Angel Oak Mortgage REIT (AOMR) investor relations material

Executive summary

• Net interest income rose 20% year-over-year to $12.1 million, with sequential growth of 11%, driven by higher interest income from increased target assets, despite higher interest expense from new asset purchases and securitizations.

• Reported Q1 2026 GAAP net loss of $7.4 million ($0.30 per diluted share), mainly due to $14.3 million in net realized and unrealized losses from market volatility and valuation decreases in loan portfolios.

• Distributable Earnings (non-GAAP) were $4.6 million, or $0.18 per share, up from $4.1 million in the prior year, reflecting adjustments for unrealized losses and non-cash items.

• Dividend of $0.32 per share declared, payable May 29, 2026.

• Book value per share was $10.31 at quarter-end, down from $10.74 at year-end 2025; economic book value per share was $12.28.

Financial highlights

• Interest income increased to $40.7 million, up 24% year-over-year and 4% sequentially; net interest income reached $12.1 million, up 20% year-over-year and 11% sequentially.

• GAAP book value per share decreased 4% to $10.31; economic book value per share decreased 3.3% to $12.28.

• Distributable earnings were $4.6 million, up from $4.1 million in Q1 2025.

• Weighted average 90+ day delinquency rate was 2.68%, up 49 bps sequentially.

• Purchased $246.2 million of loans with a 7.34% WAC, 67.1% CLTV, and 759 average credit score.

Outlook and guidance

• Expect to maintain trend of four securitizations per year, or roughly one per quarter, with focus on disciplined capital allocation and efficiency.

• Continue to model returns based on historical prepayment speeds of 20%-30%; expect speeds to rise if rates fall.

• Recourse debt to equity ratio expected to remain below 2.5x.

• Anticipate another HELOC securitization in coming months, with pipeline building as expected.

• Management expects continued acquisition of newly originated loans and constructive capital markets to support portfolio performance and securitization execution through 2026.