Company: AOMN
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001766478-25-000019
Chunk: 136

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 7
Chunk 136
---
 the primary departure from the calculation of equity in accordance with GAAP, which has caused Equity (as defined in the Management Agreement) to decrease.

Income Taxes

During the year ended December 31, 2024, we recorded an income tax expense of approximately $3.3 million based on our income taxes arising from income associated with assets held in our TRS. During the year ended December 31, 2023, we incurred an income tax expense of approximately $1.2 million based on our income taxes arising from income associated with assets held in our TRS.

Our Portfolio

As of December 31, 2024, our portfolio consisted of approximately $2.2 billion of residential mortgage loans, RMBS, and other target assets. Certain of these portfolio assets are located in states such as Florida and California where natural disasters such as hurricanes, wildfires, and earthquakes may occasionally occur. We require all of our collateral to be adequately insured. The graphs in the subsequent detail of residential mortgage loans, residential mortgage loans held in securitization trusts, and residential mortgage loans underlying RMBS issuances show the percentage of residential mortgage loans held in each state where there is a concentration of loans.

The following table sets forth additional information regarding our portfolio, including the manner in which our equity capital was allocated among investment types, as of December 31, 2024:

Fair ValueCollateralized DebtAllocated Capital% of Total CapitalPortfolio:($ in thousands)Residential mortgage loans$183,064 $129,459 $53,605 21.0 %Residential mortgage loans in securitization trust1,696,995 1,593,612 103,383 40.5 %Total whole loan portfolio$1,880,059 $1,723,071 $156,988 61.5 %Investment securitiesRMBS$300,243 $50,555 $249,688 97.8 %Investment in Majority-Owned Affiliates (1)20,680 — 20,680 8.1 %Total investment securities$320,923 $50,555 $270,368 105.9 %Total investment portfolio$2,200,982 $1,773,626 $427,356 167.4 %Target assets$2,200,982 $1,773,626 $427,356 167.4 %Cash$40,762