Company: AOMN
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001766478-25-000019
Chunk: 132

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 7
Chunk 132
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31, 2024, Compared to the Year Ended December 31, 2023

The following table sets forth a summary of our results of operations for the years ended December 31, 2024 and 2023:

December 31, 2024December 31, 2023(in thousands)INTEREST INCOME, NETInterest income$110,427 $95,953 Interest expense73,502 67,052 NET INTEREST INCOME36,925 28,901 REALIZED AND UNREALIZED GAINS (LOSSES), NETNet realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS(9,228)(37,526)Net unrealized gain (loss) on mortgage loans, debt at fair value option (see Note 3), and derivative contracts23,761 63,489 TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET14,533 25,963 EXPENSESOperating expenses6,004 7,474 Operating expenses incurred with affiliate1,845 2,105 Due diligence and transaction costs782 310 Stock compensation2,041 1,689 Securitization costs3,799 2,484 Management fee incurred with affiliate4,976 5,842 Total operating expenses19,447 19,904 INCOME BEFORE INCOME TAXES32,011 34,960 Income tax expense3,261 1,246 NET INCOME (LOSS)28,750 33,714 NET INCOME ALLOCABLE TO COMMON STOCKHOLDERS$28,750 $33,714 Other comprehensive income1,500 16,152 TOTAL COMPREHENSIVE INCOME $30,250 $49,866 

59

Net Interest Income

The following table sets forth the components of net interest income for the years ended December 31, 2024 and 2023:

December 31, 2024December 31, 2023(in thousands)Interest incomeInterest income / expenseAverage balanceInterest income / expenseAverage balanceResidential mortgage loans$18,677 $271,658 $23,951 $443,781 Residential mortgage loans in securitization trusts74,757 1,441,354 54,494 1,128,332 Commercial mortgage loans345 5,231 541 7,525 RMBS and Majority