A
Angel Oak Mortgage REIT, Inc.
AOMRCIK 0001766478NYSENon-AcceleratedSmaller ReportingReal EstateMarylandFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
—
Total Assets
$2.75B
Equity
$267.52M
Shares Out
24.91M
Op. Cash Flow
$-406.95M
Business
Angel Oak Mortgage REIT, Inc. is a real estate finance company that acquires and invests in first lien non‑QM loans and other mortgage‑related assets in the U.S. mortgage market. It offers investments in newly‑originated first lien non‑QM loans, other residential mortgage loans, RMBS and related mortgage assets, and engages in securitizations and secondary market purchases. Its business is organized around externally managed investment activities supported by Angel Oak Mortgage Lending and its Manager, Falcons I, LLC. It sources assets nationally, primarily through a wholesale origination channel and secondary market transactions.
Summary from filing dated 2025-03-24
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Interest income | 144 | 110 | 96 | 116 | 61 | |
| Interest expense | 103 | 74 | 67 | — | — | |
| NET INTEREST INCOME | 41 | 37 | 29 | 53 | 49 | |
| Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS | −11 | −9 | −38 | −9 | −5 | |
| Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts | 31 | 24 | 63 | −202 | −2 | |
| TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET | 20 | 15 | 26 | −210 | −7 | |
| Stock compensation | 1 | 2 | 2 | 6 | 2 | |
| Securitization costs | 4 | 4 | 2 | 3 | 0 | |
| Management fee incurred with affiliate | 5 | 5 | 6 | 8 | 6 | |
| Total operating expenses | 16 | 19 | 20 | 33 | 19 | |
| INCOME (LOSS) BEFORE INCOME TAXES | 45 | 32 | 35 | −191 | 23 | |
| Income tax expense (benefit) | 531,000 | 3 | — | — | — | |
| NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS | 44 | 29 | 34 | −188 | 21 | |
| Other comprehensive income (loss) | 2 | 2 | 16 | −24 | 4 | |
| TOTAL COMPREHENSIVE INCOME (LOSS) | 46 | 30 | 50 | −212 | 25 | |
| Basic earnings (loss) per common share (USD per share) | 1.85 | 1.18 | 1.36 | −7.65 | 1.02 | |
| Diluted earnings (loss) per common share (USD per share) | 1.8 | 1.17 | 1.35 | −7.65 | 1.01 | |
| Basic (in shares) | 24 | 24 | 25 | 25 | 21 | |
| Diluted (in shares) | 24 | 24 | 25 | 25 | 21 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 42 | 41 | 42 | 29 | 41 | |
| Restricted cash | 4 | 2 | 3 | 11 | 12 | |
| Principal and interest receivable | 10 | 8 | 8 | 17 | 26 | |
| TBA securities and interest rate futures contracts - at fair value | 240,000 | 2 | 0 | 15 | 2 | |
| Other assets | 43 | 37 | 33 | 20 | 3 | |
| Total assets | 2,750 | 2,270 | 2,308 | 2,946 | 2,578 | |
| Notes payable | 219 | 129 | 291 | 640 | 853 | |
| Securities sold under agreements to repurchase | 54 | 51 | 194 | 53 | 609 | |
| Senior unsecured notes | 89 | 48 | — | — | — | |
| TBA securities and interest rate futures contracts - at fair value | 32,000 | 0 | — | — | — | |
| Due to broker | 198 | 202 | 392 | 1,000 | 0 | |
| Interest payable | 3 | 934,000 | 820,000 | 3 | 1 | |
| Income taxes payable | 0 | 3 | 1 | 0 | 2 | |
| Total liabilities | 2,482 | 2,031 | 2,052 | 2,710 | 2,087 | |
| Commitments and contingencies | — | — | — | — | — | |
| Common stock, $0.01 par value. As of December 31, 2025: 350,000,000 shares authorized, 24,914,647 shares issued and outstanding. As of December 31, 2024: 350,000,000 shares authorized, 23,500,175 shares issued and outstanding. | 249,000 | 234,000 | 249,000 | 249,000 | 252,000 | |
| Additional paid-in capital | 475 | 461 | 477 | 475 | 477 | |
| Accumulated other comprehensive income (loss) | −1 | −3 | −5 | −21 | 3 | |
| Retained earnings (deficit) | −206 | −219 | −216 | −218 | 12 | |
| Total stockholders equity | 268 | 239 | 256 | 236 | 491 | |
| Total liabilities and stockholders equity | 2,750 | 2,270 | 2,308 | 2,946 | 2,578 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net realized (gain) loss on mortgage loans, derivative contracts, RMBS, and CMBS | 11 | 9 | 38 | 9 | 5 | |
| Net unrealized (gain) loss on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts | −31 | −24 | −63 | 202 | 2 | |
| Amortization of debt issuance costs | 788,000 | 462,000 | 1 | 1 | 458,000 | |
| Accretion of non-recourse securitized obligation discount | 4 | 5 | 2 | 0 | — | |
| Accretion of discount on U.S. Treasury securities | −61,000 | −565,000 | −1 | 0 | — | |
| Stock compensation | 1 | 2 | 2 | 6 | 2 | |
| TBA securities and interest rate futures contracts | −5 | 11 | — | — | — | |
| Principal and interest receivable on residential mortgage loans | −2 | −640,000 | 10 | 12 | −21 | |
| Other assets | −8 | −1 | −233,000 | −130,000 | −6 | |
| Management fee payable to affiliate | −3,000 | −727,000 | −574,000 | 122,000 | 2 | |
| Income tax payable | −3 | 2 | 1 | −3 | 2 | |
| Interest payable | 2 | 114,000 | −2 | 1 | 1 | |
| Cash Provided by (Used in) Operating Activity, Including Discontinued Operation, Total | −407 | −221 | 306 | −331 | −1,568 | |
| Purchases of investments in RMBS, available for sale | −11 | −19 | −1,022 | −420 | −1,481 | |
| Purchases of investments in whole pool agency RMBS, trading | −912 | −1,131 | −1,354 | 0 | — | |
| Sale of investments in RMBS, available for sale | 28 | 0 | 1,006 | 812 | 1,120 | |
| Sale of investments in whole pool agency RMBS, trading | 913 | 1,121 | 1,333 | 0 | — | |
| Purchase of investments in U.S. Treasury securities | −75 | −350 | −998 | −350 | −605 | |
| Investments in majority-owned affiliates | −4 | −4 | −16 | 0 | — | |
| Principal payments on RMBS and CMBS securities | 448,000 | 3 | 3 | 14 | 11 | |
| Maturities of U.S. Treasury securities | 75 | 500 | 850 | 600 | 505 | |
| Principal payments on commercial mortgage loans | 12,000 | 33,000 | 37,000 | 53,000 | 21,000 | |
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 14 | 121 | −194 | 664 | −460 | |
| Proceeds from issuances of common stock, net of issuance costs | 12 | 2 | 0 | — | — | |
| Dividends paid to common stockholders | −31 | −31 | −32 | −42 | −12 | |
| Principal payments on non-recourse securitization obligation | −249 | −170 | −101 | −202 | −61 | |
| Cash paid for debt issuance costs | −666,000 | −1 | 0 | −457,000 | −3 | |
| Proceeds from securitizations | 531 | 576 | 233 | 675 | 680 | |
| Net proceeds from (repurchases of) securities sold under agreements to repurchase | 3 | −143 | 141 | −557 | 431 | |
| Net proceeds from (payments on) notes payable | 89 | −161 | −349 | 8 | 772 | |
| Net proceeds from issuance of senior notes | 41 | 48 | 0 | — | — | |
| Repurchase of common stock | 0 | −20 | 0 | −7 | −5 | |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 396 | 99 | −108 | −346 | 2,035 | |
| CHANGE IN CASH AND RESTRICTED CASH | 2 | −2 | 5 | −12 | 6 | |
| Cash paid during the period for interest | 95 | 66 | 65 | 62 | 10 | |
| Cash paid during the period for income tax expense | 3 | 2 | — | — | — |
Filings
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