Company: AOMN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001766478-25-000042
Chunk: 42

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 42
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Realized and unrealized gain (loss) on commercial mortgage loans— 21 Realized and unrealized loss on U.S. Treasury securities(18)(86)Unrealized appreciation (depreciation) on interest rate futures(1,934)204 Realized gain/(loss) on AOMT MOA(105)(129)Total realized and unrealized gains (losses), net$13,443 $9,262 

31

For the three months ended March 31, 2025 and 2024, total realized and unrealized gains and (losses), net resulted in net gains of $13.4 million and $9.3 million, respectively. During the three months ended March 31, 2025, gains on securitization, net of unrealized gain (loss) on non-recourse securitization obligation were the primary driver of the overall gain to our portfolio. During the three months ended March 31, 2024, gains on securitization, net of unrealized gain (loss) on non-recourse securitization obligation, and interest rate futures were the key drivers of the overall gain.

Expenses

Operating Expenses

For the three months ended March 31, 2025 and 2024, our operating expenses were $1.2 million and $2.0 million, respectively. Our operating expenses decreased compared to the comparative period due to continued cost savings actions such as resource alignment initiatives, vendor contract negotiations, and a decrease in servicing fees associated with servicing our whole loans portfolios.

Operating Expenses Incurred with Affiliate

For the three months ended March 31, 2025 and 2024, our operating expenses incurred with affiliate were $0.4 million and $0.5 million, respectively. These expenses, which are substantially comprised of payroll reimbursements to our Manager, decreased  in the first three months of 2025 compared to the first three months of 2024 due to resource alignment initiatives.

Stock Compensation

For the three months ended March 31, 2025 and 2024, our stock compensation expense was $0.2 million and $0.6 million, respectively. Our stock compensation expense decreased for the three months ended March 31, 2025 due to the vesting of stock awards issued at our IPO.

Securitization Costs

For the three months ended March 31, 2025 and 2024, we incurred no securitization costs and $