Company: AOMN
Filing Date: 2025-05-16
Form Type: 424B5
Source: 0001104659-25-050029
Chunk: 15

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-05-16
Form: 424B5
Chunk 15
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 and other obligations of our company (including the notes) or the Guarantor (including its guarantee of the notes), as the case may be, will be subject to the prior claims of that entity’s creditors and the holders of any indebtedness or other obligations of, or guaranteed by, that entity, except to the extent that our company or the Guarantor, as the case may be, is itself a creditor with recognized claims against that entity, in which case those claims would still be effectively subordinated to all indebtedness, guarantees and other obligations secured by mortgages or other liens on the assets of that entity (to the extent of the value of those assets) and would be subordinate to all indebtedness, guarantees and other obligations of that entity senior to that held by our company or the Guarantor, as the case may be.

As of March 31, 2025, we had total consolidated recourse indebtedness to third parties (excluding trade payables and other liabilities) of $556.8 million, $508.9 million of which was secured indebtedness to which the notes would have ranked effectively junior and $360.5 million of which was indebtedness of our subsidiaries that do not guarantee the notes to third parties to which the notes would have been structurally subordinated. As of March 31, 2025, we had total consolidated non-recourse indebtedness to third parties of $1.6 billion, all of which was secured indebtedness to which the notes would have ranked effectively junior and our subsidiaries that do not guarantee the notes had no non-recourse indebtedness. Our subsidiaries had no preferred stock outstanding.

Our and our subsidiaries’ substantial indebtedness could materially and adversely affect our business, financial condition, liquidity and results of operations and prevent us from fulfilling our obligations under the notes.

Our and our subsidiaries’ substantial level of indebtedness increases the risk that we may be unable to generate enough cash to pay amounts due in respect of our indebtedness, including the notes.

Our and our subsidiaries’ substantial indebtedness could have important consequences to you and significant effects on our business. For example, it could:

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make it more difficult for us to satisfy our obligations with respect to our indebtedness, including the notes;

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increase our vulnerability to general adverse economic and industry conditions;

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require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital, capital