Angel Oak Mortgage REIT, Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results

About this update from Angel Oak Mortgage Reit, Inc.

ATLANTA, March 04, 2025 --( BUSINESS WIRE )-- Angel Oak Mortgage REIT, Inc. (NYSE: AOMR) (the "Company," "we," and "our") , a leading real estate finance company focused on acquiring and investing in first lien non-QM loans and other mortgage-related assets in the U.S. mortgage market, today reported financial results for the quarter and year ended December 31, 2024. Fourth Quarter 2024 Highlights Fiscal Year 2024 Highlights Sreeni Prabhu, Chief Executive Officer and President of Angel Oak Mortgage REIT, Inc., said, "AOMR's growth in 2024 proves the strength and reliability of our distinctive operating model as well as that of the broader Angel Oak ecosystem. Net interest income increased consistently throughout the year, driven by efficient capital deployment into high-quality mortgage loans and methodical securitization activity, the latter of which exceeded our guidance of one securitization per quarter. Our net interest income growth was complemented by the maintenance of 2023's operating expense reductions, which decreased by 10% versus the prior year when excluding securitization expenses. Additionally, our senior unsecured notes issuance in July 2024 achieved earnings accretion within one quarter of issuance." He continued, "Looking to 2025, we expect continued growth in net interest margin and maintenance of reduced operating expense, supported by opportunistic capital markets participation. As always, we will remain committed to creating long-term shareholder value through disciplined risk management, securitization execution, and strategic capital deployment." Fiscal Year Portfolio and Investment Activity Capital Markets Activity Balance Sheet Dividend On February 6, 2025, the Company declared a dividend of $0.32 per share of common stock, paid on February 28, 2025. Conference Call and Webcast Information The Company will host a live conference call and webcast today, March 4, 2025 at 8:30 a.m. Eastern time. To listen to the live webcast, go to the Investors section of the Company’s website at www.angeloakreit.com at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software. To Participate in the Telephone Conference Call: Dial in at least 15 minutes prior to start time. Domestic: 1-844-826-3033 International: 1-412-317-5185 Conference Call Playback: Domestic: 1-844-512-2921 International: 1-412-317-6671 Pass code: 10195829 The playback can be accessed through March 18, 2025. Non-GAAP Metrics Distributable Earnings is a non‑GAAP measure and is defined as net income (loss) allocable to common stockholders as calculated in accordance with generally accepted accounting principles in the United States of America ("GAAP"), excluding (1) unrealized gains and losses on our aggregate portfolio, (2) impairment losses, (3) extinguishment of debt, (4) non-cash equity compensation expense, (5) the incentive fee earned by Falcons I, LLC, our external manager (our "Manager"), (6) realized gains or losses on swap terminations and (7) certain other nonrecurring gains or losses. We believe that the presentation of Distributable Earnings provides investors with a useful measure to facilitate comparisons of financial performance among our real estate investment trust ("REIT") peers, but has important limitations. We believe Distributable Earnings as described above helps evaluate our financial performance without the impact of certain transactions but is of limited usefulness as an analytical tool. Therefore, Distributable Earnings should not be viewed in isolation and is not a substitute for net income computed in accordance with GAAP. Our methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our Distributable Earnings may not be comparable to similar measures presented by other REITs. Distributable Earnings Return on Average Equity is a non-GAAP measure and is defined as annual or annualized Distributable Earnings divided by average total stockholders’ equity. We believe that the presentation of Distributable Earnings Return on Average Equity provides investors with a useful measure to facilitate comparisons of financial performance among our REIT peers, but has important limitations. Additionally, we believe Distributable Earnings Return on Average Equity provides investors with additional detail on the Distributable Earnings generated by our invested equity capital. We believe Distributable Earnings Return on Average Equity as described above helps evaluate our financial performance without the impact of certain transactions but is of limited usefulness as an analytical tool. Therefore, Distributable Earnings Return on Average Equity should not be viewed in isolation and is not a substitute for net income computed in accordance with GAAP. Our methodology for calculating Distributable Earnings Return on Average Equity may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our Distributable Earnings Return on Average Equity may not be comparable to similar measures presented by other REITs. Economic book value is a non-GAAP financial measure of our financial position. To calculate our economic book value, the portions of our non-recourse financing obligation held at amortized cost are adjusted to fair value. These adjustments are also reflected in our end of period total stockholders’ equity. Management considers economic book value to provide investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for our legally held retained bonds, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for book value per share of common stock or stockholders’ equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies. Forward-Looking Statements This press release contains certain forward-looking statements that are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the Company’s investments. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "believe," "could," "project," "predict," "continue," or by the negative of these words and phrases or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition, or state other forward-looking information. The Company’s ability to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward-looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward‐looking statements, which reflect the Company’s views only as of the date of this press release. Additional information concerning factors that could cause actual results and performance to differ materially from these forward-looking statements is contained from time to time in the Company’s filings with the Securities and Exchange Commission. Except as required by applicable law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward‐looking statements. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise. About Angel Oak Mortgage REIT, Inc. Angel Oak Mortgage REIT, Inc. is a real estate finance company focused on acquiring and investing in first lien non-QM loans and other mortgage-related assets in the U.S. mortgage market. The Company’s objective is to generate attractive risk-adjusted returns for its stockholders through cash distributions and capital appreciation across interest rate and credit cycles. The Company is externally managed and advised by an affiliate of Angel Oak Capital Advisors, LLC, which, collectively with its affiliates, is a leading alternative credit manager with market leadership in mortgage credit that includes asset management, lending, and capital markets. Additional information about the Company is available at www.angeloakreit.com View source version on businesswire.com: https://www.businesswire.com/news/home/20250304255412/en/ Contacts Investors: [email protected] 855-502-3920 IR Agency Contact: Nick Teves or Joseph Caminiti, Alpha IR Group 312-445-2870 [email protected] Company Contact: KC Kelleher, Head of Corporate Finance & Investor Relations 404-528-2684 [email protected]

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