Company: AOMN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001766478-25-000080
Chunk: 99

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 2
Chunk 99
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Three Months EndedJune 30, 2025June 30, 2024(in thousands)Realized and unrealized gain (loss) on securitization, net of unrealized gain (loss) on non-recourse securitization obligation$(1,127)$(4,009)Realized gain (loss) on RMBS(303)(1,522)Unrealized gain (loss) on Whole Pool Agency RMBS7,830 (3,917)Realized gain (loss) on CMBS(208)(74)Realized gain (loss) on interest rate futures(1,064)290 Realized and unrealized gain (loss) on TBAs(7,646)3,565 Realized and unrealized gain (loss) on residential mortgage loans(1,182)684 Realized and unrealized gain (loss) on commercial mortgage loans— 27 Realized and unrealized gain (loss) on U.S. Treasury securities18 — Unrealized appreciation (depreciation) on interest rate futures(199)844 Realized gain/(loss) on AOMT Majority Owned Affiliates (“MOA”)(194)Total realized and unrealized gains (losses), net$(4,075)$(4,112)

For the three months ended June 30, 2025 and 2024, total realized and unrealized gains and (losses), net resulted in net losses of $4.1 million and $4.1 million, respectively. During the three months ended June 30, 2025, realized and unrealized losses on securitization, net of unrealized gain (loss) on non-recourse securitization obligation, realized losses on interest rate futures, and realized and unrealized losses on residential mortgage loans were the primary drivers of the overall loss to our portfolio. During the three months ended June 30, 2024, losses on securitization, net of unrealized gain (loss) on non-recourse securitization obligation were the key drivers of the overall loss.

Expenses

Operating Expenses

For the three months ended June 30, 2025 and 2024, our operating expenses were $1.3 million and $1.7 million, respectively. Our operating expenses decreased compared to the comparative period due to a decrease in fees associated with the acquisition of whole loans in our whole loans portfolio.

Operating Expenses Incurred with Affiliate

For the