Angel Oak Mortgage REIT swings to $16.7M Q3 loss
Quarter-end per-share book values fell from Q2, while nine-month net interest income rose 9.5% from the prior-year period.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Angel Oak Mortgage REIT, Inc. (AOMD) reported a GAAP net loss of $16.673 million for Q3 2026, versus net income of $11.410 million in Q3 2025, or a loss of $0.72 per diluted share. Q3 net interest income was $10.236 million versus $10.180 million; nine-month net interest income rose 9.5% to $33.087 million. Distributable Earnings, a non-GAAP measure, were $6.405 million, or $0.28 per diluted share.
At September 30, 2026, GAAP book value was $8.97 per share and economic book value was $11.45 per share, down 11.5% and 6.5%, respectively, from Q2. The company purchased $233 million of newly-originated, current market coupon non-QM residential mortgage loans and HELOCs and completed two securitizations early in the quarter. Target assets were $2.8 billion; residential whole loans awaiting securitization had $303.7 million fair value, both as of September 30, 2026.
As of September 30, 2026, four loan financing lines permitted up to $1.3 billion of borrowings; approximately $255 million was drawn, leaving approximately $1 billion capacity for new loan purchases. Recourse debt-to-equity was 2x at quarter-end and approximately 1.2x after the October AOMT 2026-6 securitization. The company declared a $0.32-per-share dividend, payable November 30, 2026, to holders of record November 23.
1 point · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month net interest income rose 9.5% to $33.087 million.
Negative
- Moderate pointQ3 2026 loss: $16.673 million; Q3 2025 net income: $11.410 million.
- Moderate pointPer-share book values fell 11.5% GAAP and 6.5% economic from Q2.
Filing Explained
Angel Oak’s adjusted earnings and economic book value are supplemental measures, not interchangeable with GAAP income or book value.
The November 3 Form 8-K furnishes Angel Oak’s third-quarter results; its positive Distributable Earnings figure is an adjusted measure, not GAAP income, because the company’s definition excludes unrealized portfolio gains and losses and other specified items.
Economic book value adjusts portions of non-recourse financing obligations carried at amortized cost to fair value, and the company says it is not a substitute for GAAP book value.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
GAAP net loss allocable to common stockholders: -$16.673 million
Diluted loss per common share: -$0.72 per share
Net interest income: $10.236 million
+5 more
8 metrics
GAAP net loss allocable to common stockholders
-$16.673 million
Q3 2026; compared with net income of $11.410 million in Q3 2025.
Diluted loss per common share
-$0.72 per share
Q3 2026.
Net interest income
$10.236 million
Q3 2026; compared with $10.180 million in Q3 2025.
Nine-month net interest income
$33.087 million
Nine months ended September 30, 2026; increased 9.5% from the same period in 2025.
Distributable Earnings
$6.405 million
Q3 2026; non-GAAP measure, or $0.28 per diluted share.
GAAP book value per common share
$8.97 per share
September 30, 2026; decreased 11.5% from Q2 2026.
Economic book value per common share
$11.45 per share
September 30, 2026; decreased 6.5% from Q2 2026.
Common-stock dividend
$0.32 per share
Payable November 30, 2026, to holders of record November 23, 2026.
Key Terms
non-QM loans, HELOCs, weighted average combined loan-to-value ratio, Distributable Earnings, +2 more
6 terms
non-QM loans financial
"non-QM residential mortgage loans and home equity lines of credit"
Non-QM loans are mortgage loans that do not meet the government-backed “qualified mortgage” rules — for example because the borrower has irregular income, uses alternative income proof, or the loan has unusual features. Think of them as custom-fit mortgages versus off‑the‑rack loans; they open credit to more borrowers but carry higher underwriting uncertainty. Investors care because these loans typically offer higher yields to compensate for greater risk and can affect a lender’s loan portfolio quality and resale value.
HELOCs financial
"home equity lines of credit (“HELOCs”)"
Home equity lines of credit (HELOCs) are credit lines that let homeowners borrow against the equity — the portion of the house they own — using the home as collateral; think of it as a secured credit card or a tap of available cash tied to your home's value. Investors watch HELOC activity and interest rates because balances, repayment performance and rate changes affect banks’ earnings, consumer spending and credit risk across mortgage and loan markets.
weighted average combined loan-to-value ratio financial
"weighted average combined loan-to-value ratio (“CLTV”) of 69.8%"
Distributable Earnings financial
"Distributable Earnings is a non-GAAP measure"
Distributable earnings are the portion of a company’s reported profits that management determines is safe to pay out to shareholders after accounting for cash needs, required reserves, and non-cash bookkeeping items. Think of it like the money left in your household budget after paying bills and putting aside savings — it shows what can realistically be handed out as dividends or distributions and helps investors judge how sustainable and reliable future payouts may be.
economic book value financial
"Economic book value is a non-GAAP financial measure"
Economic book value is a company's accounting book value adjusted to reflect the real economic worth of its assets and liabilities, including fair market values, hidden assets or liabilities, and long-term earning potential. Investors use it as a more realistic snapshot of what the business would be worth if its balance sheet were translated into current market terms; think of it as the difference between a house’s outdated tax-assessed value and what it would sell for today, which helps judge whether a stock is under- or over-priced.
non-recourse securitization obligation financial
"non-recourse securitization obligation, collateralized by residential mortgage loans"
Earnings Snapshot
GAAP net loss allocable to common stockholders: -$16.673 million
Third quarter and nine months ended September 30, 2026
GAAP net loss allocable to common stockholders
-$16.673 million
Compared with net income of $11.410 million in Q3 2025.
Net interest income
$10.236 million
Compared with $10.180 million in Q3 2025.
Nine-month net interest income
$33.087 million
Increased 9.5% from the nine months ended September 30, 2025.
Distributable Earnings
$6.405 million
Compared with $0.529 million in Q3 2025.
GAAP book value per share
$8.97 per share
Decreased 11.5% from Q2 2026.
Economic book value per share
$11.45 per share
Decreased 6.5% from Q2 2026.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What loans did AOMD purchase in Q3 2026?
It purchased $233 million of newly-originated, current market coupon non-QM residential mortgage loans and HELOCs. The purchases had a 7.29% weighted average coupon, a 69.8% weighted average combined loan-to-value ratio, and a non-zero weighted average credit score of 758.
What dividend did AOMD declare, and when is it payable?
AOMD declared a $0.32-per-share common-stock dividend, payable November 30, 2026, to common stockholders of record November 23, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): November 3, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code: (404 ) 953-4900
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| 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. | ☐ | ||||
Item 2.02 Results of Operations and Financial Condition.
On November 3, 2026, Angel Oak Mortgage REIT, Inc. (the “Company”) issued a press release announcing its financial results for the quarter end September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this current report on Form 8-K and incorporated herein by reference.
Also on November 3, 2026, the Company will hold a teleconference and audio webcast to discus its financial results for the quarter ended September 30, 2026. A copy of the supplementary materials that will be referred to on the teleconference and webcast, and which will be posted to the Company’s website, is furnished as Exhibit 99.2 to this current report on Form 8-K and incorporated herein by reference.
The information contained in this Item 2.02 and the attached Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 2.02 and the attached Exhibits 99.1 and 99.2 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |||||||
| Exhibit 99.1 | Press Release dated November 3, 2026 | |||||||
| Exhibit 99.2 | Supplementary Materials to be used during the webcast conference call on November 3, 2026 | |||||||
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
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 hereunto duly authorized.
Date: November 3, 2026 | ANGEL OAK MORTGAGE REIT, INC. | ||||||||||
By: /s/ Brandon Filson | |||||||||||
| Name: Brandon Filson | |||||||||||
| Title: Chief Financial Officer and Treasurer | |||||||||||
Angel Oak Mortgage REIT, Inc. Reports Third Quarter 2026 Financial Results
ATLANTA – November 3, 2026 -- Angel Oak Mortgage REIT, Inc. (NYSE: AOMR) (the “Company,” “we,” and “our”), a leading real estate finance company focused on acquiring and investing in first and second lien non-QM loans and other mortgage-related assets in the U.S. mortgage market, today reported financial results for the quarter ended September 30, 2026.
Third Quarter and Year to Date 2026 Highlights
•Q3 2026 GAAP net loss of $(16.7) million, or $(0.72) per diluted share of common stock.
•Q3 2026 net interest income of $10.2 million, an increase of 55bps versus Q3 2025 net interest income.
•Net interest income of $33.1 million for the nine months ended September 30, 2026, an increase of 9.5% compared to the nine months ended September 30, 2025.
•Q3 2026 GAAP book value of $8.97 per share and economic book value of $11.45 per share, decreases of 11.5% and 6.5%, respectively, compared to the second quarter of 2026.
•Q3 2026 Distributable Earnings of $6.4 million, or $0.28 per diluted share of common stock.
•Declared a dividend of $0.32 per share of common stock, which will be paid on November 30, 2026, to common stockholders of record as of November 23, 2026.
Sreeni Prabhu, Chief Executive Officer and President of Angel Oak Mortgage REIT, Inc., said, “During the third quarter, we completed two securitizations early in the period, ahead of the bulk of the increase in rates. These transactions underscore the benefits of our consistent, deliberate approach to securitizations, which remains an important component of our financing and risk management strategy. While the higher-rate environment has created near-term pressure on portfolio valuations and what we believe to be a short term squeeze on the potential returns on new investments, we remain confident in the underlying credit performance of our portfolio. We continue to deploy capital selectively and maintain the disciplined underwriting standards that have guided our strategy, with a focus on preserving long-term credit performance rather than pursuing incremental returns in a more challenging market.”
Portfolio and Investment Activity
•During the quarter ended September 30, 2026, we purchased $233 million of newly-originated, current market coupon non-QM residential mortgage loans and home equity lines of credit (“HELOCs”), with a weighted average coupon of 7.29%, weighted average combined loan-to-value ratio (“CLTV”) of 69.8% and non-zero weighted average credit score of 758.
•As of September 30, 2026, the weighted average coupon of our residential whole loans portfolio was 7.21%, marking a 17 basis point decrease compared to December 31, 2025.
Capital Markets Activity
As of September 30, 2026, the Company was a party to four loan financing lines which permit borrowings in an aggregate amount of up to $1.3 billion, of which approximately $255 million was drawn, leaving capacity of approximately $1 billion for new loan purchases.
Balance Sheet
•Target assets totaled $2.8 billion as of September 30, 2026.
•The Company held residential mortgage whole loans awaiting securitization with fair value of $303.7 million as of September 30, 2026.
•As of September 30, 2026, the Company's recourse debt to equity ratio was 2X. The Company's recourse debt to equity ratio decreased to approximately 1.2X following the AOMT 2026-6 securitization in October 2026.
Dividend
On November 3, 2026, the Company declared a dividend of $0.32 per share of common stock, to be paid on November 30, 2026 to common stockholders of record as of November 23, 2026.
Conference Call and Webcast Information
The Company will host a live conference call and webcast today, November 3, 2026, at 8:30 a.m. Eastern time. To listen to the live webcast, go to the Investors section of the Company’s website at www.angeloakreit.com at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software.
To Participate in the Telephone Conference Call:
Dial in at least 15 minutes prior to start time.
Domestic: 1-800-717-1738
International: 1-646-307-1865
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Pass code: 1177953
The playback can be accessed through November 17, 2026.
Non-GAAP Metrics
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 Falcons I, LLC, our external manager (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 real estate investment trust (“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. Therefore, 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.
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.
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 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.
Forward-Looking Statements
This press release contains certain forward-looking statements that are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the Company’s investments. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “continue,” or by the negative of these words and phrases or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition, or state other forward-looking information. The Company’s ability to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward-looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward‐looking statements, which reflect the Company’s views only as of the date of this press release. Additional information concerning factors that could cause actual results and performance to differ materially from these forward-looking statements is contained from time to time in the Company’s filings with the Securities and Exchange Commission. Except as required by applicable law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward‐looking statements. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
About Angel Oak Mortgage REIT, Inc.
Angel Oak Mortgage REIT, Inc. is a real estate finance company focused on acquiring and investing in first and second lien non-QM loans and other mortgage-related assets in the U.S. mortgage market. 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 externally managed and advised by an affiliate of Angel Oak Capital Advisors, LLC, which, collectively with its affiliates, is a leading alternative credit manager with market leadership in mortgage credit that includes asset management, lending, and capital markets. Additional information about the Company is available at www.angeloakreit.com
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, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| INTEREST INCOME, NET | |||||||||||||||||||||||
| Interest income | $ | 42,459 | $ | 36,659 | $ | 124,551 | $ | 104,620 | |||||||||||||||
| Interest expense | 32,223 | 26,479 | 91,464 | 74,414 | |||||||||||||||||||
| NET INTEREST INCOME | $ | 10,236 | $ | 10,180 | $ | 33,087 | $ | 30,206 | |||||||||||||||
| REALIZED AND UNREALIZED GAINS (LOSSES), NET | |||||||||||||||||||||||
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS | $ | 1,757 | $ | (6,557) | $ | 513 | $ | (12,238) | |||||||||||||||
| Net unrealized gain (loss) on mortgage loans, portion of debt at fair value option, derivative contracts, and trading securities | (22,619) | 11,280 | (39,428) | 26,329 | |||||||||||||||||||
| TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET | $ | (20,862) | $ | 4,723 | $ | (38,915) | $ | 14,091 | |||||||||||||||
| EXPENSES | |||||||||||||||||||||||
| Operating expenses | 2,105 | $ | 1,117 | 5,331 | $ | 3,653 | |||||||||||||||||
| Operating expenses incurred with affiliate | 559 | 510 | 1,678 | 1,379 | |||||||||||||||||||
| Stock compensation | 459 | 398 | 1,305 | 930 | |||||||||||||||||||
| Securitization costs | 1,833 | — | 3,235 | 1,866 | |||||||||||||||||||
| Management fee incurred with affiliate | 1,091 | 1,161 | 3,322 | 3,454 | |||||||||||||||||||
| Total operating expenses | $ | 6,047 | $ | 3,186 | $ | 14,871 | $ | 11,282 | |||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (16,673) | 11,717 | (20,699) | 33,015 | |||||||||||||||||||
| Income tax expense (benefit) | — | 307 | — | 307 | |||||||||||||||||||
| NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS | $ | (16,673) | $ | 11,410 | $ | (20,699) | $ | 32,708 | |||||||||||||||
| Other comprehensive income (loss) | (1,857) | 3,665 | (765) | 2,479 | |||||||||||||||||||
| TOTAL COMPREHENSIVE INCOME (LOSS) | $ | (18,530) | $ | 15,075 | $ | (21,464) | $ | 35,187 | |||||||||||||||
| Basic earnings (loss) per common share | $ | (0.72) | $ | 0.49 | $ | (0.87) | $ | 1.40 | |||||||||||||||
| Diluted earnings (loss) per common share | $ | (0.72) | $ | 0.46 | $ | (0.87) | $ | 1.36 | |||||||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||||
| Basic | 23,167,436 | 23,043,587 | 23,957,077 | 23,320,200 | |||||||||||||||||||
| Diluted | 23,167,436 | 24,560,881 | 23,957,077 | 24,014,840 | |||||||||||||||||||
Angel Oak Mortgage REIT, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
(in thousands, except for share and per share data)
| As of: | |||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Residential mortgage loans - at fair value | $ | 303,713 | $ | 294,134 | |||||||
| Residential mortgage loans in securitization trusts - at fair value | 2,273,583 | 2,076,776 | |||||||||
| RMBS - at fair value | 209,178 | 280,005 | |||||||||
| Cash and cash equivalents | 49,130 | 41,619 | |||||||||
| Restricted cash | — | 3,666 | |||||||||
| Principal and interest receivable | 12,543 | 10,354 | |||||||||
| TBA securities and interest rate futures contracts - at fair value | 5,138 | 240 | |||||||||
| Other assets | 44,905 | 42,984 | |||||||||
| Total assets | $ | 2,898,190 | $ | 2,749,778 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| LIABILITIES | |||||||||||
| Notes payable | $ | 255,027 | $ | 218,757 | |||||||
| Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts (see Note 2) | 2,118,434 | 1,915,321 | |||||||||
| Securities sold under agreements to repurchase | 65,068 | 54,041 | |||||||||
| Senior unsecured notes | 89,708 | 89,023 | |||||||||
| TBA securities and interest rate futures contracts - at fair value | — | 32 | |||||||||
| Due to broker | 154,696 | 198,191 | |||||||||
| Accrued expenses | 2,787 | 2,021 | |||||||||
| Accrued expenses payable to affiliate | 634 | 783 | |||||||||
| Interest payable | 2,043 | 3,423 | |||||||||
| Management fee payable to affiliate | 40 | 663 | |||||||||
| Total liabilities | $ | 2,688,437 | $ | 2,482,255 | |||||||
| STOCKHOLDERS' EQUITY | |||||||||||
Common stock, $0.01 par value. As of September 30, 2026: 350,000,000 shares authorized, 23,395,874 shares issued and outstanding. As of December 31, 2025: 350,000,000 shares authorized, 24,914,647 shares issued and outstanding. | 232 | 249 | |||||||||
| Additional paid-in capital | 461,477 | 474,577 | |||||||||
| Accumulated other comprehensive income (loss) | (2,077) | (1,314) | |||||||||
| Retained earnings (deficit) | (249,879) | (205,989) | |||||||||
| Total stockholders' equity | $ | 209,753 | $ | 267,523 | |||||||
| Total liabilities and stockholders' equity | $ | 2,898,190 | $ | 2,749,778 | |||||||
Angel Oak Mortgage REIT, Inc.
Reconciliation of Net Income (Loss) to Distributable Earnings
and Distributable Earnings Return on Average Equity
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Net income (loss) allocable to common stockholders | $ | (16,673) | $ | 11,410 | $ | (20,699) | $ | 32,708 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Net unrealized (gains) losses on trading securities | (1,012) | 2,005 | 502 | (1,861) | |||||||||||||||||||
| Net unrealized (gains) losses on derivatives | (3,649) | (4,990) | (4,929) | 881 | |||||||||||||||||||
| Net unrealized (gains) losses on residential loans in securitization trusts and non-recourse securitization obligation | 22,411 | (3,995) | 33,531 | (20,199) | |||||||||||||||||||
| Net unrealized (gains) losses on residential loans | 4,869 | (4,299) | 10,472 | (5,149) | |||||||||||||||||||
| Net unrealized (gains) losses on commercial loans | — | — | (149) | — | |||||||||||||||||||
| Stock compensation expense | 459 | 398 | 1,305 | 930 | |||||||||||||||||||
| Distributable Earnings | $ | 6,405 | $ | 529 | $ | 20,033 | $ | 7,310 | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||
| Annualized Distributable Earnings | 25,620 | 2,116 | 26,711 | 9,747 | |||||||||||||||||||
| Average total stockholders’ equity | 222,309 | 255,276 | 233,840 | 250,250 | |||||||||||||||||||
| Distributable Earnings Return on Average Equity | 11.5 | % | 0.8 | % | 11.4 | % | 3.9 | % | |||||||||||||||
Angel Oak Mortgage REIT, Inc.
Reconciliation of Stockholders’ Equity to Stockholders’ Equity Including Economic Book Value Adjustments
and Economic Book Value per Share of Common Stock
(Unaudited)
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||
| (in thousands, except for share and per share data) | |||||||||||||||||
| GAAP total stockholders’ equity | 209,753 | $ 234,865 | $ 256,902 | $ | 267,523 | $ 264,165 | |||||||||||
| Adjustments: | |||||||||||||||||
| Fair value adjustment for securitized debt held at amortized cost | 58,111 | 48,833 | 48,958 | 48,789 | 52,770 | ||||||||||||
| Stockholders’ equity including economic book value adjustments | 267,864 | 283,698 | $ 305,860 | 316,312 | $ 316,935 | ||||||||||||
| Number of shares of common stock outstanding at period end | 23,395,874 | 23,178,979 | 24,914,647 | 24,914,647 | 24,914,035 | ||||||||||||
| Book value per share of common stock | 8.97 | $ 10.13 | $ 10.31 | 10.74 | $ 10.60 | ||||||||||||
| Economic book value per share of common stock | 11.45 | $ 12.24 | $ 12.28 | 12.70 | $ 12.72 | ||||||||||||
Contacts
Investors:
investorrelations@angeloakreit.com
855-502-3920
IR Agency Contact:
Nick Teves or Joseph Caminiti, Alpha IR Group
312-445-2870
AOMR@alpha-ir.com
Company Contact:
Randy Chrisman, Chief Marketing Officer & Corporate Investor Relations Officer
404-953-4969
randy.chrisman@angeloakcapital.com