Company: AOMN
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001766478-25-000019
Chunk: 131

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 7
Chunk 131
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10.26 

Economic Book Value per Share of Common Stock

“Economic book value” is a non-GAAP financial measure of our financial position. To calculate our economic book value, the portions of our non-recourse financing obligation held at amortized cost are adjusted to their fair value. These adjustments are also reflected in the table below in our end of period total stockholders’ equity. Management considers economic book value to provide investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for our legally held retained bonds, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for book value per share of common stock or stockholders’ equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.

The following table sets forth a reconciliation from GAAP total stockholders’ equity and book value per share of common stock to economic book value and economic book value per share of common stock as of each quarter-end date of 2024 and as of December 31, 2023:

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December 31, 2024September 30, 2024June 30,2024March 31,2024December 31, 2023(in thousands except for share and per share data)GAAP total common stockholders’ equity for book value per share of common stock$238,967 $265,098 $255,806 $263,324 $256,106 Adjustments:Fair value adjustment for securitized debt held at amortized cost68,784 64,522 73,053 80,599 81,942 Stockholders’ equity including economic book value adjustments$307,751 $329,620 $328,859 $343,923 $338,048 Number of shares of common stock outstanding at period end23,500,175 23,511,272 24,998,549 24,965,274 24,965,274 Book value per share of common stock$10.17 $11.28 $10.23 $10.55 $10.26 Economic book value per share of common stock$13.10 $14.02 $13.16 $13.78 $13.54 

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Results of Operations

Year Ended December