Angel Oak Mortgage Reit, Inc. · NYSE:AOMR
Angel Oak Mortgage Reit — Q2 2025 Earnings Presentation
29 slides from Angel Oak Mortgage Reit's earnings presentation, Aug 5, 2025
Slide 1: Second Quarter 2025 Earnings Supplement
Angel Oak Mortgage REIT, Inc. Second Quarter 2025 Earnings Supplement
Slide 2: Important Notices
Important Notices References herein to our “Company,” “AOMR,” “we,” “us,” or “our” refer to Angel Oak Mortgage REIT, Inc. and its subsidiaries, including Angel Oak Mortgage Operating Partnership, LP (the “Operating Partnership”), unless the context requires otherwise. Unless otherwise indicated, the
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Slide 4: Q2 2025 Highlights & Financial Results
Slide 5: Financial Results
Financial Results Interest Income and Net Interest Income expand by 35% and 5%, respectively, vs. Q2 2024; Operating Expense excluding Securitization Expense decreases vs. Q2 2024 Q2 25 Net Interest Income (“NII”) Q2 25 GAAP & Distributable Earnings per Share (“EPS”)? Q2 25 GAAP / Economic Book Valu
Slide 6: Net Interest Income and Average Asset Balances
Net Interest Income and Average Asset Balances $000s Interest Income Residential Mortgage Loans Residential Mortgage Loans in Securitization Trust Commercial Mortgage Loans RMBS and Majority-Owned Affiliate CMBS US Treasury Securities Other Interest Income Total Interest Income Interest Expense Note
Slide 7: Recourse Debt to Equity Trend
Recourse Debt to Equity Trend KEY COMMENTARY = As of June 30, 2025, our Recourse Debt to Equity Ratio was approximately 1.1x - Senior unsecured note issuance in May added approximately 0.17x to recourse debt to equity ratio - Our Recourse Debt to Equity Ratio is expected to remain below 2.5x going f
Slide 8: AOMR 2025-4 Securitization
AOMR 2025-4 Securitization In April 2025, AOMR was the sole participant in the $284.3MM AOMT 2025-4 securitization and contributed loans with a 7.50% Weighted Average Coupon 2025-4 Securitization Details at Issuance Class Total Balance Balance Sold Initial Coupon Fair Market Value AL $208,257,000 $2
Slide 9: AOMR 2025-6 Securitization
AOMR 2025-6 Securitization In May 2025, AOMR participated in the $349.7MM AOMT 2025-6 securitization; the weighted average coupon of loans in the total securitization was 7.65% 2025-6 Securitization Details at Issuance Class Total Balance Balance Sold Initial Coupon Fair Market Value AL $249,302,000
Slide 10: Target Asset Composition
Target Asset Composition Target Asset Composition! ($ millions) Key Commentary 2,531 + The decrease in RMBS and Investment in MOA was driven by a lower balance of whole pool loans in Q2 2025 vs Q1 2025 2,032 + Residential Whole Loans plus Residential Loans in Securitization Trusts balances were rela
Slide 11: GAAP Book Value per Share
GAAP Book Value per Share $1.43 $10.70 $10.23 ($0.96) 6/30/2024 Dividends BVChange! 3/31/2025 BV Paid through Q1 BV through Q1 2025 2025 Note: All Book Value statistics represented on a per share basis + Excluding quarterly dividend impact & Angel Oak Mortgage REIT, Inc. Ne ($0.32) Q2 2025 Dividend
Slide 12: Economic Book Value
Economic Book Value $1.21 $13.41 Economic Book Value Growth $13.16 Drivers & Highlights $0.32. = $12.97 f , ($0.12) = Economic Book Value * decreased by $0.44, or 3.3%, as of the end of Q2 2025 versus the end of Q1 2025, and decreased by $0.19, or 1.4%, versus the end of Q2 2024 ($0.96) = Economic B
Slide 13: Distributable Earnings
Distributable Earnings Three Months Ended June 30, 2025 June 30, 2024 (in thousands) Net income (loss) allocable to common stockholders $ 767 $ (273) Adjustments: Net unrealized (gains) losses on trading securities (4,898) 1,813 Net unrealized (gains) losses on derivatives 4,829 (2,592) Net unrealiz
Slide 14: Statistics
Statistics
Slide 15: Loan coupon rate and credit score distributions
0 50 100 150 200 250 300 350 # o f Lo an s Coupon Rate (%) 0 50 100 150 200 # o f Lo an s Credit Score
Slide 16: Loan portfolio composition by borrower type
Investor Loans, 33% Just Missed Prime, 5% Loans Made to Bank Statement Borrowers, 35% HELOCs and Closed End Seconds, 27%
Slide 17: Geographic concentration of loans
CA, 32% FL, 21% TX, 7% NY, 4% Other, 37%
Slide 18: Geographic concentration of loans
CA, 34% FL, 20% TX, 7%GA, 4% Other, 34%
Slide 19: Appendix
Slide 20: The AOMR Model
The AOMR Model AOMR seeks to generate strong risk-adjusted returns and long-term capital appreciation to deliver attractive total economic return to our shareholders Loan Acquisition Securitization Financing Growing Book Value Source and purchase high-quality, non-QM loans leveraging the infrastruct
Slide 21: AOMR Investment Strategy
AOMR Investment Strategy Our acquisition, securitization, and reinvestment processes enable us to consistently deliver on our business model + AOMR’s relationship with Angel Oak * Securitization enables us to: Companies enables AOMR to purchase high-quality loans tailored to its ‘ fi — Secure a fixe
Slide 22: Illustrative Securitization Structure
Illustrative Securitization Structure Senior Bonds (AAA, AA, A rating) Mezzanine Bonds (BBB, BB, B rating) Junior Equity (unrated) Interest Only s V) Angel Oak Mortgage REIT, Inc. o p. ~85-90% of the deal ~5-10% of the deal ~0 - 10% of the deal KEY CHARACTERISTICS Senior and mezzanine bonds receive
Slide 23: Income Statement (Unaudited)
Income Statement (Unaudited) For the Three Months Ended June For the Three Months Ended June (in thousands) 30, 2025 30, 2024 INTEREST INCOME, NET Interest income $ 35,094 $ 25,902 Interest expense 25,154 16,439 NET INTEREST INCOME 9,940 463 REALIZED AND UNREALIZED GAINS(LOSSES), NET Net realized ga
Slide 24: Consolidated Balance Sheet (Unaudited)
Consolidated Balance Sheet (Unaudited) As of: June 30, 2025 December 31, 2024 (in thousands, except for share data) ASSETS Residential mortgage loans - at fair value $ 200,665 $ 183,064 Residential mortgage loans in securitization trusts - at fair value 1,902,721 1,696,995 RMBS - at fair value 361,8
Slide 25: Appendix: Consolidated Balance Sheet Cont. (Unaudited)
Appendix: Consolidated Balance Sheet Cont. (Unaudited) As of: June 30, 2025 December 31, 2024 (in thousands, except for share data) LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES Notes payable $ 118,619 $ 129,459 Non-recourse securitization obligations, collateralized by residential loans in secur
Slide 26: Appendix: GAAP Reconciliation of Distributable Earnings (Unaudited)
Appendix: GAAP Reconciliation of Distributable Earnings (Unaudited) Three Months Ended June 30, 2025 June 30, 2024 (in thousands) Net income (loss) allocable to common stockholders $ 767 $ (273) Adjustments: Net unrealized (gains) losses on trading securities (4,898) 1,813 Net unrealized (gains) los
Slide 27: Appendix: GAAP Reconciliation of Economic Book Value (Unaudited)
Appendix: GAAP Reconciliation of Economic Book Value (Unaudited) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 in thousands, except for share and per share data GAAP total stockholders’ equity 246,389 251,480 238,967 265,098 255,806 Adjustments: Fair value adjustmen
Slide 28: Condensed Income Statement History (Unaudited)
Condensed Income Statement History (Unaudited) (in thousands) 1023, 2023 3023 4023 FY23 1024 2026 3024 4024 FY24, 1025, 2025 Interest Income 23,740 23,763 ~—=«23,900 24,550 (95,953 25212 25,902 27,444 31,869 noa27 32,867 35,094 Interest Expense 16,941 w3n 16,490 16310 67,052 16,633 16,439 18,424 22,
Slide 29: Balance Sheet History (Unaudited)
Balance Sheet History (Unaudited) (in thousands) 4Q22 1023 2023 3023, 23 1024 2024 3024 4024 1025 2925 Asse Residential Mortgage Loans - at fair value 770,982 544,436 296,529 284,383 380,080 368,446 158,940 428,909 183,064 439,460 200,665 Residential mortgage loans in securitization trusts - at fair
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