Company: AOMN
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001766478-25-000019
Chunk: 130

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 7
Chunk 130
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arnings Return on Average Equity is a non-GAAP measure and is defined as annual or annualized Distributable Earnings divided by average total common stockholders’ equity. We believe that the presentation of Distributable Earnings Return on Average Equity provides investors with a useful measure to facilitate comparisons of financial performance among our REIT peers, but has important limitations. Additionally, we believe Distributable Earnings Return on Average Equity provides investors with additional detail on the Distributable Earnings generated by our invested equity capital. We believe Distributable Earnings Return on Average Equity as described above helps evaluate our financial performance without the impact of certain transactions but is of limited usefulness as an analytical tool. Therefore, Distributable Earnings Return on Average Equity should not be viewed in isolation and is not a substitute for net income computed in accordance with GAAP. Our methodology for calculating Distributable Earnings Return on Average Equity may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our Distributable Earnings Return on Average Equity may not be comparable to similar measures presented by other REITs. Set forth below is our computation of Distributable Earnings Return on Average Equity for the years ended December 31, 2024 and 2023:

December 31, 2024December 31, 2023($ in thousands)Distributable Earnings$7,030 $(28,086)Average total common stockholders’ equity$255,860 $240,524 Distributable Earnings Return on Average Equity2.75 %(11.68)%

Book Value per Share of Common Stock

The following table sets forth the calculation of our book value per share of common stock as of each quarter-end date of 2024 and as of December 31, 2023:

December 31, 2024September 30, 2024June 30,2024March 31,2024December 31, 2023(in thousands except for share and per share data)Common stockholders’ equity$238,967 $265,098 $255,806 $263,324 $256,106 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 $