Angel Oak Mortgage REIT, Inc. Reports First Quarter 2026 Financial Results

ATLANTA, May 05, 2026–(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 and second lien non-QM loans and other mortgage-related assets in the U.S. mortgage market, today reported financial results for the quarter ended March 31, 2026.

First Quarter 2026 Highlights

Q1 2026 GAAP net loss of $(7.4) million, or $(0.30) per diluted share of common stock.

Q1 2026 net interest income of $12.1 million demonstrates an increase of 20.1% versus Q1 2025 net interest income of $10.1 million and an increase of 11.2% versus Q4 2025 net interest income of $10.9 million.

Q1 2026 GAAP book value of $10.31 per share and economic book value of $12.28 per share, decreases of 4.0% and 3.3%, respectively, compared to the end of 2025.

Q1 2026 Distributable Earnings of $4.6 million, or $0.18 per diluted share of common stock.

Declared a dividend of $0.32 per share of common stock, which will be paid on May 29, 2026, to common stockholders of record as of May 22, 2026.

Sreeni Prabhu, Chief Executive Officer and President of Angel Oak Mortgage REIT, Inc., said, “The first quarter showcased our earnings engine in a variable macro environment, marking approximately 20% net interest income growth compared to the first quarter of 2025 and over 11% net interest income growth compared to the fourth quarter of 2025. In early March, we executed a $272 million securitization, taking advantage of favorable market conditions prior to spread-widening associated with the onset of geopolitical conflict in the Middle East and underscoring the benefits of our methodical, repeatable approach.” Prabhu continued, “Looking ahead, we will continue to focus on what we can control, maintaining disciplined credit, expanding earnings, and consistent securitization market activity.”

Portfolio and Investment Activity

In March 2026, the Company executed the AOMT 2026-2 securitization as the sole contributor of loans. The Company contributed loans with a scheduled unpaid principal balance of approximately $272.3 million and a 7.11% weighted average coupon. This securitization reduced the Company’s debt by approximately $234.1 million and released cash of $23.9 million to the Company, which was used for new loan purchases and operational purposes.

During the quarter, the Company purchased $246.2 million of newly-originated, current market coupon non-QM residential mortgage loans, with a weighted average coupon of 7.34%, weighted average combined loan-to-value ratio (“CLTV”) of 67.1% and weighted average non-zero credit score of 759.

As of March 31, 2026, the weighted average coupon of our residential whole loans portfolio was 7.62%, marking a 24 basis point increase compared to December 31, 2025.

As of March 31, 2026, the Company was a party to four loan financing lines which permit borrowings in an aggregate amount of up to $1.3 billion, of which approximately $192 million was drawn, leaving capacity of approximately $1.1 billion for new loan purchases.

Target assets totaled $2.7 billion as of March 31, 2026

The Company held residential mortgage whole loans awaiting securitization with fair value of $245.5 million as of March 31, 2026.

As of March 31, 2026, the Company’s recourse debt to equity ratio was 1.3x.

On May 5, 2026, the Company declared a dividend of $0.32 per share of common stock, which will be paid on May 29, 2026, to common stockholders of record as of May 22, 2026.

Conference Call and Webcast Information

The Company will host a live conference call and webcast today, May 5, 2026 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: 1-800-717-1738International: 1-646-307-1865

Domestic: 1-844-512-2921International: 1-412-317-6671Pass code: 1164285The playback can be accessed through May 19, 2026.

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 and second 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

Angel Oak Mortgage REIT, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(in thousands, except for share and per share data)

REALIZED AND UNREALIZED GAINS (LOSSES), NET

Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS

Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts

TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET

Operating expenses incurred with affiliate

Management fee incurred with affiliate

INCOME (LOSS) BEFORE INCOME TAXES

NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS

Other comprehensive income (loss)

TOTAL COMPREHENSIVE INCOME (LOSS)

Basic earnings (loss) per common share

Diluted earnings (loss) per common share

Weighted average number of common shares outstanding:

Angel Oak Mortgage REIT, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except for share and per share data)

Residential mortgage loans – at fair value

Residential mortgage loans in securitization trusts – at fair value

Principal and interest receivable

TBA securities and interest rate futures contracts – at fair value

LIABILITIES AND STOCKHOLDERS’ EQUITY

Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts (see Note 2)

Securities sold under agreements to repurchase

TBA securities and interest rate futures contracts – at fair value

Accrued expenses payable to affiliate

Management fee payable to affiliate

Common stock, $0.01 par value. As of March 31, 2026: 350,000,000 shares authorized, 24,914,647 shares issued and outstanding. As of December 31, 2025: 350,000,000 shares authorized, 24,914,647 shares issued and outstanding.

Additional paid-in capital

Accumulated other comprehensive income (loss)

Retained earnings (deficit)

Total stockholders’ equity

Total liabilities and stockholders’ equity

Angel Oak Mortgage REIT, Inc.

Reconciliation of Net Income (Loss) to Distributable Earnings

and Distributable Earnings Return on Average Equity

Net income (loss) allocable to common stockholders

Net unrealized (gains) losses on trading securities

Net unrealized (gains) losses on derivatives

Net unrealized (gains) losses on residential loans in securitization trusts and non-recourse securitization obligation

Net unrealized (gains) losses on residential loans

Non-cash equity compensation expense

Annualized Distributable Earnings

Average total stockholders’ equity

Distributable Earnings Return on Average Equity

Angel Oak Mortgage REIT, Inc.

Reconciliation of Stockholders’ Equity to Stockholders’ Equity Including Economic Book Value Adjustments

and Economic Book Value per Share of Common Stock

(in thousands, except for share and per share data)

GAAP total stockholders’ equity

Fair value adjustment for securitized debt held at amortized cost

Stockholders’ equity including economic book value adjustments

Number of shares of common stock outstanding at period end

Book value per share of common stock

Economic book value per share of common stock

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Investors: [email protected] 855-502-3920

IR Agency Contact: Nick Teves or Joseph Caminiti, Alpha IR [email protected]

Company Contact: KC Kelleher, Head of Corporate Finance & Investor [email protected]