Company: AOMN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001766478-25-000080
Chunk: 103

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 2
Chunk 103
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 loans1,754 2,051 Realized and unrealized gain (loss) on commercial mortgage loans— 49 Realized and unrealized gain (loss) on U.S. Treasury securities— (86)Unrealized appreciation (depreciation) on interest rate futures(2,134)1,048 Realized gain/(loss) on AOMT MOA(299)— Total realized and unrealized gains (losses), net$9,368 $5,150 

For the six months ended June 30, 2025 and 2024, total realized and unrealized gains (losses), net resulted in a net gains of           $9.4 million and $5.2 million, respectively. During the six months ended June 30, 2025, gains on securitization, net of non-recourse securitization obligation, partially offset by losses on TBAs, were the primary drivers of the net gain. In the six months ended June 30, 2024, the net realized and unrealized gain was primarily due to gains on TBAs, interest rate futures, and residential mortgage loans offset by losses on whole pool agency RMBS.

37

Expenses

Operating Expenses

For the six months ended June 30, 2025 and 2024, our operating expenses were $2.5 million and $3.7 million, respectively. Our operating expenses decreased during the six months ended June 30, 2025 as compared to the comparative period due to continued cost savings actions such as in-sourcing of key accounting functions, vendor contract negotiations, and a decrease in servicing fees associated with servicing our whole loan portfolio.

Operating Expenses Incurred with Affiliate

For the six months ended June 30, 2025 and 2024, our operating expenses incurred with affiliate were $0.9 million and $1.0 million, respectively. These expenses, which are substantially comprised of payroll reimbursements to our Manager, decreased versus the comparative period due to achieved resource efficiencies.

Stock Compensation

For the six months ended June 30, 2025 and 2024 our stock compensation expense was $0.5 million and $1.3 million, respectively. Stock compensation expense decreased for the six months ended June 30, 2025 due primarily to the vesting of stock awards granted at our IPO.

Securitization Costs

Securitization costs of $1.9 million were incurred for the six months ended