Company: AOMN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001766478-25-000080
Chunk: 44

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 44
---
, the portions of our non-recourse financing obligation held at amortized cost are adjusted to 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, 

31

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 June 30, 2025 and December 31, 2024:

June 30, 2025December 31, 2024(in thousands except for share and per share data)GAAP total stockholders’ equity$246,389 $238,967 Adjustments:Fair value adjustment for securitized debt held at amortized cost61,846 68,784 Stockholders’ equity including economic book value adjustments$308,235 $307,751 Number of shares of common stock outstanding at period end23,765,202 23,500,175 Book value per share of common stock$10.37 $10.17 Economic book value per share of common stock$12.97 $13.10 

Results of Operations

Three Months Ended June 30, 2025 and 2024

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

Three Months EndedJune 30, 2025June 30, 2024(in thousands)INTEREST INCOME, NETInterest income$35,094 $25,902 Interest expense25,154 16,439 NET INTEREST INCOME$9,940 $9,463 REALIZED AND UNREALIZED GAINS (LOSSES), NETNet realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS$(2,499)$(6,770)Net unrealized gain (loss) on trading securities, mortgage loans, portion