Company: AOMN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001766478-25-000042
Chunk: 84

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 84
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5,147)Net unrealized (gains) losses on residential loans(3,041)(5,071)Net unrealized (gains) losses on commercial loans— (22)Non-cash equity compensation expense237 630 Distributable Earnings$4,144 $2,820 

Distributable Earnings Return on Average Equity

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. Set forth below is our computation of Distributable Earnings Return on Average Equity for the three months ended March 31, 2025 and 2024:

Three Months EndedMarch 31, 2025March 31, 2024($ in thousands)Annualized Distributable Earnings$16,576 $11,280 Average total stockholders’ equity252,033 259,715 Distributable Earnings Return on Average Equity6.6 %4.3 %

Book Value per Share of Common Stock

The following table sets forth the calculation of our book value per share of common stock as of March 31, 2025 and December 31, 2024:

28

March 31, 2025December 31, 2024(in thousands except for share and per share data)Total stockholders’ equity$251,480 $238,967 Number of shares of common stock outstanding at period end23,500,175 23,500,175