Angel Oak Mortgage Reit, Inc. · NYSE:AOMR
Angel Oak Mortgage Reit — Q4 2025 Earnings Presentation
28 slides from Angel Oak Mortgage Reit's earnings presentation, Feb 25, 2026
Slide 1: Fourth Quarter and Fiscal Year 2025 Earnings Supplement
Angel Oak Mortgage REIT, Inc. Fourth Quarter and Fiscal Year 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
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, particularly those sourced from Angel Oak’s proprietary mortgage lending platform, A
Slide 4: Q4 & FY 2025 Highlights & Financial Results
Q4 & FY 2025 Highlights & Financial Results 4
Slide 5: Financial Results
Financial Results Interest Income and Net Interest Income expanded by 30 % and 11%, respectively, in FY 2025 vs. FY 2024 FY 2025 NII of $41.1MM versus KEY COMMENTARY FY 2024 NII of $36.9MM, an expansion of FY 25 Net Interest • Purchased $861.8MM of loans with a weighted average coupon (“WAC”) of $4.
Slide 6: Net Interest Income and Average Asset Balances
Net Interest Income and Average Asset Balances 2025 2024 $000s Interest Income / Expense Average Balance Interest Income / Expense Average Balance Interest Income Residential Mortgage Loans 20,120 $ 272,486 $ 18,677 $ 271,658 Residential Loans in Securitization Trust 105,452 $ 1,879,665 74,757 1,441
Slide 7: Recourse Debt to Equity Trend
Recourse Debt to Equity Trend KEY COMMENTARY ▪ As of December 31, 2025 , our Recourse Debt to Equity Ratio was approximately 1.4x – 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
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 A1-A $166,
Slide 9: AOMR 2025-HB2 Securitization
AOMR 2025 -HB2 Securitization In December 2025, AOMR participated in the $281.4MM AOMT 2025 -HB2 securitization; the weighted average coupon of Home Equity Lines of Credit (HELOCs) contributed to the deal was 10.7% 2025 -HB2 Securitization Details at Issuance Class Total Balance Balance Sold Initial
Slide 10: Target Asset Composition
Target Asset Composition Target Asset Composition 1 ($ millions) Key Commentary 2, 676 2,531 2,487 2,544 2,184 2,201 305 • A $215MM increase in Residential Whole 256 419 383 Loans in Securitization Trust and a $49MM increase in RMBS & Investment in MOA 302 321 drove the majority of the increase in t
Slide 11: GAAP Book Value per Share
GAAP Book Value per Share GAAP Book Value Change Drivers & Highlights $0.46 $10.74 $1.39 $10.60 ▪ GAAP Book Value per share $10.17 increased by $0.57, or 5.6%, as of ($0.32) the end of Q4 2025 versus the end of Q4 2024; GAAP Book Value per share increased by $0.14, or 1.3%, as of the end of Q4 2025
Slide 12: Economic Book Value
Economic Book Value $13.10 Economic Book Value Growth Drivers & Highlights $0.58 $12.72 $0.30 $12.70 ▪ Economic Book Value per Share 2 decreased by $0.40, or 3.1%, as of the end of Q4 2025 versus the ($0.32) end of Q4 2024; Economic Book Value per Share 2 decreased by $0.02, or 0.2%, as of the end o
Slide 13: Distributable Earnings
Distributable Earnings Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (in thousands) Net income (loss) allocable to common stockholders $ 11,315 $ (15,055) $ 44,024 $ 28,750 Adjustments: Net unrealized (gains) losses on trading securiti
Slide 14: Key Portfolio Statistics
Key Portfolio Statistics 14
Slide 15: 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 : $294.1MM 200 # of Loans Weighted Average Coupon: 7.38% 150 100 Weighted Av
Slide 16: 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 HELOCs and Product Closed End 780 Seconds, 11% 760 Investor Loans, 32% 740 Loans Made to Bank Statement 720 Borrowers, 44% 700 Q1 2023 Q1 2025 Q2 2022 Q3 2022 Q2
Slide 17: Key Portfolio Statistics: Loans in Securitization Trust
Key Portfolio Statistics: Loans in Securitization Trust Vintage Total / Weighted $000s 2021 2022 2023 2024 2025 Average UPB of loans $ 366,221 $ 499,335 $ 230,963 $ 477,234 $ 516,830 $ 2,090,583 Number of loans 967 1,210 519 1,127 1,124 4,947 Weighted Average Loan Coupon 4.75% 4.62% 4.48% 7.46% 7.45
Slide 18: 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 72% Includes (1) legacy retained tranches of securitizations that AOMR was not a sole contributor to, (2) RMBS purchased in the 71% secondary market (if any), and
Slide 19: Appendix
Appendix 19
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 Source and purchase high -quality, Intend to d eclare quarterly non-QM loans leveraging the Quarterly dividends that balance shareho
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 ‒ Secure a fixed cos
Slide 22: 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 23: Income Statement (Unaudited)
Income Statement (Unaudited) For the Three Months Ended: For the Twelve Months Ended: (in thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (in thousands, except for share and per share data) INTEREST INCOME, NET Interest income $ 39,034 $ 31,869 $ 143,655 $ 110,427
Slide 24: Consolidated Balance Sheet (Unaudited)
Consolidated Balance Sheet (Unaudited) As of: December 31, 2025 December 31, 2024 (in thousands, except for share data) ASSETS Residential mortgage loans - at fair value $ 294,134 $ 183,064 Residential mortgage loans in securitization trusts - at fair value 2,076,776 1,696,995 RMBS - at fair value 2
Slide 25: Appendix: GAAP Reconciliation of Distributable Earnings (Unaudited)
Appendix: GAAP Reconciliation of Distributable Earnings (Unaudited) Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (in thousands) Net income (loss) allocable to common stockholders $ 11,315 $ (15,055) $ 44,024 $ 28,750 Adjustments: Net
Slide 26: Appendix: GAAP Reconciliation of Economic Book Value (Unaudited)
Appendix: GAAP Reconciliation of Economic Book Value (Unaudited) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 in thousands, except for share and per share data GAAP total stockholders’ equity 267,523 264,165 246,389 251,480 238,967 Adjustments: Fair value adjus
Slide 27: Condensed Income Statement History (Unaudited)
Condensed Income Statement History (Unaudited) (in thousands) FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Interest Income 95,953 25,212 25,902 27,444 31,869 110,427 32,867 35,094 36,659 39,034 143,655 Interest Expense 67,052 16,633 16,439 18,424 22,007 73,502 22,780 25,154 26,479 28,142 1
Slide 28: Balance Sheet History (Unaudited)
Balance Sheet History (Unaudited) (in thousands) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Assets: Residential Mortgage Loans - at fair value 368,446 158,940 428,909 183,064 439,460 200,665 425,775 294,134 Residential mortgage loans in securitization trusts - at fair value 1,201,210 1,447,901 1,452,90
Angel Oak Mortgage REIT — Q4 2025 Earnings Presentation on 6ix