Company: AOMN
Filing Date: 2025-05-16
Form Type: 424B5
Source: 0001104659-25-050029
Chunk: 23

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-05-16
Form: 424B5
Chunk 23
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 notes will be evidenced by one or more global notes in book-entry only form, except under the limited circumstances described under “— Certificated Notes.” The principal of, and premium, if any, and interest on, the notes will be payable in U.S. dollars. The registered holder of a note will be treated as its owner for all purposes. Currently, there is no public market for the notes.

The notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Guarantor. See “— Guarantee” below.

The notes will not be convertible into, or exchangeable for, shares of our common stock or any other securities.

#### Ranking
The notes:

•

will be our senior direct unsecured obligations;

•

will rank equal in right of payment to any of our existing and future unsecured and unsubordinated indebtedness;

•

will be effectively subordinated in right of payment to any of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness; and

•

will be structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables) and (to the extent not held by us) preferred stock, if any, of our subsidiaries other than the Guarantor and of any entity we account for using the equity method of accounting.

As of March 31, 2025, we had total consolidated recourse indebtedness to third parties (excluding trade payables and other liabilities) of $556.8 million, $508.9 million of which was secured indebtedness to which the notes would have ranked effectively junior and $360.5 million of which was indebtedness of our subsidiaries that do not guarantee the notes to third parties to which the notes would have been structurally

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subordinated. As of March 31, 2025, we had total consolidated non-recourse indebtedness to third parties of $1.6 billion, all of which was secured indebtedness to which the notes would have ranked effectively junior and our subsidiaries that do not guarantee the notes had no non-recourse indebtedness. Our subsidiaries had no preferred stock outstanding.

See “— Guarantee” below for a description of the ranking of the guarantees of the notes by the Guarantor.

Our subsidiaries are separate and distinct legal entities and, except for the Guarantor that guarantees the notes, have no obligation, contingent or otherwise, to pay any amounts due on the notes or to make any funds available to