Company: AOMN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001766478-25-000080
Chunk: 48

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 48
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 three months ended June 30, 2025 and 2024, our management fee incurred with affiliate was $1.1 million and $1.3 million, respectively. The decrease is due to the decrease in our average Equity (as defined in the Management Agreement) for the three months ended June 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, which has caused Equity (as defined in the Management Agreement) to decrease.

Six Months Ended June 30, 2025 and 2024

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

Six Months EndedJune 30, 2025June 30, 2024(in thousands)INTEREST INCOME, NETInterest income$67,961 $51,114 Interest expense47,934 33,072 NET INTEREST INCOME$20,027 $18,042 REALIZED AND UNREALIZED GAINS (LOSSES), NETNet realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS$(5,681)$(8,192)Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts15,049 13,342 TOTAL REALIZED AND UNREALIZED GAINS (LOSSES), NET$9,368 $5,150 EXPENSESOperating expenses$2,536 $3,742 Operating expenses incurred with affiliate869 971 Stock compensation533 1,260 Securitization costs1,866 1,583 Management fee incurred with affiliate2,293 2,606 Total operating expenses$8,097 $10,162 INCOME (LOSS) BEFORE INCOME TAXES$21,298 $13,030      Income tax expense (benefit)— 429 NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS$21,298 $12,601 Other comprehensive income (loss)(1,186)1,828 TOTAL COMPREHENSIVE INCOME (LOSS)$20,112 $14,429 

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Net Interest Income

The following table sets forth the