Company: AOMN
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001766478-25-000019
Chunk: 211

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 8
Chunk 211
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 and 2023:December 31, 2024December 31, 2023Federal statutory rate21.00 %21.00 %State statutory rate, net of federal tax effect4.26 %5.75 %Change in valuation allowance(12.58)%(14.80)%Non-taxable REIT income(5.91)%(8.40)%Total provision6.77 %3.55 %

12.    Related Party Transactions

Residential Mortgage Loan PurchasesThe Company has residential mortgage loan purchase agreements with various affiliates of the Company. The purchase price of the loans is generally equal to the outstanding principal of the mortgage, adjusted by a premium or discount, depending on market conditions. The Company purchases the mortgage loans on a servicing retained basis. The residential mortgage loans are on residences located in various states with a concentration in California and Florida. The following table sets forth certain financial information pertaining to whole loan activity purchased from affiliates during the years ended and as of December 31, 2024 and 2023:As of and for the Year Ended:Amount of Loans Purchased from Affiliates during the YearNumber of Loans Purchased from Affiliates during the YearNumber of Loans Purchased from Affiliates, Owned and Held at December 31 (1):($ in thousands)2024$255,368 558 83 2023$199,793 475 589 (1)     Excludes loans held in consolidated securitizations.Management FeeThe Company and the Operating Partnership have entered into an Amended and Restated Management Agreement with the Manager, dated as of May 1, 2024  (the “Management Agreement”). Per the Management Agreement, on a quarterly basis in arrears, the Company shall pay its Manager an aggregate, fixed management fee equal to 1.5% per annum of the Company’s Equity (as defined in the Management Agreement). 

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Incentive FeeUnder the Management Agreement, the Manager is also entitled to an incentive fee, which is calculated and payable in cash with respect to each calendar quarter (or part thereof that the Management Agreement is in effect) in arrears in an amount, not less than zero, equal to the excess of (1) the product of (a) 15% and (b) the excess of (i) the Company’s Distributable Earnings (as defined in the Management Agreement) for the previous 12-month period, over (ii