11,524
|
15,577
|
29,004
|
| INCOME (LOSS) BEFORE INCOME TAXES |
8,273
|
(83,349)
|
5,896
|
(182,492)
|
| Income tax expense (benefit) |
0
|
0
|
781
|
(3,457)
|
| NET INCOME (LOSS) |
8,273
|
(83,349)
|
5,115
|
(179,035)
|
| Preferred dividends |
0
|
(4)
|
0
|
(11)
|
| NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS |
8,273
|
(83,353)
|
5,115
|
(179,046)
|
| Other comprehensive income (loss) |
(1,607)
|
(10,227)
|
12,955
|
(11,979)
|
| TOTAL COMPREHENSIVE INCOME (LOSS) |
$ 6,666
|
$ (93,580)
|
$ 18,070
|
$ (191,025)
|
| Basic earnings (loss) per common share (USD per share) |
$ 0.33
|
$ (3.40)
|
$ 0.20
|
$ (7.30)
|
| Diluted earnings (loss) per common share (USD per share) |
$ 0.33
|
$ (3.40)
|
$ 0.20
|
$ (7.30)
|
| Weighted average number of common shares outstanding: |
|
|
|
|
| Basic (shares) |
24,768,921
|
24,505,438
|
24,706,568
|
24,534,967
|
| Diluted (shares) |
24,957,668
|
24,505,438
|
24,933,833
|
24,534,967
|
| X |
- DefinitionNoninterest Expense Due Diligence And Transaction Costs
| Name: |
aomr_NoninterestExpenseDueDiligenceAndTransactionCosts |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionOther Operating Expenses, Affiliates
| Name: |
aomr_OtherOperatingExpensesAffiliates |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionRealized And Unrealized Gain (Loss) on Derivatives and Investments
| Name: |
aomr_RealizedAndUnrealizedGainLossOnDerivativesAndInvestments |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionRealized and Unrealized Gains (Losses), Net
| Name: |
aomr_RealizedAndUnrealizedGainsLossesNetAbstract |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionRealized Gain (Loss) On Derivatives And Investments
| Name: |
aomr_RealizedGainLossOnDerivativesAndInvestments |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionUnrealized Gain (Loss) On Derivatives And Investments
| Name: |
aomr_UnrealizedGainLossOnDerivativesAndInvestments |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_AllocatedShareBasedCompensationExpense |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(24))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(26))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-5
| Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
| Name: |
us-gaap_EarningsPerShareBasic |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
| Name: |
us-gaap_EarningsPerShareDiluted |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionRepresents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 45
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480228/946-830-45-39
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.1-5)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
| Name: |
us-gaap_InterestAndDividendIncomeOperating |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.9)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (210.5-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483013/835-20-50-1
| Name: |
us-gaap_InterestExpense |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.10)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
| Name: |
us-gaap_InterestIncomeExpenseNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_InterestIncomeExpenseNetAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of expense for investment management fee, including, but not limited to, expense in connection with research, selection, supervision, and custody of investment. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
| Name: |
us-gaap_ManagementFeeExpense |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
| Name: |
us-gaap_NetIncomeLoss |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-5
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
| Name: |
us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionTotal aggregate amount of all noninterest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.14)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
| Name: |
us-gaap_NoninterestExpense |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_OperatingExpensesAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482739/220-10-55-15
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
| Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTax |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders.
| Name: |
us-gaap_PreferredStockDividendsIncomeStatementImpact |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-16
| Name: |
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionNumber of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
| Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands |
Total |
Preferred Stock |
Common Stock at Par |
Additional Paid-in Capital |
Accumulated Other Comprehensive (Loss) Income |
Retained Earnings (Deficit) |
| Balance at beginning of period at Dec. 31, 2021 |
$ 491,390
|
$ 101
|
$ 252
|
$ 476,510
|
$ 3,000
|
$ 11,527
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Dividends paid on common stock |
(33,725)
|
|
|
|
|
(33,725)
|
| Repurchase of common stock |
(6,862)
|
|
(3)
|
(6,859)
|
|
|
| Stock compensation |
5,179
|
|
|
5,179
|
|
|
| Dividends declared - preferred |
(11)
|
|
|
|
|
(11)
|
| Unrealized gain on RMBS and CMBS |
(11,979)
|
|
|
|
(11,979)
|
|
| Net income (loss) |
(179,035)
|
|
|
|
|
(179,035)
|
| Balance at end of period at Sep. 30, 2022 |
264,957
|
101
|
249
|
474,830
|
(8,979)
|
(201,244)
|
| Balance at beginning of period at Jun. 30, 2022 |
367,284
|
101
|
249
|
472,356
|
1,248
|
(106,670)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Dividends paid on common stock |
(11,221)
|
|
|
|
|
(11,221)
|
| Repurchase of common stock |
(866)
|
|
|
(866)
|
|
|
| Stock compensation |
3,340
|
|
|
3,340
|
|
|
| Dividends declared - preferred |
(4)
|
|
|
|
|
(4)
|
| Unrealized gain on RMBS and CMBS |
(10,227)
|
|
|
|
(10,227)
|
|
| Net income (loss) |
(83,349)
|
|
|
|
|
(83,349)
|
| Balance at end of period at Sep. 30, 2022 |
264,957
|
$ 101
|
249
|
474,830
|
(8,979)
|
(201,244)
|
| Balance at beginning of period at Dec. 31, 2022 |
236,479
|
|
249
|
475,379
|
(21,127)
|
(218,022)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Dividends paid on common stock |
(23,942)
|
|
|
|
|
(23,942)
|
| Stock compensation |
1,195
|
|
|
1,195
|
|
|
| Unrealized gain on RMBS and CMBS |
12,955
|
|
|
|
12,955
|
|
| Net income (loss) |
5,115
|
|
|
|
|
5,115
|
| Balance at end of period at Sep. 30, 2023 |
231,802
|
|
249
|
476,574
|
(8,172)
|
(236,849)
|
| Balance at beginning of period at Jun. 30, 2023 |
232,676
|
|
249
|
476,127
|
(6,565)
|
(237,135)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Dividends paid on common stock |
(7,987)
|
|
|
|
|
(7,987)
|
| Stock compensation |
447
|
|
|
447
|
|
|
| Unrealized gain on RMBS and CMBS |
(1,607)
|
|
|
|
(1,607)
|
|
| Net income (loss) |
8,273
|
|
|
|
|
8,273
|
| Balance at end of period at Sep. 30, 2023 |
$ 231,802
|
|
$ 249
|
$ 476,574
|
$ (8,172)
|
$ (236,849)
|
| X |
- DefinitionAmount of paid and unpaid common stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-SubTopic 405
-Topic 942
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481071/942-405-45-2
| Name: |
us-gaap_DividendsCommonStock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-SubTopic 405
-Topic 942
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481071/942-405-45-2
| Name: |
us-gaap_DividendsPreferredStock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
| Name: |
us-gaap_IncreaseDecreaseInStockholdersEquityRollForward |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
| Name: |
us-gaap_NetIncomeLoss |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482739/220-10-55-15
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
| Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTax |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionValue, after forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionEquity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-4
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_StockRepurchasedDuringPeriodValue |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2
| Name: |
us-gaap_StockholdersEquity |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
v3.23.3
| X |
- DefinitionAggregate dividends paid during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
| Name: |
us-gaap_CommonStockDividendsPerShareCashPaid |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_StatementOfStockholdersEquityAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Net income (loss) |
|
$ 5,115
|
$ (179,035)
|
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS |
|
27,056
|
(56,423)
|
| Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts |
|
(27,868)
|
255,021
|
| Accretion of discount on U.S. Treasury securities |
|
(1,201)
|
0
|
| Amortization of debt issuance costs |
|
1,040
|
1,099
|
| Net amortization of premiums and discounts on mortgage loans |
|
2,199
|
8,231
|
| Accretion of non-recourse securitized obligation discount |
|
1,251
|
|
| Stock compensation |
|
1,195
|
5,179
|
| Net change in: |
|
|
|
| Principal payments on residential mortgage loans in securitization trusts |
|
74,179
|
177,846
|
| Principal payments on residential mortgage loans |
|
30,950
|
71,210
|
| Collateral due to counterparties |
|
0
|
(200)
|
| Margin received from interest rate futures contracts and TBAs |
|
12,602
|
75,689
|
| Sale of residential mortgage loans into affiliate’s securitization trust |
|
313,438
|
0
|
| Principal and interest receivable on residential mortgage loans |
|
12,806
|
(12,689)
|
| Other assets |
|
(15,373)
|
467
|
| Accrued expenses |
|
(528)
|
3,084
|
| Accrued expenses - affiliate |
|
(1,021)
|
1,634
|
| Interest payable |
|
(1,880)
|
3,169
|
| Management fee payable to affiliate |
|
(512)
|
161
|
| Income tax expense (benefit) |
|
781
|
(3,457)
|
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
|
339,087
|
(644,278)
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Purchases of investments in RMBS, available for sale |
|
(1,006,023)
|
(1,140,153)
|
| Purchases of investments in RMBS, trading |
|
(853,934)
|
0
|
| Sale of investments in RMBS, available for sale |
|
1,006,196
|
1,524,129
|
| Sale of investments in RMBS, trading |
|
832,542
|
0
|
| Purchase of investment in U.S. Treasury securities |
|
(848,617)
|
(349,992)
|
| Maturity of U.S. Treasury securities |
|
700,000
|
600,000
|
| Principal payments on RMBS |
|
816
|
13,219
|
| Purchases of commercial mortgage loans |
|
0
|
(3,180)
|
| Sale of commercial mortgage loans |
|
4,326
|
11,026
|
| Principal payments on commercial mortgage loans |
|
26
|
44
|
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
|
(164,668)
|
655,093
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Dividends paid to common stockholders |
|
(23,942)
|
(33,725)
|
| Dividends paid to preferred shareholders |
|
0
|
(11)
|
| Repurchases of common stock |
|
0
|
(6,862)
|
| Principal payments on non-recourse securitization obligation |
|
(74,179)
|
(177,111)
|
| Cash paid for debt issuance costs |
|
0
|
(457)
|
| Proceeds from securitization |
|
233,319
|
675,360
|
| Net proceeds from (payments on) securities sold under agreements to repurchase |
|
135,557
|
(543,727)
|
| Net proceeds from (payments on) notes payable |
|
(442,073)
|
52,913
|
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
|
(171,318)
|
(33,620)
|
| CHANGE IN CASH AND RESTRICTED CASH |
|
3,101
|
(22,805)
|
| CASH AND RESTRICTED CASH, beginning of period |
[1] |
39,861
|
52,309
|
| CASH AND RESTRICTED CASH, end of period |
[1] |
42,962
|
29,504
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
| Cash paid during the period for interest |
|
48,862
|
38,535
|
| Nonrelated Party |
|
|
|
| Net change in: |
|
|
|
| Purchases of residential mortgage loans |
|
(5,469)
|
(427,940)
|
| Related Party |
|
|
|
| Net change in: |
|
|
|
| Purchases of residential mortgage loans |
|
$ (89,673)
|
$ (567,324)
|
|
|
| X |
- DefinitionAmortization of Discounts and Premiums, Investments
| Name: |
aomr_AmortizationOfDiscountsAndPremiumsInvestments |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionIncrease (Decrease) in Accrued Expenses Payable to Affiliates
| Name: |
aomr_IncreaseDecreaseInAccruedExpensesPayableToAffiliates |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionIncrease (Decrease) in Payments to Purchase Mortgage Loans
| Name: |
aomr_IncreaseDecreaseInPaymentsToPurchaseMortgageLoans |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionIncrease (Decrease) in Principal Payments on Residential Mortgage Loans in Securitization Trusts
| Name: |
aomr_IncreaseDecreaseInPrincipalPaymentsOnResidentialMortgageLoansInSecuritizationTrusts |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionIncrease (Decrease) in Principal Payments Received on Mortgage Loans
| Name: |
aomr_IncreaseDecreaseInPrincipalPaymentsReceivedOnMortgageLoans |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionIncrease (Decrease) in Sales of Residential Mortgage Loans into Affiliate Securitization Trust
| Name: |
aomr_IncreaseDecreaseInSalesOfResidentialMortgageLoansIntoAffiliateSecuritizationTrust |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionIncrease (Decrease) on Margin Received from (Posted on) Derivatives
| Name: |
aomr_IncreaseDecreaseOnMarginReceivedFromPostedOnDerivatives |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionPayments for Origination of Mortgage Loans Held-for-Investment
| Name: |
aomr_PaymentsForOriginationOfMortgageLoansHeldForInvestment |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionPayments To Acquire Debt Securities, Available-For-Sale, Other
| Name: |
aomr_PaymentsToAcquireDebtSecuritiesAvailableForSaleOther |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionProceeds from Sale of Debt Securities, Available-for-sale, Other
| Name: |
aomr_ProceedsFromSaleOfDebtSecuritiesAvailableForSaleOther |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionProceeds (Payments) Received on Mortgage Loans Held-for-Investment
| Name: |
aomr_ProceedsPaymentsReceivedOnMortgageLoansHeldForInvestment |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionRealized Gain (Loss) On Derivatives And Investments, Net
| Name: |
aomr_RealizedGainLossOnDerivativesAndInvestmentsNet |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionUnrealized Gain (Loss) on Derivatives and Investments, Net, Cash Flow Statement
| Name: |
aomr_UnrealizedGainLossOnDerivativesAndInvestmentsNetCashFlowStatement |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount recognized for the passage of time, typically for liabilities, that have been discounted to their net present values. Excludes accretion associated with asset retirement obligations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481639/420-10-35-4
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
| Name: |
us-gaap_AccretionExpense |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of amortization expense attributable to debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
| Name: |
us-gaap_AmortizationOfFinancingCosts |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
| Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-SubTopic 230
-Topic 830
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481877/830-230-45-1
| Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe aggregate net amount of depreciation, amortization, and accretion recognized during an accounting period. As a noncash item, the net amount is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
| Name: |
us-gaap_DepreciationAmortizationAndAccretionNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe increase (decrease) during the reporting period in the amount of cash held either as collateral directly or provided to third parties associated with derivative instruments. Upon the occurrence of any specified triggering event or condition associated with the derivative, these amounts can be utilized to recover all or a portion of the amounts due or payable under the derivative. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
| Name: |
us-gaap_IncreaseDecreaseCashCollateralFromCounterparties |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe increase (decrease) during the reporting period in investment income that has been earned but not yet received in cash. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (a)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
| Name: |
us-gaap_IncreaseDecreaseInAccruedInvestmentIncomeReceivable |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (a)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
| Name: |
us-gaap_IncreaseDecreaseInAccruedLiabilities |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (a)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
| Name: |
us-gaap_IncreaseDecreaseInInterestPayableNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of increase (decrease) in fee payable for management of fund or trust. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 230
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480369/946-230-45-1
| Name: |
us-gaap_IncreaseDecreaseInManagementFeePayable |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of increase (decrease) in operating assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (a)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
| Name: |
us-gaap_IncreaseDecreaseInOtherOperatingAssets |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-17
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482913/230-10-50-2
| Name: |
us-gaap_InterestPaidNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
| Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivities |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
| Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivities |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
| Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
| Name: |
us-gaap_NetIncomeLoss |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe cash outflow to reacquire common stock during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
| Name: |
us-gaap_PaymentsForRepurchaseOfCommonStock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
| Name: |
us-gaap_PaymentsOfDebtIssuanceCosts |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
| Name: |
us-gaap_PaymentsOfDividendsCommonStock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
| Name: |
us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash outflow for purchase of mortgage-backed security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-13
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-11
| Name: |
us-gaap_PaymentsToAcquireMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe cash outflow to acquire securities classified as trading securities and held for investment purposes. Excludes payments for trading securities purchased and held principally for the purpose of selling them in the near term (thus held for only a short period of time). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-13
| Name: |
us-gaap_PaymentsToAcquireTradingSecuritiesHeldforinvestment |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionProceeds from securitizations of receivables treated as collateralized borrowings, which are classified as financing transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
| Name: |
us-gaap_ProceedsFromAccountsReceivableSecuritization |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe cash inflow from the maturity (principal due), prepayment and call (request of early payment) of a loan financed by home mortgage payments classified as held to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
| Name: |
us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfMortgageBackedSecuritiesMBS |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe cash flow from investments sold under the agreement to repurchase such investment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-9
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-8
| Name: |
us-gaap_ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash inflow (outflow) from long-term debt supported by a written promise to pay an obligation.
| Name: |
us-gaap_ProceedsFromRepaymentsOfNotesPayable |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash inflow from sale of loan held for investment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
| Name: |
us-gaap_ProceedsFromSaleOfLoansHeldForInvestment |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash inflow from sale of investment in mortgage-backed security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
| Name: |
us-gaap_ProceedsFromSaleOfMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe cash inflow associated with the sale of securities classified as trading securities and held for investment purposes. Excludes proceeds from trading securities purchased and held principally for the purpose of selling them in the near term (thus held for only a short period of time).
| Name: |
us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
| Name: |
us-gaap_RepaymentsOfSecuredDebt |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of noncash expense for share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (a)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
| Name: |
us-gaap_ShareBasedCompensation |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
v3.23.3
| X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
| Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_RestrictedCash |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_StatementOfCashFlowsAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Organization and Basis of Presentation
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Organization and Basis of Presentation |
Organization and Basis of Presentation Angel Oak Mortgage REIT, Inc. (together with its subsidiaries the “Company”), is a real estate finance company focused on acquiring and investing in first lien non-qualified residential mortgage (“non-QM”) loans and other mortgage‑related assets in the U.S. mortgage market. The Company’s strategy is to make credit-sensitive investments primarily in newly-originated first lien non‑QM loans that are primarily made to higher‑quality non‑QM loan borrowers and primarily sourced from the proprietary mortgage lending platform of its affiliate, Angel Oak Mortgage Solutions LLC (together with other non-operational affiliated originators, “Angel Oak Mortgage Lending”), which currently operates primarily through a wholesale channel and has a national origination footprint. The Company may also invest in other residential mortgage loans, residential mortgage‑backed securities (“RMBS”), and other mortgage‑related assets. The Company’s objective is to generate attractive risk‑adjusted returns for its stockholders, through cash distributions and capital appreciation, across interest rate and credit cycles.
The Company is a Maryland corporation incorporated on March 20, 2018. The Company achieves certain of its investment objectives by investing a portion of its assets in its wholly‑owned taxable REIT subsidiary, Angel Oak Mortgage REIT TRS, LLC (“AOMR TRS”), a Delaware limited liability company formed on March 21, 2018, which invests its assets in Angel Oak Mortgage Fund TRS, a Delaware statutory trust formed on June 15, 2018.
The Company is traded on the New York Stock Exchange under the ticker symbol AOMR.
The Operating Partnership On February 5, 2020, the Company formed Angel Oak Mortgage Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), through which substantially all of its assets are held and substantially all of its operations are conducted, either directly or through subsidiaries. The Company holds all of the limited partnership interests in the Operating Partnership and indirectly holds the sole general partnership interest in the Operating Partnership through the general partner, which is the Company’s wholly-owned subsidiary.
The Company’s Manager and REIT status The Company is externally managed and advised by Falcons I, LLC (the “Manager”), a Securities and Exchange Commission-registered investment adviser and an affiliate of Angel Oak Capital Advisors, LLC (“Angel Oak Capital”). The Company has elected to be taxed as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2019.
Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report on Form 10-K”).
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. The condensed consolidated financial statements include the accounts of the Company and its wholly‑owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates The preparation of financial statements requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., fair value changes due to inputs and underlying assumptions as described in Note 10 — Fair Value Measurements, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from the Company’s estimates and the differences could be material. New Accounting Standards and Interpretations
As of September 30, 2023, there were no new accounting standards or interpretations adopted by the Company that had a material effect on its condensed consolidated financial statements.
Reclassifications
Certain amounts reported in prior periods in the condensed consolidated financial statements have been reclassified to conform to the current year’s presentation. For comparative purposes, and to simplify the presentation of the Company’s condensed consolidated balance sheet, the deferred tax asset has been reclassified to “other assets” on the condensed consolidated balance sheet as of December 31, 2022. See Note 14 — Other Assets.
Certain comparative period amounts have been reclassified for consistency with current period presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the Condensed Consolidated Statements of Cash Flows for the nine months-ended September 30, 2022, to identify amortization of debt issuance costs, net amortization of premiums and discounts of mortgage loans, and principal payments on residential mortgage loans in securitization trusts.
Summary of Significant Accounting Policies
The Company’s summary of significant accounting policies as set forth in its Annual Report on Form 10-K remain unchanged. During the nine months ended September 30, 2023, the Company elected a new accounting classification regarding certain of its investments in debt securities, as further described below, as the Company classifies securities on a trade-by-trade basis upon purchase. The Company did not transfer any securities between classifications. The Company classifies its investments in debt securities in accordance with Accounting Standards Codification 320 - Investments - Debt Securities (“ASC 320”) as “trading,” “available for sale,” or “held to maturity”. Historically, the Company had classified all of its investments in debt securities as available for sale (“AFS”). In the first quarter of 2023, the Company began designating its purchases of Freddie Mac and Fannie Mae-issued whole pool agency residential mortgage-backed securities (“Whole Pool Agency RMBS”) and purchases of U.S. Treasury securities as trading securities.
|
| X |
- References
+ Details
| Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 235
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//235/tableOfContent
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//275/tableOfContent
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//810/tableOfContent
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 250
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//250/tableOfContent
| Name: |
us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Variable Interest Entities
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Variable Interest Entities |
Variable Interest Entities Since its inception, the Company has utilized Variable Interest Entities (“VIEs”) for the purpose of securitizing whole mortgage loans to obtain long-term non-recourse financing. The Company evaluates its interest in each VIE to determine if it is the primary beneficiary. Below are descriptions of VIEs for which the Company is and is not the primary beneficiary.
VIEs for Which the Company is the Primary Beneficiary
The Company entered into securitization transactions where it was determined that the Company was the primary beneficiary, as, with respect to each securitization vehicle, it controls the class of securities with call rights, or “controlling class” of securities, the XS tranche. The Company was the sole entity to contribute residential whole mortgage loans to these securitization vehicles.
The retained beneficial interest in VIEs for which the Company is the primary beneficiary is the subordinated tranches of the securitization and further interests in additional interest‑only tranches. The table below sets forth the fair values of the assets and liabilities recorded in the condensed consolidated balance sheets related to these consolidated VIEs as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | Assets: | | (in thousands) | | | Residential mortgage loans in securitization trusts - cost | | $ | 1,409,089 | | | $ | 1,193,879 | | | | Fair value adjustment | | (214,970) | | | (166,437) | | | | Residential mortgage loans in securitization trusts - at fair value | | $ | 1,194,119 | | | $ | 1,027,442 | | | | | | | | | Liabilities (1): | | | | | | | Non-recourse securitization obligations, collateralized by residential mortgage loans - principal balance, amortized cost | | $ | 434,227 | | | $ | 474,070 | | | | Less: debt issuance costs capitalized | | (105) | | | (1,145) | | | | Non-recourse securitization obligations, collateralized by residential mortgage loans, amortized cost, net | | $ | 434,122 | | | $ | 472,925 | | | | | | | | | Non-recourse securitization obligations, collateralized by residential mortgage loans - principal balance, net of discount, subject to fair value adjustment | | $ | 836,130 | | | $ | 611,114 | | | | Fair value adjustment | | (108,956) | | | (80,554) | | | | Non-recourse securitization obligations, collateralized by residential mortgage loans - at fair value, net | | $ | 727,174 | | | $ | 530,560 | | | | | | | | | | Total non-recourse securitization obligations, collateralized by residential mortgage loans, net | | $ | 1,161,296 | | | $ | 1,003,485 | | |
(1) Debt issuance costs for non-recourse securitization obligations electing the fair value option are recorded to expense upon issuance of the securitization. Debt issuance costs incurred with the issuances of non-recourse securitization obligations for which the fair value option was not elected are presented at amortized cost. Income and expense amounts related to the consolidated VIEs recorded in the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2023 and 2022 is set forth as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Three Months Ended September 30, 2022 | | Nine Months Ended September 30, 2023 | | Nine Months Ended September 30, 2022 | | | (in thousands) | | | | | | Interest income | | $ | 15,733 | | | $ | 12,759 | | | $ | 41,213 | | | $ | 34,646 | | Interest expense, non-recourse liabilities (1) | | (10,956) | | | (6,983) | | | (26,121) | | | (17,245) | | | Net interest income | | $ | 4,777 | | | $ | 5,776 | | | $ | 15,092 | | | $ | 17,401 | | | Net unrealized gain (loss) on mortgage loans in securitization trusts - at fair value | | (16,863) | | | (73,178) | | | (9,404) | | | (152,931) | | | Unrealized gain (loss) on mark-to-market of non-recourse securitization obligation - at fair value | | 22,183 | | | 34,357 | | | 3,620 | | | 67,030 | | Securitization costs | | (416) | | | (1,115) | | | (2,326) | | | (3,405) | | | Realized losses and operating expenses | | (967) | | | (247) | | | (2,163) | | | (695) | | Net gain/(loss) from consolidated VIEs | | $ | 8,714 | | | $ | (34,407) | | | $ | 4,819 | | | $ | (72,600) | |
(1) Interest expense includes amortization of debt issuance expense and accretion of non-recourse securitization obligation discount. VIEs for Which the Company is Not the Primary Beneficiary
The Company sponsored or participated along with other affiliates and entities managed by Angel Oak Capital in the formation of various entities that were considered to be VIEs. These VIEs were formed to facilitate securitization issuances that were comprised of secured residential whole loans and/or small balance commercial loans contributed to securitization trusts. These securities were issued as a result of the unconsolidated securitizations where the Company retained bonds from the issuances of securitizations issued by a depositor that the Company does not control. The Company determined that it was not then and is not now the primary beneficiary of any of these securitization entities, and thus has not consolidated the operating results or statements of financial position of any of these entities. The Company performs ongoing reassessments of all VIEs in which the Company has participated since its inception as to whether changes in the facts and circumstances regarding the Company’s involvement with a VIE would cause the Company’s consolidation conclusion to change, and the Company’s assessment of these VIEs remains unchanged. The securities received in the securitization transactions were classified as “available for sale” upon receipt and are included in “RMBS - at fair value” and “CMBS - at fair value” on the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, and details on the accounting treatment and fair value methodology of the securities can be found in Note 10 — Fair Value Measurements. See also Note 5 — Investment Securities, for the fair value of AOMT securities held by the Company, and Note 14 - Other Assets, for investments in MOAs, as of September 30, 2023 and December 31, 2022 that were retained by the Company as a result of these securitization transactions.
|
| X |
- References
+ Details
| Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//810/tableOfContent
| Name: |
us-gaap_VariableInterestEntityDisclosureTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Residential Mortgage Loans
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
|
| Residential Mortgage Loans |
Residential Mortgage Loans Residential mortgage loans are mortgage loans on residences located in various states with concentrations in California, Florida, Texas, and Georgia. Residential mortgage loans are measured at fair value. The following table sets forth the cost, unpaid principal balance, net premium on mortgage loans purchased, fair value, weighted average interest rate, and weighted average remaining maturity of the Company’s residential mortgage loan portfolio as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | | Cost | | $ | 313,297 | | | $ | 886,661 | | | | | | | | Unpaid principal balance | | $ | 307,638 | | | $ | 864,171 | | | Net premium on mortgage loans purchased | | 5,659 | | | 22,489 | | | Change in fair value | | (28,914) | | | (115,678) | | | Fair value | | $ | 284,383 | | | $ | 770,982 | | | | | | | | Weighted average interest rate | | 5.83 | % | | 4.80 | % | | | | | | | Weighted average remaining maturity (years) | | 29 | | 30 |
At times, various forms of margin maintenance on residential mortgage loans may be required by certain financing facility counterparties. See Note 6 — Notes Payable.
The following table sets forth data regarding the number of consumer mortgage loans secured by residential real property 90 or more days past due and also those in formal foreclosure proceedings, and the recorded investment and unpaid principal balance of such loans as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | As of: | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | | Number of mortgage loans 90 or more days past due | | 3 | | | 11 | | | Recorded investment in mortgage loans 90 or more days past due | | $ | 2,001 | | | $ | 7,230 | | | Unpaid principal balance of loans 90 or more days past due | | $ | 1,938 | | | $ | 7,043 | | | | | | | | Number of mortgage loans in foreclosure | | 8 | | | 2 | | | Recorded investment in mortgage loans in foreclosure | | $ | 6,665 | | | $ | 820 | | | Unpaid principal balance of loans in foreclosure | | $ | 6,462 | | | $ | 849 | |
Commercial mortgage loans are mortgage loans on commercial properties located in various states with concentrations in California and Tennessee. Commercial mortgage loans are measured at fair value. The following table sets forth the cost, unpaid principal balance, fair value, weighted average interest rate, and weighted average remaining maturity of the Company’s commercial mortgage loan portfolio as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | | Cost | | $ | 5,602 | | | $ | 9,928 | | | | | | | | Unpaid principal balance | | $ | 5,606 | | | $ | 9,928 | | | | | | | | Change in fair value | | (387) | | | (470) | | | Fair value | | $ | 5,219 | | | $ | 9,458 | | | | | | | | Weighted average interest rate | | 6.24 | % | | 7.03 | % | | | | | | | Weighted average remaining maturity (years) | | 12 | | 8 |
|
| X |
- References
+ Details
| Name: |
srt_MortgageLoansOnRealEstateAbstract |
| Namespace Prefix: |
srt_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for financing receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-42
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481933/310-10-55-12A
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 44
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-44
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//310-10/tableOfContent
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//310-20/tableOfContent
| Name: |
us-gaap_FinancingReceivablesTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Commercial Mortgage Loans
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
|
| Commercial Mortgage Loans |
Residential Mortgage Loans Residential mortgage loans are mortgage loans on residences located in various states with concentrations in California, Florida, Texas, and Georgia. Residential mortgage loans are measured at fair value. The following table sets forth the cost, unpaid principal balance, net premium on mortgage loans purchased, fair value, weighted average interest rate, and weighted average remaining maturity of the Company’s residential mortgage loan portfolio as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | | Cost | | $ | 313,297 | | | $ | 886,661 | | | | | | | | Unpaid principal balance | | $ | 307,638 | | | $ | 864,171 | | | Net premium on mortgage loans purchased | | 5,659 | | | 22,489 | | | Change in fair value | | (28,914) | | | (115,678) | | | Fair value | | $ | 284,383 | | | $ | 770,982 | | | | | | | | Weighted average interest rate | | 5.83 | % | | 4.80 | % | | | | | | | Weighted average remaining maturity (years) | | 29 | | 30 |
At times, various forms of margin maintenance on residential mortgage loans may be required by certain financing facility counterparties. See Note 6 — Notes Payable.
The following table sets forth data regarding the number of consumer mortgage loans secured by residential real property 90 or more days past due and also those in formal foreclosure proceedings, and the recorded investment and unpaid principal balance of such loans as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | As of: | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | | Number of mortgage loans 90 or more days past due | | 3 | | | 11 | | | Recorded investment in mortgage loans 90 or more days past due | | $ | 2,001 | | | $ | 7,230 | | | Unpaid principal balance of loans 90 or more days past due | | $ | 1,938 | | | $ | 7,043 | | | | | | | | Number of mortgage loans in foreclosure | | 8 | | | 2 | | | Recorded investment in mortgage loans in foreclosure | | $ | 6,665 | | | $ | 820 | | | Unpaid principal balance of loans in foreclosure | | $ | 6,462 | | | $ | 849 | |
Commercial mortgage loans are mortgage loans on commercial properties located in various states with concentrations in California and Tennessee. Commercial mortgage loans are measured at fair value. The following table sets forth the cost, unpaid principal balance, fair value, weighted average interest rate, and weighted average remaining maturity of the Company’s commercial mortgage loan portfolio as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | | Cost | | $ | 5,602 | | | $ | 9,928 | | | | | | | | Unpaid principal balance | | $ | 5,606 | | | $ | 9,928 | | | | | | | | Change in fair value | | (387) | | | (470) | | | Fair value | | $ | 5,219 | | | $ | 9,458 | | | | | | | | Weighted average interest rate | | 6.24 | % | | 7.03 | % | | | | | | | Weighted average remaining maturity (years) | | 12 | | 8 |
|
| X |
- References
+ Details
| Name: |
srt_MortgageLoansOnRealEstateAbstract |
| Namespace Prefix: |
srt_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for financing receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-42
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481933/310-10-55-12A
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 44
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-44
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//310-10/tableOfContent
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//310-20/tableOfContent
| Name: |
us-gaap_FinancingReceivablesTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Investment Securities
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Investment Securities |
Investment Securities As of September 30, 2023, investment securities were comprised of non‑agency RMBS (“AOMT RMBS”), Whole Pool Agency RMBS, commercial mortgage backed securities (“CMBS”), and U.S. Treasury securities. The U.S. Treasury securities held by the Company as of September 30, 2023 subsequently matured on October 12, 2023. The Company did not hold any U.S. Treasury securities as of December 31, 2022.
The following table sets forth a summary of AOMT RMBS, Whole Pool Agency RMBS, and AOMT CMBS at cost as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | | AOMT RMBS | $ | 67,479 | | | $ | 69,922 | | | Whole Pool Agency RMBS | $ | 511,953 | | | $ | 1,006,022 | | | CMBS | $ | 6,319 | | | $ | 6,329 | |
The following table sets forth certain information about the Company’s investments in RMBS and CMBS at fair value as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | Real Estate Securities at Fair Value | | Securities Sold Under Agreements to Repurchase | | Allocated Capital | | September 30, 2023: | (in thousands) | AOMT RMBS (1) | | | | | | | | | | | | | Mezzanine | $ | 10,429 | | | $ | (1,029) | | | $ | 9,400 | | | Subordinate | 52,159 | | | (21,384) | | | 30,775 | | | Interest Only/Excess | 12,665 | | | (1,944) | | | 10,721 | | Retained RMBS in VIEs (2) | — | | | (15,504) | | | (15,504) | | | Total AOMT RMBS | $ | 75,253 | | | $ | (39,861) | | | $ | 35,392 | | | | | | | | | | | | | | | | | | | | | | | | | | | Whole Pool Agency RMBS | | | | | | | Fannie Mae | $ | 504,732 | | | $ | — | | | $ | 504,732 | | | Freddie Mac | — | | | — | | | — | | | Whole Pool Total Agency RMBS | $ | 504,732 | | | $ | — | | | $ | 504,732 | | Total RMBS | $ | 579,985 | | | $ | (39,861) | | | $ | 540,124 | | | | | | | | | AOMT CMBS | | | | | | | Subordinate | $ | 2,933 | | | $ | — | | | $ | 2,933 | | | Interest Only/Excess | 3,405 | | | — | | | 3,405 | | | Total AOMT CMBS | $ | 6,338 | | | $ | — | | | $ | 6,338 | |
(1) AOMT RMBS held as of September 30, 2023 included both retained tranches of securitizations in which the Company participated where the Company was not deemed to be the primary beneficiary, and additional securities issued by affiliates of Angel Oak Capital which were purchased in secondary market transactions.
(2) A portion of repurchase debt includes borrowings against retained bonds received from securitizations involving consolidated VIEs. These bonds have a fair value of $122.7 million. The Company reflects the underlying assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its condensed consolidated balance sheets rather than the bonds, due to the accounting rules around this type of securitization. | | | | | | | | | | | | | | | | | | | | | | | Real Estate Securities at Fair Value | | Securities Sold Under Agreements to Repurchase | | Allocated Capital | | December 31, 2022: | | (in thousands) | AOMT RMBS (1) | | | | | | | | | | | | | | | Mezzanine | | $ | 1,958 | | | $ | (1,470) | | | $ | 488 | | | Subordinate | | 49,578 | | | (24,982) | | | 24,596 | | | Interest Only/Excess | | 10,424 | | | (1,506) | | | 8,918 | | Retained RMBS in VIEs (2) | | — | | | (24,586) | | | (24,586) | | | Total AOMT RMBS | | $ | 61,960 | | | $ | (52,544) | | | $ | 9,416 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Whole Pool Agency RMBS | | | | | | | | Fannie Mae | | $ | 501,458 | | | $ | — | | | $ | 501,458 | | | Freddie Mac | | 491,920 | | | — | | | 491,920 | | | Whole Pool Total Agency RMBS | | $ | 993,378 | | | $ | — | | | $ | 993,378 | | | Total RMBS | | $ | 1,055,338 | | | $ | (52,544) | | | $ | 1,002,794 | | | | | | | | | | AOMT CMBS | | | | | | | | Subordinate | | $ | 2,901 | | | $ | — | | | $ | 2,901 | | | Interest Only/Excess | | 3,210 | | | — | | | 3,210 | | | Total AOMT CMBS | | $ | 6,111 | | | $ | — | | | $ | 6,111 | |
(1) AOMT RMBS held as of December 31, 2022 included both retained tranches of securitizations in which the Company participated where the Company was not deemed to be the primary beneficiary, and additional securities issued by affiliates of Angel Oak Capital which were purchased in secondary market transactions.
(2) A portion of repurchase debt includes borrowings against retained bonds received from securitizations involving consolidated VIEs. These bonds have a fair value of $110.5 million. The Company reflects the underlying assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its condensed consolidated balance sheets rather than the bonds, due to the accounting rules around this type of securitization.
The following table sets forth certain information about the Company’s investments in U.S. Treasury securities as of September 30, 2023 (1): | | | | | | | | | | | | | | | | | | | | | | Date | Face Value | Unamortized Discount, net | Amortized Cost | Unrealized Gain (Loss) | Fair Value | Net Effective Yield | | ($ in thousands) | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | $ | 150,000 | | $ | 182 | | $ | 149,818 | | $ | 88 | | $ | 149,906 | | 5.36 | % |
(1) There were no U.S. Treasury securities held as of December 31, 2022.
|
| X |
- References
+ Details
| Name: |
us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for investments in certain debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-10
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (b)
-Publisher SEC
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//946-320/tableOfContent
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//940-320/tableOfContent
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//942-320/tableOfContent
| Name: |
us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Notes Payable
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Notes Payable [Abstract] |
|
| Notes Payable |
Notes Payable The Company has the ability to finance residential and commercial whole loans utilizing repurchase agreements with various counterparties (“notes payable”), as further described below. Outstanding borrowings bear interest at floating rates depending on the lending counterparty, the collateral pledged, and the rate in effect for each interest period, as the same may change from time to time at the end of each interest period. Some agreements include upfront fees, fees on unused balances, covenants and concentration limits on types of collateral pledged. Each of these vary based on the counterparty. One of these agreements, as noted below, is a “static pool” financing facility, where the lender has agreed to finance a certain pool of loans contributed to such financing facility, which does not allow for any revolving financing terms.
Occasionally, a lender may require cash collateral to be posted as margin collateral on such agreements. As of September 30, 2023, cash collateral for margin maintenance requirements of approximately $0.8 million was held for the benefit of Global Investment Bank 3 within “restricted cash” on the condensed consolidated balance sheet. The majority of this restricted cash balance is in an economic interest rate hedging account under the control of Global Investment Bank 3, and may be drawn by Global Investment Bank 3 at its discretion. As of December 31, 2022, cash collateral for margin maintenance requirements by whole loan financing counterparties was $5.6 million within “restricted cash” on the condensed consolidated balance sheet, of which $3.8 million was held in a segregated restricted cash account and released to the Company by the applicable lender subsequent to December 31, 2022; the remainder of which was held in the economic interest rate hedging account referred to above.
The following table sets forth the details of the Company’s notes payable and drawn amounts for whole loan purchases as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest
Rate Pricing
Spread | | Drawn Amount | | Note Payable | | Base Interest Rate | | | September 30, 2023 | | December 31, 2022 | | | | | | | ($ in thousands) | Multinational Bank 1 (1) | | Average Daily SOFR | | 2.10% | | $ | 189,066 | | | $ | 352,038 | | | | | | | | | | | Global Investment Bank 2 (2) | | 1 month SOFR | | 2.20% - 3.45% | | — | | | — | | Global Investment Bank 3 (3) | | Compound SOFR | | 2.80% - 4.50% | | 8,731 | | | 119,137 | | | | | | | | | | | Institutional Investors A and B (4) | | 1 month Term SOFR | | 3.50% | | N/A | | 168,695 | | | | | | | | | | | Regional Bank 1 (5) | | 1 month SOFR | | 2.50% - 3.50% | | N/A | | — | | | Total | | | | | | $ | 197,797 | | | $ | 639,870 | |
(1) On January 25, 2023, this financing facility was extended through July 25, 2023 in accordance with the terms of the agreement, which contemplates six-month renewals. On July 25, 2023, the Company extended this financing facility through January 25, 2024, with an interest rate pricing spread of 2.10%.
(2) This financing facility expires on February 2, 2024.
(3) This static pool financing facility expires on December 19, 2023. The interest rate pricing spread per the agreement began at 2.80% for the first three months following December 19, 2022, exclusive of a 20 basis points index spread adjustment, and increases by an additional 50 basis points every three months thereafter; however, the facility does not, in general, contain “mark to market” provisions. The agreement requires an economic interest rate hedging account (“interest rate futures account”) to be maintained to the reasonable satisfaction of Global Investment Bank 3, as described above, which account is for its benefit and under its sole control. On November 7, 2023, this facility was renewed for a twelve month term through November 7, 2024 and was converted from static pool financing to a revolving facility with mark to market features. The amended facility has a maximum borrowing capacity of $200 million with a base interest rate pricing spread of 180 basis points plus a 20 basis points index spread adjustment (see Note 16 — Subsequent Events).
(4) On October 4, 2022, the Company and a subsidiary entered into two separate master repurchase facilities with two affiliates of an institutional investor (“Institutional Investors A and B”) regarding a specific pool of whole loans with financing of approximately $168.7 million on approximately $239.3 million of unpaid principal balance. The master repurchase agreements were set to expire on January 4, 2023, subject to a one-time option to extend for three months, which the Company did not utilize. The Company repaid this financing facility in full on January 4, 2023. The Company held restricted cash pertaining to this lender’s cash collateral requirements included in “restricted cash” on the Company’s condensed consolidated balance sheet as of December 31, 2022, as described above, which was released on January 4, 2023.
(5) This agreement expired by its terms on March 16, 2023.
The following table sets forth the total unused borrowing capacity of each financing line as of September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | Note Payable | | Borrowing Capacity | | Balance Outstanding | | Available Financing | | | (in thousands) | Multinational Bank 1 (1) | | $ | 600,000 | | | $ | 189,066 | | | $ | 410,934 | | | | | | | | | Global Investment Bank 2 (1) | | 250,000 | | | — | | | 250,000 | | Global Investment Bank 3 (2) | | 8,731 | | | 8,731 | | | — | | | | | | | | | | Total | | $ | 858,731 | | | $ | 197,797 | | | $ | 660,934 | |
(1) Although available financing is uncommitted, the Company’s unused borrowing capacity is available if it has eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements.
(2) As of September 30, 2023, this financing facility had no unused borrowing capacity as the outstanding borrowings were based on a static pool of mortgage loans.
|
| X |
- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
| Name: |
us-gaap_DebtDisclosureTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_NotesPayableAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Due to Broker
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Broker-Dealer [Abstract] |
|
| Due to Broker |
Due to Broker The “Due to broker” account on the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, in the amounts of $512.0 million and $1.0 billion,respectively, relates to the purchase of Whole Pool Agency RMBS at quarter-end in the third and fourth quarters of 2023 and 2022, respectively. Purchases are accounted for on a trade date basis, and, at times, there may be a timing difference between the trade date and the settlement date of a trade. The trade dates of these purchases were prior to the applicable quarter-end dates. These trades settled on October 12, 2023 and January 13, 2023, respectively, at which time these assets were simultaneously sold. The purchase transactions for the unsettled Whole Pool Agency RMBS are excluded from the condensed consolidated statements of cash flows as they are noncash transactions.
|
| X |
- References
+ Details
| Name: |
srt_BrokersAndDealersAbstract |
| Namespace Prefix: |
srt_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for Due to and from Broker-Dealers and Clearing Organizations, including data and tables. This may include amounts receivable from and payable to broker-dealers and clearing organizations, including securities failed to receive, deposits received for securities loaned, amounts payable to clearing organizations related to open transactions, floor brokerage payables and payables for commodities futures accounts liquidating to an equity balance on a broker-dealer's records.
| Name: |
us-gaap_DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Securities Sold Under Agreements to Repurchase
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Banking and Thrift, Interest [Abstract] |
|
| Securities Sold Under Agreements to Repurchase |
Securities Sold Under Agreements to Repurchase Transactions involving securities sold under agreements to repurchase are treated as collateralized financial transactions, and are recorded at their contracted repurchase amounts. Margin (if required) for securities sold under agreements to repurchase represents margin collateral amounts held to ensure that the Company has sufficient coverage for securities sold under agreements to repurchase in case of adverse price changes. Restricted cash of margin collateral for securities sold under agreements to repurchase was $0.3 million and $3.9 million as of September 30, 2023 and December 31, 2022, respectively.
The following table summarizes certain characteristics of the Company’s repurchase agreements as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | | | | | | | Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) | | | ($ in thousands) | | | | | AOMT RMBS (1) | | $ | 39,861 | | | 7.08 | % | | 15 | | U.S. Treasury securities | | 148,240 | | | 5.40 | % | | 11 | | Total | | $ | 188,101 | | | 5.76 | % | | 12 | | | | | | | | | December 31, 2022 | | | | | | | | Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) | | | ($ in thousands) | | | | | | | | | | | | AOMT RMBS (1) | | 52,544 | | | 6.07 | % | | 13 | | Total | | $ | 52,544 | | | 6.07 | % | | 13 |
(1) A portion of repurchase debt outstanding as of both September 30, 2023 and December 31, 2022 includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). See Note 5 — Investment Securities.
The repurchase debt against the U.S. Treasury securities was repaid in full upon the maturity of the U.S. Treasury securities. Although the transactions under repurchase agreements represent committed borrowings until maturity, the lenders retain the right to mark the underlying collateral at fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls.
|
| X |
- References
+ Details
| Name: |
us-gaap_BankingAndThriftInterestAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//860/tableOfContent
| Name: |
us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Derivative Financial Instruments
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Derivative Financial Instruments |
Derivative Financial Instruments In the normal course of business, the Company enters into derivative financial instruments to manage its exposure to market risk, including interest rate risk and prepayment risk on its whole loan investments. The derivatives in which the Company invests, and the market risk that the economic hedge is intended to mitigate are further discussed below. Derivative instruments as of September 30, 2023 and December 31, 2022 included both To-Be-Announced (“TBA”) securities and interest rate futures contracts. Restricted cash relating to interest rate futures margin collateral in interest rate futures accounts under the Company’s sole control as of September 30, 2023 and December 31, 2022 included $0.3 million and $1.1 million, respectively. There was no TBA margin collateral required as of either September 30, 2023 or December 31, 2022.
The Company uses interest rate futures as economic hedges to hedge a portion of its interest rate risk exposure. Interest rate risk is sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, as well as other factors. The Company’s credit risk with respect to economic hedges is the risk of default on its investments that result from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. The Company may at times hold TBAs in order to mitigate its interest rate risk on certain specified mortgage-backed securities. Amounts or obligations owed by or to the Company are subject to the right of set-off with the TBA counterparty. As part of executing these trades, the Company may enter into agreements with its TBA counterparties that govern the transactions for the TBA purchases or sales made, including margin maintenance, payment and transfer, events of default, settlements, and various other provisions. Changes in the value of derivatives designed to protect against mortgage-backed securities fair value fluctuations, or economic hedging gains and losses, are reflected in the tables below. All realized and unrealized gains and losses on derivative contracts are recognized in earnings, in “net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS” for realized gains and losses, and “net unrealized gain (loss) on trading securities, mortgage loans, debt at fair value option, and derivative contracts” for unrealized gains and losses.
The Company considers the notional amounts, categorized by primary underlying risk, to be representative of the volume of its derivative activities. The following table sets forth the derivative instruments presented on the condensed consolidated balance sheets and notional amounts as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional Amounts | | As of: | | Derivatives Not Designated as Hedging Instruments | | Number of Contracts | | Assets | | Liabilities | | Long Exposure | | Short Exposure | | | | | | | ($ in thousands) | | September 30, 2023 | | Interest rate futures | | 1,099 | | $ | 691 | | | $ | — | | | $ | — | | | $ | 109,900 | | | September 30, 2023 | | TBAs | | N/A | | $ | 7,166 | | | $ | — | | | $ | — | | | $ | 523,900 | | | | | | | | | | | | | | | | December 31, 2022 | | Interest rate futures | | 4,928 | | $ | 2,211 | | | $ | — | | | $ | — | | | $ | 492,800 | | | December 31, 2022 | | TBAs | | N/A | | $ | 12,545 | | | $ | — | | | $ | — | | | $ | 1,041,700 | |
The gains and losses arising from these derivative instruments in the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2023 and September 30, 2022 are set forth as follows:
| | | | | | | | | | | | | | | | | | | | | | | Derivatives Not Designated as Hedging Instruments | | Net Realized Gains (Losses) on Derivative Instruments | | Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments | | | | | (in thousands) | | Three Months Ended September 30, 2023 | | Interest rate futures | | $ | 2,828 | | | $ | (364) | | | Three Months Ended September 30, 2023 | | TBAs | | $ | 7,421 | | | $ | 4,927 | | | | | | | | | | Three Months Ended September 30, 2022 | | Interest rate futures | | $ | 17,692 | | | $ | 6,027 | | | Three Months Ended September 30, 2022 | | TBAs | | $ | (10,147) | | | $ | 10,180 | |
| | | | | | | | | | | | | | | | | | | | | | | Derivatives Not Designated as Hedging Instruments | | Net Realized Gains (Losses) on Derivative Instruments | | Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments | | | | | (in thousands) | | Nine Months Ended September 30, 2023 | | Interest rate futures | | $ | 8,599 | | | $ | (2,416) | | | Nine Months Ended September 30, 2023 | | TBAs | | $ | 4,900 | | | $ | (5,379) | | | | | | | | | | Nine Months Ended September 30, 2022 | | Interest rate futures | | $ | 66,805 | | | $ | 7,349 | | | Nine Months Ended September 30, 2022 | | TBAs | | $ | 3,032 | | | $ | (506) | |
|
| X |
- References
+ Details
| Name: |
us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//815/tableOfContent
| Name: |
us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
Fair Value Measurements For financial reporting purposes, we follow a fair value hierarchy established under GAAP that is used to determine the fair value of financial instruments. This hierarchy prioritizes relevant market inputs in order to determine an “exit price” at the measurement date, or the price at which an asset could be sold or a liability could be transferred in an orderly process that is not a forced liquidation or distressed sale. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices for an asset or liability that are obtained through corroboration with observable market data. Level 3 inputs are unobservable inputs (e.g., our own data or assumptions) that are used when there is little, if any, relevant market activity for the asset or liability required to be measured at fair value.
In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured.
As of September 30, 2023, our valuation policy and processes had not changed from those described in our consolidated financial statements for the year ended December 31, 2022 included in the Annual Report on Form 10-K. Included in Note 11 — Fair Value Measurements to the Consolidated Financial Statements for the year ended December 31, 2022 included in the Annual Report on Form 10-K is a detailed description of our other financial instruments measured at fair value and their significant inputs, as well as the general classification of such instruments pursuant to the Level 1, Level 2, and Level 3 valuation hierarchy.
The fair value of cash, restricted cash, principal and interest receivable, other assets (excluding investments in majority-owned affiliates), notes payable, securities sold under agreements to repurchase, amounts due to broker and accrued expenses (including those payable to an affiliate and management fees payable to an affiliate), and interest payable approximate their carrying values due to the nature of these assets and liabilities. The Company’s “investments in majority-owned affiliates” included in other assets (see Note 14 — Other Assets) and a portion of “non-recourse securitization obligations, collateralized by residential mortgage loans” are held at amortized cost. The fair value of these assets and liabilities is disclosed further below in the section titled “Assets and Liabilities Held at Amortized Cost - Fair Value Disclosure”. The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (in thousands) | | Assets, at fair value | | | | | | | | | | Residential mortgage loans | | $ | — | | | $ | 277,373 | | | $ | 7,010 | | | $ | 284,383 | | | Residential mortgage loans in securitization trusts | | — | | | 1,185,006 | | | 9,113 | | | 1,194,119 | | | Commercial mortgage loans | | — | | | 5,219 | | | — | | | 5,219 | | | | | | | | | | | | Investments in securities | | | | | | | | | Non-Agency RMBS (1) | | — | | | 75,253 | | | — | | | 75,253 | | | Whole Pool Agency RMBS | | — | | | 504,731 | | | — | | | 504,731 | | AOMT CMBS (1) | | — | | | 6,338 | | | — | | | 6,338 | | | U.S Treasury Securities | | 149,906 | | | — | | | — | | | 149,906 | | Unrealized appreciation on interest rate futures contracts | | 691 | | | — | | | — | | | 691 | | | Unrealized appreciation on TBAs | | 7,166 | | | — | | | — | | | 7,166 | | | Total assets, at fair value | | $ | 157,763 | | | $ | 2,053,920 | | | $ | 16,123 | | | $ | 2,227,806 | | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | Non-recourse securitization obligation, collateralized by residential mortgage loans (2) | | — | | | 727,174 | | | — | | | 727,174 | | | Total liabilities, at fair value | | $ | — | | | $ | 727,174 | | | $ | — | | | $ | 727,174 | |
(1) Non‑Agency RMBS held as of September 30, 2023 included both retained tranches of securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions. All AOMT CMBS held as of September 30, 2023 were comprised of a small-balance commercial loan securitization issuance in which the Company participated.
(2) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above. See below for the disclosure of the full debt at fair value.
Transfers from Level 2 to Level 3 were comprised of residential loans more than 90 days overdue (including those in foreclosure). Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. These transfers were not material.
We use third‑party valuation firms who utilize proprietary methodologies to value our residential and commercial loans. These firms generally use both market comparable information and discounted cash flow modeling techniques to determine the fair value of our Level 3 assets. Use of these techniques requires determination of relevant input and assumptions, some of which represent significant unobservable inputs such as anticipated credit losses, prepayment rates, default rates, or other valuation assumptions. Accordingly, a significant increase or decrease in any of these inputs in isolation may result in a significantly lower or higher fair value measurement. The following table sets forth information regarding the Company’s significant Level 3 inputs as of September 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Input Values | | Asset | | Fair Value | | Unobservable Input | | Range | | Average | | | ($ in thousands) | | | | | | | | Residential mortgage loans, at fair value | | $ | 7,010 | | | Prepayment rate (annual CPR) | | 8.99% - 9.19% | | 9.09% | | | | | Default rate | | 16.57% - 24.37% | | 20.47% | | | | | Loss severity | | (0.25)% - 10.00% | | 1.77% | | | | | Expected remaining life | | 0.63 - 2.89 years | | 2.11 years | | | | | | | | | | | Residential mortgage loans in securitization trust, at fair value | | $ | 9,113 | | | Prepayment rate (annual CPR) | | 2.79% - 12.53% | | 7.82% | | | | | Default rate | | 9.22% - 25.78% | | 15.37% | | | | | Loss severity | | (0.16)% - 12.81% | | 6.66% | | | | | Expected remaining life | | 1.32 - 3.84 years | | 2.38 years | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets and Liabilities Held at Amortized Cost — Fair Value Disclosure
Portion of Non-Recourse Securitization Obligations, Collateralized by Residential Mortgage Loans — Held at Amortized Cost
To determine the fair value of the Company’s non-recourse securitization obligations, collateralized by residential mortgage loans, net, held at amortized cost, the Company uses the same method of valuation as described in the Annual Report on Form 10-K, Note 11 — Fair Value for both the portion of the obligation measured at fair value and the portion of the obligation held at amortized cost, for which fair value is disclosed below.
As of September 30, 2023, the total amortized cost basis and fair value of our non-recourse securitization obligations was $1.4 billion and $1.1 billion, respectively, a difference of approximately $297.9 million (which includes AOMT 2022-1, AOMT 2022-4, and AOMT 2023-4, which are marked to fair value; and AOMT 2021-7 and AOMT 2021-4, which are carried at amortized cost, as the fair value option was not elected at the time of the creation of these obligations). The fair value solely attributable to AOMT 2021-4 and 2021-7 is approximately $121.4 million less than the amortized cost. The difference between the amortized cost basis value and the fair value is derived from the difference between the period-end market pricing of the underlying bonds, as referred to above, and the amortized cost of the obligation. The fair value of the non-recourse securitization debt is not indicative of the amounts at which we could settle this debt.
As of December 31, 2022, the total amortized cost basis and fair value of our non-recourse securitization obligations was $1.1 billion and $914.3 million, respectively, a difference of approximately $170.9 million (which includes AOMT 2022-1 and AOMT 2022-4, which are marked to fair value; and AOMT 2021-7, and AOMT 2021-4, which are carried at amortized cost, as the fair value option was not elected at the time of the creation of these obligations). The difference between the amortized cost and fair value solely attributable to AOMT 2021-4 and 2021-7 is approximately $90.3 million. The difference between the amortized cost basis value and the fair value is derived from the difference between the period-end market pricing of the underlying bonds, as referred to above, and the amortized cost of the obligation. The fair value of the non-recourse securitization debt is not indicative of the amounts at which we could settle this debt.
Investments in Majority-Owned Affiliates
To determine the fair value of the Company’s investments in majority-owned affiliates, which are held at amortized cost and included in “other assets”, the Company uses the prices of the underlying bonds in the investments to determine fair value. The Company utilizes PriceServe, Bank of America’s independent fixed income pricing service, as the primary valuation source for these bonds. PriceServe obtains its price quotes from actual sales or quotes for sale of the same or similar securities and/or provides model‑based valuations that consider inputs derived from recent market activity including default rates, conditional prepayment rates, loss severity, expected yield to maturity, baseline discount margin/yield, recovery assumptions, tranche type, collateral coupon, age and loan size, and other inputs specific to each security. We believe that these quotes are most reflective of the price that would be achieved if the bonds were sold to an independent third party on the date of the condensed consolidated financial statements.
The amortized cost and fair value of these investments as of September 30, 2023 was approximately $14.7 million and $13.3 million, respectively. The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (in thousands) | | Assets, at fair value | | | | | | | | | | Residential mortgage loans | | $ | — | | | $ | 763,786 | | | $ | 7,196 | | | $ | 770,982 | | | Residential mortgage loans in securitization trusts | | — | | | 1,018,686 | | | 8,756 | | | 1,027,442 | | | Commercial mortgage loans | | — | | | 9,458 | | | — | | | 9,458 | | | Investments in securities | | | | | | | | | Non-Agency RMBS (1) | | — | | | 61,960 | | | — | | | 61,960 | | | Whole Pool Agency RMBS | | — | | | 993,378 | | | — | | | 993,378 | | AOMT CMBS (1) | | — | | | 6,111 | | | — | | | 6,111 | | Unrealized appreciation on interest rate futures contracts | | 2,211 | | | — | | | — | | | 2,211 | | | Unrealized appreciation on TBAs | | 12,545 | | | — | | | — | | | 12,545 | | | Total assets, at fair value | | $ | 14,756 | | | $ | 2,853,379 | | | $ | 15,952 | | | $ | 2,884,087 | | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | Non-recourse securitization obligation, collateralized by residential mortgage loans (2) | | $ | — | | | $ | 530,560 | | | $ | — | | | $ | 530,560 | | | Total liabilities, at fair value | | $ | — | | | $ | 530,560 | | | $ | — | | | $ | 530,560 | |
(1) Non‑Agency RMBS held as of December 31, 2022 included both retained tranches of AOMT securitizations in which the Company participated, additional AOMT securities purchased in secondary market transactions, and other RMBS purchased in secondary market transactions. All AOMT CMBS held as of December 31, 2022 was comprised of a small-balance commercial loan securitization issuance in which the Company participated.
(2) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above.
Transfers from Level 2 to Level 3 were comprised of residential loans more than 90 days overdue (including those in foreclosure) and commercial mortgage loans in special servicing or otherwise considered “non‑performing” by the Company’s third‑party valuation providers. Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. These transfers were not material. We use third‑party valuation firms who utilize proprietary methodologies to value our residential and commercial loans. These firms generally use both market comparable information and discounted cash flow modeling techniques to determine the fair value of our Level 3 assets. Use of these techniques requires determination of relevant input and assumptions, some of which represent significant unobservable inputs such as anticipated credit losses, prepayment rates, default rates, or other valuation assumptions. Accordingly, a significant increase or decrease in any of these inputs in isolation may result in a significantly lower or higher fair value measurement.
The following table sets forth information regarding the Company’s significant Level 3 inputs as of December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Input Values | | Asset | | Fair Value | | Unobservable Input | | Range | | Average | | | ($ in thousands) | | | | | | | | Residential mortgage loans, at fair value | | $ | 7,196 | | | Prepayment rate (annual CPR) | | 4.92% - 14.99% | | 9.39% | | | | | Default rate | | 4.56% - 24.36% | | 11.43% | | | | | Loss severity | | (0.25)% - 12.54% | | 7.84% | | | | | Expected remaining life | | 0.62 - 3.43 years | | 2.75 years | | | | | | | | | | | Residential mortgage loans in securitization trust, at fair value | | $ | 8,756 | | | Prepayment rate (annual CPR) | | 3.24% - 14.55% | | 7.84% | | | | | Default rate | | 7.42% - 35.78% | | 19.07% | | | | | Loss severity | | 0% - 10.00% | | 9.23% | | | | | Expected remaining life | | 1.42 - 3.72 years | | 2.32 years |
|
| X |
- References
+ Details
| Name: |
us-gaap_FairValueDisclosuresAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
| Name: |
us-gaap_FairValueDisclosuresTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Related Party Transactions [Abstract] |
|
| Related Party Transactions |
Related Party Transactions Residential Mortgage Loan Purchases The Company has residential loan purchase agreements with various affiliates of the Company. The purchase price of the loans is generally equal to the outstanding principal of the mortgage, adjusted by a premium or discount, depending on market conditions. The Company purchases the mortgage loans on a servicing released basis. The following table sets forth certain financial information pertaining to whole loan activity purchased from affiliates during the nine month period ended September 30, 2023 and 12 month period ended December 31, 2022: | | | | | | | | | | | | | As of and for the Year-to-Date/Year Ended: | Amount of Loans Purchased from Affiliates during the Year-to-Date/Year Ended | Number of Loans Purchased from Affiliates during the Year-to-Date/Year Ended | Number of Loans Purchased from Affiliates, Owned and Held as of the Periods Ended(1) | | ($ in thousands) | | September 30, 2023 | $ | 89,673 | | 232 | | 593 | | | | | | | December 31, 2022 | $ | 567,324 | | 1,141 | | 845 | |
(1) Excludes loans held in residential mortgage loans in securitization trust, at fair value Securitization Transactions and Majority-Owned Affiliate From time to time, the Company participates in securitization transactions with other affiliates of Angel Oak Capital. See Note 2 — Variable Interest Entities, “VIEs for Which the Company is Not the Primary Beneficiary” and Note 14 — Other Assets. Management Fee The Company’s management agreement, effective as of June 21, 2021, by and among the Company, the Operating Partnership, and the Manager (the “Management Agreement”), provides that the Company will pay the Manager, in arrears, an aggregate fixed management fee equal to 1.5% per annum of the Company’s Equity (as is defined in the Management Agreement). Incentive Fee Under the Management Agreement, the Manager is also entitled to an incentive fee, which is calculated and payable in cash with respect to each calendar quarter (or part thereof that the Management Agreement is in effect) in arrears in an amount, not less than zero, equal to the excess of (1) the product of (a) 15% and (b) the excess of (i) the Company’s Distributable Earnings (as defined in the Management Agreement) for the previous 12-month period, over (ii) the product of (A) the Company’s Equity (as defined in the Management Agreement) in the previous 12-month period, and (B) 8% per annum, over (2) the sum of any incentive fee earned by the Manager with respect to the first three calendar quarters of such previous 12-month period. To date, the incentive fee has not been earned and no expense recognized in the Company’s financial statements. Operating Expense Reimbursements The Company is also required to pay the Manager reimbursements for certain general and administrative expenses pursuant to the Management Agreement. Accrued expenses payable to affiliate and operating expenses incurred with affiliate are substantially comprised of payroll reimbursements to an affiliate of the Manager.
|
| X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
| Name: |
us-gaap_RelatedPartyTransactionsDisclosureTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies The Company, from time to time, may be party to litigation relating to claims arising in the normal course of business. As of September 30, 2023, the Company was not aware of any legal claims that could materially impact its financial condition. As of September 30, 2023, the Company had no unfunded commitments.
The Company has a loan release obligation on the facility with Global Investment Bank 3 that is eligible for up to a 100% reduction based on certain criteria that may extended beyond the current term of the financing facility. The maximum potential liability is $0.7 million, which has not been recorded in the condensed consolidated financial statements as the actual liability is not currently determinable. The Company has entered into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties. As of September 30, 2023, the Company has a total purchase commitments of $113 million related to both Angel Oak Mortgage Lending and third parties. These commitments represent off-balance sheet risk where the Company may be required to extend credit.
|
| X |
- References
+ Details
| Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 440
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482648/440-10-50-4
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//450/tableOfContent
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 440
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480327/954-440-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 440
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482648/440-10-50-4
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 440
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//440/tableOfContent
| Name: |
us-gaap_CommitmentsAndContingenciesDisclosureTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Accumulated Other Comprehensive Income /(Loss)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Accumulated Other Comprehensive Income /(Loss) |
Accumulated Other Comprehensive Income/(Loss) The following table sets forth the net unrealized gain/(loss) on AFS securities for the three months ended September 30, 2023 and 2022, which is the sole component of the changes in the Company’s Accumulated Other Comprehensive Income/(Loss) (“AOCI”) for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Three Months Ended September 30, 2022 | | (in thousands) | | AOCI balance, beginning of period | $ | (6,565) | | | $ | 1,248 | | | | | | | | | | | Net unrealized gain/(loss) on AFS securities | (1,607) | | | (10,227) | | | AOCI balance, end of period | $ | (8,172) | | | $ | (8,979) | |
| | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | Nine Months Ended September 30, 2022 | | (in thousands) | | AOCI balance, beginning of period | $ | (21,127) | | | $ | 3,000 | | | | | | | | | | | Net unrealized gain/(loss) on AFS securities | 12,955 | | | (11,979) | | | AOCI balance, end of period | $ | (8,172) | | | $ | (8,979) | |
|
| X |
- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//220/tableOfContent
| Name: |
us-gaap_ComprehensiveIncomeNoteTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_StockholdersEquityNoteAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Other Assets
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
| Other Assets |
Other Assets The following table sets forth the detail of other assets included in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | Investments in Majority-Owned Affiliates | | $ | 14,701 | | | $ | — | | | Deferred tax asset | | 3,457 | | | 3,457 | | | Prepaid expenses | | 1,697 | | | 1,310 | | | Protective advances and other assets | | 285 | | — | | | Total other assets | | $ | 20,140 | | | $ | 4,767 | |
Investments in Majority-Owned Affiliates (“MOA”)
In the first and third quarters of 2023, the Company participated in securitization transactions AOMT 2023-1 and AOMT 2023-5, which involved MOAs in which the Company received a 41.21% investment and 34.42% investment, respectively, in each case proportional to its share of the unpaid principal balance of the residential whole loans contributed to the securitizations. The purpose of the MOAs is to retain and hold risk retention bonds issued by the securitization trust. Each MOA is a limited liability company and is accounted for as an equity method investment and held at amortized cost. The investment will be tested for impairment at least annually utilizing undiscounted cash flows of the underlying risk retention bonds. See Note 10 — Fair Value Measurements.
|
| X |
- References
+ Details
| Name: |
us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets.
| Name: |
us-gaap_OtherAssetsDisclosureTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Equity and Earnings per Share ("EPS")
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Equity and Earnings per Share ("EPS") |
Equity and Earnings per Share (“EPS”) In the calculations of basic and diluted earnings per common share for the three and nine month periods ended September 30, 2023 and 2022, the Company included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances.
For the three and nine month periods ended September 30, 2023, there were 186,645 anti-dilutive outstanding restricted stock awards and 95,832 performance shares, although the market-based “total stockholder return” conditions for performance share units had not been achieved and thus these units were not included in the diluted weighted average common shares outstanding.
For the three and nine month periods ended September 30, 2022, there were 425,461 outstanding restricted stock awards that were anti-dilutive and thus not included in the diluted weighted average common shares outstanding. There were 56,978 market-based performance share units outstanding as of September 30, 2022. The following table sets forth the calculation of basic and diluted earnings per share for the three months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | September 30, 2023 | | September 30, 2022 | | | (in thousands, except share and per share data) | | Basic Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders | | $ | 8,273 | | | $ | (83,353) | | | Dividends allocated to participating securities | | (60) | | | — | | | Net income (loss) to common stockholders - basic | | $ | 8,213 | | | $ | (83,353) | | | Basic weighted average common shares outstanding | | 24,768,921 | | | 24,505,438 | | | Basic earnings (loss) per common share | | $ | 0.33 | | | $ | (3.40) | | | | | | | | Diluted Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders - basic | | $ | 8,273 | | | $ | (83,353) | | | Dividends allocated to participating securities | | (60) | | | — | | | Net income (loss) to common stockholders - diluted | | $ | 8,213 | | | $ | (83,353) | | | Basic weighted average common shares outstanding | | 24,768,921 | | | 24,505,438 | | | Net effect of dilutive equity awards | | 188,747 | | | — | | | Diluted weighted average common shares outstanding | | 24,957,668 | | | 24,505,438 | | | Diluted earnings (loss) per common share | | $ | 0.33 | | | $ | (3.40) | |
The following table sets forth the calculation of basic and diluted earnings per share for the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | September 30, 2023 | | September 30, 2022 | | | (in thousands, except share and per share data) | | Basic Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders | | $ | 5,115 | | | $ | (179,046) | | | Dividends allocated to participating securities | | (123) | | | — | | | Net income (loss) to common stockholders - basic | | $ | 4,992 | | | $ | (179,046) | | | Basic weighted average common shares outstanding | | 24,706,568 | | | 24,534,967 | | | Basic earnings (loss) per common share | | $ | 0.20 | | | $ | (7.30) | | | | | | | | Diluted Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders - basic | | $ | 5,115 | | | $ | (179,046) | | | Dividends allocated to participating securities | | (123) | | | — | | | Net income (loss) to common stockholders - diluted | | $ | 4,992 | | | $ | (179,046) | | | Basic weighted average common shares outstanding | | 24,706,568 | | | 24,534,967 | | | Net effect of dilutive equity awards | | 227,265 | | | — | | | Diluted weighted average common shares outstanding | | 24,933,833 | | | 24,534,967 | | | Diluted earnings (loss) per common share | | $ | 0.20 | | | $ | (7.30) | |
|
| X |
- DefinitionStockholders' Equity Note Disclosure and Earnings Per Share
| Name: |
aomr_StockholdersEquityNoteDisclosureAndEarningsPerShareTextBlock |
| Namespace Prefix: |
aomr_ |
| Data Type: |
dtr-types1:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_EquityAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent Events On November 7, 2023, we converted our loan financing facility with Global Investment Bank 3 from static pool financing to a revolving facility with mark to market features. The amended facility has a maximum borrowing capacity of $200 million with a base interest rate pricing spread of 180 basis points plus a 20 basis points index spread adjustment and an expiration date of November 7, 2024.
On November 8, 2023, the Company declared a dividend of $0.32 per share of common stock, to be paid on November 30, 2023 to common stockholders of record as of November 22, 2023.
|
| X |
- References
+ Details
| Name: |
us-gaap_SubsequentEventsAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//855/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483399/855-10-50-2
| Name: |
us-gaap_SubsequentEventsTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Organization and Basis of Presentation (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Basis of Presentation |
The Company is a Maryland corporation incorporated on March 20, 2018. The Company achieves certain of its investment objectives by investing a portion of its assets in its wholly‑owned taxable REIT subsidiary, Angel Oak Mortgage REIT TRS, LLC (“AOMR TRS”), a Delaware limited liability company formed on March 21, 2018, which invests its assets in Angel Oak Mortgage Fund TRS, a Delaware statutory trust formed on June 15, 2018.
The Company is traded on the New York Stock Exchange under the ticker symbol AOMR.
The Operating Partnership On February 5, 2020, the Company formed Angel Oak Mortgage Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), through which substantially all of its assets are held and substantially all of its operations are conducted, either directly or through subsidiaries. The Company holds all of the limited partnership interests in the Operating Partnership and indirectly holds the sole general partnership interest in the Operating Partnership through the general partner, which is the Company’s wholly-owned subsidiary.
The Company’s Manager and REIT status The Company is externally managed and advised by Falcons I, LLC (the “Manager”), a Securities and Exchange Commission-registered investment adviser and an affiliate of Angel Oak Capital Advisors, LLC (“Angel Oak Capital”). The Company has elected to be taxed as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2019.
|
| Interim Financial Statements |
Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report on Form 10-K”).
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. The condensed consolidated financial statements include the accounts of the Company and its wholly‑owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
|
| Use of Estimates |
Use of Estimates The preparation of financial statements requires the Company to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., fair value changes due to inputs and underlying assumptions as described in Note 10 — Fair Value Measurements, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from the Company’s estimates and the differences could be material.
|
| New Accounting Standards and Interpretations and Summary of Significant Accounting Policies |
New Accounting Standards and Interpretations
As of September 30, 2023, there were no new accounting standards or interpretations adopted by the Company that had a material effect on its condensed consolidated financial statements. Summary of Significant Accounting Policies
The Company’s summary of significant accounting policies as set forth in its Annual Report on Form 10-K remain unchanged. During the nine months ended September 30, 2023, the Company elected a new accounting classification regarding certain of its investments in debt securities, as further described below, as the Company classifies securities on a trade-by-trade basis upon purchase. The Company did not transfer any securities between classifications. The Company classifies its investments in debt securities in accordance with Accounting Standards Codification 320 - Investments - Debt Securities (“ASC 320”) as “trading,” “available for sale,” or “held to maturity”. Historically, the Company had classified all of its investments in debt securities as available for sale (“AFS”). In the first quarter of 2023, the Company began designating its purchases of Freddie Mac and Fannie Mae-issued whole pool agency residential mortgage-backed securities (“Whole Pool Agency RMBS”) and purchases of U.S. Treasury securities as trading securities.
|
| Reclassifications |
Reclassifications
Certain amounts reported in prior periods in the condensed consolidated financial statements have been reclassified to conform to the current year’s presentation. For comparative purposes, and to simplify the presentation of the Company’s condensed consolidated balance sheet, the deferred tax asset has been reclassified to “other assets” on the condensed consolidated balance sheet as of December 31, 2022. See Note 14 — Other Assets. Certain comparative period amounts have been reclassified for consistency with current period presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the Condensed Consolidated Statements of Cash Flows for the nine months-ended September 30, 2022, to identify amortization of debt issuance costs, net amortization of premiums and discounts of mortgage loans, and principal payments on residential mortgage loans in securitization trusts.
|
| VIEs for Which the Company is Not the Primary Beneficiary |
VIEs for Which the Company is Not the Primary Beneficiary
The Company sponsored or participated along with other affiliates and entities managed by Angel Oak Capital in the formation of various entities that were considered to be VIEs. These VIEs were formed to facilitate securitization issuances that were comprised of secured residential whole loans and/or small balance commercial loans contributed to securitization trusts. These securities were issued as a result of the unconsolidated securitizations where the Company retained bonds from the issuances of securitizations issued by a depositor that the Company does not control. The Company determined that it was not then and is not now the primary beneficiary of any of these securitization entities, and thus has not consolidated the operating results or statements of financial position of any of these entities. The Company performs ongoing reassessments of all VIEs in which the Company has participated since its inception as to whether changes in the facts and circumstances regarding the Company’s involvement with a VIE would cause the Company’s consolidation conclusion to change, and the Company’s assessment of these VIEs remains unchanged.
|
| X |
- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
| Name: |
us-gaap_BasisOfAccountingPolicyPolicyTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionDisclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1
| Name: |
us-gaap_ConsolidationPolicyTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionDisclosure of accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-5A
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 2AA
-Subparagraph a
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-2AA
| Name: |
us-gaap_ConsolidationVariableInterestEntityPolicy |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionDisclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
| Name: |
us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionDisclosure of accounting policy for reclassification affecting comparability of financial statement. Excludes amendment to accounting standards, other change in accounting principle, and correction of error. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483504/205-10-50-1
| Name: |
us-gaap_PriorPeriodReclassificationAdjustmentDescription |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482861/275-10-50-9
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482861/275-10-50-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482861/275-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482861/275-10-50-12
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482861/275-10-50-8
| Name: |
us-gaap_UseOfEstimates |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Variable Interest Entities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Variable Interest Entities |
The table below sets forth the fair values of the assets and liabilities recorded in the condensed consolidated balance sheets related to these consolidated VIEs as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | Assets: | | (in thousands) | | | Residential mortgage loans in securitization trusts - cost | | $ | 1,409,089 | | | $ | 1,193,879 | | | | Fair value adjustment | | (214,970) | | | (166,437) | | | | Residential mortgage loans in securitization trusts - at fair value | | $ | 1,194,119 | | | $ | 1,027,442 | | | | | | | | | Liabilities (1): | | | | | | | Non-recourse securitization obligations, collateralized by residential mortgage loans - principal balance, amortized cost | | $ | 434,227 | | | $ | 474,070 | | | | Less: debt issuance costs capitalized | | (105) | | | (1,145) | | | | Non-recourse securitization obligations, collateralized by residential mortgage loans, amortized cost, net | | $ | 434,122 | | | $ | 472,925 | | | | | | | | | Non-recourse securitization obligations, collateralized by residential mortgage loans - principal balance, net of discount, subject to fair value adjustment | | $ | 836,130 | | | $ | 611,114 | | | | Fair value adjustment | | (108,956) | | | (80,554) | | | | Non-recourse securitization obligations, collateralized by residential mortgage loans - at fair value, net | | $ | 727,174 | | | $ | 530,560 | | | | | | | | | | Total non-recourse securitization obligations, collateralized by residential mortgage loans, net | | $ | 1,161,296 | | | $ | 1,003,485 | | |
(1) Debt issuance costs for non-recourse securitization obligations electing the fair value option are recorded to expense upon issuance of the securitization. Debt issuance costs incurred with the issuances of non-recourse securitization obligations for which the fair value option was not elected are presented at amortized cost. Income and expense amounts related to the consolidated VIEs recorded in the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2023 and 2022 is set forth as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Three Months Ended September 30, 2022 | | Nine Months Ended September 30, 2023 | | Nine Months Ended September 30, 2022 | | | (in thousands) | | | | | | Interest income | | $ | 15,733 | | | $ | 12,759 | | | $ | 41,213 | | | $ | 34,646 | | Interest expense, non-recourse liabilities (1) | | (10,956) | | | (6,983) | | | (26,121) | | | (17,245) | | | Net interest income | | $ | 4,777 | | | $ | 5,776 | | | $ | 15,092 | | | $ | 17,401 | | | Net unrealized gain (loss) on mortgage loans in securitization trusts - at fair value | | (16,863) | | | (73,178) | | | (9,404) | | | (152,931) | | | Unrealized gain (loss) on mark-to-market of non-recourse securitization obligation - at fair value | | 22,183 | | | 34,357 | | | 3,620 | | | 67,030 | | Securitization costs | | (416) | | | (1,115) | | | (2,326) | | | (3,405) | | | Realized losses and operating expenses | | (967) | | | (247) | | | (2,163) | | | (695) | | Net gain/(loss) from consolidated VIEs | | $ | 8,714 | | | $ | (34,407) | | | $ | 4,819 | | | $ | (72,600) | |
|
| X |
- References
+ Details
| Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-5A
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-9
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-4
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-6
| Name: |
us-gaap_ScheduleOfVariableInterestEntitiesTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Residential Mortgage Loans (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
|
| Schedule of Residential Mortgage Loans |
The following table sets forth the cost, unpaid principal balance, net premium on mortgage loans purchased, fair value, weighted average interest rate, and weighted average remaining maturity of the Company’s residential mortgage loan portfolio as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | | Cost | | $ | 313,297 | | | $ | 886,661 | | | | | | | | Unpaid principal balance | | $ | 307,638 | | | $ | 864,171 | | | Net premium on mortgage loans purchased | | 5,659 | | | 22,489 | | | Change in fair value | | (28,914) | | | (115,678) | | | Fair value | | $ | 284,383 | | | $ | 770,982 | | | | | | | | Weighted average interest rate | | 5.83 | % | | 4.80 | % | | | | | | | Weighted average remaining maturity (years) | | 29 | | 30 |
The following table sets forth the cost, unpaid principal balance, fair value, weighted average interest rate, and weighted average remaining maturity of the Company’s commercial mortgage loan portfolio as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | | Cost | | $ | 5,602 | | | $ | 9,928 | | | | | | | | Unpaid principal balance | | $ | 5,606 | | | $ | 9,928 | | | | | | | | Change in fair value | | (387) | | | (470) | | | Fair value | | $ | 5,219 | | | $ | 9,458 | | | | | | | | Weighted average interest rate | | 6.24 | % | | 7.03 | % | | | | | | | Weighted average remaining maturity (years) | | 12 | | 8 |
|
| Schedule of Financing Receivables Past Due |
The following table sets forth data regarding the number of consumer mortgage loans secured by residential real property 90 or more days past due and also those in formal foreclosure proceedings, and the recorded investment and unpaid principal balance of such loans as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | As of: | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | | Number of mortgage loans 90 or more days past due | | 3 | | | 11 | | | Recorded investment in mortgage loans 90 or more days past due | | $ | 2,001 | | | $ | 7,230 | | | Unpaid principal balance of loans 90 or more days past due | | $ | 1,938 | | | $ | 7,043 | | | | | | | | Number of mortgage loans in foreclosure | | 8 | | | 2 | | | Recorded investment in mortgage loans in foreclosure | | $ | 6,665 | | | $ | 820 | | | Unpaid principal balance of loans in foreclosure | | $ | 6,462 | | | $ | 849 | |
|
| X |
- Definition
+ References
+ Details
| Name: |
aomr_FinancingReceivablesTableTextBlock |
| Namespace Prefix: |
aomr_ |
| Data Type: |
dtr-types1:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
srt_MortgageLoansOnRealEstateAbstract |
| Namespace Prefix: |
srt_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTabular disclosure of aging analysis for financing receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-80
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-7
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A
| Name: |
us-gaap_PastDueFinancingReceivablesTableTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Commercial Mortgage Loans (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
|
| Schedule of Commercial Mortgage Loans |
The following table sets forth the cost, unpaid principal balance, net premium on mortgage loans purchased, fair value, weighted average interest rate, and weighted average remaining maturity of the Company’s residential mortgage loan portfolio as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | | Cost | | $ | 313,297 | | | $ | 886,661 | | | | | | | | Unpaid principal balance | | $ | 307,638 | | | $ | 864,171 | | | Net premium on mortgage loans purchased | | 5,659 | | | 22,489 | | | Change in fair value | | (28,914) | | | (115,678) | | | Fair value | | $ | 284,383 | | | $ | 770,982 | | | | | | | | Weighted average interest rate | | 5.83 | % | | 4.80 | % | | | | | | | Weighted average remaining maturity (years) | | 29 | | 30 |
The following table sets forth the cost, unpaid principal balance, fair value, weighted average interest rate, and weighted average remaining maturity of the Company’s commercial mortgage loan portfolio as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | | Cost | | $ | 5,602 | | | $ | 9,928 | | | | | | | | Unpaid principal balance | | $ | 5,606 | | | $ | 9,928 | | | | | | | | Change in fair value | | (387) | | | (470) | | | Fair value | | $ | 5,219 | | | $ | 9,458 | | | | | | | | Weighted average interest rate | | 6.24 | % | | 7.03 | % | | | | | | | Weighted average remaining maturity (years) | | 12 | | 8 |
|
| X |
- Definition
+ References
+ Details
| Name: |
aomr_FinancingReceivablesTableTextBlock |
| Namespace Prefix: |
aomr_ |
| Data Type: |
dtr-types1:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
srt_MortgageLoansOnRealEstateAbstract |
| Namespace Prefix: |
srt_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Investment Securities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of RMBS and CMBS Securities at Cost and Investments in U.S. Treasury Bills |
The following table sets forth a summary of AOMT RMBS, Whole Pool Agency RMBS, and AOMT CMBS at cost as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | (in thousands) | | AOMT RMBS | $ | 67,479 | | | $ | 69,922 | | | Whole Pool Agency RMBS | $ | 511,953 | | | $ | 1,006,022 | | | CMBS | $ | 6,319 | | | $ | 6,329 | |
The following table sets forth certain information about the Company’s investments in U.S. Treasury securities as of September 30, 2023 (1): | | | | | | | | | | | | | | | | | | | | | | Date | Face Value | Unamortized Discount, net | Amortized Cost | Unrealized Gain (Loss) | Fair Value | Net Effective Yield | | ($ in thousands) | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | $ | 150,000 | | $ | 182 | | $ | 149,818 | | $ | 88 | | $ | 149,906 | | 5.36 | % |
(1) There were no U.S. Treasury securities held as of December 31, 2022.
|
| Schedule of Investments in RMBS and CMBS at Fair Value |
The following table sets forth certain information about the Company’s investments in RMBS and CMBS at fair value as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | Real Estate Securities at Fair Value | | Securities Sold Under Agreements to Repurchase | | Allocated Capital | | September 30, 2023: | (in thousands) | AOMT RMBS (1) | | | | | | | | | | | | | Mezzanine | $ | 10,429 | | | $ | (1,029) | | | $ | 9,400 | | | Subordinate | 52,159 | | | (21,384) | | | 30,775 | | | Interest Only/Excess | 12,665 | | | (1,944) | | | 10,721 | | Retained RMBS in VIEs (2) | — | | | (15,504) | | | (15,504) | | | Total AOMT RMBS | $ | 75,253 | | | $ | (39,861) | | | $ | 35,392 | | | | | | | | | | | | | | | | | | | | | | | | | | | Whole Pool Agency RMBS | | | | | | | Fannie Mae | $ | 504,732 | | | $ | — | | | $ | 504,732 | | | Freddie Mac | — | | | — | | | — | | | Whole Pool Total Agency RMBS | $ | 504,732 | | | $ | — | | | $ | 504,732 | | Total RMBS | $ | 579,985 | | | $ | (39,861) | | | $ | 540,124 | | | | | | | | | AOMT CMBS | | | | | | | Subordinate | $ | 2,933 | | | $ | — | | | $ | 2,933 | | | Interest Only/Excess | 3,405 | | | — | | | 3,405 | | | Total AOMT CMBS | $ | 6,338 | | | $ | — | | | $ | 6,338 | |
(1) AOMT RMBS held as of September 30, 2023 included both retained tranches of securitizations in which the Company participated where the Company was not deemed to be the primary beneficiary, and additional securities issued by affiliates of Angel Oak Capital which were purchased in secondary market transactions.
(2) A portion of repurchase debt includes borrowings against retained bonds received from securitizations involving consolidated VIEs. These bonds have a fair value of $122.7 million. The Company reflects the underlying assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its condensed consolidated balance sheets rather than the bonds, due to the accounting rules around this type of securitization. | | | | | | | | | | | | | | | | | | | | | | | Real Estate Securities at Fair Value | | Securities Sold Under Agreements to Repurchase | | Allocated Capital | | December 31, 2022: | | (in thousands) | AOMT RMBS (1) | | | | | | | | | | | | | | | Mezzanine | | $ | 1,958 | | | $ | (1,470) | | | $ | 488 | | | Subordinate | | 49,578 | | | (24,982) | | | 24,596 | | | Interest Only/Excess | | 10,424 | | | (1,506) | | | 8,918 | | Retained RMBS in VIEs (2) | | — | | | (24,586) | | | (24,586) | | | Total AOMT RMBS | | $ | 61,960 | | | $ | (52,544) | | | $ | 9,416 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Whole Pool Agency RMBS | | | | | | | | Fannie Mae | | $ | 501,458 | | | $ | — | | | $ | 501,458 | | | Freddie Mac | | 491,920 | | | — | | | 491,920 | | | Whole Pool Total Agency RMBS | | $ | 993,378 | | | $ | — | | | $ | 993,378 | | | Total RMBS | | $ | 1,055,338 | | | $ | (52,544) | | | $ | 1,002,794 | | | | | | | | | | AOMT CMBS | | | | | | | | Subordinate | | $ | 2,901 | | | $ | — | | | $ | 2,901 | | | Interest Only/Excess | | 3,210 | | | — | | | 3,210 | | | Total AOMT CMBS | | $ | 6,111 | | | $ | — | | | $ | 6,111 | |
(1) AOMT RMBS held as of December 31, 2022 included both retained tranches of securitizations in which the Company participated where the Company was not deemed to be the primary beneficiary, and additional securities issued by affiliates of Angel Oak Capital which were purchased in secondary market transactions.
(2) A portion of repurchase debt includes borrowings against retained bonds received from securitizations involving consolidated VIEs. These bonds have a fair value of $110.5 million. The Company reflects the underlying assets of the VIE (residential mortgage loans in securitization trusts - at fair value) on its condensed consolidated balance sheets rather than the bonds, due to the accounting rules around this type of securitization.
|
| X |
- DefinitionDebt Securities, Available-for-sale and Securities Sold Under Agreements to Repurchase
| Name: |
aomr_DebtSecuritiesAvailableForSaleAndSecuritiesSoldUnderAgreementsToRepurchaseTableTextBlock |
| Namespace Prefix: |
aomr_ |
| Data Type: |
dtr-types1:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
| Name: |
us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Notes Payable (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Notes Payable [Abstract] |
|
| Schedule of Lines of Credit Available and Drawn Amounts for Whole Loan Purchases |
The following table sets forth the details of the Company’s notes payable and drawn amounts for whole loan purchases as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest
Rate Pricing
Spread | | Drawn Amount | | Note Payable | | Base Interest Rate | | | September 30, 2023 | | December 31, 2022 | | | | | | | ($ in thousands) | Multinational Bank 1 (1) | | Average Daily SOFR | | 2.10% | | $ | 189,066 | | | $ | 352,038 | | | | | | | | | | | Global Investment Bank 2 (2) | | 1 month SOFR | | 2.20% - 3.45% | | — | | | — | | Global Investment Bank 3 (3) | | Compound SOFR | | 2.80% - 4.50% | | 8,731 | | | 119,137 | | | | | | | | | | | Institutional Investors A and B (4) | | 1 month Term SOFR | | 3.50% | | N/A | | 168,695 | | | | | | | | | | | Regional Bank 1 (5) | | 1 month SOFR | | 2.50% - 3.50% | | N/A | | — | | | Total | | | | | | $ | 197,797 | | | $ | 639,870 | |
(1) On January 25, 2023, this financing facility was extended through July 25, 2023 in accordance with the terms of the agreement, which contemplates six-month renewals. On July 25, 2023, the Company extended this financing facility through January 25, 2024, with an interest rate pricing spread of 2.10%.
(2) This financing facility expires on February 2, 2024.
(3) This static pool financing facility expires on December 19, 2023. The interest rate pricing spread per the agreement began at 2.80% for the first three months following December 19, 2022, exclusive of a 20 basis points index spread adjustment, and increases by an additional 50 basis points every three months thereafter; however, the facility does not, in general, contain “mark to market” provisions. The agreement requires an economic interest rate hedging account (“interest rate futures account”) to be maintained to the reasonable satisfaction of Global Investment Bank 3, as described above, which account is for its benefit and under its sole control. On November 7, 2023, this facility was renewed for a twelve month term through November 7, 2024 and was converted from static pool financing to a revolving facility with mark to market features. The amended facility has a maximum borrowing capacity of $200 million with a base interest rate pricing spread of 180 basis points plus a 20 basis points index spread adjustment (see Note 16 — Subsequent Events).
(4) On October 4, 2022, the Company and a subsidiary entered into two separate master repurchase facilities with two affiliates of an institutional investor (“Institutional Investors A and B”) regarding a specific pool of whole loans with financing of approximately $168.7 million on approximately $239.3 million of unpaid principal balance. The master repurchase agreements were set to expire on January 4, 2023, subject to a one-time option to extend for three months, which the Company did not utilize. The Company repaid this financing facility in full on January 4, 2023. The Company held restricted cash pertaining to this lender’s cash collateral requirements included in “restricted cash” on the Company’s condensed consolidated balance sheet as of December 31, 2022, as described above, which was released on January 4, 2023.
(5) This agreement expired by its terms on March 16, 2023.
The following table sets forth the total unused borrowing capacity of each financing line as of September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | Note Payable | | Borrowing Capacity | | Balance Outstanding | | Available Financing | | | (in thousands) | Multinational Bank 1 (1) | | $ | 600,000 | | | $ | 189,066 | | | $ | 410,934 | | | | | | | | | Global Investment Bank 2 (1) | | 250,000 | | | — | | | 250,000 | | Global Investment Bank 3 (2) | | 8,731 | | | 8,731 | | | — | | | | | | | | | | Total | | $ | 858,731 | | | $ | 197,797 | | | $ | 660,934 | |
(1) Although available financing is uncommitted, the Company’s unused borrowing capacity is available if it has eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements.
(2) As of September 30, 2023, this financing facility had no unused borrowing capacity as the outstanding borrowings were based on a static pool of mortgage loans.
|
| X |
- References
+ Details
| Name: |
us-gaap_NotesPayableAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Securities Sold Under Agreements to Repurchase (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Banking and Thrift, Interest [Abstract] |
|
| Schedule of Repurchase Agreements |
The following table summarizes certain characteristics of the Company’s repurchase agreements as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | | | | | | | Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) | | | ($ in thousands) | | | | | AOMT RMBS (1) | | $ | 39,861 | | | 7.08 | % | | 15 | | U.S. Treasury securities | | 148,240 | | | 5.40 | % | | 11 | | Total | | $ | 188,101 | | | 5.76 | % | | 12 | | | | | | | | | December 31, 2022 | | | | | | | | Repurchase Agreements | | Amount Outstanding | | Weighted Average Interest Rate | | Weighted Average Remaining Maturity (Days) | | | ($ in thousands) | | | | | | | | | | | | AOMT RMBS (1) | | 52,544 | | | 6.07 | % | | 13 | | Total | | $ | 52,544 | | | 6.07 | % | | 13 |
(1) A portion of repurchase debt outstanding as of both September 30, 2023 and December 31, 2022 includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs). See Note 5 — Investment Securities.
|
| X |
- References
+ Details
| Name: |
us-gaap_BankingAndThriftInterestAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for repurchase agreements.
| Name: |
us-gaap_ScheduleOfRepurchaseAgreements |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Derivative Financial Instruments (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Derivative Instruments Presented on the Balance Sheet and Notional Amounts |
The following table sets forth the derivative instruments presented on the condensed consolidated balance sheets and notional amounts as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional Amounts | | As of: | | Derivatives Not Designated as Hedging Instruments | | Number of Contracts | | Assets | | Liabilities | | Long Exposure | | Short Exposure | | | | | | | ($ in thousands) | | September 30, 2023 | | Interest rate futures | | 1,099 | | $ | 691 | | | $ | — | | | $ | — | | | $ | 109,900 | | | September 30, 2023 | | TBAs | | N/A | | $ | 7,166 | | | $ | — | | | $ | — | | | $ | 523,900 | | | | | | | | | | | | | | | | December 31, 2022 | | Interest rate futures | | 4,928 | | $ | 2,211 | | | $ | — | | | $ | — | | | $ | 492,800 | | | December 31, 2022 | | TBAs | | N/A | | $ | 12,545 | | | $ | — | | | $ | — | | | $ | 1,041,700 | |
|
| Schedule of Derivatives Not Designated as Hedging Instruments |
The gains and losses arising from these derivative instruments in the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2023 and September 30, 2022 are set forth as follows:
| | | | | | | | | | | | | | | | | | | | | | | Derivatives Not Designated as Hedging Instruments | | Net Realized Gains (Losses) on Derivative Instruments | | Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments | | | | | (in thousands) | | Three Months Ended September 30, 2023 | | Interest rate futures | | $ | 2,828 | | | $ | (364) | | | Three Months Ended September 30, 2023 | | TBAs | | $ | 7,421 | | | $ | 4,927 | | | | | | | | | | Three Months Ended September 30, 2022 | | Interest rate futures | | $ | 17,692 | | | $ | 6,027 | | | Three Months Ended September 30, 2022 | | TBAs | | $ | (10,147) | | | $ | 10,180 | |
| | | | | | | | | | | | | | | | | | | | | | | Derivatives Not Designated as Hedging Instruments | | Net Realized Gains (Losses) on Derivative Instruments | | Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments | | | | | (in thousands) | | Nine Months Ended September 30, 2023 | | Interest rate futures | | $ | 8,599 | | | $ | (2,416) | | | Nine Months Ended September 30, 2023 | | TBAs | | $ | 4,900 | | | $ | (5,379) | | | | | | | | | | Nine Months Ended September 30, 2022 | | Interest rate futures | | $ | 66,805 | | | $ | 7,349 | | | Nine Months Ended September 30, 2022 | | TBAs | | $ | 3,032 | | | $ | (506) | |
|
| X |
- References
+ Details
| Name: |
us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTabular disclosure of the notional amounts of outstanding derivative positions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A
| Name: |
us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTabular disclosure of derivative instrument not designated or qualifying as hedging instrument. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-SubTopic 10
-Topic 815
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC
| Name: |
us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Financial Assets and Liabilities Measured at Fair Value |
The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (in thousands) | | Assets, at fair value | | | | | | | | | | Residential mortgage loans | | $ | — | | | $ | 277,373 | | | $ | 7,010 | | | $ | 284,383 | | | Residential mortgage loans in securitization trusts | | — | | | 1,185,006 | | | 9,113 | | | 1,194,119 | | | Commercial mortgage loans | | — | | | 5,219 | | | — | | | 5,219 | | | | | | | | | | | | Investments in securities | | | | | | | | | Non-Agency RMBS (1) | | — | | | 75,253 | | | — | | | 75,253 | | | Whole Pool Agency RMBS | | — | | | 504,731 | | | — | | | 504,731 | | AOMT CMBS (1) | | — | | | 6,338 | | | — | | | 6,338 | | | U.S Treasury Securities | | 149,906 | | | — | | | — | | | 149,906 | | Unrealized appreciation on interest rate futures contracts | | 691 | | | — | | | — | | | 691 | | | Unrealized appreciation on TBAs | | 7,166 | | | — | | | — | | | 7,166 | | | Total assets, at fair value | | $ | 157,763 | | | $ | 2,053,920 | | | $ | 16,123 | | | $ | 2,227,806 | | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | Non-recourse securitization obligation, collateralized by residential mortgage loans (2) | | — | | | 727,174 | | | — | | | 727,174 | | | Total liabilities, at fair value | | $ | — | | | $ | 727,174 | | | $ | — | | | $ | 727,174 | |
(1) Non‑Agency RMBS held as of September 30, 2023 included both retained tranches of securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions. All AOMT CMBS held as of September 30, 2023 were comprised of a small-balance commercial loan securitization issuance in which the Company participated.
(2) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above. See below for the disclosure of the full debt at fair value. The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (in thousands) | | Assets, at fair value | | | | | | | | | | Residential mortgage loans | | $ | — | | | $ | 763,786 | | | $ | 7,196 | | | $ | 770,982 | | | Residential mortgage loans in securitization trusts | | — | | | 1,018,686 | | | 8,756 | | | 1,027,442 | | | Commercial mortgage loans | | — | | | 9,458 | | | — | | | 9,458 | | | Investments in securities | | | | | | | | | Non-Agency RMBS (1) | | — | | | 61,960 | | | — | | | 61,960 | | | Whole Pool Agency RMBS | | — | | | 993,378 | | | — | | | 993,378 | | AOMT CMBS (1) | | — | | | 6,111 | | | — | | | 6,111 | | Unrealized appreciation on interest rate futures contracts | | 2,211 | | | — | | | — | | | 2,211 | | | Unrealized appreciation on TBAs | | 12,545 | | | — | | | — | | | 12,545 | | | Total assets, at fair value | | $ | 14,756 | | | $ | 2,853,379 | | | $ | 15,952 | | | $ | 2,884,087 | | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | Non-recourse securitization obligation, collateralized by residential mortgage loans (2) | | $ | — | | | $ | 530,560 | | | $ | — | | | $ | 530,560 | | | Total liabilities, at fair value | | $ | — | | | $ | 530,560 | | | $ | — | | | $ | 530,560 | |
(1) Non‑Agency RMBS held as of December 31, 2022 included both retained tranches of AOMT securitizations in which the Company participated, additional AOMT securities purchased in secondary market transactions, and other RMBS purchased in secondary market transactions. All AOMT CMBS held as of December 31, 2022 was comprised of a small-balance commercial loan securitization issuance in which the Company participated.
(2) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above.
|
| Schedule of Significant Level 3 Inputs |
The following table sets forth information regarding the Company’s significant Level 3 inputs as of September 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Input Values | | Asset | | Fair Value | | Unobservable Input | | Range | | Average | | | ($ in thousands) | | | | | | | | Residential mortgage loans, at fair value | | $ | 7,010 | | | Prepayment rate (annual CPR) | | 8.99% - 9.19% | | 9.09% | | | | | Default rate | | 16.57% - 24.37% | | 20.47% | | | | | Loss severity | | (0.25)% - 10.00% | | 1.77% | | | | | Expected remaining life | | 0.63 - 2.89 years | | 2.11 years | | | | | | | | | | | Residential mortgage loans in securitization trust, at fair value | | $ | 9,113 | | | Prepayment rate (annual CPR) | | 2.79% - 12.53% | | 7.82% | | | | | Default rate | | 9.22% - 25.78% | | 15.37% | | | | | Loss severity | | (0.16)% - 12.81% | | 6.66% | | | | | Expected remaining life | | 1.32 - 3.84 years | | 2.38 years | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table sets forth information regarding the Company’s significant Level 3 inputs as of December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Input Values | | Asset | | Fair Value | | Unobservable Input | | Range | | Average | | | ($ in thousands) | | | | | | | | Residential mortgage loans, at fair value | | $ | 7,196 | | | Prepayment rate (annual CPR) | | 4.92% - 14.99% | | 9.39% | | | | | Default rate | | 4.56% - 24.36% | | 11.43% | | | | | Loss severity | | (0.25)% - 12.54% | | 7.84% | | | | | Expected remaining life | | 0.62 - 3.43 years | | 2.75 years | | | | | | | | | | | Residential mortgage loans in securitization trust, at fair value | | $ | 8,756 | | | Prepayment rate (annual CPR) | | 3.24% - 14.55% | | 7.84% | | | | | Default rate | | 7.42% - 35.78% | | 19.07% | | | | | Loss severity | | 0% - 10.00% | | 9.23% | | | | | Expected remaining life | | 1.42 - 3.72 years | | 2.32 years |
|
| X |
- DefinitionTabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
| Name: |
us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11
| Name: |
us-gaap_FairValueByBalanceSheetGroupingTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_FairValueDisclosuresAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Related Party Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Related Party Transactions [Abstract] |
|
| Schedule of Related Party Transactions |
The following table sets forth certain financial information pertaining to whole loan activity purchased from affiliates during the nine month period ended September 30, 2023 and 12 month period ended December 31, 2022: | | | | | | | | | | | | | As of and for the Year-to-Date/Year Ended: | Amount of Loans Purchased from Affiliates during the Year-to-Date/Year Ended | Number of Loans Purchased from Affiliates during the Year-to-Date/Year Ended | Number of Loans Purchased from Affiliates, Owned and Held as of the Periods Ended(1) | | ($ in thousands) | | September 30, 2023 | $ | 89,673 | | 232 | | 593 | | | | | | | December 31, 2022 | $ | 567,324 | | 1,141 | | 845 | |
(1) Excludes loans held in residential mortgage loans in securitization trust, at fair value
|
| X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
| Name: |
us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Accumulated Other Comprehensive Income /(Loss) (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Schedule of Accumulated Other Comprehensive Income /(Loss) |
The following table sets forth the net unrealized gain/(loss) on AFS securities for the three months ended September 30, 2023 and 2022, which is the sole component of the changes in the Company’s Accumulated Other Comprehensive Income/(Loss) (“AOCI”) for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Three Months Ended September 30, 2022 | | (in thousands) | | AOCI balance, beginning of period | $ | (6,565) | | | $ | 1,248 | | | | | | | | | | | Net unrealized gain/(loss) on AFS securities | (1,607) | | | (10,227) | | | AOCI balance, end of period | $ | (8,172) | | | $ | (8,979) | |
| | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | Nine Months Ended September 30, 2022 | | (in thousands) | | AOCI balance, beginning of period | $ | (21,127) | | | $ | 3,000 | | | | | | | | | | | Net unrealized gain/(loss) on AFS securities | 12,955 | | | (11,979) | | | AOCI balance, end of period | $ | (8,172) | | | $ | (8,979) | |
|
| X |
- DefinitionTabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
| Name: |
us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_StockholdersEquityNoteAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Other Assets (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
| Schedule of Other Assets |
The following table sets forth the detail of other assets included in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | ($ in thousands) | Investments in Majority-Owned Affiliates | | $ | 14,701 | | | $ | — | | | Deferred tax asset | | 3,457 | | | 3,457 | | | Prepaid expenses | | 1,697 | | | 1,310 | | | Protective advances and other assets | | 285 | | — | | | Total other assets | | $ | 20,140 | | | $ | 4,767 | |
|
| X |
- References
+ Details
| Name: |
us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTabular disclosure of the carrying amounts of other assets. This disclosure includes other current assets and other noncurrent assets.
| Name: |
us-gaap_ScheduleOfOtherAssetsTableTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Equity and Earnings per Share ("EPS") (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Schedule of Earnings Per Share, Basic and Diluted |
The following table sets forth the calculation of basic and diluted earnings per share for the three months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | September 30, 2023 | | September 30, 2022 | | | (in thousands, except share and per share data) | | Basic Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders | | $ | 8,273 | | | $ | (83,353) | | | Dividends allocated to participating securities | | (60) | | | — | | | Net income (loss) to common stockholders - basic | | $ | 8,213 | | | $ | (83,353) | | | Basic weighted average common shares outstanding | | 24,768,921 | | | 24,505,438 | | | Basic earnings (loss) per common share | | $ | 0.33 | | | $ | (3.40) | | | | | | | | Diluted Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders - basic | | $ | 8,273 | | | $ | (83,353) | | | Dividends allocated to participating securities | | (60) | | | — | | | Net income (loss) to common stockholders - diluted | | $ | 8,213 | | | $ | (83,353) | | | Basic weighted average common shares outstanding | | 24,768,921 | | | 24,505,438 | | | Net effect of dilutive equity awards | | 188,747 | | | — | | | Diluted weighted average common shares outstanding | | 24,957,668 | | | 24,505,438 | | | Diluted earnings (loss) per common share | | $ | 0.33 | | | $ | (3.40) | |
The following table sets forth the calculation of basic and diluted earnings per share for the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | September 30, 2023 | | September 30, 2022 | | | (in thousands, except share and per share data) | | Basic Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders | | $ | 5,115 | | | $ | (179,046) | | | Dividends allocated to participating securities | | (123) | | | — | | | Net income (loss) to common stockholders - basic | | $ | 4,992 | | | $ | (179,046) | | | Basic weighted average common shares outstanding | | 24,706,568 | | | 24,534,967 | | | Basic earnings (loss) per common share | | $ | 0.20 | | | $ | (7.30) | | | | | | | | Diluted Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders - basic | | $ | 5,115 | | | $ | (179,046) | | | Dividends allocated to participating securities | | (123) | | | — | | | Net income (loss) to common stockholders - diluted | | $ | 4,992 | | | $ | (179,046) | | | Basic weighted average common shares outstanding | | 24,706,568 | | | 24,534,967 | | | Net effect of dilutive equity awards | | 227,265 | | | — | | | Diluted weighted average common shares outstanding | | 24,933,833 | | | 24,534,967 | | | Diluted earnings (loss) per common share | | $ | 0.20 | | | $ | (7.30) | |
|
| X |
- References
+ Details
| Name: |
us-gaap_EquityAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
| Name: |
us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
Variable Interest Entities - Consolidated Balance Sheet Related to This Consolidated VIE (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Residential mortgage loans in securitization trusts |
|
|
| ASSETS |
|
|
| Fair value |
$ 1,194,119
|
$ 1,027,442
|
| VIE - Primary Beneficiary |
|
|
| LIABILITIES |
|
|
| Non-recourse securitization obligations, collateralized by residential mortgage loans - principal balance, amortized cost |
434,227
|
474,070
|
| Less: debt issuance costs capitalized |
(105)
|
(1,145)
|
| Non-recourse securitization obligations, collateralized by residential mortgage loans, amortized cost, net |
434,122
|
472,925
|
| Non-recourse securitization obligations, collateralized by residential mortgage loans - principal balance, net of discount, subject to fair value adjustment |
836,130
|
611,114
|
| Fair value adjustment |
(108,956)
|
(80,554)
|
| Non-recourse securitization obligations, collateralized by residential mortgage loans - at fair value, net |
727,174
|
530,560
|
| Total non-recourse securitization obligations, collateralized by residential mortgage loans, net |
1,161,296
|
1,003,485
|
| VIE - Primary Beneficiary | Residential mortgage loans in securitization trusts |
|
|
| ASSETS |
|
|
| Residential mortgage loans in securitization trusts - cost |
1,409,089
|
1,193,879
|
| Fair value adjustment |
(214,970)
|
(166,437)
|
| Fair value |
$ 1,194,119
|
$ 1,027,442
|
| X |
- DefinitionFinancing Receivable, Fair Value Adjustment
| Name: |
aomr_FinancingReceivableFairValueAdjustment |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionNon-Recourse Debt, Amortized Cost, Gross
| Name: |
aomr_NonRecourseDebtAmortizedCostGross |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionNon-Recourse Debt, Amortized Cost, Net
| Name: |
aomr_NonRecourseDebtAmortizedCostNet |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionNon-Recourse Debt, Before Fair Value Adjustment
| Name: |
aomr_NonRecourseDebtBeforeFairValueAdjustment |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionNon-Recourse Debt, Fair Value Adjustment
| Name: |
aomr_NonRecourseDebtFairValueAdjustment |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionNon-Recourse Securitization Debt
| Name: |
aomr_NonRecourseSecuritizationDebt |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_AssetsAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
| Name: |
us-gaap_DeferredFinanceCostsNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_LiabilitiesAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-80
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-79
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479344/326-20-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)
-Publisher SEC
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)
-Publisher SEC
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)
-Publisher SEC
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-SubTopic 10
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5
| Name: |
us-gaap_NotesReceivableGross |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmortized cost, after allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(5)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5
| Name: |
us-gaap_NotesReceivableNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableResidentialSecuritizationTrustMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Variable Interest Entities - Income and Expense Amounts Related to the Consolidated VIE (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Variable Interest Entity [Line Items] |
|
|
|
|
| Interest income |
$ 23,900
|
$ 30,148
|
$ 71,403
|
$ 86,959
|
| Interest expense, non-recourse liabilities |
(16,490)
|
(18,408)
|
(50,742)
|
(41,849)
|
| NET INTEREST INCOME |
7,410
|
11,740
|
20,661
|
45,110
|
| VIE - Primary Beneficiary |
|
|
|
|
| Variable Interest Entity [Line Items] |
|
|
|
|
| Interest income |
15,733
|
12,759
|
41,213
|
34,646
|
| Interest expense, non-recourse liabilities |
(10,956)
|
(6,983)
|
(26,121)
|
(17,245)
|
| NET INTEREST INCOME |
4,777
|
5,776
|
15,092
|
17,401
|
| Net unrealized gain (loss) on mortgage loans in securitization trusts - at fair value |
(16,863)
|
(73,178)
|
(9,404)
|
(152,931)
|
| Unrealized gain (loss) on mark-to-market of non-recourse securitization obligation - at fair value |
22,183
|
34,357
|
3,620
|
67,030
|
| Securitization costs |
(416)
|
(1,115)
|
(2,326)
|
(3,405)
|
| Realized losses and operating expenses |
(967)
|
(247)
|
(2,163)
|
(695)
|
| Net gain/(loss) from consolidated VIEs |
$ 8,714
|
$ (34,407)
|
$ 4,819
|
$ (72,600)
|
| X |
- DefinitionIncome (Loss) From Consolidated Variable Interest Entities
| Name: |
aomr_IncomeLossFromConsolidatedVariableInterestEntities |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionSecuritization Expenses Incurred In Issuance
| Name: |
aomr_SecuritizationExpensesIncurredInIssuance |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionUnrealized Gain (Loss) On Non-Recourse Securitization Debt
| Name: |
aomr_UnrealizedGainLossOnNonRecourseSecuritizationDebt |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionRepresents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 45
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480228/946-830-45-39
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.1-5)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
| Name: |
us-gaap_InterestAndDividendIncomeOperating |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.9)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (210.5-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483013/835-20-50-1
| Name: |
us-gaap_InterestExpense |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.10)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
| Name: |
us-gaap_InterestIncomeExpenseNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionGenerally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
| Name: |
us-gaap_OperatingExpenses |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of unrealized gain (loss) on investment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
| Name: |
us-gaap_UnrealizedGainLossOnInvestments |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A
| Name: |
us-gaap_VariableInterestEntityLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Residential Mortgage Loans - Schedule of Residential Mortgage Loans and Financing Receivables Past Due (Details) - Residential mortgage loans
$ in Thousands |
Sep. 30, 2023
USD ($)
loan
|
Dec. 31, 2022
USD ($)
loan
|
| Financing Receivables [Abstract] |
|
|
| Cost |
$ 313,297
|
$ 886,661
|
| Unpaid principal balance |
307,638
|
864,171
|
| Net premium on mortgage loans purchased |
5,659
|
22,489
|
| Change in fair value |
(28,914)
|
(115,678)
|
| Fair value |
$ 284,383
|
$ 770,982
|
| Weighted average interest rate |
5.83%
|
4.80%
|
| Weighted average remaining maturity (years) |
29 years
|
30 years
|
| Financing Receivables, Past Due [Abstract] |
|
|
| Number of mortgage loans 90 or more days past due | loan |
3
|
11
|
| Recorded investment in mortgage loans 90 or more days past due |
$ 2,001
|
$ 7,230
|
| Unpaid principal balance of loans 90 or more days past due |
$ 1,938
|
$ 7,043
|
| Number of mortgage loans in foreclosure | loan |
8
|
2
|
| Recorded investment in mortgage loans in foreclosure |
$ 6,665
|
$ 820
|
| Unpaid principal balance of loans in foreclosure |
$ 6,462
|
$ 849
|
| X |
- DefinitionFair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Number
| Name: |
aomr_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDueNumber |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionFair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Unpaid Principal Balance
| Name: |
aomr_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDueUnpaidPrincipalBalance |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionFair Value, Option, Loans Held as Assets, Foreclosure, Number
| Name: |
aomr_FairValueOptionLoansHeldAsAssetsForeclosureNumber |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionFair Value, Option, Loans Held as Assets, Foreclosure, Unpaid Principal Balance
| Name: |
aomr_FairValueOptionLoansHeldAsAssetsForeclosureUnpaidPrincipalBalance |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionFinancing Receivable, After Allowance for Credit Loss, Before Fair Value Option Adjustment, Unpaid Principal Balance
| Name: |
aomr_FinancingReceivableAfterAllowanceForCreditLossBeforeFairValueOptionAdjustmentUnpaidPrincipalBalance |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionFinancing Receivable, at Cost
| Name: |
aomr_FinancingReceivableAtCost |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionFinancing Receivable, Weighted Average Interest Rate
| Name: |
aomr_FinancingReceivableWeightedAverageInterestRate |
| Namespace Prefix: |
aomr_ |
| Data Type: |
dtr-types1:percentItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionFinancing Receivable, Weighted Average Remaining Maturity
| Name: |
aomr_FinancingReceivableWeightedAverageRemainingMaturity |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- Definition
+ References
+ Details
| Name: |
aomr_FinancingReceivablesAbstract |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFinancing Receivables, Past Due
| Name: |
aomr_FinancingReceivablesPastDueAbstract |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThis item represents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans and long-term receivables (other than securities categorized as trading, available-for-sale or held-to-maturity) that have contractual principal amounts and for which the fair value option has been elected. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
| Name: |
us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionThis item represents the aggregate fair value of loans held as assets that are 90 days or more past due for which the fair value option has been elected. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
| Name: |
us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of unamortized purchase premium (discount) on financing receivable. Excludes financing receivable covered under loss sharing agreement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481598/310-20-45-1
| Name: |
us-gaap_FinancingReceivableUnamortizedPurchasePremiumDiscount |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionRecorded investment of consumer mortgage loan receivables secured by residential real estate properties for which formal foreclosure proceedings are in process. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 35
-SubTopic 10
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-35
| Name: |
us-gaap_MortgageLoansInProcessOfForeclosureAmount |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmortized cost, after allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(5)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5
| Name: |
us-gaap_NotesReceivableNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableResidentialMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Commercial Mortgage Loans - Schedule of Residential Mortgage Loans (Details) - Commercial mortgage loans - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
|
|
| Cost |
$ 5,602
|
$ 9,928
|
| Unpaid principal balance |
5,606
|
9,928
|
| Change in fair value |
(387)
|
(470)
|
| Fair value |
$ 5,219
|
$ 9,458
|
| Weighted average interest rate |
6.24%
|
7.03%
|
| Weighted average remaining maturity (years) |
12 years
|
8 years
|
| X |
- DefinitionFinancing Receivable, After Allowance for Credit Loss, Before Fair Value Option Adjustment, Unpaid Principal Balance
| Name: |
aomr_FinancingReceivableAfterAllowanceForCreditLossBeforeFairValueOptionAdjustmentUnpaidPrincipalBalance |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionFinancing Receivable, at Cost
| Name: |
aomr_FinancingReceivableAtCost |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionFinancing Receivable, Weighted Average Interest Rate
| Name: |
aomr_FinancingReceivableWeightedAverageInterestRate |
| Namespace Prefix: |
aomr_ |
| Data Type: |
dtr-types1:percentItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionFinancing Receivable, Weighted Average Remaining Maturity
| Name: |
aomr_FinancingReceivableWeightedAverageRemainingMaturity |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 948
-SubTopic 310
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-29)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479851/948-310-S99-1
| Name: |
srt_MortgageLoansOnRealEstateLineItems |
| Namespace Prefix: |
srt_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThis item represents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans and long-term receivables (other than securities categorized as trading, available-for-sale or held-to-maturity) that have contractual principal amounts and for which the fair value option has been elected. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
| Name: |
us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmortized cost, after allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(5)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5
| Name: |
us-gaap_NotesReceivableNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableCommercialMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
| X |
- DefinitionFair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Number
| Name: |
aomr_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDueNumber |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 948
-SubTopic 310
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-29)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479851/948-310-S99-1
| Name: |
srt_MortgageLoansOnRealEstateLineItems |
| Namespace Prefix: |
srt_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe cash inflow from proceeds from sale of receivables arising from the mortgage note on real estate; includes collections on mortgage notes receivable that are not classified as operating cash flows. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
| Name: |
us-gaap_ProceedsFromSaleAndCollectionOfMortgageNotesReceivable |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableCommercialMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Investment Securities - Securities at Cost (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| AOMT RMBS |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Cost of mortgage-backed securities |
$ 67,479
|
$ 69,922
|
| Whole Pool Agency RMBS |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Cost of mortgage-backed securities |
511,953
|
1,006,022
|
| CMBS |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Cost of mortgage-backed securities |
$ 6,319
|
$ 6,329
|
| X |
- DefinitionAmortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
| Name: |
us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
| Name: |
us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_ResidentialMortgageBackedSecuritiesWholePoolAgencyMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CommercialMortgageBackedSecuritiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Investment Securities - Schedule of Investments in RMBS and CMBS at Fair Value (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
$ (188,101)
|
$ (52,544)
|
| Mezzanine |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
(1,029)
|
(1,470)
|
| Subordinate |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
(21,384)
|
(24,982)
|
| Interest Only/Excess |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
(1,944)
|
(1,506)
|
| Retained RMBS in VIEs | VIE - Primary Beneficiary |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
(15,504)
|
(24,586)
|
| Retained RMBS in VIEs | VIE - Primary Beneficiary | Eliminations |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
122,700
|
110,500
|
| Total AOMT RMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
(39,861)
|
(52,544)
|
| Fannie Mae |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
0
|
0
|
| Freddie Mac |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
0
|
0
|
| Whole Pool Total Agency RMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
0
|
0
|
| Total RMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
(39,861)
|
(52,544)
|
| Subordinate |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
0
|
0
|
| Interest Only/Excess |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
0
|
0
|
| Total AOMT CMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Securities Sold Under Agreements to Repurchase |
0
|
0
|
| Mezzanine |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
10,429
|
1,958
|
| Allocated Capital |
9,400
|
488
|
| Subordinate |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
52,159
|
49,578
|
| Allocated Capital |
30,775
|
24,596
|
| Interest Only/Excess |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
12,665
|
10,424
|
| Allocated Capital |
10,721
|
8,918
|
| Retained RMBS in VIEs | VIE - Primary Beneficiary |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
0
|
0
|
| Allocated Capital |
(15,504)
|
(24,586)
|
| Total AOMT RMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
75,253
|
61,960
|
| Allocated Capital |
35,392
|
9,416
|
| Fannie Mae |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
504,732
|
501,458
|
| Allocated Capital |
504,732
|
501,458
|
| Freddie Mac |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
0
|
491,920
|
| Allocated Capital |
0
|
491,920
|
| Whole Pool Total Agency RMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
504,732
|
993,378
|
| Allocated Capital |
504,732
|
993,378
|
| Total RMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
579,985
|
1,055,338
|
| Securities Sold Under Agreements to Repurchase |
(39,861)
|
(52,544)
|
| Allocated Capital |
540,124
|
1,002,794
|
| Subordinate |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
2,933
|
2,901
|
| Allocated Capital |
2,933
|
2,901
|
| Interest Only/Excess |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
3,405
|
3,210
|
| Allocated Capital |
3,405
|
3,210
|
| Total AOMT CMBS |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Real Estate Securities at Fair Value |
6,338
|
6,111
|
| Allocated Capital |
$ 6,338
|
$ 6,111
|
| X |
- DefinitionDebt Securities, Available for Sale, Net of Securities Sold under Agreements to Repurchase
| Name: |
aomr_DebtSecuritiesAvailableForSaleNetOfSecuritiesSoldUnderAgreementsToRepurchase |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481830/320-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
| Name: |
us-gaap_AvailableForSaleSecuritiesDebtSecurities |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
| Name: |
us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10
Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_SecuritiesSoldUnderAgreementsToRepurchase |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseAxis=aomr_ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMezzanineMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseAxis=aomr_ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustSubordinateMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseAxis=aomr_ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustInterestOnlyExcessMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseAxis=aomr_ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustRetainedMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_ConsolidationItemsAxis=srt_ConsolidationEliminationsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseAxis=aomr_ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseAxis=aomr_ResidentialMortgageBackedSecuritiesWholePoolAgencyFannieMaeMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseAxis=aomr_ResidentialMortgageBackedSecuritiesWholePoolAgencyFreddieMacMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseAxis=aomr_ResidentialMortgageBackedSecuritiesWholePoolAgencyMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseAxis=us-gaap_ResidentialMortgageBackedSecuritiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseAxis=aomr_CommercialMortgageBackedSecuritiesAngelOakMortgageTrustSubordinateMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseAxis=aomr_CommercialMortgageBackedSecuritiesAngelOakMortgageTrustInterestOnlyExcessMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseAxis=aomr_CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMezzanineMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustSubordinateMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustInterestOnlyExcessMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustRetainedMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_ResidentialMortgageBackedSecuritiesAngelOakMortgageTrustMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_ResidentialMortgageBackedSecuritiesWholePoolAgencyFannieMaeMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_ResidentialMortgageBackedSecuritiesWholePoolAgencyFreddieMacMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_ResidentialMortgageBackedSecuritiesWholePoolAgencyMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageBackedSecuritiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_CommercialMortgageBackedSecuritiesAngelOakMortgageTrustSubordinateMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_CommercialMortgageBackedSecuritiesAngelOakMortgageTrustInterestOnlyExcessMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
| X |
- DefinitionDebt Securities, Available-for-sale, Face Value
| Name: |
aomr_DebtSecuritiesAvailableForSaleFaceValue |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
| Name: |
us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
| Name: |
us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481830/320-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
| Name: |
us-gaap_AvailableForSaleSecuritiesDebtSecurities |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of discount (premium) attributable to other factors on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), purchased with credit deterioration. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-10
| Name: |
us-gaap_DebtSecuritiesAvailableForSalePurchasedWithCreditDeteriorationDiscountPremium |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionWeighted average yield of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (a)
-Publisher SEC
| Name: |
us-gaap_DebtSecuritiesAvailableForSaleWeightedAverageYield |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
| Name: |
us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_USTreasurySecuritiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E
Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
| Name: |
us-gaap_DebtInstrumentLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_RestrictedCash |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of cash equivalents restricted as to withdrawal or usage, classified as current. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 210
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480632/954-210-45-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480602/954-210-50-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
| Name: |
us-gaap_RestrictedCashEquivalentsCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_CollateralAxis=us-gaap_CollateralPledgedMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LineOfCreditFacilityAxis=aomr_GlobalInvestmentBank3Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Notes Payable - Schedule of Lines of Credit Available and Drawn Amounts for Whole Loan Purchases (Details)
|
|
|
|
|
|
9 Months Ended |
|
|
Nov. 07, 2023
USD ($)
|
Jul. 25, 2023 |
Jan. 25, 2023 |
Dec. 19, 2022 |
Oct. 04, 2022
USD ($)
affiliate
facility
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
|
$ 197,797,000
|
|
$ 639,870,000
|
| Securities sold under agreements to repurchase |
|
|
|
|
|
188,101,000
|
|
52,544,000
|
| Proceeds from securitization |
|
|
|
|
|
233,319,000
|
$ 675,360,000
|
|
| Institutional Investors A and B | Master Repurchase Agreements |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Number of master repurchase facilities | facility |
|
|
|
|
2
|
|
|
|
| Number of affiliated institutional investors | affiliate |
|
|
|
|
2
|
|
|
|
| Securities sold under agreements to repurchase |
|
|
|
|
$ 168,700,000
|
|
|
|
| Proceeds from securitization |
|
|
|
|
$ 239,300,000
|
|
|
|
| Notes Payable | Line of Credit |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
|
197,797,000
|
|
639,870,000
|
| Borrowing Capacity |
|
|
|
|
|
858,731,000
|
|
|
| Available Financing |
|
|
|
|
|
660,934,000
|
|
|
| Notes Payable | Line of Credit | Multinational Bank 1 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
|
189,066,000
|
|
352,038,000
|
| Borrowing Capacity |
|
|
|
|
|
600,000,000
|
|
|
| Available Financing |
|
|
|
|
|
$ 410,934,000
|
|
|
| Notes Payable | Line of Credit | Multinational Bank 1 | SOFR |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
|
2.10%
|
|
|
| Renewal period |
|
|
6 months
|
|
|
|
|
|
| Notes Payable | Line of Credit | Multinational Bank 1 | Secured Overnight Financing Rate (SOFR) Index Spread |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
2.10%
|
|
|
|
|
|
|
| Notes Payable | Line of Credit | Global Investment Bank 2 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
|
$ 0
|
|
0
|
| Borrowing Capacity |
|
|
|
|
|
250,000,000
|
|
|
| Available Financing |
|
|
|
|
|
$ 250,000,000
|
|
|
| Notes Payable | Line of Credit | Global Investment Bank 2 | SOFR | Minimum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
|
2.20%
|
|
|
| Notes Payable | Line of Credit | Global Investment Bank 2 | SOFR | Maximum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
|
3.45%
|
|
|
| Notes Payable | Line of Credit | Global Investment Bank 3 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
|
$ 8,731,000
|
|
119,137,000
|
| Borrowing Capacity |
|
|
|
|
|
8,731,000
|
|
|
| Available Financing |
|
|
|
|
|
$ 0
|
|
|
| Notes Payable | Line of Credit | Global Investment Bank 3 | Subsequent Event |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Borrowing Capacity |
$ 200,000,000
|
|
|
|
|
|
|
|
| Notes Payable | Line of Credit | Global Investment Bank 3 | SOFR |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
2.80%
|
|
|
|
|
| Variable rate increase |
|
|
|
0.50%
|
|
|
|
|
| Notes Payable | Line of Credit | Global Investment Bank 3 | SOFR | Subsequent Event |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
1.80%
|
|
|
|
|
|
|
|
| Notes Payable | Line of Credit | Global Investment Bank 3 | SOFR | Minimum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
|
2.80%
|
|
|
| Notes Payable | Line of Credit | Global Investment Bank 3 | SOFR | Maximum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
|
4.50%
|
|
|
| Notes Payable | Line of Credit | Global Investment Bank 3 | Secured Overnight Financing Rate (SOFR) Index Spread |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
0.20%
|
|
|
|
|
| Notes Payable | Line of Credit | Global Investment Bank 3 | Secured Overnight Financing Rate (SOFR) Index Spread | Subsequent Event |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
0.20%
|
|
|
|
|
|
|
|
| Renewal period |
12 months
|
|
|
|
|
|
|
|
| Notes Payable | Line of Credit | Institutional Investors A and B |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
|
|
|
168,695,000
|
| Notes Payable | Line of Credit | Institutional Investors A and B | SOFR |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
|
3.50%
|
|
|
| Notes Payable | Line of Credit | Regional Bank 1 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Drawn Amount |
|
|
|
|
|
|
|
$ 0
|
| Notes Payable | Line of Credit | Regional Bank 1 | SOFR | Minimum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
|
2.50%
|
|
|
| Notes Payable | Line of Credit | Regional Bank 1 | SOFR | Maximum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Interest Rate Pricing Spread |
|
|
|
|
|
3.50%
|
|
|
| X |
- DefinitionDebt Instrument, Basis Spread on Variable Rate Increase
| Name: |
aomr_DebtInstrumentBasisSpreadOnVariableRateIncrease |
| Namespace Prefix: |
aomr_ |
| Data Type: |
dtr-types1:percentItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionRepurchase Agreements, Number Of Affiliated Institutional Investors
| Name: |
aomr_RepurchaseAgreementsNumberOfAffiliatedInstitutionalInvestors |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionRepurchase Agreements, Number Of Facilities
| Name: |
aomr_RepurchaseAgreementsNumberOfFacilities |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionPercentage points added to the reference rate to compute the variable rate on the debt instrument.
| Name: |
us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E
Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
| Name: |
us-gaap_DebtInstrumentLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionPeriod of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
| Name: |
us-gaap_DebtInstrumentTerm |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_LineOfCredit |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionProceeds from securitizations of receivables treated as collateralized borrowings, which are classified as financing transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
| Name: |
us-gaap_ProceedsFromAccountsReceivableSecuritization |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10
Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_SecuritiesSoldUnderAgreementsToRepurchase |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_LineOfCreditFacilityAxis=aomr_InstitutionalInvestorsAAndBMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_SecuritiesFinancingTransactionAxis=aomr_MasterRepurchaseAgreementsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LongtermDebtTypeAxis=us-gaap_NotesPayableToBanksMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_CreditFacilityAxis=us-gaap_LineOfCreditMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LineOfCreditFacilityAxis=aomr_MultinationalBank1Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_VariableRateAxis=aomr_SecuredOvernightFinancingRateSOFRMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_VariableRateAxis=aomr_SecuredOvernightFinancingRateSOFRIndexSpreadMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LineOfCreditFacilityAxis=aomr_GlobalInvestmentBank2Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_RangeAxis=srt_MinimumMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_RangeAxis=srt_MaximumMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LineOfCreditFacilityAxis=aomr_GlobalInvestmentBank3Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LineOfCreditFacilityAxis=aomr_RegionalBank1Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
| X |
- References
+ Details
| Name: |
srt_BrokersAndDealersAbstract |
| Namespace Prefix: |
srt_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount payable to correspondent broker-dealer.
| Name: |
us-gaap_DueToCorrespondentBrokers |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
v3.23.3
| X |
- DefinitionThe amount of cash or securities placed with a broker or counterparty as security for a trading or derivatives securities position which was partially obtained with funds provided by the broker dealer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(17))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_MarginDepositAssets |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
| Name: |
us-gaap_RestrictedCashAndCashEquivalentsItemsLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_BalanceSheetLocationAxis=us-gaap_CashAndCashEquivalentsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
| X |
- DefinitionInterest rate on the amount to be repaid to the counterparty to the repurchase agreement when the carrying amount (or market value, if higher than the carrying amount) of securities or other assets sold under the repurchase agreement exceeds 10 percent of total assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseInterestRate |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
| Name: |
us-gaap_AssetsSoldUnderAgreementsToRepurchaseLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionWeighted average maturity (weighted by amount of the agreement) of repurchase agreements with the counterparty, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(iii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
| Name: |
us-gaap_RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1 |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10
Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_SecuritiesSoldUnderAgreementsToRepurchase |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageBackedSecuritiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_USTreasurySecuritiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Derivative Financial Instruments - Narrative (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
| Derivative [Line Items] |
|
|
|
| Restricted cash |
$ 1,068,000
|
$ 10,589,000
|
$ 10,600,000
|
| Interest rate futures |
|
|
|
| Derivative [Line Items] |
|
|
|
| Restricted cash |
300,000
|
1,100,000
|
|
| TBAs |
|
|
|
| Derivative [Line Items] |
|
|
|
| Restricted cash |
$ 0
|
$ 0
|
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-5
| Name: |
us-gaap_DerivativeLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_RestrictedCash |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_DerivativeInstrumentRiskAxis=aomr_InterestRateFutureMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_DerivativeInstrumentRiskAxis=aomr_ToBeAnnouncedTBAsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Derivative Financial Instruments - Derivative Instruments Presented on the Balance Sheet and Notional Amounts (Details)
$ in Thousands |
Sep. 30, 2023
USD ($)
contract
|
Dec. 31, 2022
USD ($)
contract
|
| Derivative [Line Items] |
|
|
| Assets |
$ 7,857
|
$ 14,756
|
| Derivatives Not Designated as Hedging Instruments | Interest rate futures |
|
|
| Derivative [Line Items] |
|
|
| Number of Contracts | contract |
1,099
|
4,928
|
| Assets |
$ 691
|
$ 2,211
|
| Liabilities |
0
|
0
|
| Derivatives Not Designated as Hedging Instruments | TBAs |
|
|
| Derivative [Line Items] |
|
|
| Assets |
7,166
|
12,545
|
| Liabilities |
0
|
0
|
| Derivatives Not Designated as Hedging Instruments | Long Exposure | Interest rate futures |
|
|
| Derivative [Line Items] |
|
|
| Notional Amounts |
0
|
0
|
| Derivatives Not Designated as Hedging Instruments | Long Exposure | TBAs |
|
|
| Derivative [Line Items] |
|
|
| Notional Amounts |
0
|
0
|
| Derivatives Not Designated as Hedging Instruments | Short Exposure | Interest rate futures |
|
|
| Derivative [Line Items] |
|
|
| Notional Amounts |
109,900
|
492,800
|
| Derivatives Not Designated as Hedging Instruments | Short Exposure | TBAs |
|
|
| Derivative [Line Items] |
|
|
| Notional Amounts |
$ 523,900
|
$ 1,041,700
|
| X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3
Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-22
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10
| Name: |
us-gaap_DerivativeAssets |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3
Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-22
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10
| Name: |
us-gaap_DerivativeLiabilities |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-5
| Name: |
us-gaap_DerivativeLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionNominal or face amount used to calculate payment on derivative. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A
| Name: |
us-gaap_DerivativeNotionalAmount |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe number of derivative instruments of a particular group held by the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column C))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A
| Name: |
us-gaap_DerivativeNumberOfInstrumentsHeld |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_DerivativeInstrumentRiskAxis=aomr_InterestRateFutureMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_DerivativeInstrumentRiskAxis=aomr_ToBeAnnouncedTBAsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_PositionAxis=us-gaap_LongMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_PositionAxis=us-gaap_ShortMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Derivative Financial Instruments - Gains and Losses Arising from Derivative Instruments (Details) - Derivatives Not Designated as Hedging Instruments - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Interest rate futures |
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
| Net Realized Gains (Losses) on Derivative Instruments |
$ 2,828
|
$ 17,692
|
$ 8,599
|
$ 66,805
|
| Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments |
(364)
|
6,027
|
(2,416)
|
7,349
|
| TBAs |
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
| Net Realized Gains (Losses) on Derivative Instruments |
7,421
|
(10,147)
|
4,900
|
3,032
|
| Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments |
$ 4,927
|
$ 10,180
|
$ (5,379)
|
$ (506)
|
| X |
- DefinitionChange in Unrealized Appreciation (Depreciation) on Derivative Instruments, Net
| Name: |
aomr_ChangeInUnrealizedAppreciationDepreciationOnDerivativeInstrumentsNet |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of realized and unrealized gain (loss) of derivative instruments not designated or qualifying as hedging instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-SubTopic 10
-Topic 815
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC
| Name: |
us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-5
| Name: |
us-gaap_DerivativeLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_DerivativeInstrumentRiskAxis=aomr_InterestRateFutureMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_DerivativeInstrumentRiskAxis=aomr_ToBeAnnouncedTBAsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Assets, at fair value |
|
|
| Unrealized appreciation/depreciation on futures contracts and TBAs |
$ 7,857
|
$ 14,756
|
| Total assets, at fair value |
2,227,806
|
2,884,087
|
| Liabilities, at fair value |
|
|
| Non-recourse securitization obligation, collateralized by residential mortgage loans |
727,174
|
530,560
|
| Total liabilities, at fair value |
727,174
|
530,560
|
| Non-Agency RMBS |
|
|
| Assets, at fair value |
|
|
| Fair Value |
75,253
|
61,960
|
| Whole Pool Agency RMBS |
|
|
| Assets, at fair value |
|
|
| Fair Value |
504,731
|
993,378
|
| AOMT CMBS |
|
|
| Assets, at fair value |
|
|
| Fair Value |
6,338
|
6,111
|
| U.S. Treasury Bills |
|
|
| Assets, at fair value |
|
|
| Fair Value |
149,906
|
0
|
| Future Contracts |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation/depreciation on futures contracts and TBAs |
691
|
2,211
|
| TBAs |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation/depreciation on futures contracts and TBAs |
7,166
|
12,545
|
| Residential mortgage loans |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
284,383
|
770,982
|
| Residential mortgage loans in securitization trusts |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
1,194,119
|
1,027,442
|
| Commercial mortgage loans |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
5,219
|
9,458
|
| Level 1 |
|
|
| Assets, at fair value |
|
|
| Total assets, at fair value |
157,763
|
14,756
|
| Liabilities, at fair value |
|
|
| Non-recourse securitization obligation, collateralized by residential mortgage loans |
0
|
0
|
| Total liabilities, at fair value |
0
|
0
|
| Level 1 | Non-Agency RMBS |
|
|
| Assets, at fair value |
|
|
| Fair Value |
0
|
0
|
| Level 1 | Whole Pool Agency RMBS |
|
|
| Assets, at fair value |
|
|
| Fair Value |
0
|
0
|
| Level 1 | AOMT CMBS |
|
|
| Assets, at fair value |
|
|
| Fair Value |
0
|
0
|
| Level 1 | U.S. Treasury Bills |
|
|
| Assets, at fair value |
|
|
| Fair Value |
149,906
|
|
| Level 1 | Future Contracts |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation/depreciation on futures contracts and TBAs |
691
|
2,211
|
| Level 1 | TBAs |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation/depreciation on futures contracts and TBAs |
7,166
|
12,545
|
| Level 1 | Residential mortgage loans |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
0
|
0
|
| Level 1 | Residential mortgage loans in securitization trusts |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
0
|
0
|
| Level 1 | Commercial mortgage loans |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
0
|
0
|
| Level 2 |
|
|
| Assets, at fair value |
|
|
| Total assets, at fair value |
2,053,920
|
2,853,379
|
| Liabilities, at fair value |
|
|
| Non-recourse securitization obligation, collateralized by residential mortgage loans |
727,174
|
530,560
|
| Total liabilities, at fair value |
727,174
|
530,560
|
| Level 2 | Non-Agency RMBS |
|
|
| Assets, at fair value |
|
|
| Fair Value |
75,253
|
61,960
|
| Level 2 | Whole Pool Agency RMBS |
|
|
| Assets, at fair value |
|
|
| Fair Value |
504,731
|
993,378
|
| Level 2 | AOMT CMBS |
|
|
| Assets, at fair value |
|
|
| Fair Value |
6,338
|
6,111
|
| Level 2 | U.S. Treasury Bills |
|
|
| Assets, at fair value |
|
|
| Fair Value |
0
|
|
| Level 2 | Future Contracts |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation/depreciation on futures contracts and TBAs |
0
|
0
|
| Level 2 | TBAs |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation/depreciation on futures contracts and TBAs |
0
|
0
|
| Level 2 | Residential mortgage loans |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
277,373
|
763,786
|
| Level 2 | Residential mortgage loans in securitization trusts |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
1,185,006
|
1,018,686
|
| Level 2 | Commercial mortgage loans |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
5,219
|
9,458
|
| Level 3 |
|
|
| Assets, at fair value |
|
|
| Total assets, at fair value |
16,123
|
15,952
|
| Liabilities, at fair value |
|
|
| Non-recourse securitization obligation, collateralized by residential mortgage loans |
0
|
0
|
| Total liabilities, at fair value |
0
|
0
|
| Level 3 | Non-Agency RMBS |
|
|
| Assets, at fair value |
|
|
| Fair Value |
0
|
0
|
| Level 3 | Whole Pool Agency RMBS |
|
|
| Assets, at fair value |
|
|
| Fair Value |
0
|
0
|
| Level 3 | AOMT CMBS |
|
|
| Assets, at fair value |
|
|
| Fair Value |
0
|
0
|
| Level 3 | U.S. Treasury Bills |
|
|
| Assets, at fair value |
|
|
| Fair Value |
0
|
|
| Level 3 | Future Contracts |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation/depreciation on futures contracts and TBAs |
0
|
0
|
| Level 3 | TBAs |
|
|
| Assets, at fair value |
|
|
| Unrealized appreciation/depreciation on futures contracts and TBAs |
0
|
0
|
| Level 3 | Residential mortgage loans |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
7,010
|
7,196
|
| Level 3 | Residential mortgage loans in securitization trusts |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
9,113
|
8,756
|
| Level 3 | Commercial mortgage loans |
|
|
| Assets, at fair value |
|
|
| Assets, at fair value |
$ 0
|
$ 0
|
| X |
- DefinitionNon-Recourse Securitization Obligation, Fair Value Disclosure
| Name: |
aomr_NonRecourseSecuritizationObligationFairValueDisclosure |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionFair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
| Name: |
us-gaap_AssetsFairValueDisclosure |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_AssetsFairValueDisclosureAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481830/320-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
| Name: |
us-gaap_AvailableForSaleSecuritiesDebtSecurities |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3
Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-22
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10
| Name: |
us-gaap_DerivativeAssets |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionFair value of financial and nonfinancial obligations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
| Name: |
us-gaap_LiabilitiesFairValueDisclosure |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_LiabilitiesFairValueDisclosureAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFair value portion of loan receivable, including, but not limited to, mortgage loans held for investment, finance receivables held for investment, policy loans on insurance contracts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Publisher FASB
-URI https://asc.fasb.org//310-10/tableOfContent
| Name: |
us-gaap_LoansReceivableFairValueDisclosure |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_ResidentialMortgageBackedSecuritiesIssuedByPrivateEnterprisesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_AgencyWholePoolLoanSecuritiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_CommercialMortgageBackedSecuritiesAngelOakMortgageTrustMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_USTreasurySecuritiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_FutureMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FinancialInstrumentAxis=aomr_ToBeAnnouncedTBAsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableResidentialMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableResidentialMortgageLoansInSecuritizationTrustsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableCommercialMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Fair Value Measurements - Significant Level 3 Inputs (Details)
$ in Thousands |
Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
| Residential mortgage loans |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Fair Value |
$ 284,383
|
$ 770,982
|
| Level 3 | Residential mortgage loans |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Fair Value |
$ 7,010
|
$ 7,196
|
| Level 3 | Residential mortgage loans | Minimum | Prepayment rate (annual CPR) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.0899
|
0.0492
|
| Level 3 | Residential mortgage loans | Minimum | Default rate |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.1657
|
0.0456
|
| Level 3 | Residential mortgage loans | Minimum | Loss severity |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
(0.0025)
|
0.25
|
| Level 3 | Residential mortgage loans | Minimum | Expected remaining life |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Expected remaining life |
7 months 17 days
|
7 months 13 days
|
| Level 3 | Residential mortgage loans | Maximum | Prepayment rate (annual CPR) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.0919
|
0.1499
|
| Level 3 | Residential mortgage loans | Maximum | Default rate |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.2437
|
0.2436
|
| Level 3 | Residential mortgage loans | Maximum | Loss severity |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.1000
|
0.1254
|
| Level 3 | Residential mortgage loans | Maximum | Expected remaining life |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Expected remaining life |
2 years 10 months 20 days
|
3 years 5 months 4 days
|
| Level 3 | Residential mortgage loans | Average | Prepayment rate (annual CPR) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.0909
|
0.0939
|
| Level 3 | Residential mortgage loans | Average | Default rate |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.2047
|
0.1143
|
| Level 3 | Residential mortgage loans | Average | Loss severity |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.0177
|
0.0784
|
| Level 3 | Residential mortgage loans | Average | Expected remaining life |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Expected remaining life |
2 years 1 month 9 days
|
2 years 9 months
|
| Level 3 | Residential mortgage loans in securitization trusts |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Fair Value |
$ 9,113
|
$ 8,756
|
| Level 3 | Residential mortgage loans in securitization trusts | Minimum | Prepayment rate (annual CPR) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.0279
|
0.0324
|
| Level 3 | Residential mortgage loans in securitization trusts | Minimum | Default rate |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.0922
|
0.0742
|
| Level 3 | Residential mortgage loans in securitization trusts | Minimum | Loss severity |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
(0.0016)
|
0
|
| Level 3 | Residential mortgage loans in securitization trusts | Minimum | Expected remaining life |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Expected remaining life |
1 year 3 months 25 days
|
1 year 5 months 1 day
|
| Level 3 | Residential mortgage loans in securitization trusts | Maximum | Prepayment rate (annual CPR) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.1253
|
0.1455
|
| Level 3 | Residential mortgage loans in securitization trusts | Maximum | Default rate |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.2578
|
0.3578
|
| Level 3 | Residential mortgage loans in securitization trusts | Maximum | Loss severity |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.1281
|
0.1000
|
| Level 3 | Residential mortgage loans in securitization trusts | Maximum | Expected remaining life |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Expected remaining life |
3 years 10 months 2 days
|
3 years 8 months 19 days
|
| Level 3 | Residential mortgage loans in securitization trusts | Average | Prepayment rate (annual CPR) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.0782
|
0.0784
|
| Level 3 | Residential mortgage loans in securitization trusts | Average | Default rate |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.1537
|
0.1907
|
| Level 3 | Residential mortgage loans in securitization trusts | Average | Loss severity |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Input Values |
0.0666
|
0.0923
|
| Level 3 | Residential mortgage loans in securitization trusts | Average | Expected remaining life |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Expected remaining life |
2 years 4 months 17 days
|
2 years 3 months 25 days
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3
| Name: |
us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionPeriod between issuance and maturity of loan held for sale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
| Name: |
us-gaap_LoansHeldForSaleTerm |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionFair value portion of loan receivable, including, but not limited to, mortgage loans held for investment, finance receivables held for investment, policy loans on insurance contracts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Publisher FASB
-URI https://asc.fasb.org//310-10/tableOfContent
| Name: |
us-gaap_LoansReceivableFairValueDisclosure |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableResidentialMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_RangeAxis=srt_MinimumMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_MeasurementInputTypeAxis=aomr_MeasurementInputExpectedRemainingLifeMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_RangeAxis=srt_MaximumMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_RangeAxis=srt_WeightedAverageMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableResidentialSecuritizationTrustMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Investments in Majority-Owned Affiliates |
$ 14,701
|
$ 0
|
| Amortized cost |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Investments in Majority-Owned Affiliates |
14,700
|
|
| Fair value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Investments in Majority-Owned Affiliates |
13,300
|
|
| Non-recourse |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Amortized cost of non-recourse securitization obligations |
1,400,000
|
1,100,000
|
| Fair value of non-recourse securitization obligations |
1,100,000
|
914,300
|
| Difference between amortized cost and fair value of non-recourse securitization obligations |
297,900
|
170,900
|
| Non-recourse | Residential mortgage loans in securitization trusts |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Difference between amortized cost and fair value of non-recourse securitization obligations |
$ 121,400
|
$ 90,300
|
| X |
- DefinitionNon-Recourse Debt, Amortized Cost
| Name: |
aomr_NonRecourseDebtAmortizedCost |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionNon-Recourse Debt, Difference Between Amortized Cost And Fair Value
| Name: |
aomr_NonRecourseDebtDifferenceBetweenAmortizedCostAndFairValue |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionNon-Recourse Debt, Fair Value Disclosure
| Name: |
aomr_NonRecourseDebtFairValueDisclosure |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3
| Name: |
us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of investment in equity method investee and investment in and advance to affiliate. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_RecourseStatusAxis=us-gaap_NonrecourseMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableResidentialSecuritizationTrustMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
| X |
- Details
| Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=aomr_LoansReceivableResidentialMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
v3.23.3
| X |
- DefinitionMaximum Loan Release Obligation
| Name: |
aomr_MaximumLoanReleaseObligation |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionMaximum Loan Release Obligation Reduction Percentage
| Name: |
aomr_MaximumLoanReleaseObligationReductionPercentage |
| Namespace Prefix: |
aomr_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of contractual obligation, including, but not limited to, long-term debt, lease obligation, purchase obligation, and other commitments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
| Name: |
us-gaap_ContractualObligation |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-4
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-4
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-9
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-9
| Name: |
us-gaap_LossContingenciesLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
srt_CounterpartyNameAxis=aomr_GlobalInvestmentBank3Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Accumulated Other Comprehensive Income /(Loss) (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
|
|
| Balance at beginning of period |
$ 232,676
|
$ 367,284
|
$ 236,479
|
$ 491,390
|
| Balance at end of period |
231,802
|
264,957
|
231,802
|
264,957
|
| Net unrealized gain/(loss) on AFS securities |
|
|
|
|
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
|
|
| Balance at beginning of period |
(6,565)
|
1,248
|
(21,127)
|
3,000
|
| Net unrealized gain/(loss) on AFS securities |
(1,607)
|
(10,227)
|
12,955
|
(11,979)
|
| Balance at end of period |
$ (8,172)
|
$ (8,979)
|
$ (8,172)
|
$ (8,979)
|
| X |
- DefinitionAmount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
| Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
| Name: |
us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2
| Name: |
us-gaap_StockholdersEquity |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
|
| Investments in Majority-Owned Affiliates |
$ 14,701
|
|
$ 0
|
| Deferred tax asset |
3,457
|
|
3,457
|
| Prepaid expenses |
1,697
|
|
1,310
|
| Protective advances and other assets |
285
|
|
0
|
| Total other assets |
$ 20,140
|
|
$ 4,767
|
| MOA | AOMT 2023-1 |
|
|
|
| Noncontrolling Interest [Line Items] |
|
|
|
| Investment percentage |
|
41.21%
|
|
| MOA | AOMT 2023-5 |
|
|
|
| Noncontrolling Interest [Line Items] |
|
|
|
| Investment percentage |
34.42%
|
|
|
| X |
- DefinitionProtective Advances And Other
| Name: |
aomr_ProtectiveAdvancesAndOther |
| Namespace Prefix: |
aomr_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2
| Name: |
us-gaap_DeferredTaxAssetsLiabilitiesNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of investment in equity method investee and investment in and advance to affiliate. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
| Name: |
us-gaap_MinorityInterestLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe parent entity's interest in net assets of the subsidiary, expressed as a percentage.
| Name: |
us-gaap_MinorityInterestOwnershipPercentageByParent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of assets classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(17))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_OtherAssets |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionCarrying amount as of the balance sheet date of expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time or when a triggering event occurs. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(7)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
| Name: |
us-gaap_PrepaidExpenseCurrentAndNoncurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_InvestmentIssuerAffiliationAxis=us-gaap_InvestmentAffiliatedIssuerControlledMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_OwnershipAxis=aomr_AOMT20231Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_OwnershipAxis=aomr_AOMT20235Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Equity and Earnings per Share ("EPS") - Narrative (Details) - shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Restricted Stock Awards |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Antidilutive securities excluded from computation of earnings per share (shares) |
186,645
|
425,461
|
186,645
|
425,461
|
| Performance Shares |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Antidilutive securities excluded from computation of earnings per share (shares) |
95,832
|
|
95,832
|
|
| Market-Based Performance |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Antidilutive securities excluded from computation of earnings per share (shares) |
|
|
|
56,978
|
| X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
| Name: |
us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
| Name: |
us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_RestrictedStockMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.3
Equity and Earnings per Share ("EPS") - Calculation of Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Basic Earnings (Loss) per Common Share: |
|
|
|
|
| Net income (loss) to common stockholders - basic |
$ 8,273
|
$ (83,353)
|
$ 5,115
|
$ (179,046)
|
| Dividends allocated to participating securities |
(60)
|
0
|
(123)
|
0
|
| Net income (loss) to common stockholders - basic |
$ 8,213
|
$ (83,353)
|
$ 4,992
|
$ (179,046)
|
| Basic weighted average common shares outstanding (shares) |
24,768,921
|
24,505,438
|
24,706,568
|
24,534,967
|
| Basic earnings (loss) per common share (USD per share) |
$ 0.33
|
$ (3.40)
|
$ 0.20
|
$ (7.30)
|
| Diluted Earnings (Loss) per Common Share: |
|
|
|
|
| Net income (loss) to common stockholders - basic |
$ 8,273
|
$ (83,353)
|
$ 5,115
|
$ (179,046)
|
| Dividends allocated to participating securities |
(60)
|
0
|
(123)
|
0
|
| Net income (loss) to common stockholders - diluted |
$ 8,213
|
$ (83,353)
|
$ 4,992
|
$ (179,046)
|
| Basic weighted average common shares outstanding (shares) |
24,768,921
|
24,505,438
|
24,706,568
|
24,534,967
|
| Net effect of dilutive equity awards (shares) |
188,747
|
0
|
227,265
|
0
|
| Diluted weighted average common shares outstanding (shares) |
24,957,668
|
24,505,438
|
24,933,833
|
24,534,967
|
| Diluted earnings (loss) per common share (USD per share) |
$ 0.33
|
$ (3.40)
|
$ 0.20
|
$ (7.30)
|
| X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
| Name: |
us-gaap_EarningsPerShareBasic |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_EarningsPerShareBasicAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
| Name: |
us-gaap_EarningsPerShareDiluted |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_EarningsPerShareDilutedAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-5
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
| Name: |
us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe earnings that is allocated to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 66
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-66
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
| Name: |
us-gaap_UndistributedEarnings |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe earnings that is allocated to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Includes the adjustments resulting from the assumption that dilutive securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions.
| Name: |
us-gaap_UndistributedEarningsDiluted |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of undistributed earnings (loss) allocated to participating securities for the basic earnings (loss) per share or per unit calculation under the two-class method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 65
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-65
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 66
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-66
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
| Name: |
us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of undistributed earnings (loss) allocated to participating securities for the diluted earnings (loss) per share or per unit calculation under the two-class method. Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 65
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-65
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 66
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-66
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
| Name: |
us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
| Name: |
us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-16
| Name: |
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionNumber of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
| Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
| X |
- DefinitionAggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
| Name: |
us-gaap_CommonStockDividendsPerShareDeclared |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionPercentage points added to the reference rate to compute the variable rate on the debt instrument.
| Name: |
us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionDetail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483399/855-10-50-2
| Name: |
us-gaap_SubsequentEventLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_CreditFacilityAxis=us-gaap_LineOfCreditMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LongtermDebtTypeAxis=us-gaap_NotesPayableToBanksMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LineOfCreditFacilityAxis=aomr_GlobalInvestmentBank3Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_VariableRateAxis=aomr_SecuredOvernightFinancingRateSOFRIndexSpreadMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_VariableRateAxis=aomr_SecuredOvernightFinancingRateSOFRMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
Angel Oak Mortgage REIT (NYSE:AOMR)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Angel Oak Mortgage REIT (NYSE:AOMR)
Historical Stock Chart
Von Mai 2023 bis Mai 2024
