Company: AOMN
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001766478-25-000019
Chunk: 133

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 7
Chunk 133
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-Owned Affiliates12,851 146,829 12,304 175,291 CMBS1,520 6,276 1,315 6,434 U.S. Treasury Securities564 11,441 1,462 39,001 Other interest income (1)1,713 38,711 1,886 37,549 Total interest income110,427 95,953 Interest expenseNotes payable13,158 191,134 26,042 366,032 Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts54,262 1,360,602 36,638 1,080,156 Repurchase facilities3,808 61,060 4,372 89,726 Senior Unsecured Notes2,274 21,986 — — Total interest expense73,502 67,052 Net interest income$36,925 $28,901 

(1)     Primarily comprised of interest received on cash deposits, including interest earned on margin cash collateral.

Net interest income for the years ended December 31, 2024 and 2023 was $36.9 million and $28.9 million, respectively. Net interest income increased by approximately $8.0 million for the year ended December 31, 2024 as compared to 2023, primarily due to a higher residential mortgage loans in securitization trusts balance, as well as a higher interest rate associated with those and other target assets. Interest expense increased for the year ended December 31, 2024 as compared to 2023 due to a higher average balance in our non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts as well as our senior unsecured notes issued in July 2024. Overall, the increase in interest income offset the increase in interest expense and drove the $8.0 million increase to net interest income.

Total Realized and Unrealized Gains (Losses)

The components of total realized and unrealized gains (losses), net for the years ended December 31, 2024 and 2023 are set forth as follows:

60

December 31, 2024December 31, 2023(in thousands)Realized and unrealized gain (loss) on residential mortgage loans$9,525 $26,564 Realized and unreal