Angel Oak Mortgage Reit, Inc. · NYSE:AOMR
Angel Oak Mortgage Reit — Q3 2025 Earnings Presentation
28 slides from Angel Oak Mortgage Reit's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Earnings Supplement
Angel Oak Mortgage REIT, Inc. Third 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: Financial Results
Financial Results
Slide 5: Financial Results
Financial Results Interest Income and Net Interest Income expand by 34% and 13%, respectively, vs. Q3 2024 KEY COMMENTARY Q3 2025 NII of $10.2MM versus Q3 25 Net Interest Q3 2024 NII of $9.0MM, an expansion of * Purchased $237.6MM of loans with a weighted average coupon (“WAC”) of Income (“NII”) . ,
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 September 30, 2025, our Recourse Debt to Equity Ratio was approximately 1.9x - As of today’s date, our Recourse Debt to Equity Ratio is approximately 1.0x, reflecting the AOMT 2025-10 securitization - Our Recourse Debt to Equity Ratio is expected
Slide 8: AOMR 2025-10 Securitization
AOMR 2025-10 Securitization In October 2025, AOMR was the sole participant in the $274.3MM AOMT 2025-10 securitization and contributed loans with a 7.40% Weighted Average Coupon 2025-10 Securitization Details at Issuance Class Total Balance Balance Sold _Initial Coupon _ Fair Market Value AL-A $166,
Slide 9: Target Asset Composition
Target Asset Composition Target Asset Composition! ($ millions) 2,531 2,487 2,544 256 1,892 1,862) 426 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 @ Residential Whole Loans @ Residential Loans in Securitization Trust G@RMBS & Investment in MOA Key Commentary A $225MM increase in residential whol
Slide 10: GAAP Book Value per Share
GAAP Book Value per Share $11.28 GAAP Book Value Change Drivers & Highlights $0.55 $10.60 $0.05 $10.37 ($0.96) ($0.32) = GAAP Book Value increased by $0.23, or 2.2%, as of the end of Q3 2025 versus the end of Q2 2025 = GAAP Book Value per Share increased by 5.3% in Q3 2025 versus Q2 2025 excluding o
Slide 11: Economic Book Value
Economic Book Value $14.02 Economic Book Value Growth Drivers & Highlights ($0.96) Samm $12.97 = Economic Book Value 2 decreased ($0.09) $0.07 $12.72 by $0.25, or 1.9%, as of the end of es Q3 2025 versus the end of Q2 ($0.32) 2025 = Economic Book Value per Share increased by 0.5% in Q3 2025 versus Q
Slide 12: Distributable Earnings
Distributable Earnings Three Months Ended September 30, 2025 (in thousands) September 30, 2024 Net income (loss) allocable to common stockholders $ 11,410 $ 31,204 Adjustments: Net unrealized (gains) losses on trading securities 2,005 (984) Net unrealized (gains) losses on derivatives (4,990) 51 Net
Slide 13: Statistics
Statistics
Slide 14: Loan credit score and coupon rate distributions
0 50 100 150 200 250 # o f Lo an s Credit Score 0 100 200 300 400 500 # o f Lo an s Coupon Rate (%)
Slide 15: Loan type composition
Investor Loans, 36% Just Missed Prime, 7% Loans Made to Bank Statement Borrowers, 40% HELOCs and Closed End Seconds, 17%
Slide 16: Geographic concentration of loans
CA, 32% FL, 21% TX, 7% NY, 4% GA, 3% Other, 34%
Slide 17: Geographic concentration of loans
CA, 35% FL, 20% TX, 7% GA, 4% Other, 34%
Slide 18: Appendix
Slide 19: 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 20: 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 21: 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 22: Income Statement (Unaudited)
Income Statement (Unaudited) For the Three Months Ended For the Three Months Ended (in thousands) September 30, 2025 September 30, 2024 INTEREST INCOME, NET Interest income $ 36,659 27,444 Interest expense 26,479 18,424 NET INTEREST INCOME 10,180 9,020 REALIZED AND UNREALIZED GAINS(LOSSES), NET Net
Slide 23: Consolidated Balance Sheet (Unaudited)
Consolidated Balance Sheet (Unaudited) As of: September 30, 2025 December 31, 2024 (in thousands, except for share data) ASSETS Residential mortgage loans - at fair value $ 425,775 $ 183,064 Residential mortgage loans in securitization trusts - at fair value 1,862,330 1,696,995 RMBS - at fair value
Slide 24: Appendix: Consolidated Balance Sheet Cont. (Unaudited)
Appendix: Consolidated Balance Sheet Cont. (Unaudited) LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES Notes payable Non-recourse securitization obligations, collateralized by residential loans in securitization trusts Securities sold under agreements to repurchase Senior unsecured notes TBA securi
Slide 25: Appendix: GAAP Reconciliation of Distributable Earnings (Unaudited)
Appendix: GAAP Reconciliation of Distributable Earnings (Unaudited) Three Months Ended September 30, 2025 September 30, 2024 (in thousands) Net income (loss) allocable to common stockholders $ 11,410 $ 31,204 Adjustments: Net unrealized (gains) losses on trading securities 2,005 (984) Net unrealized
Slide 26: Appendix: GAAP Reconciliation of Economic Book Value (Unaudited)
Appendix: GAAP Reconciliation of Economic Book Value (Unaudited) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 in thousands, except for share and per share data GAAP total stockholders’ equity 264,165 246,389 251,480 238,967 265,098 Adjustments: Fair value adju
Slide 27: Condensed Income Statement History (Unaudited)
Condensed Income Statement History (Unaudited) (in thousands) FY23, 1024 2024 3024 4024 FY24 1025 2025 3025 Interest Income 95,953 25,212 25,902 27444 31,869 110,427 32,867 35,094 36,659 Interest Expense 67,052 16,633 16,439 18,424 22,007 73,502 22,780 25,154 26,479 NET INTEREST INCOME 28,901 8,579
Slide 28: Balance Sheet History (Unaudited)
Balance Sheet History (Unaudited) (in thousands) 4023 1024 2024 3024 4024 1025 2025 3025, Assets: Residential Mortgage Loans - at fair value 380,040 368,446 158,940 428,909 183,064 439,460 200,665 425,775, Residential mortgage loans in securitization trusts - at fair value 1,221,067 1,201,210 1,447,
Angel Oak Mortgage REIT — Q3 2025 Earnings Presentation on 6ix