Company: AOMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001766478-25-000099
Chunk: 104

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 104
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 affiliate was $1.2 million and $1.2 million, respectively. Minor movements are attributable to changes in our average Equity (as defined in the Management Agreement) for the three months ended September 30, 2025 as compared to the same period in 2024. The calculation of Equity for the purposes of the Management Agreement includes the addition or subtraction of Distributable Earnings, which is the primary departure from the calculation of equity in accordance with GAAP.

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Nine Months Ended September 30, 2025 and 2024

The following table sets forth a summary of our results of operations for the nine months ended September 30, 2025 and 2024:

Nine Months EndedSeptember 30, 2025September 30, 2024(in thousands)INTEREST INCOME, NETInterest income$104,620 $78,558 Interest expense74,414 51,495 NET INTEREST INCOME$30,206 $27,063 REALIZED AND UNREALIZED GAINS (LOSSES), NETNet realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS$(12,238)$(14,527)Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts26,329 48,514 TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET$14,091 $33,987 EXPENSESOperating expenses$3,653 $5,282 Operating expenses incurred with affiliate1,379 1,444 Stock compensation930 1,864 Securitization costs1,866 1,583 Management fee incurred with affiliate3,454 3,810 Total operating expenses$11,282 $13,983 INCOME (LOSS) BEFORE INCOME TAXES$33,015 $47,067      Income tax expense (benefit)307 3,261 NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS$32,708 $43,806 Other comprehensive income (loss)2,479 4,534 TOTAL COMPREHENSIVE INCOME (LOSS)$35,187 $48,340 

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Net Interest Income

The following table sets forth the components of net interest income for the nine months ended September 30, 2025 and 2024:

Nine Months EndedSeptember