Angel Oak Mortgage Reit, Inc. · NYSE:AOMR
Angel Oak Mortgage Reit — Q1 2026 Earnings Presentation
27 slides from Angel Oak Mortgage Reit's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Earnings Supplement
Angel Oak Mortgage REIT, Inc. First Quarter 2026 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
Slide 3: Important Notices
Important Notices • 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, including those sourced from Angel Oak’s proprietary mortgage lending platform, Ange
Slide 4: Q1 2026 Highlights & Financial Results
Q1 2026 Highlights & Financial Results 4
Slide 5: Financial Results
Financial Results Net Interest Income expanded by 20 % and 11% versus Q1 2025 and Q4 2025, respectively • Q1 2026 NII of $12.1MM, an expansion of KEY COMMENTARY $2MM, or 20%, versus Q1 2025 NII of Q1 26 Net Interest • Q1 2026 interest income of $40.7MM demonstrates an increase of 24% $10.1MM Income
Slide 6: Net Interest Income and Average Asset Balances
Net Interest Income and Average Asset Balances Q1 2026 Q1 2025 Interest Income / Expense Average Balance Interest Income / Expense Average Balance $000s Interest Income Residential Mortgage Loans $ 5,617 $ 334,781 $ 5,281 $ 304,007 Residential Mortgage Loans in Securitization Trust 30,426 2,100,639
Slide 7: Recourse Debt to Equity Trend
Recourse Debt to Equity Trend KEY COMMENTARY ▪ As of March 31, 2026 , our Recourse Debt to Equity Ratio was approximately 1.3x – Our Recourse Debt to Equity Ratio is expected to remain below 2.5x going forward Notes Payable vs. Recourse Debt 1 to Equity Trend ($ millions) 3.0x $400 3.0x $360 2.5x $3
Slide 8: AOMR 2026-2 Securitization
AOMR 2026 -2 Securitization In March 2026, AOMR was the sole participant in the $272.3MM AOMT 2026 -2 securitization and contributed loans with a 7.11% Weighted Average Coupon. 2026 -2 Securitization Details at Issuance Class Total Balance Balance Sold Initial Coupon Fair Market Value A1 $156,722,33
Slide 9: Target Asset Composition
Target Asset Composition Target Asset Composition 1 ($ millions) Key Commentary 2,734 2,676 2,531 2,487 2,544 238 305 2,201 256 • A $173MM increase in Residential Whole 419 383 Loans in Securitization Trust, offset by a 321 $48MM decrease in Residential Whole Loans and a $67MM decrease in RMBS & Inv
Slide 10: GAAP Book Value per Share
GAAP Book Value per Share GAAP Book Value Change Drivers & Highlights $10.70 $1.00 $10.74 ▪ GAAP Book Value per share $10.31 ($0.32) decreased by $0.39, or 3.6%, as of ($0.11) the end of Q1 2026 versus the end of Q1 2025; GAAP Book Value per ($0.96) share decreased by $0.43, or 4.0%, as of the end o
Slide 11: Economic Book Value
Economic Book Value Economic Book Value Growth Drivers & Highlights $13.41 ▪ Economic Book Value per Share 2 decreased by $1.13, or 8.4%, as of $0.25 $12.70 the end of Q1 2026 versus the end of Q1 2025; Economic Book Value per Share 2 decreased by $0.42, or ($0.96) $12.28 3.3%, as of the end of Q1 2
Slide 12: Distributable Earnings
Distributable Earnings Three Months Ended March 31, 2026 March 31, 2025 (in thousands) Net income (loss) allocable to common stockholders $ (7,379) $ 20,531 Adjustments: Net unrealized (gains) losses on trading securities 2,152 1,032 Net unrealized (gains) losses on derivatives (3,703) 1,042 Net unr
Slide 13: Key Portfolio Statistics
Key Portfolio Statistics 13
Slide 14: Key Portfolio Statistics: Residential Loans
Key Portfolio Statistics: Residential Loans Residential Loan Portfolio RESIDENTIAL LOAN PORTFOLIO: Non-Zero Credit Score Distribution Residential Loans represent individual loans awaiting securitization 250 Total Fair Value : $245.5MM 200 # of Loans 150 Weighted Average Coupon: 7.62% 100 Weighted Av
Slide 15: Key Portfolio Statistics: Residential Loans by Product Type Detail
Key Portfolio Statistics: Residential Loans by Product Type Detail Residential Loans by Product Weighted Average Non -Zero Credit Score by 780 Product 760 HELOCs and Closed End 740 Seconds, 21% Investor Loans, 720 Loans Made to 41% Bank Statement Borrowers, 27% 700 Q1 2023 Q1 2025 Q2 2022 Q3 2022 Q2
Slide 16: Key Portfolio Statistics: Loans in Securitization Trust
Key Portfolio Statistics: Loans in Securitization Trust Vintage Total / Weighted $000s 2021 2022 2023 2024 2025 2026 Average UPB of loans $ 355,557 $ 491,092 $ 225,185 $ 446,037 $ 489,857 $ 269,681 $ 2,277,410 Number of loans 946 1,197 510 1,074 1,086 579 5,392 Weighted Average Loan Coupon 4.74% 4.6
Slide 17: Key Portfolio Statistics: RMBS & Residential Loans in Sec. Trust
Key Portfolio Statistics: RMBS & Residential Loans in Sec. Trust RMBS & RESIDENTIAL LOANS IN SECURITIZATION TRUST PORTFOLIO: LTV Trend 1 71% Includes (1) legacy retained tranches of securitizations that AOMR was not a sole contributor to, (2) RMBS purchased in the secondary market (if any), and (3)
Slide 18: Appendix
Appendix 18
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 Source and purchase high -quality, Intend to d eclare quarterly non-QM loans leveraging the Quarterly dividends that balance shareho
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 ‒ Secure a fixed cos
Slide 21: Illustrative Securitization Structure
Illustrative Securitization Structure KEY CHARACTERISTICS • Senior and mezzanine bonds receive a fixed coupon • Junior bonds receive the net Weighted Average Coupon of ~85 - 90% collateral Senior Bonds of the deal • Interest -only tranches receive remaining excess spread (AAA, AA, A rating) between
Slide 22: Income Statement (Unaudited)
Income Statement (Unaudited) For the Three Months Ended: (in thousands) March 31, 2026 March 31, 2025 (in thousands, except for share and per share data) INTEREST INCOME, NET Interest income $ 40,694 $ 32,867 Interest expense 28,584 22,780 NET INTEREST INCOME 12,110 10,087 REALIZED AND UNREALIZED GA
Slide 23: Consolidated Balance Sheet (Unaudited)
Consolidated Balance Sheet (Unaudited) As of: March 31, 2026 December 31, 2025 (in thousands, except for share data) ASSETS Residential mortgage loans - at fair value $ 245,534 $ 294,134 Residential mortgage loans in securitization trusts - at fair value 2,249,614 2,076,776 RMBS - at fair value 212,
Slide 24: Appendix: GAAP Reconciliation of Distributable Earnings (Unaudited)
Appendix: GAAP Reconciliation of Distributable Earnings (Unaudited) Three Months Ended March 31, 2026 March 31, 2025 (in thousands) Net income (loss) allocable to common stockholders $ (7,379) $ 20,531 Adjustments: Net unrealized (gains) losses on trading securities 2,152 1,032 Net unrealized (gains
Slide 25: Appendix: GAAP Reconciliation of Economic Book Value (Unaudited)
Appendix: GAAP Reconciliation of Economic Book Value (Unaudited) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 in thousands, except for share and per share data GAAP total stockholders’ equity 256,902 267,523 264,165 246,389 251,480 Adjustments: Fair value adjustme
Slide 26: Condensed Income Statement History (Unaudited)
Condensed Income Statement History (Unaudited) (in thousands) FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 Interest Income 95,953 25,212 25,902 27,444 31,869 110,427 32,867 35,094 36,659 39,034 143,655 40,694 Interest Expense 67,052 16,633 16,439 18,424 22,007 73,502 22,780 25,154 26,
Slide 27: Balance Sheet History (Unaudited)
Balance Sheet History (Unaudited) (in thousands) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Assets: Residential Mortgage Loans - at fair value 368,446 158,940 428,909 183,064 439,460 200,665 425,775 294,134 245,534 Residential mortgage loans in securitization trusts - at fair value 1,201,210 1,447
Angel Oak Mortgage REIT — Q1 2026 Earnings Presentation on 6ix